Once battered AI shares are diverted 43%after the profit originally appeared on Thestreet.
Soundhound AI, once the hot stock during NVIDIA maintenance, but later descends after leaving the chipmaker, regains speed.
In both trade sessions, Soundhound AI (S)Sub)) The shares won over 43% after the release of record profits. The action increased 17.3% on August 11, after another 26.4% profit on August 8.
However, the action remains 34% under its December peak and is approximately 20% so far this year.
In early 2024 NVIDIA (S)Nvda)) revealed an investment of $ 3.7 million in Soundhound. But in February, giant Ai-chip revealed that he had sold all his shares, which led to a Soundhound drop by 28% on February 14.
Now Wall Street is giving another look at the potential of stocks, even without the support of NVIDIA.
SoundHound AI is developing voice technology that helps business build its assistants. Its system combines a voice recognition with conversational AI to achieve interactions between people and AI models.
Voice assistants such as Siri, Alexa and Google Assistant have been part of everyday life for over a decade, answering questions, identifying and controlling intelligent devices.
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But they always come with a compromise on companies that wanted to use them, as they had to stay on the Big Tech walls, forcing companies to give up brand control and consumer data.
This is the opening Soundhound captured.
Founded in Santa Clara, California, Soundhound now builds AI with white labels that allows the business to create its own custom assistants. Customers include Mercedes-Benz, IHG Hotels and Spotify.
The voice AI market is booming, it is planned to grow nearly 30% annually from 2024 to 2030, according to the Grand View Research. Soundhound’s latest revenue shows that it’s getting faster.
The company’s revenue for the second quarter increased by 217% compared to a year to $ 43 million, reaching the highest and over expectations of $ 33 million. This is guided by new profits and cross -selling products between customers.
“We are moving at speed to capture the explosion we see in the voice and conversational AI industry,” Financial Officer Novash Carp said in a statement.
Still, Soundhound is still not profitable. His loss, adjusted from the second quarter of a share, was 3 cents, better than the expected loss of a 5 cents.
SoundHound raised its year -round perspective to $ 160 million to $ 178 million, with the average point over a consensus estimate of $ 164 million from Facetset.