ASX tech May winners: Silicon surge sends Aussie tech sector skyward by 22pc

ASX tech stocks roared back to life in May, riding a wave of global AI hype, easing trade tensions, and strong earnings.

The ASX tech sector didn’t just rally in May, it rocketed. Picture via Getty Images

• ASX tech rockets 22pc in May

• Earnings from tech's 'Magnificent 7' helped matters

• Elsight, Eroad, Etherstack and Yojee were notable gainers

The ASX tech sector didn’t just rally in May, it rocketed.

Up more than 22%, it was one of the biggest monthly leaps in recent memory, outpacing every other sector on the index and riding a wave of global tailwinds that swept through Wall Street and into Martin Place.

May performance by sector

Source: Market Index

So what lit the rocket under Aussie tech?

Well, a combo of softening US-China trade tensions, a rate cut by the RBA, and red-hot earnings from the global tech elite – all wrapped in a volatile month where every diplomatic handshake or tariff tweet sent markets bouncing.

Wall Street turns silicon slick

Over in the US, it was an AI-fuelled tech fest.

The Nasdaq jumped 9.5% in May, its best showing since November last year. The S&P 500 had a solid 6.15% lift, and  the Dow chipped in with a 4% gain.

The key driver was de-escalation.

Starting May 14, Washington slashed tariffs on Chinese goods from 145% to 30%. Beijing responded by trimming its own to 10%.

Also, earnings from the “Magnificent Seven” – Microsoft, Nvidia, Apple, Alphabet, Amazon, Meta, and Tesla – blew past expectations.

According to FactSet, their collective Q1 earnings grew 27.7%, smashing estimates and fuelling confidence in AI, cloud, and consumer spending.

But the mood wasn’t all champagne and confetti.

Trump reignited tariff threats by month’s end, accusing China of dragging its feet on export compliance, especially around rare earths.

The backpedalling stirred new worries, but not enough to undo the market’s momentum.

Confidence is back, at least for now. And when global investors are feeling bold, ASX tech stocks often get caught in the updraft.

