Global tech shares have been rocked in as equity markets test themselves against a morphing investment landscape.

Whilst Australian benchmarks like the S&PASX Index ASX: XJO have snapped back in the past month of trade, the tech index has failed to enjoy such a luxury.

Instead, the S&P All Technology Index ASX: XTX started the year up at , and slipped down to , by the quarter’s end, eventually booking a % loss.

Now as yields on government bonds – also used as the discount rate in share valuations – surge past % for the first time in years, pressure remains on heavily volatile tech shares at present.

The trend’s been in situ since trade restarted back in January, and there have been some seriously underwhelming performances in that time. Here’s a look at the laggards in the tech industry from last quarter.

Undoubtedly there was some serious carnage last quarter for ASX tech shares. Taking the bottom names in descending order, as a group, the average loss was .% whilst the median loss exactly in the middle was .%.

Leading the way was Cettire Ltd ASX: CTT with a stunning % loss for the three months, whilst Advanced Human Imaging Ltd ASX: AHI also lost %.

Sezzle ASX: SZL wasn’t far behind printing a .% backstep for the quarter, whilst Marley Spoon AG ASX: MMM topped out the number spot, with a % slippage.

In fact, checking a list of the top and bottom performing ASX tech names provided by data, the two top performing names were Brainchip Holdings Ltd ASX: BRN and Computershare Ltd ASX: CPU at % and .% respectively.

However, there were only names that finished in the green, with all the other tickers posted in the top and bottom performing stocks each falling deep into the red.

As a basket, tech shares have been weighed down by a number of non-specific macroeconomic catalysts. Most easy to see is the rotation out of growth and tech shares back into defensible such as mining and financials.

But there’s more at play, as we’ve now got the first conflict in Europe in decades, and let’s not forget that crazy little virus called COVID-.

With the current commodity inflation, backed by the prospects of rising interest rates, this only adds fuel to the fire in these two industries, which appear to have stolen the gains tech shares posted last year.

Not only that, but the tech industry’s earnings per share EPS are also the lowest in the last years for the segment, according to data.