Snowflake reported that AI accounts on its platform jumped from 9,100 to 13,600 in a single quarter, product revenue grew 34%, and full-year guidance was raised by $180 million. The stock surged 35%, triggering broad gains across SaaS platforms including SoundHound AI.
The 'SaaSpocalypse' thesis—a fear that autonomous AI agents would replace per-seat software licenses and hollow out SaaS business models—appears overstated for platforms central to AI workflows. Instead, enterprises are using AI to generate more workloads that run on the same data platforms.
SoundHound AI shares closed at $8.59, up 6.2% from the previous close. The company's stock has recorded 60 moves greater than 5% over the last year, indicating high volatility.
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