ASX November Tech Winners: NoviqTech leads as AI boom lifts ASX technology stocks

The AI boom has lifted ASX tech stocks, with the XIJ index up 10% in November, led by gains from NoviqTech and Harvest Technology.

AI boom lifts ASX tech stocks. Picture via Getty Images

• AI boom lifts ASX tech stocks, XIJ index up 10% in November

• Appen and Life360 have surged this year, benefiting from global AI hype

• NoviqTech and Harvest Tech were best performers this month

The artificial intelligence (AI) theme has been dominating the tech space, and it’s not just US stocks benefiting from the surge.

Aussie tech stocks in the Info Tech (XIJ) index (which tracks ASX-listed 200 tech companies) are also riding the coattails of the AI boom with strong investor sentiment lifting local companies.

In November, the index rose by another 10%, beating the benchmark S&P/ASX 200 index return of 3% easily.

This has pushed the XIJ to become the best-performing ASX sector this year, beating the benchmark by a long shot (59% vs 11%).

Source: Google

But how exactly is the US AI frenzy impacting Aussie tech stocks?

Well, the massive growth in US tech giants like Nvidia, Microsoft, Alphabet and Meta have generated huge investor enthusiasm for AI, pushing some of them to record highs.

As the US market gets excited about AI’s potential, the optimism has a knock-on effect on the ASX tech sector. Investors see what’s happening globally and look for similar growth potential locally.

As a result, Aussie companies involved in AI, machine learning, or semiconductors are benefiting from the global AI frenzy.

The high multiples assigned to US AI companies have encouraged investors to apply similar valuations to Aussie tech stocks with AI exposure.

For example, Appen (ASX:APX), which helps train AI models with human-annotated data, is the best tech performer this year, and is up almost 300%.

Another stock, Life360 (ASX:360), an AI-powered family safety app company, has seen its stock price skyrocket by a massive 240% in 2024.

Semiconductor stocks are also riding the wave, with companies like BrainChip Holdings (ASX:BRN), Weebit Nano (ASX:WBT) and Adisyn (ASX:AI1) benefiting from the global AI surge.

Looking ahead, investors will continue to closely monitor developments in AI stocks.

“One uncertainty is whether AI can deliver on its promises of efficiency and productivity,” said Catherine Brock, a tech analyst.

“But, many experts believe AI will prove itself, fuelling higher earnings expectations and, in turn, higher stock prices.”

Top 50 ASX tech winners in November

Code	Name	Price	Month % Change	Market Cap
NVQ	Noviqtech Limited	0.115	423%	$26,932,481
HTG	Harvest Tech Grp Ltd	0.029	107%	$23,489,016
IFG	Infocus Group	0.031	107%	$5,648,737
1TT	Thrive Tribe Tech	0.002	100%	$1,406,723
PHX	Pharmx Technologies	0.071	69%	$41,895,475
OPL	Opyl Limited	0.027	59%	$4,609,295
QHL	Quickstep Holdings	0.395	58%	$28,690,486
EML	EML Payments Ltd	1.01	54%	$372,640,758
CAT	Catapult Grp Int Ltd	3.68	50%	$960,841,406
GTIDD	Gratifii	0.11	47%	$30,037,304
GTK	Gentrack Group Ltd	13.01	46%	$1,292,861,336
OLL	Openlearning	0.019	46%	$8,038,306
SPZ	Smart Parking Ltd	0.9	45%	$312,603,099
DTI	DTI Group Ltd	0.013	44%	$5,831,168
AXE	Archer Materials	0.315	43%	$77,728,339
DCC	Digitalx Limited	0.054	42%	$45,919,414
FCL	Fineos Corp Hold PLC	1.96	42%	$669,872,937
WBT	Weebit Nano Ltd	2.76	41%	$553,604,175
CF1	Complii Fintech Ltd	0.026	37%	$13,753,435
VR1	Vection Technologies	0.026	37%	$37,144,491
ID8	Identitii Limited	0.015	36%	$12,209,721
LVH	Livehire Limited	0.045	36%	$20,709,720
SKO	Serko	3.3	34%	$406,317,011
ADA	Adacel Technologies	0.4	27%	$30,148,371
OEC	Orbital Corp Limited	0.11	24%	$16,066,261
SQ2	Block	138.31	24%	$6,702,987,304
EPX	Ept Global Limited	0.021	24%	$12,730,368
BEO	Beonic Ltd	0.032	23%	$22,296,418
TNE	Technology One	30.21	23%	$10,020,751,040
CPU	Computershare Ltd	31.89	21%	$18,603,775,140
EIQ	Echoiq Ltd	0.275	20%	$161,843,287
TYR	Tyro Payments	0.9	17%	$471,653,724
HSN	Hansen Technologies	5.81	16%	$1,187,564,319
JAN	Janison Edu Group	0.215	16%	$61,073,739
360	Life360 Inc.	25.3	16%	$4,534,349,429
QOR	Qoria Limited	0.485	15%	$594,129,227
XPN	Xpon Technologies	0.015	15%	$5,074,181
XRO	Xero Ltd	173.85	15%	$26,870,322,378
TAL	Talius Group Limited	0.008	14%	$20,595,492
OCL	Objective Corp	17.48	14%	$1,666,689,280
OCL	Objective Corp	17.48	14%	$1,666,689,280
WTC	Wisetech Global Ltd	128.1	13%	$42,092,999,160
WTC	Wisetech Global Ltd	128.1	13%	$42,092,999,160
SLX	Silex Systems	5.61	12%	$1,307,200,797
DTZ	Dotz Nano Ltd	0.089	11%	$44,646,711
BLG	Bluglass Limited	0.026	11%	$45,981,809
YOJ	Yojee Limited	0.095	10%	$28,883,940
MP1	Megaport Limited	7.89	10%	$1,218,512,553
CCR	Credit Clear	0.3475	10%	$148,236,994
SOR	Strategic Elements	0.054	10%	$26,253,272

