Why Is SoundHound AI (SOUN) Stock Soaring Today?

Written By Jason Williams

Posted February 26, 2024

Have you been paying attention to SOUN stock? Over the past month, shares of AI darling, SoundHound AI (NASDAQ: SOUN) are up a blistering +190%…

soun 2-26 explosion

And today, they’re adding to that with a 35% gain by mid-day.

So why are these shares flying and how high can they get?

Well, SoundHound AI is a company that provides voice AI solutions to companies.

SoundHound excels in its core areas, which include automotive, smart TVs, and internet-connected devices, through collaborations with major companies such as Stellantis in Europe and Hyundai in the U.S.

The company also provides AI-powered voice assistance solutions to retailers, with brands like Jersey Mike’s and Krispy Kreme incorporating these technologies in their operations.

It’s also inked several multimillion-dollar deals with fast food operators and franchisees of restaurants like White Castle, Jack in the Box, and many others to provide voice AI software for drive through service.

The programs are remarkably accurate, getting fewer orders wrong than their human counterparts in many case studies.

And Nvidia, the AI poster-child just made a MASSIVE investment in this tiny company…

The market may see this as a sign of something even bigger coming down the pike.

As AI becomes integral to various aspects of society, Nvidia is actively investing in and advancing the AI revolution, especially in sectors that touch daily consumer life.

With Nvidia’s strong support for the Santa Clara-based firm, SoundHound is positioned to make significant strides in the AI chatbot market in the coming years, as new applications and use cases emerge.

We’re not the only ones who think so, though…

Wedbush Securities said in an investor note that it views, “this as a positive indicator for the company as this investment now further solidifies the company’s brand within the AI Revolution.”

Analyst, Dan Ives went on to refer to Nvidia and its CEO as “the Godfather of AI,” and pointed out that this backing, “could be the start of a broader investment into the company down the line.”

He called this a clear tailwind as he and the firm maintain an outperform rating on the shares.

It’s clearly a bullish situation for SoundHound AI (NASDAQ: SOUN) and the market knows it.

But if you want to learn about some AI stocks we like just as much as SoundHound that have the potential to grow into the next Nvidia, you need to see this information right now.

To your wealth,

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Jason Williams

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After graduating Cum Laude in finance and economics, Jason designed and analyzed complex projects for the U.S. Army. He made the jump to the private sector as an investment banking analyst at Morgan Stanley, where he eventually led his own team responsible for billions of dollars in daily trading. Jason left Wall Street to found his own investment office and now shares the strategies he used and the network he built with you. Jason is the founder of Main Street Ventures, a pre-IPO investment newsletter; the founder of Future Giants, a nano cap investing service; and authors The Wealth Advisory income stock newsletter. He is also the managing editor of Wealth Daily. To learn more about Jason, click here.

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