Stock Track | SoundHound AI Plummets 8.99% Amid Bearish Options Trading, Fed Outlook and Valuation Concerns

Stock Track12-20

SoundHound AI Inc (SOUN) stock plummeted by 8.99% on Friday, December 20, 2024, as the AI company continued to face selling pressure amidst concerns over the Federal Reserve's hawkish outlook and its lofty valuation.

The decline in SOUN's share price followed a 9.55% drop on Thursday, when the stock witnessed unusually high put option volume, indicating bearish sentiment from options traders. According to trading data, a particularly high volume of put options was seen for the $20 strike expiring this Friday, suggesting traders were positioning for further downside in the stock.

The sell-off in SOUN and other AI stocks was initially triggered by the Federal Reserve's updated economic projections on Wednesday, which signaled fewer interest rate cuts and higher inflation for 2025. This hawkish outlook dampened investor sentiment towards speculative and growth-oriented stocks like SoundHound AI, which have benefited from the low-interest-rate environment.

Additionally, concerns have been raised about SoundHound AI's ability to sustain its growth momentum and maintain its lead in the voice AI market, particularly in the face of stiff competition from industry giants like NVIDIA. Despite its surge in valuation this year, with the company now commanding a market capitalization of around $8 billion, some analysts have questioned whether SoundHound can justify its lofty valuation given the competitive landscape.

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