2024-06-21 07:45:00 ET
Nvidia is undoubtedly the hottest stock in tech. All eyes are on its every move, so when it disclosed a hefty position in artificial intelligence (AI) company SoundHound AI (NASDAQ: SOUN) last February, shares of the small-cap stock rocketed up well over 50% in a day.
Even if some were hearing about it for the first time, SoundHound is far from a new company. It has been around since the mid-2000s when it was introduced as a music detection app, rivaling Shazam. It has more recently pivoted and is now a leader in AI-powered voice recognition.
The stock more than tripled to its peak in March and has since cooled after the company posted somewhat disappointing numbers. Its Q4 2023 revenue of $17.2 million missed estimates of $17.8 million, while it recorded a net loss per share of $0.07 versus the expected $0.06.
For further details see:
Nvidia Gobbled Up Shares of This Artificial Intelligence (AI) Company. Is It Too Late to Buy?