The Appen Ltd (ASX: APX) share price is well and truly in the green on Wednesday despite no news having been released by the company. Itâs joined in the green by its technology-focused peers.
At the time of writing, the Appen share price is $6.27, 6.45% higher than its previous close.
For context, the broader market is also gaining today. The S&P/ASX 200 Index (ASX: XJO) is currently up 1.8% while the All Ordinaries Index (ASX: XAO) has lifted 1.9%.
Letâs take a closer look at whatâs going right for the artificial intelligence data provider.
Appen share price climbs 6% as tech outperforms
The Appen share price is leaping higher today alongside the broader ASX tech sector.
The S&P/ASX 200 Information Technology Index (ASX: XIJ) has surged 3.9% right now, with none of its constituents having slipped into the red.
Itâs a similar case for the S&P/ASX All Technology Index (ASX: XTX). The index has gained 3.7% at the time of writing.
ASX tech stocksâ day in the sun follows an almost equally strong session on Wall Street overnight. The tech-heavy NASDAQ Composite rose 3.11% in Tuesdayâs session overseas â its best single-session performance in nearly four weeks.
Meanwhile, the ASX 200 tech sector is being bolstered by news of Megaport Ltd (ASX: MP1)âs 10% revenue jump. The ASX 200 tech giantâs stock is currently up nearly 21%.
Though, the market isnât expecting to hear news of Appenâs earnings until 25 August. No doubt all eyes will be on the stock that day to see if it can correct some of its recent losses.
The Appen share price has plummeted 43% since the start of 2022. It has also dropped half its value over the last 12 months.
The post Why is the Appen share price leaping 6% on Wednesday? appeared first on The Motley Fool Australia.
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More reading
- Why Appen, Arizona Lithium, Australian Stategic Materials, and Nuix shares are dropping
- Why the upcoming first-half result could be pivotal for Appen shares
- Tech tumble: How this ASX share plunged 59% last financial year
- Why did the Appen share price sink 13% in June?
- What on earth happened to ASX 200 tech shares in June?
Motley Fool contributor Brooke Cooper has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has positions in and has recommended Appen Ltd and MEGAPORT FPO. The Motley Fool Australia has recommended MEGAPORT FPO. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
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