The BrainChip Holdings Ltd (ASX: BRN) share price has soared into the green today, building on the previous month’s momentum.
To illustrate, BrainChip shares finished the day at 55 cents apiece, a 13.5% jump from the previous close.
Let’s dive into what’s behind today’s movement on the charts.
Quick recap on BrainChip
BrainChip Holdings operates in the very niche sector of neuromorphic computing. This is a sub-division of artificial intelligence (AI) that aims to replicate the functionality of the human neuron.
Within this space, BrainChip’s primary focus is on developing its Akida neuromorphic processor unit. The unit is a “new breed of neural processing computing devices” according to the company.
As a result of its efforts thus far, BrainChip has a market capitalisation of $904 million at the time of writing.
What’s behind BrainChip‘s share price movement?
On 5 August, the company announced that its vice president of worldwide sales and marketing, Rob Telson, is a “featured presenter” at the upcoming AI Hardware Summit in Canada.
The Summit is held on 13 September and is actually a “hybrid” event this year, with an online and in-person itinerary.
Its mission is to “help those who are accelerating AI workloads in the cloud and at the edge”. For instance, this year’s theme is “lifting the hood” on how to make AI technology more efficient and affordable.
Telson’s presentation is titled “Intelligent AI Everywhere” and covers how to implement BrainChip’s Akida technology into a “system on a chip” or as “standalone silicone”.
In addition, Telson will demonstrate Akida’s ability to “easily apply efficient AI in edge devices”. This includes in-home automation and remote controls for instance, amid a suite of other features.
Attendees will also witness “real-life examples of (Akida’s) on-chip and off-chip functionality”, as per the release.
Speaking on the appointment, the BrainChip VP said:
I look forward to sharing with those attending AI Hardware Summit – both in-person and virtually – how BrainChip is delivering on next-generation demands by achieving efficient, effective and easy AI functionality everywhere.
There is no market-sensitive information released by the company today so it seems that this company update has had some impact on the BrainChip share price.
BrainChip share price snapshot
TheBrainChip share price has posted a year to date gain of 26%, extending the previous 12 months’ rise of 211%.
Further illustrating this momentum, BrainChip shares have climbed 16.5% in the past week.
These returns have far outpaced the S&P/ASX 200 Index (ASX: XJO)’s climb of around 25% over the past year.
The post Why the BrainChip (ASX:BRN) share price soared 14% today appeared first on The Motley Fool Australia.
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More reading
- Why the Brainchip (ASX:BRN) share price is falling today
The author Zach Bristow has no positions in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.
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