Nvidia Gobbled Up Shares of This Artificial Intelligence (AI) Company. Is It Too Late to Buy?
Nvidia is undoubtedly the hottest stock in tech. All eyes are on its every move, so when it disclosed a hefty position in artificial intelligence (AI) company SoundHound AI (NASDAQ: SOUN) last February, shares of the small-cap stock rocketed up well over 50% in a day.
Even if some were hearing about it for the first time, SoundHound is far from a new company. It has been around since the mid-2000s when it was introduced as a music detection app, rivaling Shazam. It has more recently pivoted and is now a leader in AI-powered voice recognition.
The stock more than tripled to its peak in March and has since cooled after the company posted somewhat disappointing numbers. Its Q4 2023 revenue of $17.2 million missed estimates of $17.8 million, while it recorded a net loss per share of $0.07 versus the expected $0.06.
Source Fool.com
