BrainChip was the most popular stock holding this year so far among customers of investing app Sharesies, edging out a string of lithium miners and blue chip ASX mainstays BHP and Rio Tinto.
“You do hear a lot about this company and it is even being compared to Tesla,” Mr Roberts told. “Many retail investors have done very well out of Tesla”. Shares in the Elon Musk-led electric vehicle manufacturer surged 40 per cent over the past year.But BrainChip has also been described as a “meme stock” for its trending popularity in investing forums on social media sites such as Reddit.
When BrainChip shares jumped more than 50 per cent in a single week in September 2020, Credit Suisse analyst Sujit DeyThe corporate regulator, ASIC, has previously warned that too many retail investors are acting on tips from social media peers and influencers,But Mr Roberts played down the influence of Reddit forums and similar platforms, saying the endorsement of family and friends was a more powerful motivator of investing behaviour, even among younger traders.
“People who are interested in technology and interested in Tesla are interested in lithium,” Mr Roberts said.
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