SoundHound AI (NASDAQ: SOUN) stock is posting explosive gains in Monday’s trading. The company’s share price 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 an announcement that Nvidia (NASDAQ: NVDA) has formed a new partnership with other influential hardware and software players to advance artificial intelligence (AI) technologies in the telecommunications industry. Nvidia also announced that it was expanding its partnership with ServiceNow to advance telecom technologies.
The news could bode well for SoundHound’s voice-based assistant business. The audio software specialist’s stock is now up 180% across 2024’s trading.
An AI telecom alliance has Wall Street feeling bullish
At the Mobile World Congress expo today, it was announced that Nvidia had entered into a new partnership with Arm Holdings, Microsoft, Amazon, Softbank, Samsung, Ericsson, and Nokia to advance radio-access-network (RAN) and AI technologies in the telecommunications industry. The AI-RAN Alliance has been formed with the goal of paving the way for dramatic improvements in artificial intelligence and communications technologies.
This morning, Nvidia’s Senior Telecom Vice President Ronnie Vasishta said, “The AI-RAN Alliance brings together industry-shaping companies with expertise from silicon through software to deliver on the promise of ubiquitous AI and 6G.” Next-generation network technology could help power ongoing improvements for AI and bolster adoption of SoundHound’s services.
In addition to the unveiling of the AI-RAN Alliance, Nvidia also announced today that it’s deepening its partnership with ServiceNow. The two companies are rolling out generative-AI solutions that have been tailored for the telecom industry. While neither of Nvidia’s partnership announcements specifically mentioned SoundHound AI, investors are betting that they could wind up creating bullish catalysts for the audio-technology specialist.
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