What's Going On With SoundHound AI Stock?

SoundHound AI Inc SOUN shares are down 5.1% to $14.30 Tuesday afternoon. The pullback could be to profit-taking following a remarkable year-to-date rally exceeding 500%.

The surge in 2024 comes amid enthusiasm for its voice AI technology, particularly its Smart Ordering system. This week’s recent pullback might reflect investors locking in profits after the stock's extraordinary run.

What’s Been Happening: Last week, SoundHound announced that its Smart Ordering system is now deployed at all 130 Torchy’s Tacos locations.

This voice AI technology enables natural speech phone ordering, handles custom requests, answers menu queries and manages multiple calls simultaneously. Torchy's CTO highlighted its reliability and impact on customer experiences, allowing staff to focus on food preparation.

SoundHound's solutions, which are active in over 10,000 global locations, process more than 100 million interactions annually. A consumer study underscores the rising acceptance of voice AI, indicating transformative possibilities for automating and enhancing restaurant operations.

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