Daily Scoop🍨: Soundhound AI (SOUN) - AI Stock That Has Huge Upside 🚀
Soundhound AI (SOUN) is an AI stock that could create huge upside potential for your portfolio, get familiar with the AI industry. According to data compiled by Statista, the AI market is already worth $184 billion. But by the end of the decade, its value will increase to an astounding $827 billion -- an average annual growth rate of nearly 30%!
How can you profit from this growth? The two AI stocks below have you covered.
Get in on the ground floor of AI
Looking to bet on the rise of AI? Start with Nvidia (NVDA 2.01%).
There's an old saying: During a gold rush, sell shovels. The idea is that whether or not the gold rush amounts to anything concrete in terms of actual gold production, those who sell the shovels still profit. The same can be said today about Nvidia today when it comes to AI. Training and running AI models takes a huge amount of computing power. These complex, data-heavy tasks often require specialized chips based on high-end graphics processing units (GPUs).
Nvidia's AI accelerator GPUs are the best on the market right now. This reality is borne out in its market share numbers, with most estimates giving the company a 70% to 95% share of the AI chip market. Nvidia's dominance is also demonstrated by its pricing power. Gross margins for the company are around 76% -- a solid lead versus the competition, which is currently generating 40% to 50% gross margins.
SoundHound AI, Inc. (SOUN - Free Report) closed the most recent trading day at $5.31, moving -1.48% from the previous trading session. This move lagged the S&P 500's daily loss of 0.05%. On the other hand, the Dow registered a loss of 0.02%, and the technology-centric Nasdaq increased by 0.18%.The company's stock has climbed by 10.45% in the past month, exceeding the Computer and Technology sector's gain of 3.5% and the S&P 500's gain of 2.76%.Market participants will be closely following the financial results of SoundHound AI, Inc. in its upcoming release. It is anticipated that the company will report an EPS of -$0.08, marking a 11.11% rise compared to the same quarter of the previous year. Alongside, our most recent consensus estimate is anticipating revenue of $23.68 million, indicating a 78.47% upward movement from the same quarter last year.
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