Why SoundHound AI Stock Started 2024 on a Very High Note
Shares of SoundHound AI (NASDAQ: SOUN) rose 86.3% in the first half of 2024, according to data from S&P Global Market Intelligence. The stock soared to a stellar 320% gain by the middle of March, inspired by a modest Nvidia investment in the voice control expert's stock. The early excitement has faded, but SoundHound AI's shares still benefit from the Nvidia connection.
SoundHound AI has experienced a busy year so far. The stock price dropped more than 20% in three of the first half's six months, but also popped 282% in February and 19% in May.
The biggest market-moving news was Nvidia disclosing a $3.7 million investment in the company. Nvidia isn't known for buying stocks in other tech companies. In fact, the February report was the first 13F filing in the company's history. That's why it was such a big deal to see Nvidia taking an active interest in SoundHound AI.
Source Fool.com
