ChatGPT frenzy continues to lift artificial intelligence stock SoundHoundAI as it soars 300% in the last month
- Shares of SoundHoundAI extended gains on Tuesday, bringing its rally over the past month to 300%.
- That's after closing with a 43% gain on Monday as Google released its Bard chatbot to take on rival ChatGPT.
Shares of SoundHoundAI were higher on Tuesday, as the rise of ChatGPT continues to spur investor interest in artificial intelligence stocks.
The stock rose 5% to $4.23, after closing with a gain of 43% just a day earlier. SoundHoundAI's meteoric rise has seen the stock add nearly 300% since January 6, after going public via a special purpose acquisition company in April of last year.
Early on Tuesday, SoundHound announced plans to add voice-enabled operating ability to artificial intelligence applications like ChatGPT.
SoundHound specializes in voice-activated interfaces to cars and a variety of other devices. The company did not specifically list ChatGPT as one of its potential future partnership clients.
Investor interest in artificial intelligence stocks has spurred a rising tide for both small-cap and large-cap firms since the launch of ChatGPT in November.
The hype around AI ramped up further when Google announced a rival platform named Bard on Monday, while Microsoft is expected to make a ChatGPT announcement on Tuesday after making a multibillion-dollar investment in the chat bot's parent company OpenAI.
The investor stampede into AI stocks has extended to China as well. Shares in Baidu surged on Tuesday after the Chinese search leader said it is on track to roll out its ChatGPT competitor "ERNIE Bot" in March.
But other stocks that have seen bull runs in recent weeks, including BigBear.ai and C3.ai, have cooled off somewhat. Google's Bard announcement likewise did little to lift parent-company Alphabet stock on Monday.
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