10 Worst AI Stocks to Buy According to Reddit

3. SoundHound AI Inc. (NASDAQ:SOUN)

Short % of Shares Outstanding As of August 30: 22.29%

Number of Hedge Fund Holders: 15

SoundHound AI Inc. (NASDAQ:SOUN) is a voice AI and speech recognition company that develops speech recognition, natural language understanding, sound recognition, and search technologies, with the help of advanced AI algorithms. It was the first company to introduce ChatGPT-like capabilities to in-vehicle assistants in Japan and Latin America.

It has cars in production in 20+ markets, with a new deal signed with a US-based EV maker, and an expansion of an existing EV manufacturer in Europe. It also acquired Amelia AI for $80 million in Q2 2024 and purchased Allset. It expanded its customer base by securing deals with 5 of the top 15 QSRs based on location.

In late August, On August 28, 2024, SoundHound AI Inc. (NASDAQ:SOUN) partnered with MUSC Health to launch Emily, an AI agent powered by the Amelia Patient Engagement solution. Integrated with Epic, Emily offers 24/7 appointment management and support for non-clinical questions, enhancing patient satisfaction and operational efficiency.

Since 2021, the company’s revenue has grown by 50% annually. In Q2 2024, revenue grew 54% year-over-year, primarily driven by strong customer momentum across various industries, including automotive and healthcare. Cumulative subscriptions and bookings backlog doubled to $723 million, and annual query volume surpassed 5 billion.

In September, it launched customization tools for its SoundHound Chat AI voice assistant to improve customer interactions in vehicles. These tools enable automotive manufacturers to tailor responses and provide onboarding features, enhancing the in-car experience for drivers.

The company’s advanced AI technology and strong foundation model are driving customer adoption, positioning the company for future growth. While investors should be prepared for volatility, SoundHound AI Inc.’s (NASDAQ:SOUN) focus on voice AI makes it a promising investment opportunity.