SoundHound AI (NASDAQ: SOUN) stock has rallied about 130% so far this year. The developer of audio and speech recognition tools impressed the bulls as it grew rapidly and attracted a new investment from Nvidia (NASDAQ: NVDA).

SoundHound has carved out a niche in the AI market with two main platforms: its namesake app, which identifies songs from short audio clips, and Houndify, a platform that allows companies to develop their own speech recognition tools.

Houndify drove most of the company's growth as revenue rose 47% in both 2022 and 2023. It expects its revenue to grow at least 74% in 2024 and rise by more than 88% from that baseline in 2025 as it expands its ecosystem with more acquisitions.

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Source Fool.com