SoundHound AI Stock Is Soaring, but the Company Generates Surprisingly Little Revenue
Artificial intelligence (AI) whipped investors into a frenzy in 2023. They raced to deploy money into companies developing the technology, including Nvidia (NASDAQ: NVDA) which saw a 239% increase in its stock price for the year. The momentum is still building, with Nvidia stock climbing a further 76% in 2024 to date.
But SoundHound AI (NASDAQ: SOUN) is doing even better right now. Its stock is up a whopping 194% this year so far, thanks mostly to the news that Nvidia recently made a small investment in the company. SoundHound is a leading developer of conversational AI, which uses voice recognition to create virtual assistants capable of having detailed discussions.
SoundHound is worth just $1.6 billion, but it has attracted some of the largest companies in the world across the hospitality and automotive industries as customers, from Krispy Kreme to Mercedes-Benz.
Source Fool.com
