The BrainChip Holdings Ltd (ASX: BRN) share price is fired up on Tuesday despite no announcements from the company.
At the market open, the artificial intelligence (AI) technology company's shares started off at $1.13.
However, throughout the day, the shares have gradually climbed to reach an intraday high of $1.21, up 6.14%.
Let's take a look at what's moving the BrainChip share price today.
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Why is BrainChip soaring on Tuesday?
Investors are bidding up the BrainChip share price following a broader uptick in the S&P/ASX All Technology Index (ASX: XTX).
After touching a 23-month low of 1,756 points, the ASX tech sector has continued to rebound strongly as investor confidence grows.
Today, the benchmark index for Australian technology-orientated companies is up 1.77% to 2,299 points, making it the best-performing sector.
The market appears to have shrugged off the weaker-than-expected revenue from Nvidia Corporation and other semiconductor companies.
Currently, the NASDAQ 100 futures are in the green by 0.23% as Wall Street looks ahead to more earnings results and inflation data. This will provide a clearer sign on how the economy is tracking and if another rate hike is around the corner.
The July consumer price index in the US is due to be released on Wednesday.
Whatever happens on the NASDAQ will undoubtedly impact the ASX following the latest inflationary report.
Investors may want to keep a close eye on this piece of information.
BrainChip share price snapshot
Since the beginning of March, the BrainChip share price has been in a sideways channel around the $1 mark.
This is a sharp contrast from when its shares were fetching $2.34 at the start of 2022.
Nonetheless, if you invested 12 months ago, you'd be up 116%.
BrainChip presides a market capitalisation of approximately $1.95 billion.
