SoundHound AI Stock Has Soared 136% This Year, and Here's Why
SoundHound AI (NASDAQ: SOUN) develops conversational artificial intelligence (AI) technologies. It has a market capitalization of just $1.7 billion, but it burst onto investors' radars when semiconductor giant, Nvidia, revealed it bought a small stake in the company.
Nvidia owns 1.7 million shares of SoundHound which were worth around $3 million at the time of purchase in late 2023. However, the value of that position has grown to $6.5 million thanks to the 136% gain in SoundHound stock during 2024 so far.
But SoundHound stock isn't just rising because of Nvidia's involvement. Rather, the company is generating spectacular financial growth right now, pushing the stock higher.
Source Fool.com
