Sound Hound Artificial Intelligence (NASDAQ: SOUN) The stock soared in Tuesday's trading on dual catalysts. Shares of the conversational artificial intelligence (AI) specialist were up 11.7% at 1:10 p.m. ET and had risen 16.5% earlier in the daily trading session.
SoundHound AI issued a press release today announcing its partnership with Recording system New services for police and emergency vehicles. In addition to business-specific catalysts, President Trump's rollback of Biden-era requirements for artificial intelligence research and development also contributed to the stock's gains.
SoundHound AI has partnered with Rekor to combine conversational AI software with Rekor's automatic license plate recognition (ALPR) system. The combination will bring a hands-free interface system to ALPR technology and provide audible notifications to police officers. SoundHound’s technology will enable officers to search databases, report incident details and log reports. The software will first be integrated into police vehicles and then into other emergency vehicles, including fire trucks and ambulances.
Artificial intelligence stocks are getting a boost today due to policy shifts under the new Trump administration, and SoundHound AI is one of the stocks joining the rally. Yesterday, President Trump returned to the White House to rescind an executive order issued by the Biden administration regarding artificial intelligence technology.
Biden's now-rescinded executive order requires developers of artificial intelligence software to share safety testing results with the government if they indicate a threat to national security, the economy or other areas of public life. Trump's move to rescind the order is in line with expectations that his administration will reduce regulations to spur domestic advancements in artificial intelligence and other emerging technologies. While it's unclear whether lifting the order will have any material impact on SoundHound AI's business, it does suggest that AI investors may now have fewer regulatory risks to worry about.
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Keith Noonan has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.
Why SoundHound AI Stock Is Soaring Today Originally published by The Motley Fool