We recently published a list of 10 Biggest Gainers of Last Week. In this article, we are going to take a look at where SoundHound AI Inc. (NASDAQ:SOUN) stands against other biggest gainers of last week.

Investors gobbled up shares of predominantly technology companies last week, following announcements of multi-billion dollars of investments, quantum technology backing, and new contracts, among others. Let’s take a look at last week’s Top 10 Gainers and explore the reasons behind their impressive performance.

To come up with the biggest winners of last week, we considered only the stocks that have at least $2 billion in market capitalization and $5 million in daily trading volume.

A software engineer focused on a computer screen, writing code to create a conversational assistant.

SoundHound AI Inc. (NASDAQ:SOUN)

On Friday, SoundHound’s shares surged by 23.19 percent, closing at $21.76, from $17.66 on Monday, as the company continues to capitalize on the growing Artificial Intelligence (AI) boom.

On December 16, Wedbush analyst Dan Ives increased his price target on SoundHound to $22 from $10 and maintained an “Outperform” rating, also posting confidence that the company will see a higher rally in 2025.

According to Ives, the company is “in the early stages of capitalizing on its growth initiatives with enterprise AI demand just starting,” noting that Soundhound is an underappreciated pure-play AI firm that is taking significant strides in taking share across the landscape.

Overall, SOUN ranks 6th on our list of biggest gainers of last week. While we acknowledge the potential of SOUN as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and doing so within a shorter time frame. If you are looking for an AI stock that is more promising than SOUN but that trades at less than 5 times its earnings, check out our report about the cheapest AI stock.

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Disclosure: None. This article is originally published at Insider Monkey.