sound hound A.I. (Thorn 46.68%) Stock prices have exploded in Monday trading. The company's stock was up 39.5% as of 2:40 p.m. ET, according to data from S&P Global Market Intelligence.
SoundHound AI is surging today thanks to the following announcements: Nvidia (NVDA 0.35%) has entered into new partnerships with other influential hardware and software players to advance artificial intelligence (AI) technology in the telecommunications industry. Nvidia also announced that it will expand its partnership with. ServiceNow To advance communication technology.
This news could bode well for SoundHound's voice-based assistant business. The audio software specialist's stock is currently up 180% in 2024 trading.
Wall Street is bullish on AI communications alliance
Today at the Mobile World Congress trade show, Nvidia announced new partnerships with: arm holdings, microsoft, Amazon, Softbanksamsung, Ericssonand nokia Advance Radio Access Network (RAN) and AI technologies in the telecommunications industry. The AI-RAN Alliance was founded to pave the way for dramatic improvements in artificial intelligence and communications technology.
“The AI-RAN Alliance brings together industry-shaping companies with expertise from silicon to software to deliver on the promise of ubiquitous AI and 6G,” Ronnie Vasishta, senior vice president of telecoms at NVIDIA, said this morning. said. Next-generation network technologies could help drive continuous improvement in AI and accelerate adoption of SoundHound services.
In addition to announcing the AI-RAN Alliance, Nvidia today also announced a deepening of its partnership with ServiceNow. Both companies are deploying customized generative AI solutions for the telecommunications industry. Neither of Nvidia's partnership announcements specifically mentioned SoundHound AI, but investors are betting that Nvidia could create a bullish catalyst for the audio technology specialist.
In a stock ownership disclosure released last week, Nvidia revealed it owns a stake in SoundHound AI. At the time of Nvidia's filing, SoundHound stock was worth about $3.7 million, but the disclosure quickly sent the audio software company's stock price soaring.
What’s next for SoundHound AI?
SoundHound announced last week that its Iris voice assistant technology will soon enter full-scale production and launch in vehicles in the United States. Stellantis. SoundHound's voice assistant is integrated with his OpenAI's ChatGPT technology, which he expects to be installed in Stellantis DS vehicles next month.
New AI, RAN, and 6G technologies could significantly improve the capabilities of SoundHound's personal assistant. Additionally, a wide range of new use cases are likely to emerge. Voice-based operating systems are emerging as a key interface for potential AI technologies.
John Mackey, former CEO of Amazon subsidiary Whole Foods Market, is a member of the Motley Fool's board of directors. Keith Noonan has no position in any stocks mentioned. The Motley Fool has positions in and recommends Amazon, Microsoft, Nvidia, and ServiceNow. The Motley Fool recommends Stellantis and recommends the following options: A long January 2026 $395 call on Microsoft and a short January 2026 $405 call on Microsoft. The Motley Fool has a disclosure policy.