SoundHound AI (NASDAQ:SOUN) Stocks rise in Thursday trading. Conversational artificial intelligence (Amnesty International) The company’s stock price was up 30.1% as of 1 p.m. ET. As of this writing, Standard & Poor’s 500 The indicator was flat, and… Nasdaq Composite The index rose 0.2%.
SoundHound AI’s valuation rises today following news that the company’s AI ordering and customer service technologies are being rolled out at Torchy’s Tacos. The stock is now up 157% over the past month.
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SoundHound published a press release today announcing that its AI Smart Ordering service has launched at Torchy’s Tacos. The service has been adopted at all of the company’s 130 restaurant locations. SoundHound’s conversational AI software is trained on Torchy’s Menu and has the ability to manage 100% of the restaurant’s incoming calls, handling questions about menu items, special offers, store hours, and allergy-related information. In turn, using AI software will allow Torchy’s employees to focus on food preparation and in-store service.
While SoundHound AI stock’s massive gains today were driven by the announcement of the rollout of services at Torchy’s Tacos, there is an underlying element that could play a larger role in the stock price gains. SoundHound AI has gained fame as Meme stockIts stock price has often seen significant shifts due to little or no relevant news.
Landing a new contract at Torchy’s is certainly an upside development, and the increased adoption highlights the value and potential of SoundHound’s software. On the other hand, linking its AI ordering software to 130 new restaurant locations is not the kind of announcement that would normally be expected to produce such massive stock price gains. While the stock could continue to skyrocket thanks to meme-fueled momentum, the recent gains raise some big concerns about valuation — and there’s a good chance the stock will be very volatile in the near term.
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