ASX tech winners in May

Code	Name	Price	Month % Change	Market Cap
4DS	4Ds Memory Limited	0.059	97%	$118,137,090
ELS	Elsight Ltd	0.770	71%	$139,940,732
ERD	Eroad Limited	1.390	65%	$260,500,778
ESK	Etherstack PLC	0.440	54%	$58,155,681
YOJ	Yojee Limited	0.270	54%	$86,413,050
360	Life360 Inc.	33.330	52%	$5,806,753,611
EOS	Electro Optic Sys.	1.845	51%	$355,996,623
CAT	Catapult Grp Int Ltd	5.850	43%	$1,427,690,903
XPN	Xpon Technologies	0.010	43%	$4,142,532
SPX	Spenda Limited	0.007	40%	$32,306,508
VNL	Vinyl Group Ltd	0.130	38%	$163,717,420
TNE	Technology One	41.060	37%	$13,346,815,417
RCL	Readcloud	0.135	35%	$20,738,668
DCC	Digitalx Limited	0.070	35%	$84,253,672
W2V	Way2Vatltd	0.008	33%	$11,302,865
VIG	Victor Group Hldgs	0.082	32%	$53,482,587
GTI	Gratifii	0.099	32%	$33,540,151
JCS	Jcurve Solutions	0.033	32%	$10,901,333
AI1	Adisyn Ltd	0.066	32%	$47,726,289
AD8	Audinate Group Ltd	7.950	29%	$658,524,993
IKE	Ikegps Group Ltd	0.920	29%	$148,177,677
CGO	CPT Global Limited	0.063	26%	$2,639,534
SMP	Smartpay Holdings	0.945	25%	$227,426,856
NVU	Nanoveu Limited	0.048	23%	$38,578,586
OCL	Objective Corp	19.230	23%	$1,838,200,431
VR1	Vection Technologies	0.022	22%	$38,878,882
ASV	Assetvisonco	0.039	22%	$28,835,101
BCC	Beam Communications	0.120	21%	$10,370,631
WTC	Wisetech Global Ltd	107.150	21%	$36,396,942,187
FL1	First Lithium Ltd	0.078	20%	$6,212,981
OAK	Oakridge	0.072	20%	$1,943,849
MP1	Megaport Limited	13.520	18%	$2,242,455,288
SP3	Specturltd	0.013	18%	$4,005,952
EOL	Energy One Limited	14.750	18%	$462,123,149
XF1	Xref Limited	0.135	17%	$29,712,118
EVS	Envirosuite Ltd	0.084	17%	$121,691,110
SLX	Silex Systems	3.600	17%	$802,416,290
BVS	Bravura Solution Ltd	2.550	16%	$1,143,302,705
EML	EML Payments Ltd	1.130	16%	$431,773,255
CDA	Codan Limited	18.000	14%	$3,237,408,113
DTI	DTI Group Ltd	0.007	14%	$3,139,860
RDY	Readytech Holdings	2.380	13%	$290,693,379
OLL	Openlearning	0.017	13%	$8,205,469
AXE	Archer Materials	0.300	13%	$76,454,104
ID8	Identitii Limited	0.009	13%	$7,002,122
XRO	Xero Ltd	184.290	12%	$28,534,797,978
RUL	Rpmglobal Hldgs Ltd	3.070	12%	$686,816,448
HCL	Highcom Ltd	0.200	11%	$20,536,534
BEO	Beonic Ltd	0.200	11%	$14,172,202
NXT	Nextdc Limited	13.110	11%	$8,415,067,423
SNS	Sensen Networks Ltd	0.031	11%	$24,584,162
SMN	Structural Monitor.	0.430	10%	$66,394,171
RKT	Rocketdna Ltd.	0.011	10%	$10,070,756
ZMM	Zimi Ltd	0.011	10%	$4,702,982
TYR	Tyro Payments	0.885	10%	$467,587,600
AR9	Archtis Limited	0.070	9%	$20,157,701
DUG	DUG Tech	1.120	9%	$150,816,513
IRE	IRESS Limited	8.660	9%	$1,608,257,371
ROC	Rocketboots	0.088	9%	$12,815,075
KYP	Kinatico Ltd	0.195	8%	$84,257,937
SEN	Senetas Corporation	0.020	8%	$33,120,382
5GN	5G Networks Limited	0.140	8%	$41,697,847
COS	Cosol Limited	0.785	8%	$142,861,205
ODA	Orcoda Limited	0.079	7%	$14,813,623
IRI	Integrated Research	0.440	6%	$78,035,192
FCL	Fineos Corp Hold PLC	2.320	6%	$785,319,223
DXN	DXN Limited	0.036	6%	$10,753,331
VGL	Vista Group Int Ltd	3.470	6%	$828,755,302
GTK	Gentrack Group Ltd	11.390	5%	$1,170,937,010
QOR	Qoria Limited	0.415	5%	$542,232,890
FLX	Felix Group	0.210	5%	$42,944,940
XYZ	Block Inc	96.510	5%	$5,298,308,114
UBN	Urbanise.Com Ltd	0.840	4%	$66,058,362
LVE	Love Group Global	0.125	4%	$5,066,771
ASB	Austal Limited	5.520	4%	$2,274,372,238
PHX	Pharmx Technologies	0.080	4%	$47,880,543
PPK	PPK Group Limited	0.315	3%	$28,605,937
WBT	Weebit Nano Ltd	1.820	3%	$419,949,381
OEC	Orbital Corp Limited	0.092	2%	$14,994,954
RKN	Reckon Limited	0.490	2%	$55,514,468
DTL	Data#3 Limited	7.430	2%	$1,158,714,331
NXL	Nuix Limited	2.480	2%	$813,603,994
DSE	Dropsuite Ltd	5.880	1%	$418,227,407
PRO	Prophecy Internation	0.430	1%	$31,712,042

Making news for the right reasons or just hitting milestones, here were some of the month's notable gainers…

Elsight (ASX:ELS)

Elsight’s share price ripped higher in May after it secured a second major contract from a European defence drone maker, worth US$5.35m on top of an earlier US$4.28m deal announced in April.

That brings the customer’s total commitment to US$9.63m, with all units set for delivery this year.

Elsight's Halo tech is being embedded into defence drone programs, and more than US$1m of the April order has already been delivered and booked as revenue.

On top of that, Elsight was selected by Northrop Grumman for a prestigious US defence accelerator, just 8 companies chosen from over 225 applicants.

That program gives it direct access to Northrop’s tech and procurement teams, and a fast-track to potential US DoD contracts.

Eroad (ASX:ERD)

Transport tech firm Eroad surged after delivering a strong FY25 result and setting upbeat guidance for the year ahead.

It flipped to a profit, pulled in NZ$16m in free cash flow (a huge jump from NZ$1.3m last year), and saw revenue climb to NZ$194.4m, up nearly 7%.

Annual recurring revenue (ARR) also rose to NZ$175.1m.

But it was the outlook that really got investors paying attention.

Eroad is guiding to FY26 revenue of at least NZ$205m, and ARR of at least NZ$188m, with free cash flow yield of 8–10%.

It’s also targeting medium-term ARR growth of 11–13%.

Etherstack (ASX:ESK)

Radio tech firm Etherstack popped in May after locking in a record US$7m in cash receipts for the first half of FY25, its strongest half-year since listing.

Most of that came from project revenue already delivered, and it reckons H1 revenue alone could beat all of last year’s full result.

