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BrainChip surged 8.5% on Akida chip testing update.

ASX closed lower; Douugh soared 16% on October growth; BrainChip soared 8.5% on test results.

The ASX200 closed 0.24% lower on Tuesday at 7434.20 on Tuesday.

Douugh soared 16% after releasing growth metrics for October.

BrainChip surged 8.5% on better-than-expected Akida testing results.

The Australian market overturned a midday rally to close 0.24% or 18 points lower on Tuesday at 7434.20 as energy and financials stocks weighed down the key index with CSR and Inghams leading losses for Tuesday’s session.

The tech sector pared back some gains but managed to close Tuesday’s session more than 1% higher led by Tyro Payments surging 5.66%, Megaport rallying 4.52% and Afterpay finishing the day 2.45% higher.

Bitcoin is trading 4.03% higher over the last 24-hours at US$68,086.46 at 4:30pm AEDT.

Australian-based smart banking company Douugh soared 16% today after sharing growth metrics for the month of October. Over the month, Douugh reported a 42% growth in US customer base, 53% increase in US platform revenue, total customer growth of 26% to 63,162 and total debit card spend on the platform increased to $6.6m, up 26%.

Making headlines, BrainChip shares surged 8.5% today after the neural networking technology company provided an update on its Akida chip testing. BrainChip today confirmed that functionality and performance testing of its AKD1000 production chips has been completed, where performance results came back better than expected.

And Google is launching a new ‘Pet Portraits’ feature allowing users to take photos of their pet to upload into the search engine that then uses AI technology to find a similar-looking animal artwork available for purchase online.

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