SoundHound AI: Will the Stock’s Momentum Continue in 2024?

Date:

The Magnificent Seven stocks in the AI sector are capturing the attention of investors, with mega-cap companies like Apple, Microsoft, Alphabet, Amazon, Nvidia, Meta Platforms, and Tesla leading the way. However, there are other lucrative AI investments worth considering beyond these giants, such as SoundHound AI.

SoundHound AI, a voice-recognition software application, has seen an impressive 85% increase in its stock price so far in 2024. The company went public through a special purpose acquisition company (SPAC) a couple of years ago and experienced volatile trading activity before gaining momentum recently.

Nvidia’s recent 13F filing revealed its investments in five public companies, including SoundHound AI, sparking increased interest in the company. SoundHound AI operates in a market estimated to be worth $160 billion, with significant players like Apple, Microsoft, Amazon, and Alphabet showing interest in voice-recognition technology.

While the potential for growth in the voice-recognition market is evident, investors should approach SoundHound AI with caution due to its small size and relatively low revenue generation. The company’s upcoming earnings call on Feb. 29 will provide insights into its performance and future outlook, offering investors valuable information for decision-making.

While SoundHound AI may present a speculative investment opportunity with the potential for significant returns in the long run, the current high valuation may not be justified. Investors are advised to listen closely to management during the earnings call, watch for any pullbacks in the stock price, and proceed with caution when considering investment in SoundHound AI.

See also  Why Exxon Mobil Is the Top AI Stock to Invest in for the Long Term

Frequently Asked Questions (FAQs) Related to the Above News

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.

Meera Mehta
Meera Mehta
Meera is our dedicated writer and manager for the AI Stocks category. With her expertise in finance and a deep interest in the AI industry, Meera keeps a close eye on AI-related stocks and market trends. Her articles provide valuable insights into the financial aspects of AI, helping investors navigate this exciting and dynamic sector.

Share post:

Subscribe

Popular

More like this
Related

Obama’s Techno-Optimism Shifts as Democrats Navigate Changing Tech Landscape

Explore the evolution of tech policy from Obama's optimism to Harris's vision at the Democratic National Convention. What's next for Democrats in tech?

Tech Evolution: From Obama’s Optimism to Harris’s Vision

Explore the evolution of tech policy from Obama's optimism to Harris's vision at the Democratic National Convention. What's next for Democrats in tech?

Tonix Pharmaceuticals TNXP Shares Fall 14.61% After Q2 Earnings Report

Tonix Pharmaceuticals TNXP shares decline 14.61% post-Q2 earnings report. Evaluate investment strategy based on company updates and market dynamics.

The Future of Good Jobs: Why College Degrees are Essential through 2031

Discover the future of good jobs through 2031 and why college degrees are essential. Learn more about job projections and AI's influence.