Single-day surge up to 46%, monthly increase hits 246%: what's behind it？ NVIDIA and SoftBank reveal their holdings in the company through 13-F filings.
Is it an AI hype stock or a voice AI potential gem??
Curious about which stock this is? Let's find out!
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Shares of $SoundHound AI Inc(SOUN)$ were skyrocketing after NVDA and SoftBank revealed stakes in the firm through 13-F filings.
$NVIDIA Corp(NVDA)$ disclosed a $3.7 million stake in SOUN. It spent $3.4 million to acquire its position. The purchase was about 0.6% of SOUN's shares outstanding, and represented 1.6% NVDA's investment portfolio. This was the first 13-F the company has ever filed.
Meanwhile, the investment arm of tech giant SoftBank bought 1.07 million shares of SOUN valued at $2.3 million. The investment represented 0.4% of SOUN's shares outstanding and was de minus position for SoftBank.
Is SoundHound just another AI-hype stock?
SoundHound has been around since 2005. According to their investor presentation, their mission is to "voice-enable the world with conversational intelligence."
Many major companies utilize their technology. For instance, Jersey Mike's Sub is working with SoundHound to incorporate its voice technology to enable AI ordering over the telephone. Kia incorporates SoundHound software in their cars to identify "songs played on the radio and will download song title and artist information from the server, displaying them on the main screen." Lastly, SoundHound's technology is utilized in White Castle drive-thrus to enable artificial intelligence to take orders from customers.
In these scenarios, the savings are obvious: White Castle does not have to pay someone to take orders; Jersey Mikes does not have to deal with taking every call to answer simple queries, and customers do not have to wait for employees to respond.
SoundHound believes they are on the precipice of an enormous total addressable market [TAM], especially with the recent advancement of AI-enabled chat bots like ChatGPT.
If SOUN can deliver the big acceleration in Q4 growth it promised and forecast a strong 2024, then it can shift the narrative back to it being a hypergrowth AI company.
Do you think SOUN is a meme stock or a potential player in voice AI?
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