SoundHound AI (NASDAQ: SOUN) has been one of the hottest stocks on the market in 2024 -- up over 150% already -- as investors have been buying shares of this artificial intelligence (AI) voice solutions provider in anticipation that it could become the next big company to capitalize on the growing adoption of this nascent technology.
It's worth noting Nvidia and SoftBank's investments in SoundHound AI seem to have given investors confidence in the small company's ability to capitalize on the AI opportunity, though one shouldn't forget that both companies have only small stakes in the voice AI provider. However, SoundHound AI got a reality check when the company released fourth-quarter and full-year 2024 results on Feb. 29.
The stock took a beating as it failed to match Wall Street's lofty growth expectations despite posting a solid jump in revenue. The shares have continued to remain under pressure, retreating 48% since hitting a 52-week high on March 14. Is this an opportunity for savvy investors to buy SoundHound AI stock? Let's find out.
Source Fool.com