Investors looking for the biggest casualties amongst S&P/ASX 200 Index shares in 2026 don't have to look far. WiseTech Global Ltd, Seek Ltd, and Xero Ltd have all been smashed this year, down 49% or more and hovering near their 52-week lows.
Rising interest rates have punished growth stocks. Now fears that AI could gut traditional software moats are piling on.
WiseTech has delivered one of Australia's tech share price reversals. The stock closed at $32.34 on Wednesday, down about 53% for the year.
The underlying business is still profitable, but investors are grappling with a slowdown in expected growth – FY27 revenue growth is forecast at just 6% to 10%.
Morgans now has a price target of $62.50, almost a 100% rise from current levels.
Seek has also copped a serious rerating, down about 49% year to date to $11.91.
Unlike WiseTech, this ASX 200 share's fortunes are tied directly to the health of the work market.
Bell Potter recently retained its hold rating on the stock, trimming its price target to $13 from $13.80.
The $10 billion ASX 200 share now sits at $58.20, 49% lower than where it sat 12 months ago.
FY26 operating revenue rose 31% to NZ$2.75 billion, and Xero finished the year with 4.92 million customers.