Sound Group (NASDAQ:SOGP) stock is up a staggering 67% today following the launch of new artificial intelligence (AI)-powered applications. Indeed, the audio-based entertainment company expects “to further develop and enrich its suite of AI products by actively integrating AIGC technologies.”
What do you need to know about SOGP stock lately?
Well, per the company’s press release, Sound Group has used AI to power a number of technical breakthroughs, including automatic speech recognition, text-to-speech, AI voice, and large language models. The company plans to continue leveraging AI as the basis for new developments as well.
“Looking ahead, Sound Group will continue advancing its research and exploration of AI technology. Centering around its core business ecosystem and leveraging its proprietary technologies, the Company aims to continue upgrading its existing AI products as well as incubate more applications and features that deeply integrate AI capabilities,” the company stated.
SOGP Stock Soars on AI Wave
After today’s jump, SOGP stock is up about 91% year-to-date. Indeed, today’s jump represents by far the stock’s largest movement in 2024, after a cold 2023. SOGP is down 35% over the past 12 months and 95% since its initial public offering (IPO) back in 2020.
Indeed, SOGP is currently trading at $5.38 per share, almost double the $2.77 per share price it started the year at. Still, SOGP is far below its previous highs. Its peak dates back to February 2021 at $158.20 per share.
Investors have seemingly jumped on Sound Group stock lately. Indeed, following the announcement, more than 16.9 million shares of SOGP have already been traded, far higher than its 100-day average of 32,583, according to Benzinga.
Despite this, the Singapore-based company didn’t have too much to take pride in at its Q3 earnings call in September. Sound Group reported declining revenue, earnings, and net profit.
On the date of publication, Shrey Dua did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
