SOUN - Why SoundHound AI Stock Surged Today
2024-07-25 18:15:25 ET
SoundHound AI (NASDAQ: SOUN) stock posted big gains in Thursday's trading. The company's share price closed out the daily session up 7.1%, according to data from S&P Global Market Intelligence .
Despite the S&P 500 index falling roughly 0.5% and the Nasdaq Composite index falling 0.9% in the day's trading, many growth-dependent stocks saw significant gains Thursday. SoundHound and other artificial intelligence (AI) stocks with forward-looking valuations were able to post gains thanks to the latest economic report from the U.S. Department of Commerce.
In the report it published this morning, the Commerce Department estimated that gross domestic product ( GDP ) increased 2.8% annually in the second quarter. Meanwhile, the average economist forecast had called for growth of 1.9% in the period. The report was good news for SoundHound on multiple levels.
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Why SoundHound AI Stock Surged Today