SoundHound AI Spotlight at Nvidia’s GPU Tech Conference—Key Level to Watch

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The Rise of SoundHound: Stock Gained 52% Last Week

SoundHound AI (SOUN) has been making waves in the stock market, with shares gaining an impressive 52% last week. This surge comes ahead of the highly anticipated conference hosted by Nvidia (NVDA), a company that recently disclosed its stake in the artificial intelligence (AI) speech recognition software maker.

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Key Takeaways

  • SoundHound AI shares gained 52% last week ahead of Nvidia’s GPU Technology Conference.
  • Since Nvidia disclosed in an SEC filing last month that it had a stake in SoundHound as of the end of 2023, SoundHound shares have more than tripled in value.
  • SoundHound offers its AI voice solutions to the auto industry, restaurants, call centers, and various other end markets.
  • SoundHound shares may run into overhead resistance from the stock’s all-time intraday high of $18.14, which was set in May 2022.

Shares of SoundHound have more than tripled since a regulatory filing showed that Nvidia had 1.73 million SoundHound shares valued at roughly $3.67 million as of the end of 2023. While this only represents a small percentage of SoundHound’s outstanding stock, it signifies a significant vote of confidence in the company’s AI products and growth potential.

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SoundHound’s AI voice solutions cater to various industries, including the auto industry, restaurants, call centers, and more. Despite not being on the agenda for Nvidia’s GPU Technology Conference, SoundHound’s recent stock performance and growing influence in the AI sound niche have kept it in the spotlight.

Investors should be cautious of potential price fluctuations leading up to the conference, as the stock has seen significant growth since the beginning of the year. With a considerable portion of its float tied up in short positions, volatility is expected in the near term. While the company reported an 80% increase in fourth-quarter revenue from the previous year, it is still operating at a loss as it focuses on commercializing its products.

The Journey of SoundHound Stock

After going public in April 2022, SoundHound AI shares experienced a downward trend until the end of that year. However, sentiment turned bullish in February this year, with the stock surpassing key resistance levels and moving averages to generate a golden cross buy signal.

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The stock has successfully retested and held previous resistance levels, indicating a positive outlook for investors. Moving forward, investors should keep an eye on the all-time high set in May 2022 at $18.14 as a potential area where the shares could face significant challenges if they continue to trend higher.

As of premarket trading on Monday, SoundHound shares were up 1.2% at $9.02, showing continued momentum in the market.

It’s important to note that the comments and opinions expressed here are for informational purposes only. Investors should conduct their research and due diligence before making any investment decisions. As of the date of this article, the author does not own any of the securities mentioned.

For more information and original content, you can read the full article on Investopedia.

The comments, opinions, and analyses expressed on Investopedia are for informational purposes only. Read our warranty and liability disclaimer for more info.

As of the date this article was written, the author does not own any of the above securities.

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