Why SoundHound Stock Is Soaring Today
SoundHound AI (NASDAQ: SOUN) stock is posting big gains in Thursday's trading. The company's share price was up 17.9% as of 12:30 p.m. ET.
SoundHound AI stock is surging amid a day of strong momentum for meme stocks. Speculative growth plays are seeing a strong rebound on the heels of recent valuation volatility, and the conversational artificial intelligence (AI) is also getting a boost from bullish analyst coverage.
After valuation pullbacks that occurred in conjunction with news that the Federal Reserve only expects to deliver two interest rate cuts next year, speculative growth stocks are seeing strong rebound momentum. With today's gains, SoundHound has notched a new high and is up more than 1,000% across 2024's trading -- a rally that makes it one of the year's best-performing stocks.
Source Fool.com
