CMB News Of The Day📰🗞️🗞️

“SoundHound Faces Backlash Following Nvidia's Automotive Announcements”

SoundHound has come under fire in the wake of Nvidia's recent announcements concerning advancements in automotive technology. The news has sparked discussions and criticisms regarding SoundHound's position in the industry. ‼️🚨🚨🚨

SoundHound AI, a voice recognition company, saw its stock price drop to $17.93, a decrease of 9.85%, following Nvidia's recent announcements regarding their new initiatives in the automotive sector, as shared by CEO Jensen Huang on Monday. While much of Huang's discussion, including a partnership with Toyota for autonomous vehicles, didn't directly relate to SoundHound's focus on voice-enabled AI for devices like cars, he did highlight Nvidia's new "agentic" AI tools like the Llama Nemotron language model. These tools enable businesses to develop AI agents capable of executing instructions and tasks, potentially posing competition to SoundHound's products, which include voice-activated ordering systems in restaurants. This situation highlights the competitive challenge SoundHound, with a market cap of around $7 billion, faces against a tech titan like Nvidia, valued at $3.5 trillion.