Some experts say Magnificent Seven could rally further, but others are more pessimistic. Picture Getty
Tech Week That Was: Where the Magnificent Seven go from here, and what else happened in ASX Tech this week?
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- Nasdaq and ASX Info Tech Index are up 35pc this year
- Some experts say Magnificent Seven could rally further, but others are more pessimistic
- We look at how ASX tech stocks performed over the past week
The Nasdaq Composite, often considered the bellwether for global tech stocks, is up 35% this year driven by gains from the so called ‘Magnificent Seven’ – Apple, Microsoft, Nvidia, Tesla, Alphabet, Amazon, and Meta Platforms.
Nvidia alone has more than tripled, up 244% YTD at the time of writing.
The other six have also posted insane gains in 2023 – Tesla by 139%, Meta 137%, Amazon 60%, Alphabet 52%, Apple 50%, and Microsoft by 37%.
Looking ahead, experts like Jim Cramer believe that tech companies offering hardware and software solutions for AI (artificial intelligence) tools are likely to witness further rally.
“It’s so aggravating to stand here and tell you to just stick with the ‘Magnificent Seven’ and friends,” Cramer told his CNBC’s audience.
“It’s just so darned easy to bet on the Magnificent Seven, because everything always seems to go right with them.”
But for every Cramer there are naysayers who believe that AI is a bubble story in the making.
“We see second-half trouble rather than an era of new AI rules,” said BofA strategists led by Michael Hartnett.
Another sceptic, Société Générale’s Albert Edwards, said “the US tech sector has surged on the back of what may prove to be nothing but hope — mainly AI related.”
“Actual earnings are poor in absolute and relative terms,” Edwards added.
How ASX tech stocks fared in the past week
| Code | Name | Price | Weekly % | Yearly % | MarketCap |
|---|---|---|---|---|---|
| BVS | Bravura Solution Ltd | 0.8 | 54.00 | -39.54 | $345,232,582 |
| EOL | Energy One Limited | 5.6 | 37.07 | 9.36 | $168,601,723 |
| 4DS | 4Ds Memory Limited | 0.2 | 36.36 | 368.75 | $276,605,306 |
| EML | EML Payments Ltd | 1.1 | 33.73 | 20.21 | $402,032,939 |
| SPA | Spacetalk Ltd | 0.0 | 23.81 | -55.13 | $7,736,254 |
| LNU | Linius Tech Limited | 0.0 | 20.00 | -45.45 | $8,459,581 |
| TYR | Tyro Payments | 1.4 | 19.92 | 15.98 | $729,200,753 |
| RKT | Rocketdna Ltd. | 0.0 | 18.18 | -18.75 | $6,406,711 |
| DDR | Dicker Data Limited | 9.9 | 17.92 | -12.73 | $1,599,858,087 |
| DUG | DUG Tech | 1.8 | 17.65 | 233.33 | $206,125,309 |
| ACE | Acusensus Limited | 0.8 | 14.29 | $101,550,730 | |
| FCT | Firstwave Cloud Tech | 0.1 | 13.73 | -1.69 | $96,445,119 |
| JXT | Jaxstaltd | 0.1 | 13.46 | 195.00 | $23,153,037 |
| BCC | Beam Communications | 0.2 | 13.16 | -18.87 | $20,309,151 |
| FFT | Future First Tech | 0.0 | 12.50 | -70.97 | $6,433,529 |
| PPS | Praemium Limited | 0.7 | 12.50 | 9.09 | $333,707,119 |
| AR9 | Archtis Limited | 0.1 | 11.11 | -26.67 | $29,985,935 |
| LVT | Livetiles Limited | 0.0 | 11.11 | -80.00 | $11,771,106 |
| TAL | Talius Group Limited | 0.0 | 11.11 | -16.67 | $25,131,033 |
| ELS | Elsight Ltd | 0.3 | 10.71 | -24.39 | $45,095,874 |
| RDY | Readytech Holdings | 3.6 | 10.40 | 21.14 | $400,702,782 |
| IOD | Iodm Limited | 0.3 | 10.00 | 26.92 | $196,900,846 |
| VR1 | Vection Technologies | 0.0 | 8.11 | -47.37 | $45,063,559 |
| DTZ | Dotz Nano Ltd | 0.2 | 7.89 | -30.51 | $97,113,436 |
| RWL | Rubicon Water | 0.7 | 7.69 | -44.00 | $120,319,573 |
| W2V | Way2Vatltd | 0.0 | 7.69 | -57.02 | $8,162,346 |
| X2M | X2M Connect Limited | 0.1 | 7.45 | -37.65 | $8,018,964 |
| AJX | Alexium Int Group | 0.0 | 7.14 | -31.82 | $9,770,846 |
| ODA | Orcoda Limited | 0.3 | 6.45 | 392.54 | $57,513,403 |
| QOR | Qoria Limited | 0.3 | 6.38 | -37.50 | $284,269,914 |
| AXE | Archer Materials | 0.5 | 6.32 | -35.67 | $117,229,626 |
| 360 | Life360 Inc. | 9.3 | 6.02 | 86.60 | $1,792,419,140 |
| CCR | Credit Clear | 0.2 | 5.13 | -49.38 | $86,633,875 |
| AHI | Advanced Health | 0.2 | 5.00 | -14.29 | $46,806,353 |
| IFM | Infomedia Ltd | 1.7 | 5.00 | 17.07 | $638,837,900 |
| DTL | Data#3 Limited | 7.4 | 4.96 | 20.68 | $1,148,671,937 |
| FLX | Felix Group | 0.1 | 4.88 | -46.25 | $14,445,711 |
| AD8 | Audinate Group Ltd | 14.0 | 4.57 | 59.43 | $1,081,842,397 |
| SOV | Sovereign Cloud Hldg | 0.1 | 4.55 | -29.59 | $39,031,077 |
| SP3 | Specturltd | 0.0 | 4.55 | -45.24 | $5,193,052 |
| CXZ | Connexion Telematics | 0.0 | 4.35 | 118.18 | $21,780,238 |
| EPX | Ept Global Limited | 0.0 | 4.35 | -53.97 | $9,810,102 |
| COS | Cosol Limited | 0.8 | 4.32 | 37.40 | $137,680,702 |
| TZL | TZ Limited | 0.0 | 4.17 | -75.00 | $6,162,195 |
| XPN | Xpon Technologies | 0.1 | 3.77 | -69.44 | $8,719,014 |
| IRE | IRESS Limited | 6.4 | 3.73 | -43.36 | $1,217,867,370 |
| OEC | Orbital Corp Limited | 0.1 | 3.70 | -28.21 | $16,412,943 |
| ASB | Austal Limited | 2.0 | 3.45 | -24.12 | $690,451,772 |
| VIG | Victor Group Hldgs | 0.0 | 3.33 | 3.33 | $17,739,027 |
| VIG | Victor Group Hldgs | 0.0 | 3.33 | 3.33 | $17,739,027 |
| CPU | Computershare Ltd | 25.2 | 2.65 | 1.94 | $15,177,755,507 |
| CPU | Computershare Ltd | 25.2 | 2.65 | 1.94 | $15,177,755,507 |
| ATA | Atturralimited | 0.9 | 2.35 | 18.99 | $197,646,200 |
| SKO | Serko | 3.6 | 2.25 | 8.04 | $431,145,068 |
| OCL | Objective Corp | 12.5 | 2.21 | -20.38 | $1,195,696,338 |
| OCL | Objective Corp | 12.5 | 2.21 | -20.38 | $1,195,696,338 |
| AMO | Ambertech Limited | 0.2 | 2.17 | -36.49 | $20,047,636 |
| XRO | Xero Ltd | 125.1 | 1.91 | 42.56 | $18,594,904,654 |
| TNE | Technology One | 15.4 | 1.72 | 29.82 | $4,938,302,613 |
| RUL | Rpmglobal Hldgs Ltd | 1.6 | 1.54 | 7.52 | $342,613,583 |
| RUL | Rpmglobal Hldgs Ltd | 1.6 | 1.54 | 7.52 | $342,613,583 |
| 8CO | 8Common Limited | 0.1 | 1.33 | -23.23 | $17,031,213 |
| SMP | Smartpay Holdings | 1.6 | 1.31 | 136.64 | $364,575,993 |
| K2F | K2Fly Ltd | 0.1 | 1.10 | -55.12 | $15,953,647 |
| GTK | Gentrack Group Ltd | 4.2 | 0.73 | 228.06 | $421,162,966 |
| ALU | Altium Limited | 48.4 | 0.46 | 31.69 | $6,336,174,875 |
