The rapidly growing artificial intelligence (AI) market fueled a surge in the price of many AI-focused stocks. One of these is SoundHound AI (NASDAQ: SOUN). Over the past 12 months, its stock skyrocketed an eye-popping 848% through Jan.

SoundHound AI (NASDAQ: SOUN) stock is seeing a significant pullback in Friday's trading. The company's share price was down 7.3% as of 11 a.m. ET amid a 1.4% decline for the S&P 500 index and a 1.7% pullback for the Nasdaq Composite index.

SoundHound AI (NASDAQ:SOUN) fell for the third consecutive day on Wednesday, but the losses accelerated as SOUN stock crumpled 16.4%. The stock is down more than 27% over those three days. More than likely,