BRN Discussion Ongoing

[manny100]

Since yesterday's post I've been doing a bit more research into Loihi 3 and discovered a very long and detailed blog on Loihi 3 from someone called Dr Shayan Erfanian (see link below).

The profile material I found presents Dr Erfanian as a technology strategist and software/cybersecurity entrepreneur, not obviously a primary neuromorphic researcher ,which I think pushes the blog more toward forecasting rather than authoritative disclosure.

For what it's worth, Dr Erfanian says that we can expect to hear more about Loihi 3 at the Intel Developer Conference in Q2/3 2026.

In another expert he states "the 2-3 year horizon following Loihi 3's launch (2028-2029) will witness substantial industry restructuring as the energy efficiency benefits of neuromorphic computing become widely acknowledged and integrated."

Dr Shayan Erfanian - Technology Mentor & Strategist

University professor and technology strategist. Teaching thousands of students and mentoring startup founders in AI, digital transformation, and business innovation.

shayanerfanian.com

Excerpt 1

View attachment 95145



Excerpt 2

View attachment 95146



All of these ruminations about the emergence of Loihi 3 would seem to align with Intel's job advertising published 16 days ago for an AI Software Architect Neuromorhpic Computing.

The job ad says "Now, we're entering an exciting new chapter: transforming these breakthroughs into real-world products that will power the coming era of physical AI systems beyond the reach of GPUs and mainstream AI accelerators." It also states a key responsibility is to "Integrate neuromorphic software into leading robotics, IoT, and sensing frameworks to enable broad ecosystem adoption."



Intel's Job Ad

AI Software Architect – Neuromorphic Computing

Job Details: Job Description: For nearly a decade, Intel's Neuromorphic Computing Lab-together with a global ecosystem of 250+ research groups-has explored architectures, algorithms, and software inspired by the brain's extraordinary efficiency, scalability, and adaptability. Our Loihi series of...

intel.wd1.myworkdayjobs.com

​

The other thing that struck me yesterday about Mike Davies LinkedIn Post 8 months ago on Loihi 3 was how similar it sounded to Akida 2 with regard to features such as LLM's (see below).



View attachment 95147



I realise that the addressable market is big enough for more than 1 player, but Intel is a behemoth of a player and therefore a pretty significant threat.

I can’t deny feeling quite disappointed that what once looked like a meaningful lead has now narrowed.

In hindsight, relying solely on an IP-only strategy appears to have seriously limited commercial traction. The pivot to physical chips AKD1500 (and now AKD2500) feels, at least to me, like an acknowledgment that licensing alone wasn’t able to convert at the pace required.

Having said that, I can understand the appeal of the IP-only idea because it's capital-light (no wafer commitments, inventory risk, or hardware support burden). But in practice, IP-only seems to work best when there’s already a mature ecosystem, strong reference implementations and customers ready to integrate with confidence. Neuromorphic as a new and disruptive technology would make pure IP much harder to monetise.

The key question now isn’t whether the pivot was necessary but whether it was too late. The risk is that competitors with much deeper resources and broader ecosystems may be able to close the window further.

In the coming months I'll be keeping a very close eye on any primary sources from Intel announcing Loihi 3 specs.

​

Bi Bravo. I would not be surprised to see Loihi going commercial later this year. They are setting up sales and marketing already in preparation.
That will be a signal to the market that neuromorphic is ready to blast off.
Engagements already mid cycle and beyond in our pipeline will be to far in to change horses.
We are expecting AKIDA2500 pilot and the 1500 chips around the same time.
We probably have around a 2 year lead all up.
Intel's biggest competitors eg, AMD, NVIDIA, ARM etc, etc will be more concerned than Brainchip. Intel will be able to use growing Neuromorphic demand to upsell to clients of their competitors, so I would expect a huge amount of interest in Brainchip as a potential acquisition.
It would be much easier for a big player wanting in the industry to hugely overpay for Brainchip than spend billions and 2 or 3 years years in development.

