SoundHound AI Stock Surges on Nvidia Price Target Boost, Analyst Optimism for AI Sector
• SoundHound AI (SOUN) stock is surging 16.9% due to bullish analyst coverage of Nvidia, another AI stock SoundHound has exposure to • Nvidia recently received a price target increase to $1,000 per share from Mizuho based on advantages in AI chip design and ethernet tailwinds • Nvidia owns $3.7 million in SoundHound stock, so bullish Nvidia news tends to lift SoundHound as well • SoundHound's order backlog doubled to $661 million last quarter, but revenue is still projected at just $70 million this fiscal year • With a 26x price-to-sales ratio, SoundHound is a high-risk, high-reward AI stock play