SoundHound AI (NASDAQ: SOUN) stock jumped alongside other AI-focused stocks, buoyed by the robust fourth-quarter earnings report from Nvidia Corporation (NVDA).
Nvidia (NVDA) recently disclosed a substantial $3.7 million investment in SoundHound AI (SOUN), a move that has not only bolstered the financial ties between the two companies but has also propelled SOUN stock to new heights.
Nvidia’s impressive fourth-quarter performance, marked by non-GAAP earnings per share of $5.16 and revenue totaling $22.1 billion, reflecting a 22% increase from the previous quarter and a 265% surge year-over-year, had a positive ripple effect across various AI-focused stocks.
CEO Jensen Huang of Nvidia said,
“Accelerated computing and generative AI have hit the tipping point. Demand is surging worldwide across companies, industries, and nations.”
SoundHound AI plans to release its financial results for the fourth quarter and full year of 2023 on Thursday, February 29, 2024, after the market closes.
SoundHound AI (NASDAQ: SOUN) Stock Performance
SOUN stock soared 5.31% to close at $3.97 on Thursday. The traders had exchanged hands with 65,354,735 (65.35 million) shares compared to the average daily trading volume of 18.60 million.
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