SoundHound AI, Inc. (SOUN): Here’s Why the Stock Crashed

We recently published a list of 10 Tech, Energy Stocks Are Wednesday’s Worst Performers. In this article, we are going to take a look at where SoundHound AI, Inc. (NASDAQ:SOUN) stands against other tech, energy stocks are Wednesday’s worst performers.

Ten technology and energy companies suffered a bloodbath on Wednesday, primarily due to profit-taking following the previous day’s gains and bearish comments surrounding the progress of quantum computing development.

In this article, we will look at the performance of some of the worst-performing companies and explore the factors behind their decline.

We considered only the stocks with at least $2 billion in market capitalization and $5 million in daily trading volume to come up with Wednesday’s top losers.

Is SoundHound AI (SOUN) Among Tech, Energy Stocks That Are Wednesday’s Worst Performers?

A software engineer focused on a computer screen, writing code to create a conversational assistant.

SoundHound AI, Inc. (NASDAQ:SOUN)

SoundHound AI, Inc. (NASDAQ:SOUN) saw its share prices down by 16.44 percent on Wednesday—a third day—to end at $15.02 each.

According to analysts, investors may have expected SoundHound (NASDAQ:SOUN) to announce more at this year’s CES trade show. The company at the CES show unveiled its latest technology, which allows people to conversationally order take-out food from participating restaurants directly through their car and pay for it.

According to analysts, traders continued 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 (NASDAQ:SOUN) 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.

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Disclosure: None. This article is originally published at Insider Monkey.