The Brainchip Holdings Ltd (ASX: BRN) share price had a roller coaster ride during the month of May.
Brainchip shares gained 12% in May, rising from 40.5 cents at market close on 28 April to 45.5 cents on 31 May. In contrast, the S&P/ASX 200 (ASX: XJO) share price slid nearly 3% during the month.
So what impacted the Brainchip share price in May?
Rollercoaster ride
Shares in the artificial intelligence (AI) hardware company soared 24% between market close on 17 May and 22 May. But they tumbled back to earth, losing nearly 18% on 23 May. The company's share price then bounced back nearly 10% from market close on 23 May to 31 May.
Momentum in the AI sector may have provided Brainchip shares with a boost in May.
Brainchip is aiming to commercialise its Akida neuromorphic processor to perform artificial intelligence computing solutions.
In the US, AI chip developer Nvidia Corporation (NASDAQ: NVDA) stormed ahead in late May following the release of its second-quarter revenue guidance.
This may have boosted Australian AI shares, such as Brainchip.
However, Brainchip shares crashed on 23 May, the day of the company's annual general meeting presentation.
Commenting at the AGM, Brainchip chairman Antonio J. Viana said:
Let me be clear, nobody at BrainChip is happy or content with our current position. We haven't hit any significant stride yet with respect to revenue.
The trick for many companies comes when the move from technology to product takes place. In the past, BrainChip frankly hasn't gotten this right. We haven't had a product that can see its way into end production systems.
More than 50% of shareholders voting at the meeting voted against the company's remuneration report.
Share price snapshot
The Brainchip share price has shed nearly 60% in the past 12 months.
This ASX technology share has a market capitalisation of nearly $737 million based on the latest share price.
