By Angela Palumbo
SoundHound AI stock was down Tuesday, even after the artificial intelligence voice company unveiled its latest technology at the CES conference in Las Vegas.
SoundHound announced an in-vehicle voice commerce platform on Tuesday. This tech allows for people to conversationally order take-out food from participating restaurants directly through their car, and pay for it. The company has not yet announced which restaurants or car manufacturers they are working with on this.
"What we're introducing here at CES is a seamless way to order your favorite takeout on-the-go using natural speech, completely hands-free from the vehicle," Chief Executive Keyvan Mohajer said in the news release. "And what begins here with food and restaurants will ultimately open up a whole new commercial ecosystem for vehicle and device manufacturers everywhere."
The tech is expected to launch sometime this year.
Despite the news, shares of SoundHound were down 10% Tuesday to $17.84. The S&P 500 was down 0.7% after the Bureau of Labor Statistics said November job openings rose more than expected.
SoundHound stock had a standout year in 2024, soaring 836%. Investors have been excited about the future of voice-technology software powered by AI, which is SoundHound's bread and butter. The company has deployed its voice AI solutions in over 10,000 restaurant locations, where customers can order food normally, and the AI captures what the voice is asking for in real time.
SoundHound was one of many companies to announce new tech at the CES conference this week. Chip giant Nvidia unveiled new gaming graphics cards, Aurora Innovation revealed a partnership with Nvidia to deploy driverless trucks, and Dell Technologies announced a new AI personal computer portfolio.
Write to Angela Palumbo at angela.palumbo@dowjones.com
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January 07, 2025 12:25 ET (17:25 GMT)
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