SoundHound AI Inc (NASDAQ:SOUN) shares have experienced a surge after Nvidia Corp (NVDA) disclosed a stake in the company. The stock began rallying after Nvidia’s 13-F filing revealed a 1.73 million share investment in SoundHound. This news has continued to push the stock higher in Thursday’s trading.
SoundHound has had a longstanding relationship with Nvidia since 2017 when the company raised $75 million from a consortium of investors, including Nvidia GPU Ventures. The investment was aimed at accelerating the adoption of SoundHound’s AI platform and facilitating the company’s expansion into international markets.
Nvidia’s latest regulatory filing has also benefitted other stocks. The chipmaker has invested in companies such as Arm Holdings, Recursion Pharmaceuticals, TuSimple Holdings, and Nano-X Imaging, which have all seen a boost in their stock prices.
SoundHound AI is set to report its fourth-quarter earnings in the coming weeks, although an official date has not been announced yet. The company last reported earnings on November 9.
According to equity research, analysts have assigned an average one-year price target of $4.50 for SoundHound shares, indicating a potential upside of 13.96%. While there are no bearish recommendations on the stock, two analysts have expressed bullish ratings. HC Wainwright & Co. holds the highest street price target of $5, while Ladenburg Thalmann has the lowest at $4.
As of now, SoundHound AI shares are trading at $3.96, marking a significant increase of 75.7%.
In summary, SoundHound AI’s stock has rallied following Nvidia’s disclosure of a stake in the company. With their ties dating back to 2017, this investment further supports SoundHound’s AI platform adoption and international expansion efforts. Additionally, several other stocks have also benefited from Nvidia’s recent regulatory filing. The outlook for SoundHound shares remains positive, with analysts assigning an average price target of $4.50.
Frequently Asked Questions (FAQs) Related to the Above News
Why have SoundHound AI's shares surged?
SoundHound AI's shares have surged after Nvidia Corp disclosed a stake in the company through a 13-F filing.
How long has SoundHound had a relationship with Nvidia?
SoundHound has had a relationship with Nvidia since 2017 when the company raised $75 million, including an investment from Nvidia GPU Ventures.
Which other stocks have benefitted from Nvidia's latest regulatory filing?
Companies such as Arm Holdings, Recursion Pharmaceuticals, TuSimple Holdings, and Nano-X Imaging have also experienced a boost in their stock prices due to Nvidia's investments.
When will SoundHound AI report its fourth-quarter earnings?
The official date for SoundHound AI's fourth-quarter earnings report has not been announced yet.
What is the average one-year price target for SoundHound shares?
According to equity research, analysts have assigned an average one-year price target of $4.50 for SoundHound shares.
Are there any bearish recommendations on SoundHound's stock?
Currently, there are no bearish recommendations on SoundHound's stock, but two analysts have expressed bullish ratings.
What is the current trading price of SoundHound AI shares?
SoundHound AI shares are currently trading at $3.96, showing a significant increase of 75.7%.
How does Nvidia's investment support SoundHound's AI platform adoption?
Nvidia's investment in SoundHound aims to accelerate the adoption of SoundHound's AI platform and facilitate the company's expansion into international markets.
What is the overall outlook for SoundHound shares?
The outlook for SoundHound shares remains positive, with analysts assigning an average price target of $4.50.
Please note that the FAQs provided on this page are based on the news article published. While we strive to provide accurate and up-to-date information, it is always recommended to consult relevant authorities or professionals before making any decisions or taking action based on the FAQs or the news article.
