The company's share price was up 11% as of 11 a.m. ET and had been up as much as 14.9% earlier in the daily session. Meanwhile, the S&P 500 index was up 1.6% and the Nasdaq Composite index was up 2.1%.

SoundHound AI (NASDAQ: SOUN) stock was one of the market's biggest winners in 2024. The company's share price skyrocketed 835.8% across last year's trading, according to data from S&P Global Market Intelligence.

Despite unique voice AI technology, fierce competition and operational dilution weaken SoundHound AI's long-term growth case. Read why SOUN stock is a Strong Sell.

Shares of voice artificial intelligence (AI) solutions provider SoundHound AI (SOUN) have dropped 30% in the year-to-date. Further, SOUN stock has lost 48.8% of its value from its 52-week high of $24.

From a valuation standpoint, GitLab is the much cheaper stock, trading at a price-to-sales (P/S) multiple of 9.9 times 2025 analyst estimates versus over 23.5 times for SoundHound. It is also worth remembering that GitLab's gross margins are much higher than SoundHound's.