SoundHound AI, Inc. - Class A Common Stock (SOUN)

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Shares of voice AI technology company SoundHound AI (NASDAQ:SOUN) jumped 3.3% in the morning session after the company announced that its generative AI-powered voice assistant, SoundHound Chat AI Automotive, is now live in select Jeep vehicles across several European markets. 

"You get what you pay for" often applies to expensive stocks with best-in-class business models and execution. While their quality can sometimes justify the premium, they typically experience elevated volatility during market downturns when expectations change.

Bearish pressures along two important lines prompted a double-digit slide for SoundHound AI stock.

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Shares of voice AI technology company SoundHound AI (NASDAQ:SOUN) jumped 3.2% in the afternoon session after the major indices rebounded, as Fed Chair Jerome Powell delivered dovish remarks at the much-awaited Jackson Hole symposium. Powell suggested that with inflation risks moderating and unemployment remaining low, the Federal Reserve might consider a shift in its monetary policy stance, including potential interest rate cuts. This outlook eased market concerns about prolonged high interest rates and their impact on economic growth. The prospect of lower borrowing costs bolstered investor confidence, particularly in sectors that have lagged, leading to a broad rally across the market.

SoundHound AI just tripled its revenue during the last quarter.

Both companies are growing at impressive rates thanks to the growing adoption of their AI solutions.

A number of stocks fell in the morning session after a broader market downturn impacted the technology sector, as investors grew cautious ahead of a key speech by Federal Reserve Chair Jerome Powell. 

The artificial intelligence (AI) boom, which propelled tech stocks to unprecedented highs throughout late 2023 and early 2024, is now facing a significant reality check. A growing wave of skepticism regarding the sustainability of the AI frenzy, largely ignited by a recent MIT report highlighting limited returns on generative AI

A number of stocks fell in the afternoon session after the major indices continued to pull back, with technology stocks accounting for most of the market's largest decliners. 

Shares of SoundHound AI are falling again during Wednesday's trading session. The move lower in recent sessions comes at odds with the company's recent string of overwhelmingly positive developments.

High short interest will impact these stocks in Q3, but they are set up to move higher and hit new highs, driven by catalysts in Q4, including the Q3 results.

A number of stocks fell in the afternoon session after investors took some profits off the table as markets awaited signals on future monetary policy from the Federal Reserve's Jackson Hole symposium later in the week. 

SoundHound AI stock fell amid a marketwide downturn. Even with solid AI tech and a large backlog, meaningful revenue and profits are years away.

Inflationary concerns are back in focus, and SoundHound AI stock is being hit with big sell-offs.