Why SoundHound AI Stock Is Plummeting Today
SoundHound AI (NASDAQ: SOUN) stock is seeing big sell-offs in Thursday's trading. The company's share price was down 12.3% as of 11:30 a.m. ET. Meanwhile, the S 500 index was up 0.6%, and the Nasdaq Composite index was up 0.7%.
Despite being down big as of this writing, SoundHound AI stock actually started the day with big gains. The conversational artificial intelligence (AI) specialist's share price had been up as much as 14.1% earlier in the session.
SoundHound AI stock rocketed higher at the start of today's trading. The company's valuation had been soaring this week thanks to bullish coverage from Wedbush analyst Daniel Ives and the participation of Chief Financial Officer Nitesh Sharan in a conference call hosted by Northland yesterday afternoon. But then investors got some bearish macroeconomic news.
Source Fool.com
