SoundHound AI (NASDAQ: SOUN) stock is surging higher in Tuesday’s trading thanks to a duo of catalysts. The conversational artificial intelligence (AI) specialist’s share price was up 11.7% at 1:10 p.m. ET and had been up as much as 16.5% earlier in the daily session.
SoundHound AI published a press release today announcing that it had formed a partnership with Rekor Systems to bring new services to police and emergency vehicles. In addition to the business-specific catalyst, the stock is also getting a boost from President Trump’s cancellation of Biden-era requirements for AI research and development.
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SoundHound AI is teaming up with Rekor to combine conversational AI software with Rekor’s automated license plate recognition (ALPR) systems. The combination will bring a hands-free interface system to the ALPR tech and provide police officers with auditory notifications. SoundHound’s tech will make it possible for officers to search databases, report incident details, and log reports. The software will initially be integrated into police vehicles, then other emergency vehicles, including fire trucks and ambulances.
Artificial intelligence stocks are getting a boost today thanks to shifts in policy under the new Trump administration, and SoundHound AI is among those participating in the rally. With its return to the White House yesterday, President Trump rescinded an executive order on AI technologies issued under the Biden administration.
Biden’s now-vacated executive order required AI software creators to share safety test results with the government if they indicated threats 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 in an effort to spur domestic advancement for artificial intelligence and other emerging technologies. While it’s not clear whether the removal of the order will have any material impact on SoundHound AI’s business, it does signal that AI investors may now have fewer risks to worry about on the regulatory front.
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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.
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