AI SoundHound (NASDAQ:SON) The stock is up sharply in Thursday trading. Conversational artificial intelligence (AI) the company’s stock price was up 30.1% as of 1 p.m. ET. At the time of writing these lines, the S&P500 the index was flat and the Nasdaq Composite the index was up 0.2%.
SoundHound AI’s valuation increases today following the announcement of the company’s AI ordering and customer service technologies at Torchy’s Tacos. The stock is now up 157% over the past month.
Missing the morning scoop? Wake up with Breakfast News in your mailbox every market day. Register for free »
SoundHound issued a press release today announcing that its AI Smart Ordering service was going live at Torchy’s Tacos. The service has been adopted in the company’s 130 restaurants. SoundHound’s conversational AI software was trained on Torchy’s menu and has the ability to handle 100% of the restaurant’s incoming calls and answer questions about menu items, promotions, store hours and allergen information. In turn, the use of AI software will allow Torchy’s staff to focus on preparing meals and providing in-store service.
Although today’s explosive gains for SoundHound AI stock were spurred by news of the service rollout at Torchy’s Tacos, there is one fundamental element that could play an even bigger role in the company’s share price gains. the action. SoundHound AI has gained popularity as meme stockand its stock price has often seen big swings based on little or no relevant news.
Landing a new contract at Torchy’s is certainly an optimistic development, and the growing adoption highlights the value and potential of SoundHound software. On the other hand, expanding its conversational AI ordering software to 130 new restaurants isn’t the kind of announcement that would normally be expected to generate such explosive stock price gains. While the stock could continue to soar on meme-fueled momentum, recent gains raise significant valuation concerns – and there’s a good chance the stock will be very volatile in the near term.
Have you ever felt like you missed the boat by buying the best performing stocks? Then you will want to hear this.
On rare occasions, our team of expert analysts issues a “Doubled” actions recommendation for businesses that they believe are on the verge of collapse. If you’re worried that you’ve already missed your chance to invest, now is the best time to buy before it’s too late. And the numbers speak for themselves: