Why SoundHound AI Stock Blasted as Much as 93% Higher This Week
Shares of SoundHound AI (NASDAQ: SOUN) charged sharply higher this week, soaring as much as 93.4%, according to data supplied by S&P Global Market Intelligence. As of 1:34 p.m. ET on Thursday, the stock was still up 88.3%.
The catalyst that vaulted the artificial intelligence (AI) specialist higher was the revelation that one of the biggest names in AI had caught its gaze.
Investors discovered a regulatory filing by Nvidia (NASDAQ: NVDA) that revealed a stake in SoundHound AI of 1.73 million shares, worth roughly $11 million when the market closed on Wednesday. That amounts to pocket change for the chipmaker and represents less than 1% of SoundHound AI's outstanding shares, so it wasn't a significant investment.
Source Fool.com
