The BrainChip Holdings Ltd (ASX:BRN) share price is charging higher on Wednesday after releasing an update on its Akida technology…
The post Why the BrainChip (ASX:BRN) share price is rocketing 27% higher today appeared first on The Motley Fool Australia. –
The BrainChip Holdings Ltd (ASX: BRN) share price is rocketing higher on Wednesday.
In early trade, the artificial intelligence (AI) technology company’s shares are up a massive 27% to 67.5 cents.
Why is the BrainChip share price rocketing higher?
Investors have been buying the company’s shares after it announced the start of volume manufacturing of its Akida AKD1000 neuromorphic processor chip for edge AI devices.
According to the release, the engineering layout for BrainChip’s high-performance, ultra-low power chip was designed in partnership with Socionext. It is a developer of advanced System-on-Chip (SoC) solutions.
Socionext then released the engineering layout of the production version of the AKD1000 chip to Taiwan Semiconductor Manufacturing Company, which has begun preparing to manufacture at volume.
What is Akida?
The company describes its Akida Neural Processor technology as a revolutionary advanced neural networking processor that brings AI to the edge in a way that existing technologies are not capable.
It notes that the solution is high-performance, small, ultra-low power and enables a wide array of edge capabilities.
It can be used in applications including Smart Home, Smart Health, Smart City and Smart Transportation. These applications include home automation and remote controls, industrial IoT, robotics, security cameras, sensors, unmanned aircraft, autonomous vehicles, medical instruments, object detection, sound detection, odor and taste detection, gesture control and cybersecurity.
BrainChip’s CEO, Peter van der Made, commented: “I am grateful to our engineering team, who worked hard over the past eight months to release the Akida technology for volume production, and to our EAP customers that have helped lead us to market readiness.”
“This move to manufacturing is a major milestone for BrainChip and for the industry at large as the first realistic opportunity to bring AI processing capability to edge devices for learning, enabling personalization of products without the need for retraining,” he concluded.
Where to invest $1,000 right now
When investing expert Scott Phillips has a stock tip, it can pay to listen. After all, the flagship Motley Fool Share Advisor newsletter he has run for more than eight years has provided thousands of paying members with stock picks that have doubled, tripled or even more.*
Scott just revealed what he believes are the five best ASX stocks for investors to buy right now. These stocks are trading at dirt-cheap prices and Scott thinks they are great buys right now.
*Returns as of February 15th 2021
- Airtasker and Zip were among the most traded ASX shares last week
- Why BrainChip, Crown, Qantas, & Quickstep shares are tumbling lower
- BrainChip (ASX:BRN) share price sinks on shock CEO exit
- ASX quarterly rebalance: HUB24 joins ASX 200, Brainchip into ASX 300
Motley Fool contributor James Mickleboro 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 Bruce Jackson.