Over the past year, the growth of generative artificial intelligence (AI) platforms like OpenAI's ChatGPT sparked a buying frenzy in many AI stocks. Big winners included Nvidia, which sells the powerful data center GPUs for processing AI tasks, and , which owns a major stake in OpenAI.

Some lesser-known AI players also went public by merging with special purpose acquisition companies (SPACs) to capitalize on that bullish trend. Many of these companies initially attracted a lot of interest with their optimistic long-term forecasts, but their stocks collapsed after they broadly missed their own expectations.

Two of those struggling SPAC-backed companies are BigBear.ai (NYSE: BBAI) and SoundHound AI (NASDAQ: SOUN). BigBear.ai's stock opened at $9.84 after it closed its merger on Dec. 8, 2021, but now trades at less than $2. SoundHound AI's stock started trading at $8.72 upon closing its merger on April 28, 2022, but it now trades at around $5.

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Source Fool.com