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NVIDIA expands AI stock portfolio

by Thea Coates Finance Reporter
6th Mar 24 10:25 am

NVIDIA, a leading semiconductor company, has made its mark in the AI industry by strategically investing in several innovative AI-focused companies.

With its latest move, NVIDIA has shown a specified interest in SoundHound AI (NASDAQ: SOUN), a pioneering player in conversational AI technology.

In its inaugural 13-F filing with the Securities and Exchange Commission, NVIDIA disclosed its acquisition of shares in five prominent AI stocks during the fourth quarter of 2023. Among these investments, SoundHound AI stands out as a top performer, experiencing an impressive 180% surge in its stock value year-to-date.

The four other AI stocks NVIDIA purchased in the last quarter of 2023 include:

  • Arm Holdings: A key player facilitating the design and development of advanced computing chips for leading semiconductor companies worldwide.
  • Nano-X Imaging: Harnesses AI to enhance the efficiency of medical imaging, thereby improving patient outcomes.
  • Recursion Pharmaceuticals: Leverages AI to revolutionize drug discovery methodologies.
  • Tusimple Holdings: Spearheading the development of cutting-edge autonomous self-driving technologies tailored for the trucking industry.

SoundHound AI stands out amongst these other investments not only for its surge in value but also its groundbreaking conversational AI solutions, which have garnered traction across diverse industries such as hospitality and automotive. Its technology enables seamless interactions through voice recognition and dynamic responses, revolutionizing customer service experiences and in-car virtual assistants.

Chelsea Alves, a consultant with UNMiss, states, “NVIDIA’s strategic investments in AI stocks underscore its visionary approach towards shaping the future of technology. As the demand for AI-driven solutions continues to grow across nearly every industry, NVIDIA continues to highlight its commitment to innovation and therefore positions itself as a key player in driving transformative change.

“By leveraging its expertise and resources, NVIDIA is poised to catalyze advancements that redefine the boundaries of possibility in the realm of artificial intelligence.”

Despite SoundHound AI’s modest revenue figures, its substantial order backlog signals promising growth prospects in the foreseeable future. With a projected revenue increase of 49% in 2024, the company is poised for expansion and market penetration across various sectors.

As investors weigh where to strategically allocate their money, it’s essential to consider the dynamic nature of the AI industry and SoundHound AI’s position within it. While speculative, SoundHound AI presents an opportunity for investors to align with the evolving landscape of conversational AI technology.

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