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SOUN Underperforms Amid AI Market Slump

SoundHound AI, Inc. (NASDAQ:SOUN) recently dropped its share prices by 6 percent week-on-week to close Friday’s trading at $10.31 apiece, following a broader decline in the tech-heavy Nasdaq. The company's exit from Nvidia Corp.'s portfolio has raised concerns about its growth trajectory and future prospects. Despite being one of the most promising AI stocks, SOUN's performance lags behind other companies in the industry.

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Applied Digital's stock price plummeted 24.3% this week due to rising macroeconomic concerns and investor sell-outs following Nvidia's earnings report on Wednesday. Investors bristled at new tariffs on Canada and Mexico, as well as proposed export restrictions that could impact the sale of AI chips and semiconductor equipment to China. The company's reliance on Taiwanese semiconductors further fueled concerns about potential hardware cost increases.

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