| AO1 | Assetowl Limited | 0.0 | 0.00 | -50.00 | $1,947,130 |
| BCT | Bluechiip Limited | 0.0 | 0.00 | -44.44 | $14,273,409 |
| CAG | Caperangeltd | 0.1 | 0.00 | -54.55 | $9,490,830 |
| CF1 | Complii Fintech Ltd | 0.0 | 0.00 | -62.35 | $18,759,266 |
| CLT | Cellnet Group | 0.0 | 0.00 | -7.14 | $6,333,460 |
| CT1 | Constellation Tech | 0.0 | 0.00 | -40.00 | $4,413,601 |
| DSE | Dropsuite Ltd | 0.3 | 0.00 | 43.24 | $183,575,771 |
| FBR | FBR Ltd | 0.0 | 0.00 | -47.62 | $78,139,757 |
| IS3 | I Synergy Group Ltd | 0.0 | 0.00 | -78.95 | $3,468,964 |
| KSS | Kleos | 0.1 | 0.00 | -72.97 | $19,084,351 |
| LVE | Love Group Global | 0.1 | 0.00 | 42.86 | $4,053,417 |
| MOB | Mobilicom Ltd | 0.0 | 0.00 | -56.52 | $13,266,767 |
| NET | Netlinkz Limited | 0.0 | 0.00 | -61.90 | $31,774,755 |
| NOR | Norwood Systems Ltd. | 0.0 | 0.00 | 133.33 | $14,508,647 |
| NVU | Nanoveu Limited | 0.0 | 0.00 | 109.09 | $9,081,486 |
| OOK | Ookami Limited | 0.2 | 0.00 | 5.88 | $7,280,400 |
| PVS | Pivotal Systems | 0.0 | 0.00 | -83.80 | $4,610,276 |
| SBW | Shekel Brainweigh | 0.1 | 0.00 | -23.20 | $19,515,432 |
| SE1 | Sensera Ltd | 0.0 | 0.00 | 0.00 | $6,209,947 |
| FND | Findi Limited | 0.5 | 0.00 | 1.04 | $18,958,478 |
| ZMM | Zimi Ltd | 0.0 | 0.00 | -53.55 | $3,567,836 |
| OPA | Optima Technology | 0.0 | 0.00 | -78.87 | $3,770,130 |
| CIO | Connected Io Ltd | 0.0 | 0.00 | 0.00 | $5,722,550 |
| CLT | Cellnet Group | 0.0 | 0.00 | -7.14 | $6,333,460 |
| FGL | Frugl Group Limited | 0.0 | 0.00 | 52.68 | $18,165,178 |
| HIL | Hills Ltd | 0.0 | 0.00 | -64.44 | $12,300,898 |
| NNG | Nexion Group | 0.0 | 0.00 | -81.79 | $3,439,234 |
| NUH | Nuheara Limited | 0.2 | 0.00 | -27.08 | $34,586,584 |
| ROC | Rocketboots | 0.1 | 0.00 | -7.69 | $3,579,235 |
| UBN | Urbanise.Com Ltd | 0.5 | 0.00 | -34.38 | $33,509,367 |
| MOB | Mobilicom Ltd | 0.0 | 0.00 | -56.52 | $13,266,767 |
| NET | Netlinkz Limited | 0.0 | 0.00 | -61.90 | $31,774,755 |
| NOR | Norwood Systems Ltd. | 0.0 | 0.00 | 133.33 | $14,508,647 |
| NVU | Nanoveu Limited | 0.0 | 0.00 | 109.09 | $9,081,486 |
| OOK | Ookami Limited | 0.2 | 0.00 | 5.88 | $7,280,400 |
| OPL | Opyl Limited | 0.1 | 0.00 | -10.53 | $4,453,068 |
| SBW | Shekel Brainweigh | 0.1 | 0.00 | -23.20 | $19,515,432 |
| FND | Findi Limited | 0.5 | 0.00 | 1.04 | $18,958,478 |
| ZMM | Zimi Ltd | 0.0 | 0.00 | -53.55 | $3,567,836 |
| ERD | Eroad Limited | 1.3 | -0.39 | -4.53 | $147,081,410 |
| SQ2 | Block | 89.8 | -0.55 | -12.31 | $2,760,184,764 |
| LNK | Link Admin Hldg | 1.3 | -0.74 | -40.00 | $669,448,663 |
| LNK | Link Admin Hldg | 1.3 | -0.74 | -40.00 | $669,448,663 |
| CDA | Codan Limited | 7.9 | -0.88 | 7.97 | $1,404,052,729 |
| CDA | Codan Limited | 7.9 | -0.88 | 7.97 | $1,404,052,729 |
| ATV | Activeportgroupltd | 0.1 | -1.00 | 15.12 | $20,005,743 |
| EVS | Envirosuite Ltd | 0.1 | -1.27 | -55.43 | $98,420,403 |
| SPZ | Smart Parking Ltd | 0.3 | -1.43 | 46.81 | $119,120,020 |
| BRN | Brainchip Ltd | 0.3 | -1.54 | -66.14 | $532,517,444 |
