26th February 2026 – Tech stocks lead the market higher as Agentic AI concerns turn into “Buy the Dip”

Nvidia’s strong earnings have reignited the AI trade and helped drive fresh record highs on the ASX, while markets rotate back into tech, commodities and critical metals amid lingering geopolitical risk and evolving views on the AI threat to SaaS incumbents.​Nvidia beat on all key metrics with upbeat guidance, supporting the AI narrative and seeing initial 4% aftermarket strength before consolidating and grinding higher.​The “SaaSpocalypse” blanket selling is being challenged, with MPC’s updated AI threat-to-SaaS model flagging wide moats and defensible niches across ~45 US and ASX names.​Salesforce earnings and guidance disappointed, with concerns that agentic AI will compress margins in its expensive seat-based model, driving a 6–7% aftermarket drop.​The ASX hit a record high yesterday and is poised for another, as local tech rebounds, banks stay firm, and the market increasingly shrugs off negative news, including hotter-than-expected CPI.​US indices (S&P, Nasdaq, Russell) rallied on the back of renewed tech strength, while the Nikkei’s bounce is being viewed cautiously given recent exchange closures distorting technicals.​Trump’s latest State of the Union delivered more political theatre than policy, adding little to the macro outlook but keeping tariff and geopolitical rhetoric in focus.​Commodities remain constructive: gold and silver are supported by geopolitical and economic risk, platinum looks attractive with strong upside, and copper stays positive.​Lithium jumped ~4.5% on news Zimbabwe halted exports, likely underpinning a bid in Australian lithium names such as Liontown, PLS and MinRes, and supporting exposure via US-listed fringe metals ETFs.​