Why SoundHound AI Stock Is Plummeting Again Today
SoundHound AI (NASDAQ: SOUN) stock is sinking in Tuesday's daily trading session. The company's share price was down 11.9% as of 1:10 p.m. ET, according to data from S&P Global Market Intelligence.
Artificial intelligence (AI) stocks are seeing an uptick in bearish momentum today following news that Advanced Micro Devices may need to secure a special export license before it can sell some of its processors in China. While there isn't any fresh, business-specific news for SoundHound today, the company is getting caught up in the broader pullback. With today's sell-off, SoundHound stock is now down roughly 33% from its high in 2024.
The possibility that AMD, Nvidia, and other designers of high-performance processors could face additional roadblocks to selling their technologies in China probably doesn't mean much for SoundHound's near-term business outlook. The company generates most of its revenue from U.S.-based customers, and it's unlikely that the U.S. or other Western governments would introduce obstacles to selling its software in the Chinese market.
Source Fool.com
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