SoundHound AI, Inc. (SOUN) is experiencing a decline in its stock price today, which may be attributed to a combination of market dynamics and investor sentiment. Despite the recent announcement of a partnership with Lucid Motors to launch the Lucid Assistant, a hands-free voice assistant powered by SoundHound's Chat AI technology, some investors are expressing skepticism about the immediate impact of this collaboration. On Reddit, discussions reveal a mix of excitement and caution, with one user stating, "Both are being shorted over 23% of float but not enough people are buying. On the contrary, people are panic selling, driving down the price further." This sentiment suggests that while the partnership is promising, it may not be enough to counteract broader market pressures and short-selling activities.
Additionally, the overall market appears to be experiencing volatility, with some investors engaging in profit-taking following the new year. A Reddit user noted, "Overall market is very choppy this morning with after 1st of year profit taking and the unfortunate attacks over the weekend." This broader market context, combined with the anticipation of SoundHound's participation in the upcoming CES event, may be contributing to the stock's current performance.
SoundHound AI's stock is currently trading at $19.75, down 0.45% from its previous close of $19.84. The stock opened at $20.46 and has fluctuated between a high of $20.50 and a low of $19.01 today. Despite being just three hours into the trading day, the stock has already seen a volume of 38,507,631 shares, representing 64.26% of its average daily volume.