Shares of SoundHound AI Inc (SOUN) surged 9.71% in pre-market trading on Thursday, fueled by growing investor enthusiasm for the company's strong position in the booming artificial intelligence (AI) market and its potential for robust growth in areas like voice AI and e-commerce.
The rally in SOUN stock was part of a broader surge in AI-related equities, as investors bet on the sector's long-term growth prospects. SoundHound AI, with its cutting-edge voice technology and conversational AI software platform, is seen as well-positioned to capitalize on the projected $1 trillion AI spending wave in the coming years.
Fueling the optimism around SOUN was a bullish analyst report from Wedbush, which raised its price target on the stock to $22 from $10. The firm cited SoundHound's "demand mojo" and "solid AI-driven momentum," viewing it as an "underappreciated pure-play AI company" poised to benefit from the AI boom.
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