The S&P/ASX 200 Index (ASX: XJO) is tumbling into the red again on Wednesday. In afternoon trade, the benchmark index is down 0.7% to 6,894.2 points.
Four ASX shares that are falling more than most today are listed below. Here's why they are dropping:
Brainchip Holdings Ltd (ASX: BRN)
The Brainchip share price is down 8% to a multi-year low of 16.5 cents. Investors continue to sell this speculative meme stock on valuation concerns. Despite generating less revenue than a café in the suburbs, facing intense competition from giants such as IBM, Intel, Nvidia, and Qualcomm in a market with incredibly high barriers to entry, and a dwindling cash balance, Brainchip still has a lofty $300 million valuation.
Core Lithium Ltd (ASX: CXO)
The Core Lithium share price is down 5% to 40 cents. This may have been driven by a bearish note out of Citi in relation to lithium prices. Its analysts have warned that prices could fall another 20% in the near term. It is partly for this reason that the broker has put a sell rating and 35 cents price target on its shares today.
Lake Resources N.L. (ASX: LKE)
The Lake Resources share price is down 6% to 17 cents. This is despite the lithium developer releasing drilling results from the Kachi project. Management notes that its drilling "indicates higher lithium grades and significantly deeper vertical extents of the lithium-bearing brine in the central resource area." Citi's warning about lithium prices could be behind this decline.
TPG Telecom Ltd (ASX: TPG)
The TPG share price is down 2% to $5.26. This morning, the telco released an update on its discussions with Vocus Group in relation to the sale of its Enterprise, Government and Wholesale assets and associated fixed infrastructure assets. It advised that the exclusive due diligence period granted to Vocus has now expired and appeared to warn that the proposed consideration of $6.3 billion could change if a deal is reached.