• February chaos hit, Trump’s tariffs rocked markets
• ASX tech fell hard, WiseTech led the crash
• EP&T and Envirosuite led gainer, Spacetalk cut losses

February, a month that’s historically been no stranger to chaos, wrapped up with a dismal thud. And at the centre of the storm was none other than US President Donald Trump.

In the wake of his recent tariff announcements, the global market reacted with something bordering on panic. 

Volatility was sky-high in February and is likely to continue into March. The Fear and Greed Index or VIX, the Wall Street barometer for market sentiment, flashed “extreme fear” to its highest level of the year.

The once-starred stocks which make up the Nasdaq Composite, like Tesla and Nvidia, felt the heat in Feb, with Tesla shedding 24% over the past month alone.

On top of that, the big question for the tech sector is whether the billions flooding into AI data centres and capex are really sustainable – especially with DeepSeek from China showing disruptive potential.

But that’s only part of the picture.

US consumer spending – usually a reliable indicator of economic health – has sharply contracted, too, with January’s decline marking the largest drop since February 2021. 

As American spending pulls back, investors are getting increasingly nervous about the trajectory of US economic growth, and rightly so. 

“We have cautioned that volatility would likely be higher this year due to policy uncertainty and trade frictions,” said David Lefkowitz at UBS Global Wealth Management.

“Therefore, we have been highlighting that short-term hedges may be worth considering.”

Back home in Australia, the ASX tech sector has mirrored Wall Street’s slide as fears about a sluggish US economy started to drag down market sentiment.

This prompted traders to shift their capital from the tech sector, which was down 12% for the month, into more defensive sectors, such as utilities and staples.

Here’s how the ASX performed in February:

Adding to the pressure were company-specific factors. 

Sector heavyweight WiseTech Global (ASX:WTC), for instance, dropped a massive 24% during the month, hitting a one-year low. 

The carnage followed the shock resignation of the chairman and three directors. Word on the street is the board’s in turmoil over Richard White, the founder and former CEO. 

Last year, WiseTech announced White would step down as CEO and become a full-time consultant while still pocketing his $1 million salary, but that deal’s still up in the air, and new allegations are making things even messier.

Other major tech companies on the ASX also saw their share prices dive in the month – including NextDC (ASX:NXT), Xero (ASX:XRO) and Technology One (ASX:TNE). 

ASX tech winners in February

EP&T Global (ASX:EPX)

Energy efficiency tech company EP&T Global  reported its H1 FY25 results, showing solid progress. 

For the six months ending December 31, EP&T’s annual contract value (ACV) jumped 16% to $16.9 million, while its annual recurring revenue (ARR) rose 15% to $14.0 million. 

The total revenue for the half-year shot up 16% to $7.5 million, and recurring revenue, which now makes up over 90% of total revenue, surged 25% to $7.4 million.

EP&T also slashed its underlying EBITDA loss by a massive 96%, bringing it closer to breakeven.

The focus is now on continuing to improve EBITDA and keep that momentum rolling, the company said.

Envirosuite (ASX:EVS)

During the half, environmental tech company Envirosuite showed solid growth. 

With ARR hitting $65.7m, up 9.5% from last year, it’s clear the company’s picking up momentum. 

The business is seeing real improvement, posting a positive EBITDA of $0.2m, up a massive 225.9% on the same period last year. 

The aviation side of things is especially flying high, with ARR in that sector climbing to $39.0m, driven by validation of its carbon optimisation solution for air traffic management with NAV Canada. 

Despite the strong performance, Envirosuite’s not resting on its laurels.  The company has got its eye on long-term growth, with a goal to double ARR every five years. 

To top things off, Envirosuite’s been in talks with Ideagen, which put forward an unsolicited proposal on February 25 to buy the company at $0.10 per share, a 133% premium on the the  share price at the time. 

Spacetalk (ASX:SPA)

Spacetalk, a company focused on family safety solutions through wearable tech, has posted a solid 1H25 result. 

With a 16% jump in ARR to $11.0 million and a 54% boost in paid mobile subscribers to 40,000, Spacetalk is showing real growth.

The company saw its total revenue from continuing operations rise 12%, reaching $10.3 million, while gross profit climbed 24% to $5.2 million. 

Operating expenses dropped by 23%, and as a result, Spacetalk’s EBITDA loss improved by 96%, dropping from $2.7 million to just $0.1 million.

The company’s got big plans, too, with new product developments underway, including next-gen wearables for kids and seniors. 

This could drive even more subscriptions, Spacetalk said, helping it aim for $20-$25 million in ARR by 2026.

Nanoveu (ASX:NVU)

Nanoveu, a company that focuses on advanced tech, including its EyeFly3D platform,  is also diving deep into the semiconductor space. 

It just wrapped up the acquisition of EMASS, a specialist in System-on-Chip (SoC) designs. 

This move positions Nanoveu to tap into the growing global demand for ultra-low-power edge computing and AI applications, especially in sectors like wearables, autonomous vehicles, drones, and IoT devices.

With this acquisition, Nanoveu plans to enhance its EyeFly3D product by integrating EMASS’s ultra-low-power SoC, making mobile 2D to 3D conversions faster and more efficient without needing cloud processing. 

Vinyl Group (ASX:VNL)

Vinyl, Australia’s only ASX-listed music company, has wrapped up the acquisition of Concrete Playground, a top digital city guide that covers major Aussie and Kiwi cities. 

The deal, valued at $5.56 million, includes $4.06 million in cash and $1.5 million in Vinyl shares, leaving around $782k cash in Concrete Playground’s business after adjustments. 

This acquisition will boost Vinyl’s media and advertising power, potentially unlocking fresh commercial opportunities through its Vinyl Media division.

Concrete Playground has generated over $4.1 million in revenue recently and is expected to bring in $1.5 million in EBITDA in CY25. 

This deal will accelerate Vinyl’s timeline to being cash flow positive by end of 2025, the company said. 

ASX tech losers in January

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