What's Going On With SoundHound AI Stock?

Feb 27, 202414:37 UTC

SoundHound AI Inc SOUN shares are trading higher Tuesday, after gaining more than 46% on Monday. Here’s a look at what’s going on.

What To Know: SoundHound shares closed Monday up 46.7% amid speculation that the company could be involved with a new collaborative initiative aimed at integrating AI into cellular technology.

Several telecom companies and AI leaders including Nvidia Corp NVDA launched the AI-RAN Alliance at the GSMA Mobile World Congress in Barcelona on Monday. The initiative aims to unlock new opportunities for telecom companies through AI.

Traders appear to be bidding up SoundHound stock following the announcement. SoundHound offers voice AI solutions that let businesses improve conversational experiences with their customers.

SoundHound stock is trending across various social platforms on Tuesday. It was among the most mentioned tickers on Stocktwits at last check. Retail traders are pointing to a potential announcement when the company reports earnings this week.

SoundHound will report its fourth-quarter financial results after the market close on Thursday. The company is expected to report a loss of 6 cents per share and revenue of $17.746 million, according to Benzinga Pro.

SoundHound shares surged alongside several other AI-related names following Nvidia’s blowout quarterly results last week. It’s also worth noting that Nvidia reported investments in several companies in a 13-F filing with the SEC less than two weeks ago. SoundHound was among the names and the stock rallied when the filing was released.

Check This Out: SoundHound AI Stock Up 176% YTD, Boosted By Nvidia, SoftBank, And 3 Other Key Catalysts

SOUN Price Action: SoundHound shares were up 24.3% at $7.15 at the time of publication, according to Benzinga Pro.

Photo: Igor Omilaev from Unsplash.