Looking at the second verse, verse 10: The faithful one here is Jesus. (Just like holy one and servant in the Psalms usually refers to the Messiah.) Although the faithful one (Christ) will die, God will not abandon him to Sheol or the Pit, both of which can be Hell or Death. Peter applies this to Christ’s Resurrection.
In the infamous NAB footnotes, we’re told that the Greek translation of this verse even more explicitly describes the Resurrection from the tomb: “Nor will you suffer your holy one to see corruption.”
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