SYDNEY, March 5, 2026, 17:52 AEDT
- WiseTech Global shares jumped, finishing the day at the front of the Australian tech sector’s winners.
- ASX 200 closed up, with investors shifting funds into growth stocks.
- WiseTech’s shares are rallying just days after the company set out plans for an AI-focused overhaul, with around 2,000 positions on the chopping block.
WiseTech Global Ltd WTC.AX surged 7.1% to finish Thursday at A$47.57. Shares changed hands between A$45.05 and A$47.71, with roughly 2.11 million traded. The S&P/ASX 200 edged up 0.44%.
WiseTech’s share price remains squarely in the spotlight, following a period of pronounced volatility for Australian tech stocks. Investors have shown little patience for signs of slowing growth—selling hard, then snapping up shares again as sentiment flips.
Early trading saw tech shares push higher, according to MarketIndex, with local software players Xero and Technology One among those logging gains.
WiseTech’s CargoWise software is deeply embedded with freight forwarders and logistics operators, handling everything from shipments to more granular processes. The company serves a broad international customer pool; its earnings sometimes sway sentiment across the sector.
WiseTech announced plans late last month to eliminate roughly 2,000 positions—about 29% of its staff—as it integrates artificial intelligence into both its customer-facing software and internal systems. “The era of manually writing code as the core act of engineering is over,” CEO Zubin Appoo said. Marc Jocum, strategist at Global X ETFs, pointed to “more governance-driven than fundamental” reasons for the recent slide. The stock jumped 11.1% following the update but was still trading 68% beneath its November 2024 high, with ongoing governance issues continuing to drag. Reuters
The AI shift isn’t happening smoothly. Professionals Australia—representing tech and engineering staff—has pushed for immediate discussions, arguing WiseTech cannot move forward on big workplace shifts without input from employees and the union. Director Paul Inglis described the rollout as “clearly a major workplace change.” Reuters
It’s about execution now. Automation might accelerate product teams, but if customer support slips, the supposed savings evaporate quickly—and clients start making noise.
Some investors are sticking with the view that WiseTech’s dominance in freight software can help it weather any shake-up. Emanuel Datt, chief investment officer at Datt Capital, called the business “a mission-critical utility” for its customers. If the shift proves durable, he sees a chance for even better cash flow. Livewire Markets
Traders are eyeing Thursday’s bounce, waiting to see if it sticks once more detail emerges on the rollout of the cuts and the integration of AI tools in delivery. If the shake-up starts to drag down customer growth or hurts service, the stock could sell off just as fast as it rallied.
