The voice AI company is growing revenue, but profits are several years away.
AI stocks across all sectors have been seeing a meteoric rise over the past two years, but even with that rise, it's pretty rare to see triple-digit rallies in just one month.
SoundHound AI Inc SOUN stock skyrocketed 713% this year and 173% this month.
I've written a lot about SoundHound AI (SOUN 23.70%) this year. In early 2024, the company secured a multimillion-dollar investment from Nvidia, the largest supplier of artificial intelligence (AI) graphics processing units (GPUs) on the planet.
SoundHound AI (SOUN 23.70%) is successfully tapping into the growing artificial intelligence (AI) market with its conversational AI platform. The company's tech allows companies to offer services that range from voice-enabled ordering at Chipotle to in-vehicle voice commands for Stellantis' car brands.
[00:00:00] Douglas McIntyre: Okay.
Over the last five years, Nvidia stock is up a staggering 2,500%. That means a $10,000 investment in Nvidia stock made five years ago would now be worth nearly $260,000.
SoundHound stock price has gone parabolic this month and is nearing its all-time high as demand for its solutions rise. SOUN was trading at $17, its highest point since May 2022, and 1,040% above its lowest level this year.
SoundHound AI (SOUN 23.92%) stock is posting explosive gains in Friday's trading. The conversational artificial intelligence (AI) company's share price was up 24.5% as of 3:15 p.m.
SoundHound AI NASDAQ: SOUN has been on a tear, with its stock surging 80% in the past month and nearly 200% this quarter. This explosive rally underscores the market's speculative fervor, with capital pouring into small- to mid-cap stocks in hot themes like AI, nuclear energy, and quantum computing.
It's been a stellar year for voice artificial intelligence (AI) company SoundHound AI (SOUN -4.75%), which, as of last week, has soared more than 600% since January. The stock has become one of the more prominent AI stocks to own of late, with its market cap now at more than $5 billion.
If you put $10,000 into SoundHound AI (SOUN -5.54%) stock one year ago, you have $61,800 today. That's an eyewatering return of 618%.