The Appen Ltd (ASX: APX) share price has returned to form on Thursday.
In afternoon trade, the struggling artificial intelligence data services company's 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 Street's 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 isn't just the Appen share price that is rising strongly today on the news. Here's a summary of how other beaten down ASX tech shares are performing:
- The Block Inc (ASX: SQ2) share price is up 6.5%
- The Kogan.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 today's strong gain, Appen's shares remains down almost 75% since the start of the year.
