We recently published a list of 10 Firms Mirror Wall Street Decline. In this article, we are going to take a look at where SoundHound AI, Inc. (NASDAQ:SOUN) stands against other firms mirroring Wall Street decline.
Wall Street’s main indices suffered a bloodbath on Tuesday, as investors shifted to other higher-yielding assets following better Treasury yields.
The Nasdaq Composite led the drop, losing 1.89 percent, followed by the S&P 500 declining 1.11 percent. Meanwhile, the Dow Jones dipped by 0.42 percent.
The overall market downturn dragged down the prices of these 10 companies. In this article, let’s explore the reasons behind their decline.
To come up with Tuesday’s top losers, we considered only the stocks with at least $2 billion in market capitalization and $5 million in daily trading volume.
A software engineer focused on a computer screen, writing code to create a conversational assistant.
SoundHound AI, Inc. (NASDAQ:SOUN)
Shares of SoundHound AI (NASDAQ:SOUN) declined by 9.63 percent or $1.91 to finish Tuesday’s trading at $17.98 apiece even as the company unveiled its latest technology at the ongoing Consumer Electronics Show conference in Las Vegas.
SoundHound’s (NASDAQ:SOUN) new technology allows people to conversationally order take-out food from participating restaurants directly through their car and pay for it.
According to analysts, traders also seem to be triggered by the stock moving back below $20, which can be considered a psychological lower-end price level. Since the start of the year, SoundHound’s shares have been moving on a downward trajectory.
SoundHound AI (NASDAQ:SOUN) specializes in voice AI technology, enabling natural language understanding and voice recognition for a wide range of applications. Its solutions power voice assistants, smart devices, and enterprise platforms, allowing businesses to integrate conversational AI for customer interactions.
Overall, SOUN ranks 3rd on our list of firms mirroring Wall Street decline. While we acknowledge the potential of SOUN as an investment, our conviction lies in the belief that AI stocks hold greater promise for delivering higher returns and doing so within a shorter time frame. If you are looking for an AI stock that is more promising than SOUN but that trades at less than 5 times its earnings, check out our report about the cheapest AI stock.
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Disclosure: None. This article is originally published at Insider Monkey.