SoundHound AI (NASDAQ: SOUN) once seemed like a promising play on the artificial intelligence (AI) market. Its Houndify developer platform enabled companies to add speech recognition tools to their products without tethering themselves to a tech giant like Microsoft or 's Google. It also developed its own voice-powered digital assistant and music recognition app.

So when SoundHound AI finally went public by merging with a special purpose acquisition company (SPAC) last year, the bulls rushed in. It closed its merger on April 28, 2022, and the combined company's stock started trading at $8.72 per share. By May 5, it had rallied to an all-time high of $14.98. But today, SoundHound AI trades at less than $2 per share.

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Source Fool.com