Why SoundHound AI Stock Sank Today
SoundHound AI (NASDAQ: SOUN) stock sank on Monday. The company's share price wound up slipping 7.5%, according to data from S&P Global Market Intelligence. The stock saw volatile trading in the daily session, having been up as much as 2.1% and down as much as 11.7%. Meanwhile, the S&P 500 index closed out today up roughly 0.8%.
While there wasn't any business-specific news pushing SoundHound stock lower today, the company's share price lost ground in conjunction with volatile swings for other high-profile artificial intelligence (AI) stocks. In particular, it appears that high expectations for Nvidia and Super Micro Computer wound up dragging the audio-tech company's share price down.
This year, SoundHound stock has often seen bullish and bearish price movements correspond with developments for Nvidia, Supermicro, and other closely monitored AI stocks. On balance, that's been a great thing for the audio-tech stock -- and the dynamic has helped push the company's share price up 288% across 2024's trading. But the interconnected-valuation dynamic has also been a source of volatility.
Source Fool.com
