Today, the Brainchip Holdings Ltd (ASX: BRN) share price soared 30.36% to 73 cents at the time of writing.
Why is the Brainchip share price soaring?
It’s possible that last week’s positive news contributed to the Brainchip share price soaring higher today.
Last week, Brainchip signed a deal with US-based VORAGO Technologies to provide early access to its Akida neuromorphic processor. The collaboration is intended to support a phase I NASA program for a neuromorphic processor that meets space flight requirements.
Brainchip said the Akida neuromorphic processor was uniquely suited for spaceflight and aerospace applications. The early access agreement included payments to offset expenses incurred when supporting VORAGO Technologies with its needs.
The Brainchip Holdings share price has surged 135.48% since the collaboration was announced. Also last week, it was announced that Brainchip would be added to the S&P ASX All Technology Index (ASX: XTX).
What does Brainchip do?
An artificial intelligence technology company, Brainchip has developed a processor that acts on information in a way that is inspired by the human brain. The technology learns through experiences without needing to send information to a data centre for processing and can adapt to new situations without needing to undergo retraining.
The processing architecture developed by Brainchip, called Akida, has applications in processing visual, audio and smell data along with smart transducer applications which measure movement and changes in pressure.
About the Brainchip share price
In the year to 30 June 2020, Brainchip had revenue of US$13,397, down 80% compared to the prior year. The company posted a loss of US$6.86 million in the year to 30 June 2020. This was a basic loss per share of US 0.48 cents per share.
The Brainchip share price is up 2333.33% since its 52-week low of 3 cents, and up 1360% since the beginning of the year. The Brainchip share price is 1725% higher than this time last year.
Legendary stock picker names 5 cheap stocks to buy right now
Motley Fool resident tech stock expert Dr. Anirban Mahanti has stumbled upon five stocks he believes could be some of the greatest discoveries of his investing career.
These little-known ASX stocks are growing like gangbusters, yet you can buy them today for less than $5 a share. Click here to learn more.
More reading
- Afterpay and Brainchip were among the most traded shares on the ASX last week
- ASX All Technology Index swells with new additions
- Why Brainchip, De Grey, Mesoblast, & SKYCITY shares are pushing higher
- 3 defence ASX shares set for explosive growth
- Why Brainchip and these ASX shares just surged to new highs
Motley Fool contributor Chris Chitty has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
The post Why the Brainchip (ASX:BRN) share price soared 30% today appeared first on Motley Fool Australia.
from Motley Fool Australia https://ift.tt/3h6yX1p
Leave a Reply