15 Best New Tech Stocks To Invest In

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13. SoundHound AI Inc. (NASDAQ:SOUN)

Market Capitalization as of January 21: $5.04 billion

Number of Hedge Fund Holders: 11

SoundHound AI Inc. (NASDAQ:SOUN) develops voice AI solutions that empower businesses across various sectors to deliver conversational experiences to customers. Its platform offers tools like Houndify, SoundHound Chat AI, and Smart Answering, all of which enable businesses to create custom voice assistants and enhance customer service.

In mid-December 2024, Dan Ives raised his price target on the company to $22, maintaining an Outperform rating. The Wedbush analyst is optimistic about its growth, as it’s positioned to benefit from rising enterprise AI demand and is making strides in gaining market share.

In Q3 2024, enterprise AI demand surged, with revenue growing 89% year-over-year, surpassing $25 million. The company’s AI-powered customer service solutions, which are embedded in hundreds of enterprise brands, drive an annualized run rate of over 6 billion queries. This has more than doubled year-over-year.

On January 2, Lucid, which develops advanced EVs, launched the Lucid Assistant. Powered by the SoundHound Chat AI platform, this new hands-free assistant enables customers to control various vehicle functions using voice commands. The integration of GenAI enhances user experience with interactive knowledge, real-time data, and in-vehicle controls. It allows drivers to ask questions conversationally and receive accurate responses for vehicle functionality and features like navigation.

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