Back in February, Nvidia (NASDAQ: NVDA) released its first-ever 13-F filing, which revealed that the company bought a handful of stocks in the final quarter of 2023. Each of them has a presence in the artificial intelligence (AI) industry, so it's a good way for Nvidia to capture value from that space outside its core semiconductor business.

Nvidia bought 1.7 million shares of SoundHound AI (NASDAQ: SOUN), which were valued at $3.6 million at the end of 2023. With SoundHound stock now trading at $4.50, Nvidia's position is worth around $7.8 million -- implying a whopping 116% gain in less than a year.

SoundHound is a specialist in conversational AI, and it has accumulated an impressive list of customers. The company's revenue is growing quickly, and management's forecast for the future is incredibly strong. So should investors follow Nvidia into the stock?

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Source Fool.com