Discover SoundHound (SOUN): NVIDIA's Partner and AI Stock Set to SOAR to $15 in 2024! 300% GAIN!
SoundHound is an AI discovery stock focused on speech recognition and implementing AI in service industries, with a 300% year-to-date increase in shares. The stock is lightly covered by analysts, but an upgrade last week suggests a target price above $10 and potential for further gains. Chris recommends buying at $6 and anticipates a target of $15 in 2024.]
[00:00]( • Discover SoundHound (SOUN): NVIDIA's ... ) SoundHound is an AI company that focuses on speech recognition and has expanded into implementing AI and speech-activated menu ordering systems in the fast food service industry.
SoundHound's stock has seen a significant increase, with shares trading up more than 250% year-to-date.
NVIDIA's purchase of a portion of SoundHound's shares indicates the potential value of the AI stock.
SoundHound has previously worked with the auto industry to develop and implement speech recognition technology in vehicles.
They have also expanded their services to include personal electronics and are now targeting the quick service or fast food service industry.
[02:10]( • Discover SoundHound (SOUN): NVIDIA's ... ) NVIDIA's interest in SoundHound can be attributed to their involvement in AI discovery and the potential for service-based companies to profit from AI technology.
NVIDIA was involved in heads-up displays before Bitcoin and their graphic cards took over.
SoundHound is applying AI technology to service industries.
AI discovery stocks are newly formed or transitioned companies dealing with new AI technology.
Service-based companies are likely to make money from applying AI technology to service industries.
AI discovery stocks may have light product history and earnings, making them speculative investments.
[04:20]( • Discover SoundHound (SOUN): NVIDIA's ... ) SoundHound is a discovery stock with low coverage and target prices, but the number of analysts is expected to increase, potentially bringing more money into the stock.
Currently, there are six analysts covering SoundHound, with 92% buys and 8% holds.
The low coverage represents an opportunity for discovery and potential increase in stock value.
Comparing SoundHound's performance against NVIDIA, SoundHound was outperforming until July of last year.
[06:30]( • Discover SoundHound (SOUN): NVIDIA's ... ) SoundHound stock breached the $10 level, experiencing selling pressure, but the company's revenue growth and potential profitability in 2024 are attracting investors.
The stock breached the psychological level of $10, leading to profit-taking.
The company missed earnings by one cent but had 80% year-over-year revenue growth.
The 20-day moving average is at $6, which could be a potential buying opportunity.
The target price for Wall Street is $12.50, but Chris' target is $15 by 2024.
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