There are a few ASX tech shares that I’d love to own for the next decade because of the strong growth potential.
I think that businesses with a high level of technology have a good chance of producing stronger returns for shareholders.
Here are two ASX tech shares that are long-term contenders:
Airtasker Ltd (ASX: ART)
Airtasker says that it’s Australia’s leading online marketplace for local services, connecting people and businesses who need work done with people who want to work.
One of the things that really attracts me to Airtasker is its high gross profit margin of more than 93%. What this means is that a very high proportion of new revenue for Airtasker falls to the next profit line. It helps that the business was cashflow positive in FY21 and that means that it can re-invest heavily for growth for many years to come.
The US and UK are two huge markets that could help Airtasker significantly grow its gross marketplace (GMV) volume over time. Whilst international GMV is still a small part over the overall pie, it’s growing very quickly. FY22 first quarter international GMV jumped more than 100%.
In October, Airtasker saw a weekly GMV of $3.6 million, which was equivalent to $185 million on an annualised basis.
Betashares Nasdaq 100 ETF (ASX: NDQ)
This might be one of the best exchanged-traded funds (ETFs) on the ASX with a wide array of tech-focused US shares that are listed on the US stock exchange called the NASDAQ.
There are loads of high-quality companies in this ETF’s portfolio which have excellent growth potential for the long-term like Apple, Amazon, Alphabet (Google), Meta (Facebook), Microsoft, Nvidia and Tesla.
I also like some of the smaller businesses in the portfolio which seemingly have very promising growth potential including Intuitive Surgical, Moderna, PayPal, Advanced Micro Devices, ASML and MercadoLibre.
ETFs don’t normally provide such strong net returns over the long-term like this one has, though past performance is no guarantee of future performance. However, over the last five years its average return per year has been 29%. Time will tell if that sort of return can be maintained.
It’s a great portfolio though, one that I’d happily own myself.
