In afternoon trade, the BrainChip Holdings Ltd (ASX: BRN) share price is on course to end the month in the red.
At the time of writing, the artificial intelligence (AI) technology company’s shares are down 1.5% to $1.11.
But that won’t take the shine off what has been a stellar month for the BrainChip share price.
How is the BrainChip share price performing in May?
Barring a late afternoon selloff, the BrainChip share price is on course to record a 13% gain during the month of May.
This gain appears to have been driven by news that the company has been accepted into the Arm AI Partner Program.
The Arm AI Partner Program is an ecosystem of hardware and software specialists aiming to help developers deliver the next generation of AI solutions.
In response to the news, the company’s CMO, Jerome Nadel, said:
It’s valuable for BrainChip to be part of Arm’s portfolio of partners as Arm is not only a leading provider of AI technologies, but an industry influencer. Arm offers us another channel to give end users access to Akida, the world’s first commercial neuromorphic AI accelerator, and to foster the development of best-in-class AI products and applications.
Despite facing competition from global giants such as IBM, BrainChip believes that its Akida processor has game-changing capabilities in AI markets. The release highlights that its processor mimics the human brain to analyse only essential sensor inputs at the point of acquisition, processing data with “unparalleled” efficiency, precision, and economy of energy.
Time will tell what happens with BrainChip in this highly competitive industry, but with a market capitalisation of almost $2 billion and next to no revenue, a lot is certainly riding on the company succeeding.
The post Why has the BrainChip share price performed so strongly in May? appeared first on The Motley Fool Australia.
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Motley Fool contributor James Mickleboro has no position 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 Scott Phillips.
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