SoundHound AI Stock Plummets Amid Broader Tech Selloff
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BTCCSquare news:
SoundHound AI (SOUN) shares plunged 19.4% last week as bearish sentiment engulfed tech stocks. The selloff coincided with an MIT report revealing 95% of businesses see negative ROI on generative AI investments, sparking valuation concerns across the sector.
While the Nasdaq dipped 0.6%, SoundHound's decline far outpaced the broader market. The conversational AI specialist remains up 31.5% over three months, but macroeconomic headwinds and growth stock volatility have eroded recent gains.
Labor market data further pressured risk assets, though no direct cryptocurrency correlation emerged. The episode highlights how AI-related equities remain hypersensitive to adoption metrics and enterprise spending trends.
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