 

[LongTermInvestor]

Bi Bravo. I would not be surprised to see Loihi going commercial later this year. They are setting up sales and marketing already in preparation.
That will be a signal to the market that neuromorphic is ready to blast off.
Engagements already mid cycle and beyond in our pipeline will be to far in to change horses.
We are expecting AKIDA2500 pilot and the 1500 chips around the same time.
We probably have around a 2 year lead all up.
Intel's biggest competitors eg, AMD, NVIDIA, ARM etc, etc will be more concerned than Brainchip. Intel will be able to use growing Neuromorphic demand to upsell to clients of their competitors, so I would expect a huge amount of interest in Brainchip as a potential acquisition.
It would be much easier for a big player wanting in the industry to hugely overpay for Brainchip than spend billions and 2 or 3 years years in development.

That’s a great analysis, Manny100!!!

The Neuromorphic era has just commenced!!!

Now just imagine what the share price could look like if a bidding war were to ignite between NVIDIA, AMD, ARM, Google and Apple for BrainChip.

That would completely redefine the valuation overnight!

 

[HopalongPetrovski]

So, sorta interesting.
At 2.57 pm someone or someone's were interested enough to spend around $405,000 to buy 3,000,000 shares at 13.5/13.75 c so they could then proceed to buy a further $2,317 worth at 13 cents.

Of course that does mean that we'll record another 13 cent low today on the charts, but I bet they just really wanted those particular 25,868 13 cent shares.

And they're back again at the close trying for that lucky 13 again.

And they got it! Arseholes!

Addendum....
Had to buy 'em another 2.5 million shares in that last mad minute paying .14, 1375, 135, 1325 and .13 cents, so lets say roughly about another $350,000, plus whatever they spent in the auction to hold it there.
Pretty keen today.

And with American holiday today no lead in from Wall St tonight so I expect they'll try it on again tomorrow.
12 cent target perhaps?

Just some musings of course. Hopefully a jolly announcement first thing to burn the bastards and catch them on the hop for a change.

 

[Deleted member 3781]

So, sorta interesting.
At 2.57 pm someone or someone's were interested enough to spend around $405,000 to buy 3,000,000 shares at 13.5/13.75 c so they could then proceed to buy a further $2,317 worth at 13 cents.

Of course that does mean that we'll record another 13 cent low today on the charts, but I bet they just really wanted those particular 25,868 13 cent shares.

And they're back again at the close trying for that lucky 13 again.

And they got it! Arseholes!

Gamblers are not in rush here… the play their games calmly…. “Oh I couldn’t catch 13 today??? Uhh.. I try tomorrow… who knows? Maybe I’m lucky enough to get some at 12.5? Wohooo”

Edit: and someone in Laguna hills is just like

 

[Bravo]

That’s a great analysis, Manny100!!!

The Neuromorphic era has just commenced!!!

Now just imagine what the share price could look like if a bidding war were to ignite between NVIDIA, AMD, ARM, Google and Apple for BrainChip.

That would completely redefine the valuation overnight!

I love the excitement around neuromorphic potentially reaching a commercial inflection point. If Loihi 3 does go commercial and the space gets further validated, hopefully it will be positive for everyone involved (lifting all boats).

But, I think we need to stay grounded when discussing acquisition scenarios.

I personally can't see any major semiconductor players entering bidding wars unless we can demonstrate proven revenue, paying customers and clear production traction. Large companies don’t pay significant premiums for potential alone.

Out of curiosity, I asked ChatGPT what it considered a fair acquisition price based on BrainChip’s current position and I have to say it was depressingly low. While I take Chatty's output with a grain of salt ( since it’s hardly infallible), I believe he framework it used makes sense. Its view was that without meaningful silicon revenue or large-scale design wins, a realistic valuation might sit somewhere in the USD $250M–$600M range.

However, on a slightly more positive note, it suggested that if AKD1500 converts to real production volume and AKD2500 pilots translate into something like $30-40 million recurring revenue, that valuation could change materially. In that scenario it said a strategic acquisition north of $800M, potentially even $1B+, could become more defensible.

Whether those numbers are precise is less important than the principle that absent strong commercial traction, it would be very difficult to justify a blockbuster bidding war.

To reiterate, I have no idea how accurate ChatGPT is re its acquisition estimates but, obviously the lower valuation ranges feel extremely underwhelming given the length of time and the steadfast conviction many of us have invested.

