2024-03-18 18:38:59 ET
SoundHound AI (NASDAQ: SOUN) stock sank on Monday. The company's share price wound up slipping 7.5%, according to data from S&P Global market Intelligence . The stock saw volatile trading in the daily session, having been up as much as 2.1% and down as much as 11.7%. Meanwhile, the S&P 500 index closed out today up roughly 0.8%.
While there wasn't any business-specific news pushing SoundHound stock lower today, the company's share price lost ground in conjunction with volatile swings for other high-profile artificial intelligence (AI) stocks. In particular, it appears that high expectations for Nvidia and Super Micro Computer wound up dragging the audio-tech company's share price down.
This year, SoundHound stock has often seen bullish and bearish price movements correspond with developments for Nvidia, Supermicro, and other closely monitored AI stocks . On balance, that's been a great thing for the audio-tech stock -- and the dynamic has helped push the company's share price up 288% across 2024's trading. But the interconnected-valuation dynamic has also been a source of volatility.
For further details see:
Why SoundHound AI Stock Sank Today