Prediction: 2 Stocks That Will Be Worth More Than SoundHound AI 1 Year From Now
Innodata and Five9 could grow faster and overtake SoundHound AI in the near future.
SoundHound AI (NASDAQ: SOUN), a developer of audio and speech recognition technologies, went public by merging with a special purpose acquisition company (SPAC) on April 28, 2022. Its stock started trading at $8.72 per share, and it rallied to an all-time high of $24.23 on Dec. 26, 2024, as its market capitalization reached nearly $9 billion.
SoundHound initially impressed the bulls with its breakneck growth rates. Its revenue surged 47% in 2022, 47% in 2023, and 85% in 2024. That acceleration was driven by the growing usage of its Houndify platform to develop custom speech recognition tools, as well as its acquisitions of restaurant AI company Synq3, online food ordering platform Allset, and conversational AI company Amelia. Nvidia (NASDAQ: NVDA) also bought more shares of SoundHound in early 2024, pumping up investor optimism.
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