Among an absolute sea of red in the markets today, lone AI Tech company BrainChip received a speeding ticket from the ASX for performing too well.
It was a dreadful day in Aussie market after the US posted huge losses overnight with the S&P/ASX 200 Index has lost almost 2.2% hovering around 7,200 points.
As per usual being seen as higher risk investments, the S&P/ASX All Technology Index magnified these losses losing almost 4.7% today. However, BrainChip shares defied the trend of both the ASX tech sector and the broader market today. The AI company ended the day up a very positive 3.4% at $1.06 a share, making it one of the best performing shares on the entire market.
Even in earlier trade, BrainChip rose as high as $1.20 a share, which was a gain of around 11% at the time.
The increase in today’s was so unexpected that BrainChip actually received an ASX ‘speeding ticket’ this afternoon from the exchange. Responding to the price query, BrainChip told the markets that it wasn’t aware of anything that could explain the behaviour of its shares today.
BrainChip shares have been on the rise lately. The company is up around 11% over the past five trading days. it is also up 13% over the past month, and almost 34% in 2022 so far. It is difficult to say for sure what’s going on.
At the current BrainChip share price, this ASX artificial intelligence share boasts a market capitalisation of $1.84 billion.