SoundHound AI Inc (NASDAQ: SOUN) says its voice assistant with integrated ChatGPT capabilities “is now live and in production” across multiple Stellantis brands in Europe.
Shares of the artificial intelligence company are up more than 10% on Wednesday.
SoundHound stock is still down about 45% versus its year-to-date high in mid-March.
SoundHound Chat AI launches in Europe
SoundHound Chat AI rolled out in Vauxhall, Opel, and Peugeot vehicles across eleven European markets today, including Italy, Austria, Germany, Spain, France, and the United Kingdom.
The Nasdaq-listed firm plans on extending the launch in 12 different languages to 17 markets by the end of this month. Michael Zagorsek – the chief operating officer of SoundHound AI said in a press release today:
Our collaboration with Stellantis has put both companies right at the cutting edge of innovation in the automotive sector, bringing the driver experience into a new and exciting era.
SoundHound stock is not currently a dividend payer.
Watch here: https://www.youtube.com/embed/x43Ar6A4HK0?feature=oembed
SoundHound Chat AI changes in-vehicle experience
SoundHound Chat AI is an in-vehicle voice assistant with integrated ChatGPT like capabilities. COO Zagorsek also said today:
SoundHound is proud to deliver voice AI technology that meets the market’s demand for a next generation consumer experience built on natural conversation.
SoundHound Chat AI will enable driver or passengers to ask detailed questions, make follow-up queries, and seamlessly interact not just with in-vehicle controls but with external knowledge sources as well, as per the press release on Wednesday.
SoundHound stock is currently up well over 100% versus the start of 2024.
Is SoundHound stock worth buying in July 2024?
SoundHound AI is committed to revolutionising in-vehicle voice assistants. In fact, its recently cited data that indicated a whopping sixfold increase in the use of its technology.
That’s perhaps why the artificial intelligence leader Nvidia Corp took a sizable stake in SOUN last year. It held 1.73 million shares of the California based company at the end of 2023.
SoundHound saw its revenue increase by a whopping 73% on a year-over-year basis to $11.6 million in its latest reported quarter. It also recently paid debt worth $100 million in full to save some $55 million in interest and fees.
The Nasdaq-listed firm has released $14 million of restricted cash as well and is expected to rebound as the AI hype continues, as per our market analyst Crispus Nyaga.
Wall Street also currently has a consensus “buy” rating on SoundHound stock with upside to $7.75 on average that translates to potential for a 65% gain from here.
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