Prediction: Buying This Nvidia-Backed Artificial Intelligence (AI) Data Center Stock Now Could Be Like Catching SoundHound AI in 2024
SoundHound AI was a major winner among AI stocks last year thanks to its affiliation with Nvidia.
What if I told you one of the top-performing artificial intelligence (AI) stocks last year wasn't a member of the "Magnificent Seven"? Maybe you'd think I'm talking about Palantir Technologies -- 2024's top-performing S&P 500 stock, with a 340% return. Well, I'm actually talking about a much different company, and one that's still far from having the scale of those big tech players.
In 2024, shares of voice-recognition software developer SoundHound AI gained 836%. Perhaps the biggest driving factor behind that meteoric rise could be attributed to the company's connection to Nvidia.
In early 2024, a 13F filing from Nvidia revealed that the chipmaker had an equity stake in SoundHound AI. Unsurprisingly, investors rushed to open positions in the stock.
