Shares of SoundHound AI (NASDAQ: SOUN) charged sharply higher this week, soaring as much as 74.9%, according to data supplied by S&P Global Market Intelligence. As of 1:02 p.m. ET on Thursday, the stock was still up 34%.

The springboard that sent the artificial intelligence (AI) specialist soaring was robust results from another company in the AI space.

While (NYSE: ORCL) is widely known for robust database management systems and cloud services, the company is quickly becoming a force to be reckoned with in the field of AI. That was on full display when Oracle reported its results. For its fiscal 2024 third quarter (ended Feb. 29), the company generated revenue of $13.3 billion, up 7% year over year, delivering adjusted earnings per share (EPS) of $1.41, up 16%.

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Source Fool.com