Why SoundHound AI Stock Is Soaring Today
SoundHound AI (NASDAQ: SOUN) stock is making big gains in Thursday's daily trading session. The audio technology company's share price was up 16.9% as of 10:15 a.m. ET, according to data from S&P Global Market Intelligence.
After some turbulent trading over the last week, SoundHound is roaring higher today thanks to bullish analyst coverage on the market's most closely watched artificial intelligence (AI) stock -- Nvidia. While SoundHound stock is still down roughly 21% from its 52-week high on the heels of a recent post-earnings pullback, its share price has rocketed 178% higher across 2024's trading.
In addition to producing the graphics processing units (GPUs) that make it possible to run advanced artificial intelligence applications, Nvidia is also the market's most influential AI stock. Bullish or bearish news for the GPU leader tends to have pronounced ripple effects for the valuations of other companies with substantial exposure to artificial intelligence trends.
Source Fool.com