 

[Baron Von Ricta]

Very nice DD Bravo.

Competition is unavoidable but if they first launch in 2028-29, BRN should have ample time to have secured its place on the market.

Further Akida comes in different editions as we know, 1000-1500-2500 physical chips and IP AKD2/Pico/TENNS as the flagship model but AKD3 being developed which means BRN can offer quite a large range of neuromorphic edge coverage.
We don't know anything about Loihi3 yet, so I will not try to speculate of how good/bad and narrow/wide ranged it will be?

Sean said that quite a few small players don't have resources to develop their own chips and tap them out hence the 1500 will be mass-produced for smaller companies only needing maybe 10k chips or less.

As you mentioned, producing your own chip is expensive and man power heavy. You're also risking a customer wanting chips in 5nm, and you just made 1 million in 22nm! The company simply don't have the resources doing their own chips right now, but they have done what they could: 1500 in 22nm and 2500 as a research chip for prototypes/testing.

Slade said it's good Loihi3 is coming because it's a sign that the transition to edge AI is accelerating, and he got a point.

If Akida is good enough, I don't think we have anything to worry about.
It's telling that a fairly high ranking IBM person are very positive about AKD1000 on M2 card!

Remember the days when most of us were extremely excited at the prospect of getting just 10% of the market??

 

[smoothsailing18]

I love the excitement around neuromorphic potentially reaching a commercial inflection point. If Loihi 3 does go commercial and the space gets further validated, hopefully it will be positive for everyone involved (lifting all boats).

But, I think we need to stay grounded when discussing acquisition scenarios.

I personally can't see any major semiconductor players entering bidding wars unless we can demonstrate proven revenue, paying customers and clear production traction. Large companies don’t pay significant premiums for potential alone.

Out of curiosity, I asked ChatGPT what it considered a fair acquisition price based on BrainChip’s current position and I have to say it was depressingly low. While I take Chatty's output with a grain of salt ( since it’s hardly infallible), I believe he framework it used makes sense. Its view was that without meaningful silicon revenue or large-scale design wins, a realistic valuation might sit somewhere in the USD $250M–$600M range.

However, on a slightly more positive note, it suggested that if AKD1500 converts to real production volume and AKD2500 pilots translate into something like $30-40 million recurring revenue, that valuation could change materially. In that scenario it said a strategic acquisition north of $800M, potentially even $1B+, could become more defensible.

Whether those numbers are precise is less important than the principle that absent strong commercial traction, it would be very difficult to justify a blockbuster bidding war.

To reiterate, I have no idea how accurate ChatGPT is re its acquisition estimates but, obviously the lower valuation ranges feel extremely underwhelming given the length of time and the steadfast conviction many of us have invested.

I couldn't imagine this ChatGPT would know of all the companies under NDA'S tho would it ?.

 

[perceptron]

I love the excitement around neuromorphic potentially reaching a commercial inflection point. If Loihi 3 does go commercial and the space gets further validated, hopefully it will be positive for everyone involved (lifting all boats).

But, I think we need to stay grounded when discussing acquisition scenarios.

I personally can't see any major semiconductor players entering bidding wars unless we can demonstrate proven revenue, paying customers and clear production traction. Large companies don’t pay significant premiums for potential alone.

Out of curiosity, I asked ChatGPT what it considered a fair acquisition price based on BrainChip’s current position and I have to say it was depressingly low. While I take Chatty's output with a grain of salt ( since it’s hardly infallible), I believe he framework it used makes sense. Its view was that without meaningful silicon revenue or large-scale design wins, a realistic valuation might sit somewhere in the USD $250M–$600M range.

However, on a slightly more positive note, it suggested that if AKD1500 converts to real production volume and AKD2500 pilots translate into something like $30-40 million recurring revenue, that valuation could change materially. In that scenario it said a strategic acquisition north of $800M, potentially even $1B+, could become more defensible.

Whether those numbers are precise is less important than the principle that absent strong commercial traction, it would be very difficult to justify a blockbuster bidding war.

