The price of the Brainchip share (ASX: BRN) jumps with quarterly...

The price of the Brainchip share (ASX: BRN) jumps with quarterly...
The price of the Brainchip share (ASX: BRN) jumps with quarterly...
The Brainchip Holdings Ltd. (ASX: BRN) The share price rose to a monthly high this morning after the quarterly update was released.

The artificial intelligence company’s shares were up 13.2% to 43 cents at the time of writing. In contrast, the All Ordinaries (Index: ^ AORD) (ASX: XAO) and the S & P / ASX 200 Index (Index: ^ AXJO) increased by around 0.8% each.

Management announced that a number of well-known companies have signed the Early Access Program (EAP).

Brainchip shares jump on important customer trials

These include Ford Motor Company, Valeo, Vorago Technologies, and the National Aeronautics and Space Administration (NASA).

The program enables companies to evaluate and test Branchip’s Akip Neuromorphic System-on-Chip (NSoC) offering. Brainchip receives a fee from these organizations to cover its costs for participating in the EAP.

The fee isn’t why Brainchip recently added cash on hand.

Brainchip’s cash position improves

The company reported $ 12.2 million ($ 17.2 million) in cash at the end of September. This increased by around $ 5 million to around $ 17.6 million this month.

The additional money came from the proceeds from the put option agreement with LDA Capital and from the exercise of employee and investor stock options.

Brainchip moved this morning to list eight million new shares as a result of converting options that were good for the money. Of the total, 4.5 million of these options had an exercise price of 15 cents, while 3.5 million had an exercise price of 20 cents.

How Brainchip’s technology works

The company is promoting Akida as a complete AI chip for neural networks, as no external memory or other components are required to function.

The main areas Akida is targeting are AI Edge applications for Smart Transportation, Smart Home, Smart Health and Smart Industrial IoT.

“With the unique ability to process information such as sight, sound, smell, touch, and taste in real time with incremental learning, Akida technology addresses the burgeoning AI Edge market, which is expected to be $ 50 billion by 2025, according to a Tractica report. Brainchip said in his ASX statement.

“Akida offers solutions in ways that traditional convolutional neural networks cannot.”

The BRN share price outperforms WAAAX

The price of the Brainchip share has surpassed the WAAAX favorites since the beginning of 2020. The price of the BRN share has risen by over 780% than the Afterpay Ltd. (ASX: APT) share price is up over 230%.

The WiseTech Global Ltd. (ASX: WTC) share price, Altium Limited (ASX: ALU) share price and Xero Limited (ASX: XRO) Share price follows with gains of 60% or less.

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Returns from October 6, 2020

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