NoviqTech (ASX:NVQ)

Supply chain tech company NoviqTech surged following a strategic placement to raise $1.05 million to fast-track its blockchain-powered solutions.

A key factor has been the backing from Tony G (Antanas Guoga), a well-known investor and chairman of Solana Strategies Inc.

Investors believe his endorsement brings valuable expertise and a strong network, particularly in disruptive technologies. This support is seen as a major validation of NoviqTech’s mission to integrate blockchain into sustainability.

With this fresh capital, NoviqTech will work to accelerate the development of scalable blockchain solutions that promise to reshape transparency and accountability in the global supply chains.

Harvest Technology Group (ASX:HTG)

Data tech company Harvest Tech made a strong move after announcing the launch of Harvest Technology Europe (HTE) in Ireland, which aims to expand its Nodestream product range across the UK and European markets.

Nodestream is a cutting-edge technology designed to overcome challenges in remote video streaming, such as high latency and limited bandwidth, ensuring high-quality communication even in low-connectivity areas.

Harvest also secured a $1m in additional funding, with another $1m expected soon. These funds came from a major investor who previously invested in its convertible notes.

The company also received a $1.59m R&D rebate for FY24, further boosting its cash position. In addition, Harvest said it has significantly reduced its burn rate to $225k per month.

Infocus Group Holdings (ASX:IFG)

Retail intel tech company Infocus rose after securing a US$2.5 million multi-phase service agreement with GBO Assets to develop a new digital and social gaming product called VigoBet Tech.

The contract, which will span over the next 24 months, will see Infocus apply its expertise in data analytics and software engineering to build the platform. The first phase alone is expected to generate AU$1.1 million in revenue within three months.

The contract is Infocus’ largest to date and opens doors to new markets beyond retail data analytics, positioning the company to expand into the digital gaming space.

As a follow up to that deal, the company announced this week that a US$75,000 deposit has been received from GBO Assets for the first phase of the development.

Opyl (ASX:OPL)

Opyl, a tech company providing services in the healthcare space, rose after signing a deal with Southern Clinical Development Consulting to license its AI-powered TrialKey platform.

The platform will help optimise clinical trials, offering predictive modelling, patient recruitment insights, and site feasibility.

Opyl will earn fees for each report generated.

The company also announced that it has allocated $1.7 million in its budget for growth, focusing on staffing, compliance and business development.

Quickstep Holdings (ASX:QHL)

Shares in defence tech company Quickstep jumped following the finalisation of key contracts with major defence customers.

The company secured volume and price increases for its C-130 Program with Lockheed Martin, F-35 Vertical Tail Program with Marand, and additional contracts with Northrop Grumman.

These agreements will run through to 2029.

The company’s shares rose further following the announcement of a takeover bid by ADSAM Operations, but no offer price has been disclosed to the public.

WiseTech Global (ASX:WTC)

And finally, a discussion of ASX tech stocks wouldn't be complete without mentioning WiseTech.

