Australia's WAAAX Stocks Outperforming U.S.'s FAANG, China's BAT

The video discusses the WAX acronym, representing a group of Australian tech stocks that have performed well since 2017. These stocks have benefited from global tech trends and Australia's expansion into 5G and cloud technology. The existence of the WAX acronym signifies the growing competitiveness of Australia's tech industry, which, despite being a small part of the market, is gaining recognition and maturity.

What is the significance of the tech stocks making up only 3% of the benchmark in Australia?

In what ways are tech stocks in Australia becoming more competitive?