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Barchart
Barchart
Amit Singh

SoundHound Stock Slips Below $10: Is It a Buy Ahead of Q4 Earnings?

SoundHound SOUN SoundHound AI Nvidia

SoundHound AI (SOUN) has dropped over 53% in the year to date and is trading under $10. Further, shares of this voice artificial intelligence (AI) solutions provider are down about 64% from their 52-week high of $24.98. Several factors have contributed to this significant downturn, including macroeconomic uncertainties, the stock’s previously high valuation, and Nvidia’s (NVDA) recent divestment of its entire stake in SoundHound.

The stock’s massive rally in 2024 — an eye-popping 835.9% surge — was driven by Nvidia’s announcement of a stake in SoundHound, which bolstered investor confidence. Additionally, investors’ enthusiasm for AI-related stocks and the growing adoption of its voice AI technology across industries like hospitality, customer service, and automotive played a key role in pushing its valuation higher, leading to the recent correction.

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