Shares of SoundHound AI (NASDAQ: SOUN) have surged this year following Nvidia's (NASDAQ: NVDA) investment in the company. Nvidia purchased a 0. 6% stake in SoundHound AI for about $3. 7 million, along with investments in four other AI-related tech companies in Q4 2023. SoundHound AI specializes in voice AI and has partnerships with major automotive companies, integrating its Houndify platform into their voice assistant technologies. The company's AI technology enables more natural and conversational interactions with users.
SoundHound AI has also made progress in the quick-service restaurant industry, offering voice assistant solutions for phone orders, drive-thrus, and kiosks. Its revenue grew by 47% in 2023 to $45. 9 million, with a projected revenue of $63 million to $77 million in 2024. However, with a high price-to-sales ratio and profitability yet to be achieved, investing in SoundHound AI is considered speculative. Potential growth and collaboration with Nvidia make it an intriguing investment opportunity, but investors should be cautious and maintain small positions.
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