SoundHound AI shares jumped 7.1% on Thursday, closing sharply higher even as the S&P 500 fell 0.5% and the Nasdaq Composite dropped 0.9%. The rally followed a U.S. Commerce Department report showing second-quarter GDP grew at an annualized 2.8%, well above the 1.9% economists had forecast. The stronger-than-expected growth, driven largely by consumer spending, eased recession fears and boosted growth-dependent AI stocks like SoundHound, which trades at roughly 22.6 times forward sales and has yet to turn a profit. The data also signaled potential support for SoundHound’s business, as many of its restaurant-industry customers and its automotive partnership with Stellantis could benefit from sustained consumer strength.
