SoundHound AI (NASDAQ: SOUN) went public by merging with a special purpose acquisition company (SPAC) last April. The audio and speech recognition company's stock opened at $8.72 and hit an all-time high of $14.98 less than a month later.

SoundHound's stock surged as growth of the generative AI market sparked a buying frenzy in AI-related stocks. It was also carving out a niche with speech recognition services that didn't lock its users and clients into walled gardens in the same way as 's Google, Microsoft, and other tech giants.

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Source Fool.com