| PRO | Prophecy Internation | 0.6 | -1.64 | -40.00 | $42,697,242 |
| CAT | Catapult Grp Int Ltd | 1.1 | -1.80 | 7.92 | $267,509,866 |
| NXT | Nextdc Limited | 13.5 | -1.88 | 30.27 | $6,860,239,658 |
| NXT | Nextdc Limited | 13.5 | -1.88 | 30.27 | $6,860,239,658 |
| SNS | Sensen Networks Ltd | 0.1 | -1.92 | -40.00 | $34,721,530 |
| JAN | Janison Edu Group | 0.5 | -2.17 | 25.00 | $109,870,465 |
| IKE | Ikegps Group Ltd | 0.6 | -2.31 | -13.61 | $100,815,333 |
| AKP | Audio Pixels Ltd | 10.0 | -2.45 | -31.24 | $300,571,929 |
| HTG | Harvest Tech Grp Ltd | 0.0 | -2.56 | -51.90 | $26,325,084 |
| HYD | Hydrix Limited | 0.0 | -3.13 | -59.23 | $7,880,784 |
| MP1 | Megaport Limited | 12.0 | -3.14 | 65.84 | $1,875,615,472 |
| MP1 | Megaport Limited | 12.0 | -3.14 | 65.84 | $1,875,615,472 |
| EIQ | Echoiq Ltd | 0.2 | -3.23 | 0.00 | $73,973,156 |
| HSN | Hansen Technologies | 5.5 | -3.52 | 11.61 | $1,094,494,672 |
| SEN | Senetas Corporation | 0.0 | -3.85 | -3.85 | $27,925,234 |
| TNT | Tesserent Limited | 0.1 | -3.85 | 8.70 | $169,272,765 |
| DC2 | Dctwo | 0.0 | -3.85 | -53.70 | $3,267,902 |
| SMN | Structural Monitor. | 0.7 | -4.05 | 67.06 | $95,938,433 |
| 3DP | Pointerra Limited | 0.1 | -4.08 | -57.27 | $67,621,057 |
| OLL | Openlearning | 0.0 | -4.17 | -39.47 | $6,160,989 |
| NOV | Novatti Group Ltd | 0.1 | -4.17 | -45.24 | $40,638,785 |
| WHK | Whitehawk Limited | 0.0 | -4.23 | -53.20 | $10,476,224 |
| MX1 | Micro-X Limited | 0.1 | -4.35 | -8.33 | $64,553,124 |
| SPT | Splitit | 0.0 | -4.55 | -77.89 | $23,237,929 |
| XF1 | Xref Limited | 0.2 | -4.76 | -48.72 | $35,373,495 |
| IXU | Ixup Limited | 0.1 | -4.92 | 31.88 | $60,923,083 |
| AVA | AVA Risk Group Ltd | 0.2 | -5.00 | -25.49 | $48,528,780 |
| TSK | Task Group Holdings | 0.5 | -5.15 | 43.75 | $163,271,404 |
| DCC | Digitalx Limited | 0.0 | -5.26 | -16.28 | $28,329,723 |
| SLX | Silex Systems | 3.2 | -5.33 | -21.76 | $747,546,468 |
| QHL | Quickstep Holdings | 0.3 | -5.36 | -37.65 | $19,724,709 |
| NXL | Nuix Limited | 1.5 | -5.36 | 118.98 | $510,512,966 |
| YOJ | Yojee Limited | 0.0 | -5.88 | -77.46 | $18,163,273 |
| YOJ | Yojee Limited | 0.0 | -5.88 | -77.46 | $18,163,273 |
| BTH | Bigtincan Hldgs Ltd | 0.4 | -6.02 | -43.88 | $258,082,563 |
| RKN | Reckon Limited | 0.5 | -6.09 | -21.18 | $64,578,054 |
| RKN | Reckon Limited | 0.5 | -6.09 | -21.18 | $64,578,054 |
| SPX | Spenda Limited | 0.0 | -6.25 | -46.43 | $25,699,955 |
| DRO | Droneshield Limited | 0.3 | -6.35 | 78.79 | $173,136,565 |
| FCL | Fineos Corp Hold PLC | 2.0 | -6.37 | 32.33 | $675,362,474 |
| BLG | Bluglass Limited | 0.0 | -6.38 | 46.74 | $70,290,100 |
| ADA | Adacel Technologies | 0.5 | -6.42 | -35.85 | $40,399,244 |
| LIS | Lisenergylimited | 0.2 | -6.60 | -50.99 | $38,989,834 |
| CNW | Cirrus Net Hold Ltd | 0.0 | -6.67 | 31.25 | $39,060,268 |
| ESK | Etherstack PLC | 0.3 | -6.67 | -34.88 | $37,550,746 |
| 1TT | Thrive Tribe Tech | 0.0 | -6.90 | 35.00 | $8,602,024 |
| 1TT | Thrive Tribe Tech | 0.0 | -6.90 | 35.00 | $8,602,024 |
| 1TT | Thrive Tribe Tech | 0.0 | -6.90 | 35.00 | $8,602,024 |
