Why SoundHound AI Stock Plummeted Last Week
SoundHound AI (NASDAQ: SOUN) stock got hit with a big pullback over the last week of trading. The company's share price was down 19.4% from its level at the previous week's market close heading into the market open this past Friday. Meanwhile, the S 500 rose 0.3% across the stretch, and the tech-heavy Nasdaq Composite fell roughly 0.6%.
Tech stocks have been facing bearish pressures this week, and SoundHound AI has seen some big selloffs as a result of new research highlighting concerns about valuations in the artificial intelligence (AI) space and macroeconomic indicators that could point to a more challenging environment for growth stocks. While the conversational AI specialist has seen a big valuation pullback this week, its share price is still up roughly 31.5% over the past three months of trading.
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Source Fool.com
