SoundHound AI Stock Is Rocketing Higher: What's Going On?

SoundHound AI Inc SOUN shares are soaring in Wednesday’s after-hours session as 13-F filings come rolling in.

What To Know: According to data from Benzinga Pro, BlackRock reported a 5.6% passive stake in SoundHound AI after the market close.

Traders also appear to be circling a filing from Nvidia Corp NVDA in which the company disclosed positions in several companies, including SoundHound AI.

It’s not immediately clear if Nvidia’s stake in SoundHound AI is new. SoundHound raised $75 million from a consortium of investors in 2017 including Nvidia GPU Ventures. The investment was aimed at accelerating the adoption of SoundHound’s AI platform Houndify and helping the company expand into international markets.

SoundHound AI last reported earnings on Nov. 9. The company is due to report fourth-quarter results in the coming weeks, but an official date has not been announced.

SoundHound AI is a conversational intelligence company offering AI voice solutions that allow businesses to improve conversational experiences for customers.

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SOUN Price Action: SoundHound AI shares were down approximately 42% over one year. The stock was up 37.92% after hours at $3.11 at the time of publication, according to Benzinga Pro.

Photo: qimono from Pixabay.