The S&P/ASX 200 Index (ASX: XJO) is having a poor finish to the week. In afternoon trade, the benchmark index is down 0.5% to 8,751.3 points.
Four ASX shares that are falling more than most today are listed below. Here’s why they are tumbling:
Brainchip Holdings Ltd (ASX: BRN)
The Brainchip share price is down 3% to 15 cents. This follows the release of another disappointing update from the struggling semiconductor company. For the three months ended 31 March, Brainchip recorded customer cash inflows of US$700,000. However, this couldn’t stop the company from recording an operating cash outflow of US$5.3 million for the three months. This led to its cash balance reducing to US$25.3 million from US$31.7 million.
Fortescue Ltd (ASX: FMG)
The Fortescue share price is down 5% to $19.93. For the third quarter of FY 2026, Fortescue reported total iron ore shipments of 48.4 million tonnes (Mt). This was below consensus estimates of approximately 49Mt, which may have disappointed investors. Fortescue Metals and Operations CEO, Dino Otranto, was pleased with the quarter. He said: “We delivered a solid quarter, contributing to record shipments of 148.7 million tonnes for the nine months to March. That reflects a significant effort from the team right across the business.” Fortescue also separately announced that it has approved a US$680 million investment to expand its green energy capacity in the Pilbara.
IGO Ltd (ASX: IGO)
The IGO share price is down 15% to $7.28. This battery materials company’s shares have been sold off following the release of its quarterly update. Although it posted a 45% increase in group sales revenue to $119.7 million, the market appears disappointed with an update on its guidance. IGO has updated full-year guidance for Greenbushes spodumene production to 1,375kt to 1,425kt (down from 1,500kt to 1,650kt). IGO’s CEO, Ivan van Vella, said: “Fundamental changes to operating approaches and systems take time to be effective and improvements are typically not linear. Greenbushes is a world-class asset and generated 75% EBITDA margin this quarter. I am confident the work underway will deliver the required performance and overall value optimisation.”
Life360 Inc (ASX: 360)
The Life360 share price is down 4% to $20.89. This follows another selloff of software stocks on Wall Street overnight. The catalyst for this may have been the release of GPT-5.5 by ChatGPT owner OpenAI. It stated: “We’re releasing GPTâ5.5, our smartest and most intuitive to use model yet, and the next step toward a new way of getting work done on a computer.”
The post Why Brainchip, Fortescue, IGO, and Life360 shares are tumbling today appeared first on The Motley Fool Australia.
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More reading
- Why Newmont, PLS and Fortescue shares are grabbing headlines on Friday
- Guess which ASX iron ore stock could rise 85% (hint, not Fortescue shares)
- IGO shares sink 14%. Here’s what just spooked investors?
- Why are Fortescue shares falling today?
- Fortescue invests $680m in Pilbara Green Energy Project
Motley Fool contributor James Mickleboro has positions in Life360. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has positions in and has recommended Life360. The Motley Fool Australia has positions in and has recommended Life360. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.