BrainChip share price dips despite ex-Amazon hire

It’s been a disappointing day of trading for the All Ordinaries Index (ASX: XAO) so far this Monday, kicking off the trading week on a rather sour note. After initially spiking this morning, the All Ords is presently in the red, down by 0.24% at just under 7,340 points.

But the BrainChip Holdings Ltd (ASX: BRN) share price is doing even worse than that. Brainchip shares have slumped in value so far today. The ASX artificial intelligence company has taken a 2.02% dip at this point of today’s session. That puts Brainchip at 63 cents a share.

This might be especially disappointing for investors this Monday, given the corporate announcement that Brainchip released yesterday.

Brainchip share price struggles despite new Amazon recruitment

The company announced that it has recruited Nandan Nayampally as chief marketing officer. Nayampally’s role will inove driving “all aspects of marketing, product management and business strategy for the company’s Akida TM event-based AI neural processor IP, and its portfolio of Essential AI enabling technology solutions”.

The crown jewel of Nayampally’s curriculum vitae had a former role at US tech giant Amazon.com Inc (NASDAQ: AMZN). Here, Nayampally reportedly “helped accelerate the adoption of Alexa Voice and other multimodal services into third-party devices”.

Here’s some of what Brainchip CEO Sean Hehir had to say on recruiting Nayampally to the company:

Nandan has a deep technical understanding of semiconductor design and IP as well as the market factors that lead to product success… We look forward to leveraging his product experience and executive success at companies like Arm and Amazon to help us deliver BrainChip solutions to the market.

Nayampally added this:

I am excited to join BrainChip. Our unique approach to performant and efficient edge AI at scale is a great enabler for an industry that is looking for innovative and transformative solutions…

It is a great opportunity to not only advance product intelligence at the sensor and the edge but unleash the full power of AI. BrainChip is positioned to create that positive change and I’m thrilled to be a part of making that happen.

But it doesn’t seem like investors are too impressed by this announcement, judging by the performance of the Brainchip share price this Monday.

Brainchip shares have copped a nasty beating over 2022. The company remains down 20% year to date. As well as down more than 73% from the record high of $2.34 a share that we saw back in January.

The post BrainChip share price dips despite ex-Amazon hire appeared first on The Motley Fool Australia.

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John Mackey, CEO of Whole Foods Market, an Amazon subsidiary, is a member of The Motley Fool’s board of directors. Motley Fool contributor Sebastian Bowen has positions in Amazon. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has positions in and has recommended Amazon. The Motley Fool Australia has recommended Amazon. 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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