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Why the Brainchip (ASX:BRN) share price is soaring

The Brainchip Holdings Ltd (ASX: BRG) share price is soaring. It’s up around 11% after giving an update.

Brainchip is a software business that is working on AI.

Brainchip’s update

The AI business announced today that it will provide an update tomorrow.

It said that its update will include comments about its Akida products as well as a discussion about the market, customers and applications served by the Akida device and intellectual property.

Brainchip said it has entered into several agreements with its early access program including Ford, Valeo, Vorago Technologies and NASA. This agreement provides engineering samples, evaluation boards and support to manufacturers to evalue Akida. Fees to participate are intended to just cover costs.

The software business said it ended the quarter with US$12.2 million of cash.

BrainChip CEO Louis DiNardo said: “Our industry is fast-moving and complex. We are taking a proactive approach to communication with shareholders as well as industry leaders and editors that cover the exciting AI industry.”

Summary

BrainChip has garnered a lot of investor interest over the past few months. I’m not sure if it’s an investment opportunity. It’s hard to evaluate the technology and how much revenue it can generate in the coming years. I’m happy to leave the investing to other people. I prefer investing in more understandable ASX growth shares where the opportunity (and profit) is more understandable. I prefer something like Pushpay Holdings Ltd (ASX: PPH).

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At the time of publishing, the author of this article does not have a financial or commercial interest in any of the companies mentioned.

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