SoundHound AI stock surged 48% due to expanded AI integration with automaker Stellantis in Europe

From Nasdaq: 2024-07-12 19:18:34

SoundHound AI (NASDAQ: SOUN) stock soared 48% this week, closing higher than last Friday’s market close. Automaker Stellantis expanded SoundHound’s AI technology integration in Europe, driving investor interest.

Stellantis expanded SoundHound’s voice-based operating system in Peugeot, Opel, and Vauxhall vehicles across Europe. The software includes OpenAI’s ChatGPT chatbot and will launch in 17 European markets by the end of July. SoundHound stock surged, pushing its market cap over $2 billion.

SoundHound reported 73% sales growth in its last quarter, with $11.6 million in revenue but a $33 million net loss. The stock’s volatility reflects investor enthusiasm for AI technology.



Read more at Nasdaq: Why SoundHound AI Stock Skyrocketed This Week