SOUN - Why SoundHound AI Stock Plummeted Today
2024-07-18 19:31:13 ET
SoundHound AI (NASDAQ: SOUN) stock saw big sell-offs Thursday. The company's share price ended the daily session down 8.9%, according to data from S&P Global Market Intelligence .
While there wasn't any business-specific news behind the big valuation pullback, SoundHound's valuation slipped in conjunction with an uptick in bearish sentiment that rocked the broader market and hit the tech sector particularly hard. Advanced semiconductors have made the unfolding artificial intelligence (AI) revolution possible and paved the way for some companies in the space to see explosive gains, but investors are worried that geopolitical risks could destabilize the chip industry.
Yesterday, Bloomberg Businessweek published an interview with former president and current presidential candidate Donald Trump. In the interview, Trump suggested that his administration could require Taiwan to pay for defense services and stated that the country had taken the U.S.'s semiconductor industry.
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Why SoundHound AI Stock Plummeted Today