2024-07-11 10:30:40 ET
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.
For further details see:
Why SoundHound AI Stock Started 2024 on a Very High Note