The BrainChip Holdings Ltd (ASX: BRN) share price is in the red despite no announcements from the company today.
At the time of writing, the artificial intelligence (AI) technology company's shares are down 1.16% to 86 cents.
For context, the S&P/ASX 200 Index (ASX: XJO) is also heading south, down 0.68% to 6,510.1 points.
Let's take a look below to find out what's dragging down BrainChip shares on Friday.
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What's happening with BrainChip?
Investors are selling off the BrainChip share price following a steep dive across the S&P/ASX All Technology Index (ASX: XTX) today.
Currently, the Aussie tech sector is the worst performer across the ASX Indices, retracing by 2.34% to 1,957.8 points.
This comes after Wall Street recorded heavy losses overnight, with the tech-heavy Nasdaq also tumbling 2.86%.
The market sell-off restarted as investors weighed up the US Fed Reserve raising interest rates again to combat inflation.
In addition, Apple (NASDAQ: AAPL) shares, which make up a considerable portion of the Nasdaq, fell 4.9% on reports that demand for its iPhone is weakening.
Nonetheless, this has impacted the majority of tech stocks on the ASX.
It is worth noting that September has historically been a terrible month for share market returns. Dubbed by investors the 'September effect', it's widely regarding the worst time to hold stocks in the year.
BrainChip share price snapshot
Despite tumbling 6% in the last week, the BrainChip share price is up 115% over the last 12 months.
Year-to-date, it has also fared well despite the recent volatility on the ASX, up 25%.
Based on today's price, BrainChip commands a market capitalisation of around $1.49 billion.
