Why did BrainChip (ASX:BRN) share price jump 27%?

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Why did BrainChip (ASX:BRN) share price jump 27%?

 Why did BrainChip (ASX:BRN) share price jump 27%?

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Summary

  • The shares of BrainChip Holdings Ltd (ASX:BRN) jumped over 27% in today’s intra-day trade.
  • The share price surge came after the company said that it had begun the volume manufacturing of its Akida™ AKD1000 neuromorphic processor chip.
  • The stock has risen nearly 44% so far this year.

The shares of BrainChip Holdings Ltd (ASX:BRN) jumped over 27% in today’s intra-day trade after the articificial intelligence (AI) technology company said that it had kicked off the volume manufacturing of its Akida™ AKD1000 neuromorphic processor chip.

The shares of the tech company soared to the day’s high of A$0.68, as against the previous closing of A$0.53. The stock has risen nearly 44% so far this year.

Socionext partnered with BrainChip to develop the engineering layout for its high-performance and ultra-low power chip. Following the release of this production version layout of the AKD1000 chip to TSMC, manufacturing preparations have begun.

Source: Refinitiv, Thomson Reuters, BRN YTD chart

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Improvement in design

BrainChip had also brought about improvement in design after testing of the AKD1000 engineering samples. The company also introduced additional operating modes for even lower power consumption.

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Company statement

Commenting on the update, BrainChip CEO Peter van der Made praised the company’s engineering team and early access program (EAP) customers.  Peter said that the latest move by the company was the first realistic opportunity to bring AI processing capability to edge devices.

Source: © Lesserdesignen  | Megapixl.com

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How have major tech stocks fared so far?

Meanwhile, other major tech stocks have also performed on a strong note in the recent past with major buy-now-pay-later (BNPL) stock Afterpay (ASX:APT) rising by 25% so far in April. In March, the stock had remained under stress. The stock rebounded after other major BNPL stock Zip Co Ltd (ASX:Z1P) reported an 80% jump in group quarterly revenue to A$114.4 million. 

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Even Kogan.com (ASX:KGN) shares are up 8% this month after a dismal performance last month. Xero (ASX:XRO) has also shown huge potential in the recent past.

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