What’s Driving the Surge in SoundHound AI Stock? What’s Driving the Surge in SoundHound AI Stock?

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By Ronald Tech

Noteworthy Investment Activity

SoundHound AI Inc SOUN has witnessed a soaring stock price in Wednesday’s after-hours session, with notable investment activity driving the surge.

BlackRock’s Passive Stake

What To Know: As per 13-F filings reported by Benzinga Pro, BlackRock has disclosed a 5.6% passive stake in SoundHound AI after the market close, signaling a significant vote of confidence in the company’s future prospects.

Nvidia’s Interest and Historical Context

Additionally, traders have turned their attention to a filing from Nvidia Corp NVDA, unveiling the company’s positions in several entities, including SoundHound AI. While the timeline of Nvidia’s stake in SoundHound AI remains ambiguous, it is noteworthy that Nvidia GPU Ventures had previously participated in a $75 million investment round in 2017 aimed at bolstering SoundHound’s AI platform Houndify and facilitating international expansion.

Upcoming Earnings Reports

SoundHound AI last reported earnings on Nov. 9 and is anticipated to announce fourth-quarter results in the coming weeks, although an official date has not been confirmed, leaving investors in eager anticipation.

Company Profile and Stock Movement

SoundHound AI, a leader in conversational intelligence, provides AI voice solutions that empower businesses to enhance customer conversational experiences. Notably, despite a recent downslope with shares experiencing a 42% decline over the past year, the stock surged by 37.92% after hours, reaching $3.11 at the time of reporting, as per Benzinga Pro.

Photo: qimono from Pixabay.

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