Stock Track | SoundHound AI Stock Soars 15.63% as AI Boom Fuels Optimism

Stock Track

2024-12-18

Shares of SoundHound AI Inc. (SOUN) soared 15.63% in the pre-market trading session on Wednesday, December 18, 2024, as investors flocked to the AI company amid growing optimism about its prospects in the booming artificial intelligence industry.

The surge in SoundHound's stock price came on the heels of bullish analyst commentary, with Wedbush raising its price target on the stock to $22 from $10. In a note, Wedbush analyst Dan Ives cited SoundHound's "demand mojo" and "solid AI driven momentum" as key factors driving the company's growth trajectory.

Ives highlighted SoundHound's position as a "pure-play AI company" that is well-positioned to capitalize on the projected $1 trillion AI spending wave in the coming years. The company's innovative voice technology and conversational AI software platform are gaining traction across various verticals, including automotive, restaurants, and e-commerce.

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