The BrainChip Holdings Ltd (ASX: BRN) share price is heading south today despite no new announcements from the company.
At the time of writing, the artificial intelligence (AI) technology company's shares are down 4.11% to 88.7 cents.
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Why are BrainChip shares treading lower today?
Investors are offloading the BrainChip share price following a fall across the S&P/ASX All Technology Index (ASX: XTX).
After the United States-based Nasdaq shed 0.81% overnight, the Aussie tech sector is in sync with a 1.25% decline today.
Last week, the All Ordinaries Index (ASX: XAO) achieved some notable gains on the back of a positive economic outlook.
The United States Federal Reserve predicted that its economy will narrowly avoid a recession in 2022 and 2023.
This led to a strong rebound across global markets and a sharp turnaround from the induced selling by investors beforehand.
It's also worth mentioning that BrainChip is set to wrap up its second quarter of the 2022 financial year.
These results are expected to be released towards the back end of next month.
The pending update could provide more insight regarding the company's pathway to the commercialisation of its Akida neuromorphic platform.
Investors should keep a close eye on this.
BrainChip share price snapshot
While the BrainChip share price has tumbled 18% in a month, investors would be pleased with its long-term performance.
Year-to-date, the company's shares are up 30% and further stretch to 70% when looking at the past 12 months.
Based on today's price, BrainChip presides a market capitalisation of around $1.59 billion.
