SoundHound AI Stock Soars 80% as Nvidia Buys Stake and Earnings Beat Looms
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SoundHound AI (SOUN) stock is up over 80% year-to-date, outperforming other AI stocks like Nvidia (NVDA).
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Nvidia recently disclosed it had purchased over 1.73 million shares of SoundHound AI stock, seen as a vote of confidence.
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SoundHound AI specializes in conversational AI and has major customers in auto and restaurants.
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Revenue grew 19% year-over-year in Q3 2023 to $16 million, with 73% gross margins.
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SoundHound will announce Q4 2023 results on Thursday, with a chance to beat revenue estimates of $17.75 million.