SoundHound Gains 20%+ as Broadcom Rally Lifts Several AI-Related Stocks

Jerry Kronenberg wrote a column · 14 hours ago

$SoundHound AI (SOUN.US)$ rose more than 20% intraday Friday to a 2-1/2-year high as well-received earnings results for $Broadcom (AVGO.US)$ sparked a rally in multiple AI-related stocks.

SOUN gained as much as 22.5% to a $16.75 intraday high – its best level since May 2022 shortly after the AI-powered voice-technology company went public.

SoundHound has risen more than 600% since tech darling $NVIDIA (NVDA.US)$ disclosed in February that it held a small investment in the firm, which is developing artificial-intelligence-powered voice customer-service systems for companies.

In fact, SOUN gained some 275% between its $4.45 Oct. 2 intraday low and Friday's $16.75 session high.

All in, SoundHound has only traded higher during two May 2022 sessions that occurred shortly after the firm went public via a merger with a special purpose acquisition company on April 28, 2022.

SOUN traded at less than $2 a share as recently as early February, just before NVDA disclosed via a securities filing that it had a stake in the company.

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Jerry Kronenberg

Director of Financial Content

Former top editor at Seeking Alpha, Fidelity.com, TheStreet.com and UPI.

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