| BDT | Birddog | 0.1 | -7.14 | -23.53 | $25,801,373 |
| EOS | Electro Optic Sys. | 0.9 | -7.29 | 23.61 | $148,119,145 |
| JCS | Jcurve Solutions | 0.0 | -7.50 | -40.32 | $12,477,051 |
| WTC | Wisetech Global Ltd | 69.5 | -7.64 | 18.26 | $23,515,880,985 |
| WTC | Wisetech Global Ltd | 69.5 | -7.64 | 18.26 | $23,515,880,985 |
| DTC | Damstra Holdings | 0.1 | -7.69 | -27.27 | $28,355,544 |
| ID8 | Identitii Limited | 0.0 | -7.69 | -77.10 | $2,553,582 |
| DUB | Dubber Corp Ltd | 0.1 | -8.00 | -79.65 | $41,113,302 |
| SCL | Schrole Group Ltd | 0.2 | -8.00 | -43.90 | $8,203,545 |
| 1CG | One Click Group Ltd | 0.0 | -8.11 | -57.50 | $10,452,967 |
| WSP | Whispir Limited | 0.4 | -8.18 | -59.67 | $42,550,427 |
| WSP | Whispir Limited | 0.4 | -8.18 | -59.67 | $42,550,427 |
| XTE | Xtek Limited | 0.3 | -8.22 | -16.25 | $35,107,788 |
| PPK | PPK Group Limited | 1.2 | -8.27 | -26.03 | $103,575,580 |
| RCW | Rightcrowd | 0.0 | -8.33 | -67.16 | $5,790,220 |
| SOR | Strategic Elements | 0.1 | -8.51 | -44.52 | $41,117,876 |
| XRG | Xreality Group Ltd | 0.0 | -8.51 | 30.30 | $19,639,250 |
| AND | Ansarada Group Ltd | 1.4 | -8.75 | -23.66 | $121,496,372 |
| GTI | Gratifii | 0.0 | -10.00 | -50.00 | $11,913,815 |
| RVS | Revasum | 0.1 | -10.00 | -25.00 | $14,828,332 |
| PIL | Peppermint Inv Ltd | 0.0 | -10.00 | -18.18 | $18,340,712 |
| ADS | Adslot Ltd. | 0.0 | -11.11 | -63.64 | $13,066,471 |
| AT1 | Atomo Diagnostics | 0.0 | -12.50 | -56.92 | $17,258,462 |
| NVX | Novonix Limited | 1.0 | -12.83 | -59.30 | $539,452,182 |
| NVX | Novonix Limited | 1.0 | -12.83 | -59.30 | $539,452,182 |
| COO | Corum Group Limited | 0.0 | -13.04 | -2.44 | $26,284,799 |
| VGL | Vista Group Int Ltd | 1.5 | -13.66 | -11.87 | $350,820,917 |
| KYP | Kinatico Ltd | 0.1 | -13.78 | -15.65 | $40,603,422 |
| CPT | Cipherpoint Limited | 0.0 | -14.29 | 20.00 | $6,955,450 |
| CPT | Cipherpoint Limited | 0.0 | -14.29 | 20.00 | $6,955,450 |
| ICE | Icetana Limited | 0.0 | -14.63 | 45.83 | $7,973,137 |
| WCG | Webcentral Ltd | 0.1 | -14.81 | -37.84 | $37,849,516 |
| DTI | DTI Group Ltd | 0.0 | -15.79 | -5.88 | $8,522,477 |
| RCL | Readcloud | 0.1 | -16.67 | -71.27 | $7,310,237 |
| LVH | Livehire Limited | 0.1 | -16.92 | -80.00 | $18,921,727 |
| LVH | Livehire Limited | 0.1 | -16.92 | -80.00 | $18,921,727 |
| WBT | Weebit Nano Ltd | 4.0 | -21.81 | 43.17 | $755,548,688 |
| WBT | Weebit Nano Ltd | 4.0 | -21.81 | 43.17 | $755,548,688 |
| SKF | Skyfii Ltd | 0.0 | -23.64 | -25.00 | $18,466,279 |
| SIS | Simble Solutions | 0.0 | -25.00 | -62.50 | $3,617,704 |
| TYM | Tymlez Group | 0.0 | -25.00 | -86.36 | $3,714,586 |
| IRI | Integrated Research | 0.4 | -27.72 | -27.00 | $64,039,855 |
| KNO | Knosys Limited | 0.0 | -28.00 | -64.00 | $8,645,548 |
| OAK | Oakridge | 0.1 | -31.43 | -4.00 | $2,063,481 |
| OAK | Oakridge | 0.1 | -31.43 | -4.00 | $2,063,481 |
| APX | Appen Limited | 1.6 | -31.97 | -56.28 | $249,505,342 |
| DXN | DXN Limited | 0.0 | -33.33 | -90.91 | $1,723,340 |
