Here’s Why SoundHound AI, Inc. (SOUN) Is Among Monday’s Top Losers

We recently compiled a list of the 10 Firms Drop on Bearish Statements, Disappointing Earnings. In this article, we are going to take a look at where SoundHound AI, Inc. (NASDAQ:SOUN) stands against the other stocks.

Ten companies—mostly under the quantum computing sector—kicked off the trading week leading declines amid not-so-optimistic statements from chief executives and disappointing earnings updates that have weighed in on investor sentiment.

Meanwhile, Wall Street’s main indices ended mixed, with the Dow Jones and S&P’s main index the only gainers, up 0.86 percent and 0.16 percent, respectively. Meanwhile, the Nasdaq Composite dropped by 0.38 percent.

To come up with Monday’s top losers, we considered only the stocks with at least $2 billion in market capitalization and $5 million in daily trading volume.

A software engineer focused on a computer screen, writing code to create a conversational assistant.

SoundHound AI, Inc. (NASDAQ:SOUN)

Shares of SoundHound AI, Inc. (NASDAQ:SOUN) fell for a fifth day on Monday, shedding another 9.01 percent to finish at $12.82 each as investors resumed unloading portfolios after Meta Platforms CEO Mark Zuckerberg shared the same view as Nvidia Corp. CEO Jensen Huang that the practical use of quantum computers is still years away.

“I’m not really an expert on quantum computing, but my understanding is that’s still quite a ways off from being a very useful paradigm,” he said during an appearance on Joe Rogan’s podcast published on Friday, adding that many people think the technology is likely a “decade plus out.”

SoundHound AI (NASDAQ:SOUN) specializes in voice AI technology, enabling natural language understanding and voice recognition for a wide range of applications. Its solutions power voice assistants, smart devices, and enterprise platforms, allowing businesses to integrate conversational AI for customer interactions.

Overall SOUN ranks 9th on our list of Monday’s top losers. While we acknowledge the potential of SOUN as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and doing so within a shorter time frame. If you are looking for an AI stock that is more promising than SOUN but that trades at less than 5 times its earnings, check out our report about the cheapest AI stock.

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Disclosure: None. This article is originally published at Insider Monkey.