SoundHound AI, Inc. (SOUN) saw a positive trading session on January 2nd, closing at $20.16, up 1.61% from the previous close of $19.84. The stock opened at $20.46, reached a high of $20.50, and a low of $19.01, with a trading volume of 61,037,671 shares, slightly above its average. The upward movement was primarily driven by the announcement of a new partnership with Lucid Motors to launch the Lucid Assistant, a hands-free voice assistant powered by SoundHound's Chat AI technology. This collaboration, which integrates generative AI to enhance the in-vehicle user experience, is set to be showcased at the upcoming CES event. The partnership is viewed as a strategic move to expand SoundHound's presence in the automotive industry, potentially driving revenue growth and enhancing market credibility.
Social media buzz also contributed to the stock's rise, with Reddit users expressing optimism about the partnership. One user remarked, "Lucid is one of the most exciting automakers in the world, so it stands to reason they are launching this pioneering new voice AI assistant." Another user speculated about the stock's potential to "go crazy green today or tomorrow," reflecting the positive sentiment surrounding the announcement. Additionally, a significant purchase by a large investor, acquiring $2.5 million worth of SOUN shares, further fueled investor confidence, with discussions suggesting this as a bullish signal for the stock.