The BrainChip Holdings Ltd (ASX: BRN) share price is heading south today despite no new announcements from the company.
At the time of writing, the artificial intelligence (AI) technology companyâs shares are down 4.11% to 88.7 cents.
Why are BrainChip shares treading lower today?
Investors are offloading the BrainChip share price following a fall across the S&P/ASX All Technology Index (ASX: XTX).
After the United States-based Nasdaq shed 0.81% overnight, the Aussie tech sector is in sync with a 1.25% decline today.
Last week, the All Ordinaries Index (ASX: XAO) achieved some notable gains on the back of a positive economic outlook.
The United States Federal Reserve predicted that its economy will narrowly avoid a recession in 2022 and 2023.
This led to a strong rebound across global markets and a sharp turnaround from the induced selling by investors beforehand.
Itâs also worth mentioning that BrainChip is set to wrap up its second quarter of the 2022 financial year.
These results are expected to be released towards the back end of next month.
The pending update could provide more insight regarding the companyâs pathway to the commercialisation of its Akida neuromorphic platform.
Investors should keep a close eye on this.
BrainChip share price snapshot
While the BrainChip share price has tumbled 18% in a month, investors would be pleased with its long-term performance.
Year-to-date, the companyâs shares are up 30% and further stretch to 70% when looking at the past 12 months.
Based on todayâs price, BrainChip presides a market capitalisation of around $1.59 billion.
The post Why is the BrainChip share price sliding 4% today? appeared first on The Motley Fool Australia.
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More reading
- Why is the BrainChip share price gaining 5% on Friday?
- How has the BrainChip share price performed since joining the ASX 200?
- Why did the BrainChip share price spike 7% this morning?
- 5 things to watch on the ASX 200 on Monday
- 3 ASX All Ordinaries shares that leapt more than 10% on Thursday
Motley Fool contributor Aaron Teboneras 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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