Nvidia Soars on Booming AI Chip Demand; Takes Stake in Hot AI Startup SoundHound
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Nvidia stock is up 72% in 2024 due to booming demand for its AI chips and strong growth in revenue and earnings.
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SoundHound AI stock has surged 186% in 2024 since Nvidia announced a $3.7 million stake in the company.
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Nvidia dominates the AI chip market with 98% market share and expects continued high growth as data centers transition to AI.
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SoundHound provides an AI platform used across industries and has strong revenue growth and $661 million backlog.
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Nvidia is the better buy despite the rally as it has much faster growth, is more established in AI chips, and has a cheaper valuation than SoundHound.