Northland Capital Markets analyst Michael Latimore reiterated an Outperform rating and $4.00 price target on SoundHound AI Inc. (NASDAQ: SOUN).

The analyst stated, "Last night NVIDIA (NVDA, NR) filed a 13F, showing a 1.7 million share investment in SOUN. SoundHound AI has comprehensive and deep natural language processing (NLP) technology and an ability to deftly orchestrate between its core technology and LLMs (such as OpenAI). NLP, which is core to LLMs too, is a key driver of AI use and NVIDIA demand in our view, and thus, an investment is logical. SOUN is one of our top stock picks for 2024."

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Shares of SoundHound AI Inc. closed at $2.26 yesterday.