Why SoundHound AI Stock Is Skyrocketing Today
SoundHound AI (NASDAQ: SOUN) stock is surging higher in Wednesday's trading. The company's share price was up 11% as of 11 a.m. ET and had been up as much as 14.9% earlier in the daily session. Meanwhile, the S 500 index was up 1.6% and the Nasdaq Composite index was up 2.1%.
SoundHound AI is seeing strong gains today, thanks to bullish inflation news. The stock is also getting a boost from an analyst price-target increase. Over the last year, the company's share price is now up 642%.
The Bureau of Labor Statistics (BLS) published its latest Consumer Price Index (CPI) report, and the data is powering big gains for SoundHound AI and other growth stocks. The CPI report showed that core inflation came in at 3.2% in December, which was lower than the average economist's forecast for inflation of 3.3%. After factoring in food and energy costs, overall inflation came in at 2.9% -- in line with expectations.
Source Fool.com
