In June 2024, shares of SoundHound AI (NASDAQ: SOUN) dropped by 21. 8%, despite a lack of negative news. This decline follows a previous surge in the stock price prompted by Nvidia's (NASDAQ: NVDA) $3. 7 million investment in SoundHound AI in 2023, which resulted in a 66% overnight gain and a tripling of the stock price over the next two weeks. However, the enthusiasm surrounding Nvidia's investment has been fading for months, leading to the continued downward trend in June. SoundHound AI achieved some positive developments recently, including paying off $100 million of long-term debt, converting preferred stock into ordinary Class A shares, and acquiring food ordering specialist Allset Technologies.
These actions, coupled with the company's solid financials (including a $180 million cash reserve and a $682 million backlog of unfilled orders and subscriptions), position SoundHound AI for significant growth. Given its strong fundamentals and forward-thinking management, SoundHound AI presents an enticing investment opportunity, particularly with the lower share price. However, it is worth noting that The Motley Fool Stock Advisor analyst team did not include SoundHound AI among their top 10 stocks to buy now.
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