SoundHound AI (NASDAQ: SOUN) stock is experiencing a decline in today’s trading session. The company’s share price has dropped by 11.9% as of 1:10 p.m. ET, according to data from S&P Global Market Intelligence.
AI stocks are facing a bearish trend today due to news that Advanced Micro Devices may require a special export license to sell some of its processors in China. Although there is no specific news related to SoundHound today, the company is being affected by the broader market downturn. With today’s sell-off, SoundHound stock has fallen by approximately 33% from its 2024 high.
What does AMD’s news mean for SoundHound stock?
The potential requirement for AMD, Nvidia, and other high-performance processor manufacturers to encounter additional obstacles in selling their technologies in China may not have a significant impact on SoundHound’s short-term business prospects. The company generates most of its revenue from U.S.-based customers, and it’s…
2024-03-05 13:29:29
Originally from finance.yahoo.com