SoundHound AI (NASDAQ:SOUN) stock is soaring about 75% today on news that Nvidia (NASDAQ:NVDA) has invested about $3.7 million in the small artificial intelligence (AI) company. SOUN’s system converts human speech directly into language that AI-powered computers can understand. Among its largest customers are Oracle (NYSE:ORCL), Square (NYSE:SQ), Hyundai (OTCMKTS:HYMTF), and Stellantis’ (NYSE:STLA) Jeep unit.

Nvidia’s Strategic Investments

Nvidia augmented its investment in SOUN back in 2017, prior to the company’s IPO launch, and now stands at about $3.7 million. Additionally, the chip giant also disclosed a $147.3 million stake in Arm Holdings (NASDAQ:ARM) and increased its stake in Recursion Pharmaceuticals (NASDAQ:RXRX) to $76 million from $50 million.

Moreover, Nvidia ventured into the imaging sector by spending $380,000 on Nano-X Imaging (NASDAQ:NNOX), an Israel-based company enabling AI-assisted analysis of “chest and abdomen CT scans.”

Market Performance of SOUN Stock

Softbank (OTCMKTS:SFTBY), a large Japanese investment bank, unveiled its acquisition of approximately 1.1 million shares of SIUN last quarter. It’s worth noting that SoundHound was established in 2005. The shares have surged by 92% in the last month and 65% in the previous three months.

On the date of publication, Larry Ramer did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.