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Matt Phillips3/4/25

SoundHound delays filing annual report, stock plunges

Shares of the voice AI software company, which was a retail trading favorite last year, have dropped over 8% after it filed a notice with the SEC late Tuesday stating that its 10-K annual report would be late.

SoundHound AI cited accounting complexities related to acquisitions over the last year as a reason for the late filing.

“Due to the complexity of accounting for the Acquisitions, the Company requires additional time to prepare the financial statements and the accompanying notes disclosed in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2024 (the ‘Form 10-K’). Accordingly, the Company has determined that it is unable to file the Form 10-K without unreasonable effort or expense. As previously disclosed, the Company has identified material weaknesses in its internal control over financial reporting. These material weaknesses continue to exist as of December 31, 2024. The Company expects to file its Form 10-K within the fifteen-day period provided under Rule 12b-25, no later than by March 18, 2025.”

SoundHound has struggled lately. The stock is down more than 50% this year and its quarterly losses exploded in Q4. Its recent filing’s mention of “material weaknesses” in its financial controls isn’t likely to improve investor sentiment — that’s auditor-speak acknowledging there’s an increased risk that the company will have to restate previous earnings results.

Go deeper: Read our Q&A with SoundHound AI’s CEO Keyvan Mohajer

Go deeper: Read our Q&A with SoundHound AI’s CEO Keyvan Mohajer

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Matt Phillips2h

Analysts at consulting firm Pantheon Macroeconomics estimate that the stock market’s enthusiasm for all things AI has added some $8.5 trillion to aggregate US household wealth since late 2022. They wrote:

“The S&P 500 returned about 70% between the start of ChatGPT mania around the end of 2022 to the end of Q2 2025, with roughly half of those returns generated by the ‘magnificent seven’ tech stocks, a very rough proxy for the stock market boost from AI euphoria.

We estimate that translates into a lift to household wealth held in stocks of about $8.5T.”

As my colleague Luke Kawa recently wrote, stock market wealth seems to be underpinning US consumer spending, especially among the richest Americans. Some of that spending may retrench if AI is indeed a bubble — as some have recently mooted — and eventually pops.

Analysts break down what’s driving SoFi’s recent surge

Part of the rally is related to the federal government’s retreat from student lending. But there’s more to it.

The S&P 500 ETF wars are over — VOO has won out over SPY

After more than three decades at the top, SPY has lost its crown in the S&P 500 Index wars. Now, VOO’s closest challenger is IVV.

Check and mate. Chess concept

markets

Serve Robotics spikes after announcing multiyear partnership with DoorDash for deliveries

Serve Robotics is spiking in early trading after the maker of sidewalk delivery robots and DoorDash announced a “multi-year strategic partnership to roll out autonomous robot vehicles across the US,” starting with Los Angeles.

Serve already does restaurant deliveries in Los Angeles (as well as Miami, Dallas, Chicago, and Atlanta) thanks to its partnership with Uber Eats.

DoorDash, for its part, already utilizes Coco Robotics to deliver food in Los Angeles and Chicago. Last week, it debuted its own delivery robot called “Dot,” which can operate on roads and sidewalks and is designed for suburban environments, per the company. Dot will initially be trialed in Tempe and Mesa, Arizona.

Read more: A day in the life of a Serve food-delivery robot

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J. Edward Moreno7h

Novo Nordisk to acquire liver disease drugmaker Akero Therapeutics for up to $5.2 billion

Novo Nordisk announced Thursdsay that it intends to acquire Akero Therapeutics for up to $5.2 billion.

Novo said it would pay $54 per share for Akero, a 15% premium to its $46.49 closing price in Wednesday, for a total of $4.7 billion.

Akero’s efruxifermin (EFX) treats a liver disease known as MASH, or metabolic dysfunction-associated steatohepatitis. The company is currently conducting late-stage trials of the drug. Shareholders will receive another $500 million if US regulators approve EFX to treat compensated cirrhosis brought about by MASH.

Akero rose about 18% in premarket trading.

Roche announced in September that it would buy another MASH drugmaker, 89bio, for $2.4 billion. GSK in July completed a $1.2 billion deal to license Boston Pharmaceuticals’ MASH drug.

Novo, the maker of Ozempic and Wegovy, has been struggling to spark sales growth amid increased competition from other weight-loss drugs and copycat versions of its drugs. The Danish drugmaker, which is down more than 30% for the year, slipped about 1% in premarket trading.

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