SoundHound AI Stock Extends Losing Streak After In-Vehicle Voice Commerce Platform Unveil At CES: Retail Sees Further Downside
By Stocktwits Inc | First Published Jan 8, 2025, 10:35 PM ISToundHound AI said it plans to launch its voice commerce ecosystem in collaboration with automakers and restaurant partners in 2025.
SoundHound AI, Inc. ($SOUN) stock is on a three-day losing streak, with the sell-off intensifying after the voice and conversational artificial intelligence (AI) solutions provider unveiled its much-awaited first-ever commerce platform at the Consumer Electronics Show (CES) 2025.
The down move could be a “buy-the-rumor, sell-the-news event,” given the stock has run up sharply in anticipation of the catalyst.
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SoundHound AI stock was in a broad consolidation phase for much of 2024 and broke out of the range in late November after the U.S. presidential election. Apart from optimism over the incoming administration's AI-friendly policy proposals, the company also benefited from a couple of customer wins.
The stock ended 2024 with a gain of 836%, reaching an all-time high of $24.98 on Dec. 26.
The new platform unveiled on Tuesday allows drivers and passengers to order takeout for pick-up directly from the car’s infotainment system. The company also said it is in talks with well-known automotive manufacturers to pilot the ordering channel, which delivers voice transactions and next-level convenience to the digital cockpit.
It plans to launch its voice commerce ecosystem in collaboration with automakers and restaurant partners in 2025.
Also, the Lucid Assistant announced by high-end electric vehicle company Lucid Group, Inc. ($LCID) last week is powered by SoundHound Chat AI.
Retail sentiment toward SoundHound AI stock has soured, with the sentiment meter on Stocktwits reading 33/100, suggesting a ‘bearish’ mood. This marked a deterioration from the ‘neutral’ sentiment that prevailed a day ago. Message volume stayed ‘high.’
A SoundHound AI stock watcher on the platform said they are waiting for further downside to re-enter the stock.
Another called the stock “overhyped,” undeserving of the current trimmed valuation.
At last check, the stock was down 16.68% to $14.98.
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