SoundHound AI Inc (SOUN) saw its stock surge 6.07% on Wednesday in intraday trading, driven by growing investor optimism over the company's strong position in the booming artificial intelligence (AI) market. The rally comes on the back of bullish analyst commentary highlighting SoundHound's innovative AI capabilities and expanding growth opportunities.
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" that is 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. According to Ives, 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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