Nvidia-Backed SoundHound AI Stock Hits All-Time High

Key Takeaways

• SoundHound AI stock closed at a record high Monday after Wedbush raised its price target for the company.
• Analysts said the company is seeing strong demand for its AI voice solutions.
• SoundHound AI is backed in part by Nvidia. Its shares have risen more than ninefold in 2024.

SoundHound AI (SOUN) shares jumped Monday after analysts at Wedbush raised their price target for the Nvidia (NVDA)-backed artificial intelligence (AI) voice technology company. 

The firm issued an “outperform” rating and raised its price target on the shares to $22 from $10. The revised target is more than twice the three other targets tracked by Visible Alpha that were issued since the start of November.

Monday’s rise brought the stock closer to that target price. Shares of SoundHound, which rallied more than 16% to close at a record high of $19.69, are up more than ninefold in 2024.

SoundHound, which offers its AI voice solutions to the auto industry, restaurants, call centers, and other markets, is “seeing continued demand,” Wedbush said, positioning it as a “long-term winner in the AI Revolution.” 

Nvidia held more than 1.73 million shares of SoundHound as of Sep. 30, according to a regulatory filing.