Tech Stock Selloff Looks Overdone, Australian Pension CIO Says

The chief investment officer of UniSuper, one of Australia’s largest pension funds, is brushing aside concerns about the downturn in global tech stocks, saying that spending in the sector can support other parts of the market.

The selloff appears overdone, particularly for companies like Salesforce Inc. whose software is heavily integrated into business processes and tough to overhaul, said John Pearce, who oversees the A$166 billion ($117 billion) fund. Large artificial intelligence investments in tech firms could also boost revenues in other industries, he added.