SoundHound AI stock has surged 122% in 2024, dropped but still showing potential growth

From Nasdaq.: 2024-10-06 10:37:00

Shares of SoundHound AI (NASDAQ: SOUN) have surged 122% this year, hitting a high of $8.91 per share in March. The stock has dropped to $4.70 since then, following a small investment from Nvidia that tripled share prices. SoundHound AI continues to expand its customer base and announce new partnerships.

SoundHound AI’s recent stock performance has been volatile due to speculation surrounding the Nvidia investment. While not leading to an acquisition, Nvidia’s involvement has put SoundHound AI in the spotlight. The company’s partnership with Nvidia has resulted in the development of a voice-controlled large language model for in-car systems.

The company has amassed a significant backlog of orders totaling $723 million, up from $339 million a year ago. With an average contract length of nearly seven years, SoundHound AI is poised for significant revenue growth. The company’s innovative voice technology sets it apart in the market, with expanding applications in various industries.

SoundHound AI’s future growth prospects look promising as the company focuses on expanding its market reach and enhancing its technology. Management aims to achieve superior voice recognition capabilities on a global scale. With the stock showing potential for further growth, investors may consider SoundHound AI as a strong buy opportunity in the fall of 2024.

Investors interested in SoundHound AI should carefully consider the company’s growth potential and competitive positioning in the market. While the stock did not make the list of the 10 best stocks for investors to buy now, there is still significant growth potential based on the company’s expanding customer base and innovative technologies. SoundHound AI’s long-term vision and ambitious goals make it an intriguing investment opportunity.



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