| CGO | CPT Global Limited | 0.1 | -42.22 | -72.92 | $9,007,933 |
The wealth management software company was the best tech performer over the past week, despite reporting lower revenue and higher operating costs in FY23.
The company told the market that this trading performance has driven the requirement and urgency for change, which has resulted in a new CEO, chair and refreshed board joining Bravura in the second half.
The market was also impressed after independent non-executive chairman, Matthew Quinn, recently bought U$127k worth of BVS stock.
The energy sector focused tech company jumped after announcing that it has received a non-binding proposal from a global investment firm, STG.
STG wants to buy EOL at $5.85 per share in cash. The stock is currently trading at $5.62.
4DS continued its run up on the back of last week’s breakthrough, where it announced it had successfully incorporated its ReRAM memory cells into the imec megabit array.
The company has validated that 4DS Interface Switching ReRAM technology is transferable from fab to fab, and demonstrated a fully functional megabit array with 4DS Interface Switching ReRAM memory cells.
Spacetalk announced strong full year results which include a 33% increase in annual recurring revenue to $8.3m.
During the year, Spacetalk wound down its loss-making UK, EU, and US operations. This has resulted in significant cost savings and generated cash and freed up space for new products.
An Australian Civil Aviation Safety Authority (CASA) approval has been received to operate RocketDNA’s autonomous drone product (‘drone-in-a-box’) in Australia.
The approval was given for two autonomous drone systems (DJI Dock System and Hextronics Global Drone Station), which includes Beyond Visual Line of Sight (BVLOS) and Remote Operations.
RocketDNA has now become the first company in Australia to receive approval for DJI’s new-to-market Dock System.
Jaxsta, the world’s largest database of official music credits, announced a landmark agreement with the Mechanical Licensing Collective (MLC).
MLC is a nonprofit organisation created to issue blanket mechanical licences for qualified streaming services in the US, such as Spotify, Apple Music, Amazon Music, and Tidal.
In 2022, the MLC announced it had paid out over US$700 million in royalties to songwriters and publishers in the first 18 months of operation.
Appen tumbled after reporting statutory net loss after tax of $43.3m, compared to loss of $9.4m on pcp.
Appen’s CEO and president, Armughan Ahmad, says the first half result reflected a challenging external environment.
Looking forward, Appen says it continues to face headwinds from the broader technology market slowdown and as customers evaluate their AI strategies.
The SaaS company fell after announcing that recurring revenue was up 16% on pcp, while full year total revenue was up 12% to $9.9 million.
The company’s bottom line was a net loss after tax of $2.2 million, an improvement of 28% on the pcp.
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