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Soundhound AI stock jumps amid reports of Alibaba chatbot rollout

Shares of Soundhound AI (NASDAQ:SOUN) shot up 11% midday Monday amid reports that Chinese e-commerce giant Alibaba (BABA) plans to launch its own AI-powered chatbot later this month.

The developer of AI-powered communication technology didn’t appear to release any news or make any SEC filings on Monday.

Based in Santa Clara, Calif., SoundHound went public in April following a merger with SPAC Archimedes Tech. The stock hit a 52-week high of $18.14 on May 3 of last year and a 52-week low of $0.93 on Dec. 22.