SoundHound AI Inc. (NASDAQ:SOUN) soared 30% today to a new high of 13.12 dollars after Torchy’s Tacos announced that it had deployed AI Smart Ordering in all 130 locations.
Fast-food chains are known worldwide for their “Damn Good Tacos”.
Torchy’s Tacos customers can now place their orders by speaking with AI. SoundHound’s artificial intelligence will be able to recognise the customers’ orders immediately and accurately, according to a Thursday press release.
SoundHound’s stock price has grown about eight times from its early-February low.
SoundHound, the AI leader for restaurants
AI Smart Ordering is handling 100% of Torchy’s Tacos incoming phone calls.
The press release said that the system will be able to take orders and answer questions about menu items. This allows the staff of the taco-chain to concentrate on providing an excellent service in the store.
SoundHound, which calls itself the AI leader for restaurants, has reached another major milestone with this announcement.
James Hom, chief product officer at SoundHound, said: “We have witnessed the transformation of how restaurants interact with customers as we scale up our AI-powered solutions. They have added an entirely new level of efficiency and convenience.”
SoundHound is currently not a component of the S&P 500. It would, however, have been the best-performing stock in 2024 if it was included.
What else could be driving the SOUN Stock rally today?
SoundHound’s share price has surged over the past few weeks, also due to its executives being scheduled to attend key UBS conferences and Barclays conference in December.
Investors, both retail and institution investors, expect that they will provide more information on the growth strategy of their company when speaking at these conferences. Investors also expect management to have ambitious goals in the future.
SoundHound expects to generate up to $85million in revenue in this year. It believes that number will more than double by 2025 to $170million.
SOUN does not pay dividends at the moment.
When is it too late for SoundHound investors to buy stock?
SoundHound’s stock at its current price is not cheap.
The voice AI company, however, is expanding at an accelerated pace and diversifying their revenue streams outside of automotive. This may be able to help them sustain or increase the share price.
Keyvan Mohajer stated in an interview recently that SOUN’s aim is to “be in all enterprise brands.”
This leaves plenty of room to expand in future years.
SoundHound AI Inc. is committed to reaching profitability by 2025, which will also help reduce the overhang on its stock. Wall Street rates it as “overweight” in part because of this.
This article SoundHound stocks soar to record highs of $13 with Torchy’s Tacos AI Deal first appeared on The ICD
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