SoundHound Gains 20%+ to Record High, While Palladyne and BigBear.ai Also Soar in AI-Stock Rally
$SoundHound AI (SOUN.US)$ rallied more than 20% intraday Thursday to an all-time high as investors continued to embrace the AI firm, which counts chip giant NVDA among its backers. $Palladyne AI (PDYN.US)$ and $BigBear.ai Holdings (BBAI.US)$ also soared as Wall Street continued to embrace stocks in the artificial-intelligence sector.
SOUN gained as much as 22% to a $24.69 intraday record as the firm, which is developing AI-powered voice customer-service systems for companies, extended an uptrend that’s seen it gain more than 900% since $NVIDIA (NVDA.US)$ disclosed its investment.
Nvidia revealed in a Feb. 15 securities filing that it holds a stake in SoundHound, sending the stock soaring from just $2.26 before the announcement to over $20 a share less than 11 months later.
Nvidia's involvement and SoundHound's big subsequent run-up has gotten plenty of analyst attention.
H.C. Wainwright & Co. boosted SOUN's target price to $26 earlier this week from a previous $8 while maintaining the stock's "Buy" rating.
Similarly, Wedbush last week increased its SoundHound price target to $22 from an earlier $10 while retaining the company's "Outperform" ranking.
Meanwhile, $Palladyne AI (PDYN.US)$ gained as much as 79.4% to an $8.86 intraday peak, its highest level since November 2022. PDYN is creating AI-powered robots.
Separately, $BigBear.ai Holdings (BBAI.US)$ rallied as much as 27.8% to a $4.73 intraday high, the stock's best showing in some nine months. BBAI is developing AI-powered intelligence solutions for national security, supply-chain management and digital identity.
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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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