Key Takeaways SoundHound AI stock closed at a record high Monday after Wedbush raised its price target for the company.Analysts said the company is seeing strong demand for its AI voice solutions.SoundHound AI is backed in part by Nvidia.

SoundHound AI stock has had a massive run in 2024, and a Wedbush analyst is confident the its artificial intelligence voice technology will help push the stock even higher in the new year. Dan Ives increased his price target on SoundHound to $22 from $10 on Monday,

SoundHound also improved its customer concentration and now relies less on a handful of large customers for the majority of its revenue. Just 12% of sales are attributed to its large customers now, down from 72% last year. This is a healthier revenue mix and means SoundHound's business would be less affected by one or two large customers leaving.

SoundHound AI (NASDAQ:SOUN) stock has had a phenomenal run this year, skyrocketing a remarkable 698% in 2024 and 82% this month alone. The