SoundHound AI Stock More Than Doubled in the First Half of 2023 -- Here's How
Shares of SoundHound AI (NASDAQ: SOUN) gained 157.1% in the first half of 2023, according to data from S&P Global Market Intelligence. Starting the year as a penny stock with microscopic revenue streams and big, long-term dreams, SoundHound quickly capitalized on the surging public interest in artificial intelligence (AI) solutions. The company's ambitions are even more hopeful nowadays despite its financial means staying slim.
SoundHound has developed an AI-based voice-recognition platform, which it makes available to customers in several ways. The "three pillars" that constitute SoundHound's total revenue stream are technology-license royalties, subscription plans for its turnkey voice-control services, and ad-based monetization.
The company used to be known chiefly for its eponymous music-identification tool, similar to the popular Shazam app that Apple acquired for $400 million in 2018. Nowadays, SoundHound's target audience has moved from consumers to household-name enterprises. Its ecosystem of partners and clients include several leading payment systems, dozens of automakers, and consumer-facing software developers. So, if you've ever commanded your car or entertainment system using your voice, or interacted with a chatbot over the phone, you've likely encountered SoundHound's technology, albeit unknowingly.
Source Fool.com
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