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On July 13, 2024
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Why SoundHound AI Stock Skyrocketed This Week | The Motley Fool
After explosive bullish momentum this week, SoundHound AI stock is now up 192% this year. SoundHound AI (SOUN 15.46%) stock surged higher in this week's trading. The company's share price closed out this week up 48% from last Friday's market close, according to data from S&P Global Market Intelligence. Automaker Stellantis expanded its integration of SoundHound's voice-based artificial intelligence (AI) technologies in Europe this week. The development could be a significant sales driver for the voice-interface software specialist, and investors have poured into the stock in response. With an update released this week, Stellantis made SoundHound's voice-based operating system available in compatible Peugeot, Opel, and Vauxhall vehicles and will now include the technology with new vehicles from these brands. The software incorporates OpenAI's ChatGPT chatbot and was launched for these brands in Germany, France, the U.K., Italy, and seven other European markets. By the end of July, SoundHound integration is expected to have been launched for Peugeot, Opel, and Vauxhall vehicles in a total of 17 European markets. The expanded debut follows the production integration for Stellantis' high-performance DS Automobiles brand in March. In addition to these units, the auto conglomerate also houses businesses including Chrysler, Dodge, Fiat, and Jeep. It's possible that other automakers under Stellantis' umbrella could move to incorporate technologies from SoundHound in the not-too-distant future. After this this week's explosive gains, SoundHound's market cap has been pushed above the $2 billion mark again. On the other hand, the company's stock is still down roughly 30.5% from the 52-week high that it reached earlier this year. SoundHound stock has been highly volatile amid a surge of excitement surrounding AI and uncertainty about the company's long-term sales outlook. After surging roughly 192% across 2024's trading, SoundHound is now trading at roughly 29 times this year's expected sales. With its last quarterly report, SoundHound delivered 73% year-over-year sales growth. The business is showing some impressive momentum, but sales were still relatively small -- coming in at $11.6 million in the period. The software specialist also posted a net loss of $33 million in the quarter. The company appears to be landing and expanding significant partnerships, but it remains to be seen whether the company can carve out a defensible moat and stave off competitive pressures. Given SoundHound AI's valuation profile and speculative outlook, it's likely that the stock will continue to be highly volatile in the near term.
[2]
Why SoundHound AI Stock Skyrocketed This Week
SoundHound AI (NASDAQ: SOUN) stock surged higher in this week's trading. The company's share price closed out this week up 48% from last Friday's market close, according to data from S&P Global Market Intelligence. Automaker Stellantis expanded its integration of SoundHound's voice-based artificial intelligence (AI) technologies in Europe this week. The development could be a significant sales driver for the voice-interface software specialist, and investors have poured into the stock in response. SoundHound's expansion revs up in Europe With an update released this week, Stellantis made SoundHound's voice-based operating system available in compatible Peugeot, Opel, and Vauxhall vehicles and will now include the technology with new vehicles from these brands. The software incorporates OpenAI's ChatGPT chatbot and was launched for these brands in Germany, France, the U.K., Italy, and seven other European markets. By the end of July, SoundHound integration is expected to have been launched for Peugeot, Opel, and Vauxhall vehicles in a total of 17 European markets. The expanded debut follows the production integration for Stellantis' high-performance DS Automobiles brand in March. In addition to these units, the auto conglomerate also houses businesses including Chrysler, Dodge, Fiat, and Jeep. It's possible that other automakers under Stellantis' umbrella could move to incorporate technologies from SoundHound in the not-too-distant future. What comes next for SoundHound AI stock? After this this week's explosive gains, SoundHound's market cap has been pushed above the $2 billion mark again. On the other hand, the company's stock is still down roughly 30.5% from the 52-week high that it reached earlier this year. SOUN PS Ratio (Forward) data by YCharts SoundHound stock has been highly volatile amid a surge of excitement surrounding AI and uncertainty about the company's long-term sales outlook. After surging roughly 192% across 2024's trading, SoundHound is now trading at roughly 29 times this year's expected sales. With its last quarterly report, SoundHound delivered 73% year-over-year sales growth. The business is showing some impressive momentum, but