Investors may want to keep an eye on this artificial intelligence voice-and-speech recognition stock with ties to Nvidia . Shares of SoundHound AI have surged almost 170% this year and nearly 347% in February alone as investors bet on new applications for the booming technology trend that has taken Wall Street by storm. Last month, Nvidia revealed a $3.7 million bet on the stock in a securities filing, and management said on an earnings call that "demand is going through the roof.
mountain SoundHound shares in 2024 While the Nvidia investment isn't new news for investors and analysts, it does reinforce SoundHound's value proposition. Ives also noted that the stake "solidifies the company's brand within the AI Revolution" and lays the groundwork for a potential larger investment in the future. Relatively few Wall Street shops cover the AI stock.