Australian AI chipmaker BrainChip up 11% on U.S. patent grant

Brainchip Holdings

19/07/2023 05:26

July 19 (Reuters) - Australia's BrainChip Holdings Ltd
 BRN.AX  surged nearly 11% to mark its best day in six weeks
after the advanced artificial intelligence chipmaker received a
patent grant in the United States on one of its neuromorphic
processors.
    Neuromorphic processors mimic the way the brain works and
allow devices to use signals from physical neurons to carry out
computations.   
    Shares of BrainChip were trading 7.4% higher at A$0.3975 at
0337 GMT, their highest level since June 19, and were the
biggest gainers on the ASX 200 benchmark index  .AXJO .
    More than 11.3 million shares had changed hands, nearly
double the 30-day average of around 6.4 million.
    The patent protects the neural processor's feature of
reconfigurability, which "provides a significant advantage,
enabling the development of multipurpose and cost-effective
hardware designs", BrainChip said.
    BrainChip now has 17 issued patents, with around 30 patent
applications pending in the United States, Europe, Australia,
Canada, Japan, Korea, India, among others.

 (Reporting by Sameer Manekar in Bengaluru; Editing by Nivedita
Bhattacharjee)
 ((Sameer.Manekar@thomsonreuters.com; Twitter: https://twitter.com/sameer_manekar))