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SoundHound AI stock is soaring as investors continue to place big bets on AI trades

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SoundHound AI (NASDAQ: SOUN) stock is posting another day of big gains Monday .

The artificial intelligence (AI) software specialist's share price was up 9.5% as of 3:20 p.m. ET .

The S&P 500 and the Nasdaq Composite have each set new record levels today , and AI investments are playing a big role in the gains.

With its last quarterly report, revenue grew 151% year over year to reach $29.1 million .

With a market capitalization of roughly $4.3 billion , the company is valued at approximately 27 times this year 's expected sales.