Penny Stock’s 1,500% Jump Fueled by Reddit Left CEO Dumbfounded

Australian AI startup BrainChip among top tech names in Asia
Firm’s flagship product yet to be available for commercial use

Watch: A meteoric rally in an Australian penny stock is unraveling fast. (Source: Bloomberg)

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By Ishika Mookerjee and Jackie Edwards

September 28, 2020 at 7:00 PM UTC

Updated on

September 29, 2020 at 7:13 AM UTC

This article is for subscribers only.

A meteoric rally in an Australian penny stock is fast unraveling after confounding not just market watchers but also the company’s 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. While concerns about overheating have seen the stock getting hammered since, its current year-to-date advance of almost 700% still makes for one of the best performances among technology names in Asia Pacific, according to data compiled by Bloomberg.