Appen shares up 47% in a week amid substantial new institutional investment
Three institutional investors either became substantial holders in Appen shares or raised their stake in the company in recent weeks.
Published June 2, 12:33 pm AEST APX
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Key points
- Appen shares are trading 13.46% higher at lunchtime on Friday at $3.71
- The ASX AI stock has stormed 47% higher this week, largely on the back of the Nvidia results and improving investor sentiment
- Three institutional investors either became substantial holders in Appen shares or raised their stake in the company in recent weeks
Appen Ltd (ASX: APX) shares are trading 13.46% higher at lunchtime on Friday at $3.71.
Over the past five trading days, the ASX tech share has stormed up the charts by a whopping 47%.
This is largely due to improved investor sentiment for companies in the artificial intelligence (AI) space.
What got this amazing week started for Appen shares?
Investors have been feeling very excited about ASX artificial intelligence shares this week.
This is on the back of United States AI chip maker Nvidia Corporation (NASDAQ: NVDA) wowing the world with its first-quarter results and second-quarter forecast of US$11 billion in revenue last week.
This forecast exceeded consensus expectations by 53%.
Nvidia’s projected income mega-boost is all due to the rise of AI.
