Could Nvidia Become SoundHound AI's Biggest Competitor?
Voice artificial intelligence (AI) company SoundHound AI (NASDAQ: SOUN) got a big boost to its share price early last year after chipmaker Nvidia (NASDAQ: NVDA) disclosed that it had a small position in it. As 2024 progressed, additional good news about the business pushed its share price higher. But early this year, AI sector headwinds, competitive threats, and a tepid showing at CES set the stock on a downslope.Then in late February, when Nvidia filed its latest 13F with the SEC, investors learned that it had sold off its entire stake in SoundHound AI in the fourth quarter. Shares plunged further.Even more concerning, Nvidia recently locked up a deal with its first restaurant company. Not only is the GPU leader no longer a key backer of SoundHound AI, it may also potentially become the smaller company's biggest competitor.Continue reading
Voice artificial intelligence (AI) company SoundHound AI (NASDAQ: SOUN) got a big boost to its share price early last year after chipmaker Nvidia (NASDAQ: NVDA) disclosed that it had a small position in it. As 2024 progressed, additional good news about the business pushed its share price higher. But early this year, AI sector headwinds, competitive threats, and a tepid showing at CES set the stock on a downslope.
Then in late February, when Nvidia filed its latest 13F with the SEC, investors learned that it had sold off its entire stake in SoundHound AI in the fourth quarter. Shares plunged further.
Even more concerning, Nvidia recently locked up a deal with its first restaurant company. Not only is the GPU leader no longer a key backer of SoundHound AI, it may also potentially become the smaller company's biggest competitor.
