Shares of SoundHound AI Inc (SOUN) surged 5.3% in pre-market trading on Thursday, fueled by positive analyst commentary and growing investor enthusiasm for the company's strong position in the booming artificial intelligence (AI) market.
Wedbush analyst Dan Ives raised his price target on SOUN to $22 from $10, citing the company's "demand mojo" and "solid AI-driven momentum." Ives views SoundHound as an "underappreciated pure-play AI company" well-positioned to capitalize on the projected $1 trillion AI spending wave in the coming years.
SoundHound's cutting-edge voice technology and conversational AI software platform are gaining traction across various industries, including automotive, restaurants, and e-commerce. The company's new Polaris large language model and plans to expand into the e-commerce sector in 2025 are expected to drive further growth and improve monetization capabilities.
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