SoundHound AI (SOUN) To Deploy Chat AI Automotives In Cars

SoundHound AI SOUN is expanding its footprint in the automotive industry with the recent integration of advanced voice AI into vehicles.

With its voice assistant, SoundHound Chat AI Automotive, the world’s first in-vehicle voice assistant with integrated generative AI has made its initial appearance in Stellantis DS Automobiles in Japan.

The integration marks a significant milestone as DS Automobiles becomes the first automaker globally to implement SoundHound’s sophisticated voice AI assistant, named Iris, in full production.

With its ability to respond to a wide array of inquiries across multiple languages and domains, including leveraging Chat GPT, Iris offers unparalleled hands-free controls for drivers and passengers, enabling a wide range of information and functionalities seamlessly.

SoundHound AI, Inc. Price and Consensus

 

SoundHound AI, Inc. Price and Consensus

SoundHound AI, Inc. Price and Consensus

SoundHound AI, Inc. price-consensus-chart | SoundHound AI, Inc. Quote

The SoundHound System also ensures a reduction in the risk of “AI hallucinations,” ensuring reliability and trustworthiness in the responses provided by the voice assistant.

SoundHound AI Leverages Voice AI to Boost Prospect

SoundHound AI’s shares have gained 176.4% year-to-date compared with the Zacks Computer and Technology sector’s rise of 12.5%. The uptick can be attributed to SOUN’s commitment to advancing automotive technology through the seamless integration of advanced voice artificial intelligence.

SoundHound AI’s recent collaboration with NVIDIA NVDA further solidifies its foothold in the automotive sector.

SoundHound AI introduced an in-vehicle voice assistant powered by a large language model on the NVIDIA Drive platform, offering real-time and generative AI capabilities for seamless responses without cloud connectivity, transforming driver experiences.

SOUN’s prospects in the conversational AI space are expected to be bright, as reflected in its expanding clientele. Clients like Olo OLO, Oracle ORCL and Toast leverage SOUN’s voice AI solutions to enhance their offerings in the restaurant landscape.

In the fourth quarter of 2023, SOUN announced the integration of its Smart Ordering voice AI technology with Oracle MICROS Symphony point-of-sale (POS) for restaurants, enhancing order efficiency and customer experience in the hospitality industry.   

SoundHound AI partners with Olo to bring its voice AI technology to approximately 77,000 restaurant locations, enabling high-speed, accurate order processing and enhancing the guest experience.

SOUN also announced its partnership with Toast, integrating SoundHound for Restaurants into Toast’s point-of-sale system, enhancing order efficiency and customer experience in the restaurant industry.

This Zacks Rank #3 (Hold) company’s robust portfolio and strong partner base are expected to boost its top-line growth. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

The Zacks Consensus Estimate for first-quarter 2024 is pegged at $10.12 million, indicating year-over-year growth of 50.86%.

For 2024, revenues are expected to be between $63 and $77 million, targeting a midpoint of $70 million.

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