Why SoundHound AI Stock Rocketed 20% Higher on Thursday
Shares of SoundHound AI (NASDAQ: SOUN) took off like a shot this morning, soaring as much as 21.9%. When the market closed on Thursday, the stock was still up 21.7%.
The catalyst that drove the artificial intelligence (AI) specialist higher was a strategic acquisition to expand its reach in the customer service industry.
SoundHound AI announced that it acquired enterprise AI software company Amelia to expand its reach in conversational AI. The company cited AI expertise, complementary product offerings, and proprietary technology as giving the newly combined company "a distinct competitive advantage in the burgeoning conversational AI space." The press release also cited its vertical expansion in large addressable markets and diversification of its customer base as fueling its decision.
Source Fool.com
