MF3d
SoundHound AI (NASDAQ:SOUN) noticed its inventory bounce 20% Friday afternoon within the wake of stories that buyer engagement platform Airmeez plans to make use of SoundHound’s voice AI know-how for its AI-powered digital assistants.
SoundHound shares opened at $1.60, reaching a excessive of $2.39 in late morning. The inventory just lately modified palms at $1.87 at roughly 1:30 p.m. ET.
Airmeez introduced Thursday that it could be working with SoundHound to deliver a “seamless conversational AI expertise” for AI-powered digital assistants, notifications and buyer engagement merchandise. Phrases of the partnership weren’t disclosed.
Earlier this week, SoundHound stated that it expects 2022 income to return in round $31M, which might fall on the higher finish of its beforehand issued steerage. The corporate additionally stated it had closed on a $25M most popular fairness financing and was within the technique of refinancing its debt.
In January, the corporate stated that it expects to turn into working money movement constructive by the top of 2023 resulting from latest cost-cutting measures and rising income.
SoundHound went public in April 2022 following a merger with SPAC Archimedes Tech. The inventory has traded extensively since its debut, hitting a 52-week excessive of $18.14 on Might 3 and a 52-week low of $0.93 on Dec. 22.
AI tech builders have been within the highlight this week following Microsoft’s (MSFT) announcement of a multi-billion greenback funding in ChatGPT developer OpenAI.
