AI stocks slip even as SoundHound added to Russell 2000, 3000 indexes
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Artificial intelligence stocks were in focus on Monday as it was announced that SoundHound (NASDAQ:SOUN) would join the Russell 2000 and 3000 indexes.
SoundHound (SOUN) gained more than 10% in mid-day trading on the news that the company will join both indexes effective after the U.S. market close on June 23, 2023.
Shares of C3.ai (NYSE:AI) erased earlier gains and fell more than 3%, continuing last week's sell-off after its investor meeting produced little new information. 
Nvidia (NVDA), which sells GPUs to companies seeking to train large language models, slipped more than 2%, while competitor AMD (AMD) fell 1.4%.
Microsoft (MSFT) shares lost 1% while Google (GOOG) (GOOGL) shares fell 2% after the tech giant was downgraded by investment firm UBS.
Analyst Lloyd Walmsley lowered his rating on Alphabet's (GOOG) (GOOGL) to neutral from buy, stating it is "difficult" to see upside for Google Sites revenue growth, which he predicts will be high-single-digit growth. He also said there is a "medium-term revenue risk" from new search displacing advertising inventory with generative AI responses.
Snowflake (NYSE:SNOW) shares fell 1.4%, erasing earlier gains, after the data warehousing company said it had expanded a previous partnership with Microsoft (MSFT) to focus on generative artificial intelligence.
The announcement was made at Snowflake's (SNOW) annual conference, Snowflake Summit, which kicks off on Monday and runs until June 29.
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