SoundHound AI Inc (SOUN) shares surged 20.19% in Friday's intraday trading session, extending the artificial intelligence company's remarkable rally this year. The stock has now skyrocketed over 635% year-to-date, easily outpacing the 170% gain of AI giant NVIDIA Corp.
SoundHound's meteoric rise can be attributed to its position as a leading AI-powered voice and conversation platform, as well as its backing from tech heavyweights like NVIDIA. In February, NVIDIA disclosed its stake in SoundHound and several other publicly traded AI firms, including Arm, Nano-X Imaging, Recursion Pharmaceuticals, and TuSimple. This disclosure drew significant investor attention to these companies, fueling their stock rallies.
With the AI industry experiencing rapid growth and investor enthusiasm, SoundHound AI appears well-positioned to capitalize on this trend. However, investors should exercise caution and conduct thorough research before making investment decisions, as the AI sector can be volatile and subject to substantial fluctuations.
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