Reboot: The ‘cloud’ is getting bigger and Google wants more market share
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Here it is — your fortnightly tech stocks wrap.
With all the acquisitions the tech giants make every year, plenty slip under the radar. But Google’s latest shopping spree was particularly noteworthy because it didn’t come home with the stereotypical start-up only a few years old.
This week it bought 31-year old Dutch cloud computing firm Cornerstone Technology. Cornerstone is the third cloud computing firm Google has bought in the past two years and helps clients make its applications cloud-native.
Google’s cloud computing services are already a good money maker. Its customers spend $10bn annually and this continues to ramp up.
And it’s a sector that isn’t being held back by the coronavirus.
A report earlier this week by supply chain analytics firm TrendForce predicted some industries wouldn’t be affected while others could escape impact as long as the outbreak could be mitigated by the end of this quarter.
TrendForce is of the view that the semiconductor fabrication industry will be unaffected because it is highly automated. But the impact on other areas like LED and Internet of Things will differ with each firm and province in China.
It predicts smart watch and smart phone shipments will fall by 16 per cent and 10 per cent respectively.
On home soil, ASX tech stocks have retreated by 2 per cent in the last fortnight but are sitting on a 19 per cent gain in the last 12 months.
Here are all the ASX small cap technology stocks and their performance in the past fortnight:
Swipe or scroll to reveal the full table. Click headings to sort
This fortnight’s biggest gainer is Smart Marine Systems (ASX:SM8). It has advanced 55 per cent despite having no news. In recent months it has pivoted from shark warning software to secure data transferring.
The runner up, Tesserent (ASX:TNT), also offers security software, although it serves more consumer-focused clients.
Taking out bronze was financial planning technology business Chant West (ASX:CWL). On Tuesday it revealed it was offloading its research and consultancy arm for $12m.
Other winners included recently listed fintech MoneyMe (ASX:MME) and AI software play BrainChip (ASX:BRN). The latter company, which is based in the US, received Export Administration Regulation classification for its technology just a few days ago.
The biggest yearly gainer is now IoT solutions company CCP Technologies (ASX:CT1), which is up 797 per cent. Last week it told shareholders that despite having an office in China it was unaffected by the coronavirus because its devices were made in India.