It’s also flagged more big deals likely coming soon from long-term clients, and its recurring revenue from support and “comms-as-a-service” is steadily growing.

All up, investors saw strong cash, solid outlook, and momentum.

Yojee (ASX:YOJ)

Logistics tech minnow Yojee surged in May off the back of two big catalysts.

First, it presented at the IFCBAA national freight conference, putting its next-gen freight forwarding software in front of key industry players.

Second, WiseTech’s massive $2.1bn acquisition of E2open lit a fire under the whole sector, showing just how hot logistics tech is right now.

Now read: WiseTech’s $2bn power play, and one small logistics tech stock stirring interest

Yojee’s building its own momentum too, with an AI assistant baked into its platform, and a pilot deal with global player Röhlig Logistics kicking off in Singapore.

All up, investors saw a small-cap riding a big wave, and jumped on board.

ASX tech losers in May

Code	Name	Price	Month % Change	Market Cap
DUB	Dubber Corp Ltd	0.016	-61%	$41,973,880
1TT	Thrive Tribe Tech	0.001	-50%	$2,031,723
DTZ	Dotz Nano Ltd	0.048	-36%	$28,323,086
BLG	Bluglass Limited	0.011	-31%	$22,198,234
FCT	Firstwave Cloud Tech	0.013	-28%	$22,275,743
OPL	Opyl Limited	0.019	-27%	$4,464,398
EIQ	Echoiq Ltd	0.245	-26%	$158,070,989
SIS	Simble Solutions	0.003	-25%	$2,628,991
BRN	Brainchip Ltd	0.205	-24%	$435,534,473
SKO	Serko	2.720	-22%	$338,912,408
SPA	Spacetalk Ltd	0.160	-22%	$12,395,156
DWG	Dataworks Group	0.130	-21%	$13,289,126
HTG	Harvest Tech Grp Ltd	0.016	-20%	$14,335,148
KNO	Knosys Limited	0.035	-19%	$7,564,854
NOV	Novatti Group Ltd	0.022	-19%	$11,950,156
RWL	Rubicon Water	0.210	-18%	$50,545,971
FBR	FBR Ltd	0.005	-17%	$28,447,261
NOR	Norwood Systems Ltd.	0.020	-17%	$10,318,553
JAN	Janison Edu Group	0.140	-15%	$36,384,355
IFG	Infocusgroup Hldltd	0.006	-14%	$1,574,561
NVQ	Noviqtech Limited	0.027	-13%	$6,791,487
HYD	Hydrix Limited	0.014	-13%	$3,818,764
EPX	Ept Global Limited	0.023	-12%	$15,150,929
AJX	Alexium Int Group	0.008	-11%	$12,691,429
8CO	8Common Limited	0.016	-11%	$3,585,518
IOD	Iodm Limited	0.130	-10%	$77,070,523
CYB	Aucyber Limited	0.080	-10%	$16,751,735
3DP	Pointerra Limited	0.055	-8%	$44,279,224
ACE	Acusensus Limited	0.970	-8%	$135,825,086
CF1	Complii Fintech Ltd	0.025	-7%	$14,284,841
ICE	Icetana Limited	0.014	-7%	$6,133,997
MX1	Micro-X Limited	0.056	-7%	$37,363,326
WHK	Whitehawk Limited	0.014	-7%	$10,378,849
XRG	Xreality Group Ltd	0.030	-6%	$19,906,426
SOR	Strategic Elements	0.032	-6%	$15,236,274
HSN	Hansen Technologies	5.100	-6%	$1,047,697,081
AT1	Atomo Diagnostics	0.017	-6%	$11,321,179
X2M	X2M Connect Limited	0.019	-5%	$7,375,455
TZL	TZ Limited	0.059	-5%	$16,556,232
BDT	Birddog	0.047	-4%	$7,589,843
CXZ	Connexion Mobility	0.026	-4%	$21,216,424
CML	Connected Minerals	0.130	-4%	$5,376,568
IFM	Infomedia Ltd	1.210	-2%	$471,132,514
AVA	AVA Risk Group Ltd	0.103	-2%	$30,499,563
DDR	Dicker Data Limited	8.230	-2%	$1,473,911,938
CCR	Credit Clear	0.230	-2%	$97,669,188
PPS	Praemium Limited	0.730	-2%	$348,732,077
DRO	Droneshield Limited	1.315	-2%	$1,127,576,305
ATA	Atturralimited	0.860	-2%	$328,224,812
CPU	Computershare Ltd	40.220	-1%	$23,657,729,209
NVX	Novonix Limited	0.420	-1%	$283,058,021

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

Originally published as ASX tech May winners: Silicon surge sends Aussie tech sector skyward by 22pc