Investors and analysts are nervous that the only way is down this earnings season for already highly valued blue-chip tech stocks and smaller listed software companies that they say have not done enough to convince investors to take a risk and get behind them.

A week after the tech-heavy Nasdaq entered a correction on fears of a US recession, investors who have crowded into the ASX’s most richly valued tech stars predict market jitters could cause an outsized reaction to any disappointing news.