The company’s shares rose slightly in November despite a scandal involving its founder and CEO, Richard White.

White resigned after allegations of bullying, inappropriate conduct, and financial misconduct.

An investigation revealed that he had a relationship with an employee and paid for her multi-million-dollar house. He also faced accusations of poor governance and intimidation from a former director.

White will remain with the company in a consulting role, while the board reviews its governance practices.

Despite the controversy, analysts remain divided on whether his departure will affect the company’s future growth.

ASX tech losers in November

Code	Name	Price	Month % Change	Market Cap
BCC	Beam Comms	0.075	-50%	$7,173,019
SBW	Shekel Brainweigh	0.022	-50%	$4,789,286
FL1	First Lithium Ltd	0.088	-48%	$7,009,517
SMN	Structural Monitoring	0.435	-33%	$66,873,369
ICE	Icetana Limited	0.014	-30%	$4,234,055
LIS	Li-S Energy	0.135	-27%	$102,432,037
CAG	Caperangeltd	0.13	-26%	$12,338,079
ELS	Elsight Ltd	0.385	-25%	$56,099,845
EVS	Envirosuite Ltd	0.056	-24%	$80,678,416
CYB	Aucyber Limited	0.2	-23%	$31,077,038
SPX	Spenda Limited	0.01	-23%	$50,639,555
DXN	DXN Limited	0.059	-22%	$13,548,183
RCL	Readcloud	0.082	-22%	$12,105,912
PRO	Prophecy Internation	0.51	-22%	$39,389,875
MX1	Micro-X Limited	0.055	-21%	$33,151,414
SPADD	Spacetalk Ltd	0.175	-20%	$11,798,462
IRI	Integrated Research	0.535	-20%	$93,110,172
BDT	Birddog	0.064	-20%	$10,173,619
NVU	Nanoveu Limited	0.042	-19%	$21,825,297
DRO	Droneshield Limited	0.78	-19%	$645,365,218
ROC	Rocketboots	0.089	-19%	$9,807,222
SNS	Sensen Networks Ltd	0.043	-19%	$34,100,611
RKT	Rocketdna Ltd.	0.013	-19%	$11,869,960
PPK	PPK Group Limited	0.385	-18%	$37,687,187
TZL	TZ Limited	0.07	-18%	$18,590,654
AT1	Atomo Diagnostics	0.019	-17%	$12,144,844
EOS	Electro Optic Systems	1.225	-17%	$232,507,279
3DP	Pointerra Limited	0.042	-16%	$35,423,379
AI1	Adisyn Ltd	0.059	-16%	$17,071,303
1CG	One Click Group Ltd	0.011	-15%	$10,437,543
AJX	Alexium Int Group	0.011	-15%	$15,738,787
AVA	AVA Risk Group Ltd	0.125	-14%	$36,267,337
IOD	Iodm Limited	0.16	-14%	$94,629,577
KNO	Knosys Limited	0.039	-13%	$8,429,409
FCT	Firstwave Cloud Tech	0.021	-13%	$37,686,426
W2V	Way2Vatltd	0.007	-13%	$7,315,870
ODA	Orcoda Limited	0.145	-12%	$23,038,704
DUG	DUG Tech	1.67	-12%	$229,591,210
IXU	Ixup Limited	0.011	-12%	$18,380,845
ATA	Atturralimited	1.045	-11%	$362,680,080
SMP	Smartpay Holdings	0.555	-9%	$120,971,732
FND	Findi Limited	5.91	-8%	$379,953,213
NVX	Novonix Limited	0.74	-8%	$340,697,379
IRE	IRESS Limited	9.29	-7%	$1,753,953,161
IFM	Infomedia Ltd	1.38	-7%	$516,707,125
AMO	Ambertech Limited	0.155	-6%	$15,264,765
NOV	Novatti Group Ltd	0.032	-6%	$15,891,167
4DS	4Ds Memory Limited	0.084	-6%	$142,838,228
SP3	Specturltd	0.017	-6%	$5,082,263
ATV	Activeportgroupltd	0.018	-5%	$10,022,839

At Stockhead we tell it like it is. While Harvest Technology is a Stockhead advertiser at the time of writing, it did not sponsor this article. 

This story does not constitute financial product advice. You should consider obtaining independent advice before making any financial decision.

Originally published as ASX November Tech Winners: NoviqTech leads as AI boom lifts ASX technology stocks