BetaShares ASX200 Australian Technology ETF (ATEC) $21.12

This ASX-traded ETF is made up of the large-cap ASX tech names, such as CAR Group, Wisetech, Xero, Pro Medicus, et al. hence if MM is correct and the local software names will bottom/bounce first in the coming weeks/months, the ATEC ETF is worth monitoring. As we’ve discussed several times recently, the sector has fallen out of favour in FY26, and the recent announcements from Anthropic accelerated selling across the related stocks, which were already re-rating to the downside. There will be major winners and losers from the AI revolution, but for investors/traders unwilling to take on the volatility on an individual stock basis, the ATEC ETF is an option when some stability returns – but it is too early yet.

The current market mood is “if in doubt, sell”, and with Anthropic raising another $US30bn overnight to accelerate its AI development, ongoing announcements from it, and OpenAI, the maker of ChatGPT, are inevitable and set to keep investors on their toes through 2026 and beyond.

• We can see the ATEC ETF testing/breaking the $20 level in the coming weeks, more than 5% lower, and it still feels too early to catch this falling knife.