The share price soared 1,500%, even the CEO was surprised

A cheap share (penny) in Australia has soared to the point that not only market observers but also the CEO of the company himself was surprised.

BrainChip is a startup specializing in artificial intelligence with the “flagship” product that is not even widely used for commercial purposes. Shares of the company has increased to 1,500% compared to the beginning of the year. And although the increase has decreased to nearly 700% due to concerns about overheating momentum, BrainChip is still the biggest gainer in the technology group on the Asia Pacific stock market.

Louis DiNardo, CEO of BrainChip, told Bloomberg that “I was surprised when the stock peaked”. BrainChip shares were overbought while the company had just introduced the product.

BrainChip is on a long list of technology stocks that have skyrocketed since the beginning of the year due to the pandemic that has made investors especially interested in companies focusing on innovation in the tech sector. The company is currently developing Akira, the microprocessors that can be used in edge computing.

BrainChip shares soared also on partnership deals it had in the past few months, including one with Ford Motor in May. Early September, Vorago Techonologies also agreed to participate in the “access program. soon “that the Texas-based tech company will test some new features and give feedback to Brainchip before it hits the market.

This is also a stock that is actively discussed by retail investors on Reddit. Topics include the company’s business outlook as well as its stock price outlook.

In the first six months of 2020, BrainChip generated a mere $ 13,397, compared with $ 66,635 in the same period in 2019.

The key issue to BrainChip’s future is its ability to commercialize its products. BrainChip chips can be used in homes, vehicles, the medical industry, and other industries. CEO DiNardo said the company plans to enter Japanese, US, European and Australian markets.

Consult Bloomberg