Down Nearly 60%, Should You Buy the Dip on SoundHound AI?
The developer of voice recognition tools is still growing like a weed.
SoundHound AI (NASDAQ: SOUN), a developer of artificial intelligence (AI)-powered audio recognition tools, saw its stock close at a record high of $24.23 on Dec. 26, 2024. But since then, its stock has declined nearly 60%.
Let's see why this hot stock fizzled out -- and if its pullback represents a buying opportunity for long-term investors.
SoundHound AI's namesake app identifies songs by listening to several seconds of recorded audio or a few hummed bars. However, most of its growth is fueled by Houndify, its developer platform, which allows businesses to create their own custom voice recognition tools.