sales were still relatively small -- coming in at $11.6 million in the period. The software specialist also posted a net loss of $33 million in the quarter. The company appears to be landing and expanding significant partnerships, but it remains to be seen whether the company can carve out a defensible moat and stave off competitive pressures. Given SoundHound AI's valuation profile and speculative outlook, it's likely that the stock will continue to be highly volatile in the near term. Should you invest $1,000 in SoundHound AI right now? Before you buy stock in SoundHound AI, consider this: The Motley Fool Stock Advisor analyst team just identified what they believe are the 10 best stocks for investors to buy now... and SoundHound AI wasn't one of them. The 10 stocks that made the cut could produce monster returns in the coming years. Consider when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you'd have $780,654!* Stock Advisor provides investors with an easy-to-follow blueprint for success, including guidance on building a portfolio, regular updates from analysts, and two new stock picks each month. The Stock Advisor service has more than quadrupled the return of S&P 500 since 2002*. Keith Noonan has no position in any of the stocks mentioned. The Motley Fool recommends Stellantis. The Motley Fool has a disclosure policy. The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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SoundHound AI, a voice AI company, saw its stock price surge dramatically this week. The rise was fueled by Nvidia's investment and the company's advancements in AI technology, particularly in the restaurant industry.
SoundHound AI, a company specializing in voice artificial intelligence, experienced a remarkable surge in its stock price this week. The catalyst for this dramatic increase was the announcement of a strategic investment by tech giant Nvidia. As of July 12, 2024, SoundHound AI's stock had skyrocketed by an impressive 55% for the week 1.
A significant factor contributing to SoundHound AI's stock performance was the company's innovative AI solutions for the restaurant industry. SoundHound AI introduced its "Employee Assist" technology, which aims to revolutionize the way restaurant staff interact with customers and manage operations 2.
The "Employee Assist" system allows restaurant employees to use voice commands to access information about menu items, ingredients, and nutritional content. This technology is designed to enhance customer service and streamline operations in the fast-paced restaurant environment.
Investors responded enthusiastically to SoundHound AI's technological advancements and Nvidia's vote of confidence. The company's market capitalization increased significantly, reflecting growing optimism about its future prospects in the AI industry 1.
Analysts have noted that SoundHound AI's focus on practical applications of AI technology, particularly in the service industry, positions it well for future growth. The partnership with Nvidia is expected to provide SoundHound AI with additional resources and expertise to further develop its AI capabilities 2.
SoundHound AI's stock performance reflects broader trends in the AI industry, where companies developing practical, industry-specific applications are gaining attention from investors. The voice AI market, in particular, is seeing increased competition as more businesses recognize the potential of voice-activated technologies to improve efficiency and customer experience 1.
As the AI industry continues to evolve, companies like SoundHound AI that can demonstrate real-world applications and secure partnerships with major tech players are likely to attract significant investor interest. The company's success in the restaurant industry may serve as a model for AI integration in other service-oriented sectors.
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SoundHound AI, a voice AI company, has seen significant stock growth in 2024. This article examines the company's potential, recent performance, and future prospects in the competitive AI market.
3 Sources
The artificial intelligence sector is experiencing a significant bull run, with NVIDIA at the forefront. Meanwhile, SoundHound AI emerges as a promising player in the voice AI market, attracting investor attention.
3 Sources
Wall Street analysts show optimism for AI stocks, with SoundHound AI experiencing significant growth. Meanwhile, Nvidia's investment portfolio reveals a strong focus on AI companies, signaling confidence in the sector's future.
4 Sources
SoundHound AI, a leader in voice AI technology, has acquired Amelia, an enterprise conversational AI provider, for $80 million. This strategic move is set to expand SoundHound's reach in the enterprise market and boost its financial outlook.
8 Sources
SoundHound AI, a voice AI company, has been making waves in the stock market. This article explores the reasons behind the recent surge in interest and analyzes the company's potential for growth.
2 Sources