SoundHound AI Inc (SOUN) stock experienced a 24h plunge of 5.53% during Thursday's intraday trading session, amid rising macroeconomic risks and concerns about the competitive landscape.

Investors are growing wary of inflationary pressures, as evidenced by the Bureau of Labor Statistics' Job Openings and Labor Turnover Survey (JOLTS) data for November, which showed an unexpected increase in job openings. This has raised concerns about persistent inflation and triggered a rise in U.S. Treasury bond yields, creating a bearish environment for growth stocks like SoundHound AI.

Additionally, reports of potential tariff policy changes under the incoming Trump administration have added to macroeconomic uncertainties, further dampening investor sentiment towards the stock.

Furthermore, SoundHound AI's valuation, trading at around 34 times this year's expected earnings, is heavily reliant on its growth prospects. The unveiling of new artificial intelligence offerings from competitors like Nvidia at the recent CES trade show has heightened worries about SoundHound AI's competitive positioning and ability to maintain its growth trajectory, contributing to the stock's sell-off.