Posted 3/24/2024, 1:01:00 PM
Nvidia Bets Over $100 Million on SoundHound AI Despite Stock Price Concerns
- Nvidia has invested over $100 million in SoundHound AI, an audio and voice AI company
- SoundHound's products are seeing adoption in automobiles (Stellantis) and restaurants (Jersey Mike's)
- SoundHound has strong revenue growth (80% in latest quarter) and a large backlog ($661 million)
- However, SoundHound is currently losing money and its stock price has exploded recently
- The author recommends waiting for the stock price to settle before investing due to high valuation