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Soundhound AI stakes (Nasdaq: Safe) rose 11% at midday Monday amid reports that Chinese e-commerce giant Alibaba (BABA) plans to launch its own AI-powered chatbot later this month.
Soundhound shares opened at $2.84, falling to $2.66 in early trade by It jumped to a high of $3.16 in the late morning. The shares were recently trading at $3.14 around 11:45 PM ET.
The developer of the AI-powered communications technology did not appear to release any news or file any filings with the SEC on Monday.
Headquartered in Santa Clara, California, SoundHound went public in April following its merger with SPAC Archimedes Tech. The stock hit a 52-week high of $18.14 on May 3 last year and a 52-week low of $0.93 on Dec. 22.
Alibaba shares rose on Monday after news that it was preparing to unveil its own ChatGPT-like artificial intelligence technology.