Benzinga
Published Feb 27, 2024 13:14
Updated Feb 27, 2024 14:40
SoundHound AI Stock Up 176% YTD, Boosted By Nvidia, SoftBank, And 3 Other Key Catalysts
Benzinga - by Surbhi Jain, .
SoundHound AI (NASDAQ:SOUN) stock was up over 21% in pre-market trading on Tuesday. The stock has risen over 83% in the past year, though much of the surge can be attributed to recent events, such Nvidia‘s (NASDAQ:NVDA) investment in the company.
SoundHound AI is known for its expertise in voice-enabled artificial intelligence and music recognition technology. The company has developed a popular voice-activated virtual assistant called “Houndify,” which allows developers to integrate voice-enabled AI capabilities into their applications and devices.
SoundHound AI’s technology is also widely recognized for its ability to identify songs and provide music-related information through voice commands, making it a notable player in the field of voice and audio-based AI applications.
Also Read: EXCLUSIVE: SoundHound’s AI Voice Technology Revolutionizes Restaurant, Automotive Industries
Nvidia’s initial investment in SoundHound dates back to 2017, participating in a $75 million funding round. Since then, it has acquired approximately 1.73 million shares, emphasizing Nvidia’s continued support and belief in SoundHound’s role in the evolving AI landscape.
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