Markets
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Matt Phillips

SoundHound slammed after Nvidia’s auto announcements

Voice-recognition company SoundHound AI is getting well and truly clobbered in the wake of AI behemoth Nvidia’s announcements about new auto-industry endeavors in CEO Jensen Huang’s Monday speech.

Most of what Huang mentioned — including a new collaboration with Toyota on autonomous vehicles — was slightly outside of SoundHound’s wheelhouse of providing voice-enabled AI software to devices like cars.

But Huang did talk up Nvidia’s so-called new offering of “agentic” AI tools, such as its Llama Nemotron language model. Agentic AI allows companies to create agents that can follow instructions and complete tasks. Such offerings could, essentially, compete with SoundHound AI’s software products — which allow voice recognition ordering of food at restaurants, for example.

That seems to be underscoring the challenge that a company like SoundHound, with a respectable market cap of about $7 billion, might have in competing with the likes of a $3.5 trillion giant like Nvidia.

For more about SoundHound, check out our interview with its CEO.

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SpaceX gets a wave of bullish ratings from Wall Street analysts

SpaceX received more than a dozen positive analyst calls on Tuesday — including from major Wall Street banks — as they initiate coverage on Elon Musk’s space and AI company.

SpaceX went public on June 12 at a $2.2 trillion valuation, the largest debut in history. While the company hasn’t yet posted a profit, it seems to have convinced Wall Street that it will get there and grow its valuation on the way.

Of the at least 17 analysts that gave a rating on Tuesday, all but one gave it a “buy” or “outperform” rating. MoffettNathanson was "neutral."

The ratings come as SpaceX joined the Nasdaq 100 index, a benchmark tech-heavy basket of companies that underpins millions of portfolios. The inclusion adds built-in demand for the stock from index funds and ETFs.

Still, SpaceX fell more than 5% on Tuesday amid a broader sell-off, and is currently effectively flat from its opening price of $150 a share.

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