Penny stock’s 1,500% jump fuelled by Reddit left CEO dumbfounded

Tech savvy: A retiree watching stock prices in Sydney. BrainChip slumped 10.5% yesterday and was headed for its lowest close since Sept 1. There are some who are optimistic about the firm’s future prospects. — AFP

SDYNEY: A meteoric rally in an Australian penny stock is fast unraveling after confounding not just market watchers but also the company’s chief executive officer (CEO).

BrainChip Holdings Ltd, an artificial intelligence-focused startup whose flagship product is yet to be made widely available for commercial use, saw its 2020 gains propel to 1,500% earlier this month.