To reiterate, I have no idea how accurate ChatGPT is re its acquisition estimates but, obviously the lower valuation ranges feel extremely underwhelming given the length of time and the steadfast conviction many of us have invested.

Can you ask chatgpt "what are the variable costs in manufacturing silicon chips and are there any other costs associated with manufacturing silicon chips".

 

[Deleted member 3781]

The whole day green… then… boom red …
F… you… it’s so annoying…

 

[LongTermInvestor]

I love the excitement around neuromorphic potentially reaching a commercial inflection point. If Loihi 3 does go commercial and the space gets further validated, hopefully it will be positive for everyone involved (lifting all boats).

But, I think we need to stay grounded when discussing acquisition scenarios.

I personally can't see any major semiconductor players entering bidding wars unless we can demonstrate proven revenue, paying customers and clear production traction. Large companies don’t pay significant premiums for potential alone.

Out of curiosity, I asked ChatGPT what it considered a fair acquisition price based on BrainChip’s current position and I have to say it was depressingly low. While I take Chatty's output with a grain of salt ( since it’s hardly infallible), I believe he framework it used makes sense. Its view was that without meaningful silicon revenue or large-scale design wins, a realistic valuation might sit somewhere in the USD $250M–$600M range.

However, on a slightly more positive note, it suggested that if AKD1500 converts to real production volume and AKD2500 pilots translate into something like $30-40 million recurring revenue, that valuation could change materially. In that scenario it said a strategic acquisition north of $800M, potentially even $1B+, could become more defensible.

Whether those numbers are precise is less important than the principle that absent strong commercial traction, it would be very difficult to justify a blockbuster bidding war.

To reiterate, I have no idea how accurate ChatGPT is re its acquisition estimates but, obviously the lower valuation ranges feel extremely underwhelming given the length of time and the steadfast conviction many of us have invested.

Well, Intel acquired Habana Labs - an AI chip start-up for approximately US$2 billion, and it still hasn’t generated any meaningful revenue!

Below is a direct extract from ChatGPT regarding Brainchip's valuation perspective. That said, I honestly don’t think Peter would even consider selling at around $2.50/share. If I were in his position, I’d be holding onto my shares as tightly as possible unless the offer was at least A$10+ per share. If Peter doesn't sell, there will be no deal! So if one of those big giants want to acquire Brainchip, it will highly likely be in the highest premium range to make the biggest shareholder Peter happy!

So What Price Could a “Bid War” Produce?​

In a competitive acquisition process, multiple bidders tend to drive the price above fair market value — often a 25–50% premium over the strongest standalone valuation target, or more if the technology is especially coveted.


Given BrainChip’s current price (~A$0.14) and hypothetical strategic value:

Possible Takeover Price Perspectives​

• Low end in competitive bid: ~A$1.00–A$1.50 per share
  (implies a takeover valuation ~7×–10× current price and A$2.1–3.4 b market cap)
• High end if multiple tech giants bid: ~A$2.00+ per share
  (would imply ~14× current, ~A$4+b valuation — similar to smaller specialized chip acquisitions)
• Premium takeover sweet spot: ~A$1.50–A$2.50
  (reflects strategic IP value + competitive tension)

Keep in mind these are estimates — actual acquisition prices depend on bidding companies’ strategies, the pace of commercial traction, defence of IP, and global semiconductor dynamics.

 

[Diogenese]

I love the excitement around neuromorphic potentially reaching a commercial inflection point. If Loihi 3 does go commercial and the space gets further validated, hopefully it will be positive for everyone involved (lifting all boats).

But, I think we need to stay grounded when discussing acquisition scenarios.

I personally can't see any major semiconductor players entering bidding wars unless we can demonstrate proven revenue, paying customers and clear production traction. Large companies don’t pay significant premiums for potential alone.

Out of curiosity, I asked ChatGPT what it considered a fair acquisition price based on BrainChip’s current position and I have to say it was depressingly low. While I take Chatty's output with a grain of salt ( since it’s hardly infallible), I believe he framework it used makes sense. Its view was that without meaningful silicon revenue or large-scale design wins, a realistic valuation might sit somewhere in the USD $250M–$600M range.

