What's Going On With SoundHound Stock Tuesday?

SoundHound AI, Inc. SOUN shares are trading lower premarket today. The company launched an innovative in-vehicle voice assistant today.

The platform uses a large language model (LLM) that is entirely on edge while running on the NVIDIA Corporation’s NVDA DRIVE platform.

Related: Golden Cross Alert: SoundHound AI Stock’s Positive 2024 Outlook Fueled By Nvidia Momentum

SoundHound Chat AI is an in-vehicle voice platform that connects real-time and generative AI capabilities to offer responses even without connectivity.

The new solution will aid drivers in accessing SoundHound Vehicle Intelligence, a product that instantly delivers information directly from the car manual and other relevant data sources using natural speech.

Mike Zagorsek, COO of SoundHound AI, said, “Together with NVIDIA, we’re marrying the incredible capabilities of generative AI with all the advantages of edge computing. The net result is a fast and private voice experience with seamless results. And with this new level of adaptability, the possibilities are endless.”

Rishi Dhall, Vice President of Automotive at NVIDIA, said, “We’re working with innovative partners like SoundHound to bring generative AI and accelerated compute into the car – enhancing the occupant experience and bringing greater safety behind the wheel. SoundHound’s in-vehicle voice interface, powered by NVIDIA DRIVE, can provide drivers with fast, accurate information, even when there’s no connection.”

Also Read: SoundHound AI Impresses with Subscription Backlog Surge: Analysts See Positive Outlook Despite Top-Line Miss

SOUN Stock Prediction For 2024

SoundHound AI’s revenue growth in FY23 was 47.36%, reflecting the influence of various factors including the macroeconomic environment, demand for its products and services, and its position relative to competitors. This growth is a critical indicator for investors assessing the company’s future prospects.

Some macro factors that could impact the company's performance in the next year include higher interest rates, progress on reeling in inflation and labor market strength. The Fed's benchmark rate is currently at 5.33%, while PPI recently came in at 0.6%, growing 1.6% from last year. The unemployment rate was most recently reported as 3.9%.

An investor should pay attention to economic conditions to decide whether they think the macro environment is positive or negative for SoundHound AI stock. For real time economic data and breaking market updates, check out Benzinga Pro. Try it for free.

How does this stack up against SoundHound AI's peers?

Investors may also want to analyze a stock in comparison to companies with similar products or in similar industries. SoundHound AI operates in the Information Technology sector. The stock has experienced average annual growth of 2.56% compared to the nan% average of its peer companies. This is below the broader sector movement of SoundHound AI.

Price Action: SOUN shares are down 1.78% at $8.18 premarket on the last check Tuesday.

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