The Appen Ltd (ASX: APX) share price has returned to form on Thursday.
In afternoon trade, the struggling artificial intelligence data services companyâs shares are up 11% to $2.96.
Why is the Appen share price on fire today?
The Appen share price has taken off on Thursday despite there being no news out of the company.
However, it is worth noting that the tech sector is rebounding strongly today following a stellar night of trade on Wall Streetâs tech-focused Nasdaq index.
Investors were bidding tech stocks higher overnight after the US Federal Reserve suggested that supersized interest rate hikes may now be behind us. This follows promising signs that inflation has now peaked.
It isnât just the Appen share price that is rising strongly today on the news. Hereâs a summary of how other beaten down ASX tech shares are performing:
- The Block Inc (ASX: SQ2) share price is up 6.5%
- The com Ltd (ASX: KGN) share price is up 4%
- The Megaport Ltd (ASX: MP1) share price is up 5.5%
- The Xero Limited (ASX: XRO) share price is up 6.5%
Though, it is worth noting that despite todayâs strong gain, Appen’s shares remains down almost 75% since the start of the year.
The post Why is the Appen share price surging 11% on Thursday? appeared first on The Motley Fool Australia.
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More reading
- Why are ASX tech shares having such a cracking run on Thursday?
- Is the Appen share price on the way back up?
- It’s about time you buy this ASX tech share that’s beaten down 75% this year: expert
- Down 75% in 2022, is it time for investors to give up the ghost on this ASX 300 tech share?
- Why is the Appen share price storming higher today?
Motley Fool contributor James Mickleboro has positions in Xero. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has positions in and has recommended Appen, Block, Kogan.com, Megaport, and Xero. The Motley Fool Australia has positions in and has recommended Block, Kogan.com, and Xero. The Motley Fool Australia has recommended Megaport. 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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