However, on a slightly more positive note, it suggested that if AKD1500 converts to real production volume and AKD2500 pilots translate into something like $30-40 million recurring revenue, that valuation could change materially. In that scenario it said a strategic acquisition north of $800M, potentially even $1B+, could become more defensible.

Whether those numbers are precise is less important than the principle that absent strong commercial traction, it would be very difficult to justify a blockbuster bidding war.

To reiterate, I have no idea how accurate ChatGPT is re its acquisition estimates but, obviously the lower valuation ranges feel extremely underwhelming given the length of time and the steadfast conviction many of us have invested.

Hi Bravo,

I think your chatty friend is taking a short term view, and does not take the tech into account sufficiently. Akida 2 Is far superior even to 4-bit Akida 1/1500. With its 8-bit precision, it will make see-in-the dark (SITD) radar come to life in beautiful technicolour (not really because radar does not do colour), but, combined with the RTX microDoppler radar TX/RX, it will produce clearly defined image classification). This is truly groundbreaking tech never before achievable with radar. BRN/RTX have created their own new market sector.

Then, of course, there's cybersecurity ... another product which grew out of the once great US government's project.

And then there's Akida 3 and GenAI, even greater precision (INT16, FP32), with the new solid state switched comms mesh interconnecting the NPUs in place of the last millennium's packet switching to improve latency and power usage.

However, any potential buyer would be well aware of these capabilities ... and I'm sure the major shareholders would not accept a low-ball offer.

 

[manny100]

I love the excitement around neuromorphic potentially reaching a commercial inflection point. If Loihi 3 does go commercial and the space gets further validated, hopefully it will be positive for everyone involved (lifting all boats).

But, I think we need to stay grounded when discussing acquisition scenarios.

I personally can't see any major semiconductor players entering bidding wars unless we can demonstrate proven revenue, paying customers and clear production traction. Large companies don’t pay significant premiums for potential alone.

Out of curiosity, I asked ChatGPT what it considered a fair acquisition price based on BrainChip’s current position and I have to say it was depressingly low. While I take Chatty's output with a grain of salt ( since it’s hardly infallible), I believe he framework it used makes sense. Its view was that without meaningful silicon revenue or large-scale design wins, a realistic valuation might sit somewhere in the USD $250M–$600M range.

However, on a slightly more positive note, it suggested that if AKD1500 converts to real production volume and AKD2500 pilots translate into something like $30-40 million recurring revenue, that valuation could change materially. In that scenario it said a strategic acquisition north of $800M, potentially even $1B+, could become more defensible.

Whether those numbers are precise is less important than the principle that absent strong commercial traction, it would be very difficult to justify a blockbuster bidding war.

To reiterate, I have no idea how accurate ChatGPT is re its acquisition estimates but, obviously the lower valuation ranges feel extremely underwhelming given the length of time and the steadfast conviction many of us have invested.

Yes agree but if Neuromorphic grows exponentially as expected an acquirer is buying a slice of the future, the Tech and not the now so current valuations or activity are not as important.
The immediate worry for Intel competitors on Loihi3 commercialisation is the concern that Intel will upsell its Neuromorphic to steal market share in the non neuromorphic business areas. So there is a business defensive aspect to a Brainchip acquisition as well.
Big premiums are paid for great tech.
Marvel recently acquired Celestial for a deal up to $US5.5 bill for its great tech. Not the same as BRN but gives an idea of premiums.

Marvell to acquire Celestial AI for as much as $5.5 billion

The deal is an aggressive move for Marvell to acquire complimentary technology to its semiconductor networking business.

www.cnbc.com

 

[Tezza]

I haven't been waiting this long to sell our company now.I am happy to wait for the first 4 or 5 ip deals to emerge before I agree to sell any of my shares. Not that I own enough to sway any decision, but I would be gutted if we sold for 1 0r 2 dollars.

 

[Deleted member 3781]

I haven't been waiting this long to sell our company now.I am happy to wait for the first 4 or 5 ip deals to emerge before I agree to sell any of my shares. Not that I own enough to sway any decision, but I would be gutted if we sold for 1 0r 2 dollars.

