SoundHound AI shows potential with speech-parsing technology, but concerns about valuation remain.

From Nasdaq: 2024-10-12 07:00:00

Nvidia’s stock has surged by over 800% since the start of 2023, showcasing incredible performance. SoundHound AI, another company in the AI sector, holds potential with its speech-parsing technology. Partnering with Stellantis for automotive integration and automating restaurant orders, SoundHound’s backlog of $723 million demonstrates high demand but also carries a premium valuation.

SoundHound’s revenue grew by 54% in the second quarter, reaching $13.5 million. However, with a backlog of $723 million and a stock trading at 23 times sales, there are concerns about its valuation. Despite potential for growth, SoundHound may not replicate Nvidia’s stock performance.

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Read more at Nasdaq: Could Buying SoundHound AI Now Be Like Buying Nvidia in 2023?