What’s driving BrainChip’s (ASX:BRN) shares higher on ASX today?

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 What’s driving BrainChip’s (ASX:BRN) shares higher on ASX today?
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Highlights

  • The share price of BrainChip rose almost 3% today, 11:49 AM AEDT, 24 November.
  • On 20 November, the company appointed Nandan Nayampally as its chief marketing officer.

In the morning trading session, shares of BrainChip Holdings Ltd (ASX:BRN) jumped 2.877% higher despite there being no price-sensitive update from the company. Following the rise, one share of BrainChip was valued at AU$0.715 on the ASX as of 11:49 AM AEDT, 24 November 2022. Shares of BrainChip were also outperforming its technology sector peers around the same time.

Meanwhile, the benchmark S&P/ASX 200 Information Technology sector also surged. INDEXASX:XIJ gained 21.7 points, totalling 1,466.9 points overall at 11:49 AM AEDT.

What’s boosting the share value of BrainChip?

BrainChip Holdings hasn’t released any price-sensitive updates lately; however, the company informed the market about appointing a new chief marketing officer on 20 November. The company hired ex-Amazon, Arm employee Nandan Nayampally to handle BrainChip’s all product management, business strategy, and marketing aspects.

Talking about this new appointment, Sean Hehir, CEO of BrainChip, said:

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Data Source: Company announcement dated 20 November 2022

What else has been happening at BrainChip?

According to a release on 22 November, the Rochester Institute of Technology (RIT) has been included in BrainChip's University AI Accelerator Program. This initiative will make sure that students have the equipment and resources required to support the creation of cutting-edge technologies.

BrainChip share price snapshot

In the last five days, BrainChip’s shares have gained 11.72% in value while declining 21.43% over a month. On a year-to-date (YTD) basis, the share value of BrainChip has shed 9.49% while improving 15.32% in a year as of 11:49 AM AEDT, 24 November.

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