 

[Courier68]

Remember when this happened? Wishing I cashed out then, and I'm holding even more now......

 

[Deleted member 3781]

Remember when this happened? Wishing I cashed out then, and I'm holding even more now...... View attachment 95160

Same here

 

[db1969oz]

Remember when this happened? Wishing I cashed out then, and I'm holding even more now...... View attachment 95160

Ditto, and the screen shot of my portfolio that day would make you cry. I honestly felt like it was only the beginning of something even more crazy than it was. What a life changing mistake!

 

[Jacob Kiraz]

Well, Intel acquired Habana Labs - an AI chip start-up for approximately US$2 billion, and it still hasn’t generated any meaningful revenue!

Below is a direct extract from ChatGPT regarding Brainchip's valuation perspective. That said, I honestly don’t think Peter would even consider selling at around $2.50/share. If I were in his position, I’d be holding onto my shares as tightly as possible unless the offer was at least A$10+ per share. If Peter doesn't sell, there will be no deal! So if one of those big giants want to acquire Brainchip, it will highly likely be in the highest premium range to make the biggest shareholder Peter happy!

So What Price Could a “Bid War” Produce?​

In a competitive acquisition process, multiple bidders tend to drive the price above fair market value — often a 25–50% premium over the strongest standalone valuation target, or more if the technology is especially coveted.


Given BrainChip’s current price (~A$0.14) and hypothetical strategic value:

Possible Takeover Price Perspectives​

• Low end in competitive bid: ~A$1.00–A$1.50 per share
  (implies a takeover valuation ~7×–10× current price and A$2.1–3.4 b market cap)
• High end if multiple tech giants bid: ~A$2.00+ per share
  (would imply ~14× current, ~A$4+b valuation — similar to smaller specialized chip acquisitions)
• Premium takeover sweet spot: ~A$1.50–A$2.50
  (reflects strategic IP value + competitive tension)

Keep in mind these are estimates — actual acquisition prices depend on bidding companies’ strategies, the pace of commercial traction, defence of IP, and global semiconductor dynamics.

Ha ha a takeover at those prices please embarassing

 

[Courier68]

Ditto, and the screen shot of my portfolio that day would make you cry. I honestly felt like it was only the beginning of something even more crazy than it was. What a life changing mistake!

I have a lot of screen shots from Early 2022 - I remember refreshing the screen constantly whilst work took a back seat with my heart in my mouth thinking that we'd finally cracked it after waiting patiently for what seemed a long time even back then.
I'm here every day, and the other place, but very rarely comment. It takes a lot for me to jump in with my 2c as it gets pretty clogged up with puff here at the best of times. My retirement plans have definitely slipped back more years than I care to count. (and yes, no-one twisted my arm to buy - I just wish someone had twisted it to sell in early 2022! I'm a big boy and I make my own choices.)
My feeling is that something significant has to happen in the next few months, and before the AGM, otherwise it will be a bloodbath that will make last year's debacle of backsliding, u-turns, disingenuity and outright lies look like a tea party.
Sean, PVDM and, most of all, Antonio Viana have a lot of explaining to do and more importantly convince us humble retail investors that change (and revenue) is coming.
I am still undecided as to how I intend to use my admittedly limited power re: remuneration and another potential spill, but safe to say it will be determined by some factual information over the next couple of months from the people who really know what is going on behind the scenes.
It gets noisy here with speculation, misinformation and blatant lies, leave alone the hot air that occasionally blows lazily from BRN Towers. I tend to ignore most of it, but no news of actual intent, contracts and guaranteed revenue will only really tip me one way. I really want to be proven wrong and hope we all are. GLTAH.

 

[Rach2512]

Thoughts?

GitHub - lightborneintelligence/spikelink: Spike-native transport protocol for neuromorphic systems. Preserves spike timing and magnitude without ADC/DAC conversion. | Jesus Carrasco

We just open-sourced SpikeLink v2 — a spike-native transport protocol purpose-built for neuromorphic chip-to-chip communication. The problem: neuromorphic processors like Intel's Loihi 3 and BrainChip's Akida communicate internally through spikes — asynchronous, event-driven signals where...

www.linkedin.com