Why is the BrainChip share price storming 9% higher?

The BrainChip Holdings Ltd (ASX: BRN) share price is having a strong day on Wednesday.

In morning trade, the semiconductor company’s shares are up 9% to $1.08.

Why is the BrainChip share price charging higher?

The BrainChip share price is racing higher today despite there being no news out of the company.

However, it is worth noting that the tech sector is booming on Wednesday following a very strong night of trade on Wall Street’s NASDAQ index.

The tech-focused index stormed 3.1% higher overnight on the belief that markets have now found a bottom following stronger-than expected corporate earnings.

Today’s gains have been particularly strong among loss-making tech shares like BrainChip which have been hammered in recent months.

For example, the Life360 Inc (ASX: 360) share price is currently up 7%, the PointsBet Holdings Ltd (ASX: PBH) share price has jumped 8%, and the Zip Co Ltd (ASX: ZIP) share price has surged 9% higher.

This has ultimately led to the S&P/ASX All Technology Index rising by a sizeable 4.4% on Wednesday morning.

Time will tell if the market has reached a bottom or if this is another dead cat bounce.

The post Why is the BrainChip share price storming 9% higher? appeared first on The Motley Fool Australia.

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Motley Fool contributor James Mickleboro has positions in Life360, Inc. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has positions in and has recommended Life360, Inc., Pointsbet Holdings Ltd, and ZIPCOLTD FPO. The Motley Fool Australia has recommended Pointsbet Holdings Ltd. 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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