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SoundHound AI (SOUN) and General Motors (GM) are among the winners on Wall Street today, climbing 9% and 3.5%, respectively.
SOUN yesterday announced that it had unveiled an updated AI platform for restaurants, while GM raised its dividend and unveiled a new share-buyback initiative.
Why SOUN Is Climbing Today
SoundHound AI yesterday reported that it had launched an updated version of its "voice AI-powered platform for restaurants." The new system offers AI-powered, automated "Call-to-Order, Text-to-Order, Scan-to-Order, and In-Car Voice Ordering," SOUN reported. Additionally, it is faster and more accurate than its predecessor.
"AI in restaurants is no longer optional – it’s the new standard. The future is omnichannel, and our advanced platform gives restaurants the flexibility to integrate automation across every customer touchpoint," SOUN Chief Product Officer James Horn said in a statement.
Why GM is Advancing Today
GM announced that it would raise its quarterly dividend by 3 cents per share to 15 cents. The automaker also noted that it would launch a new, $6 billion share-buyback plan. GM announced a $6 billion share-buyback program in June and noted that $300 million remains under that initiative.
The company plans to buy back $2 billion of its shares by the end of June 2025. Its new overall plan has no set deadline.
While we acknowledge the potential of SOUN, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns, and doing so within a shorter time frame. If you are looking for an AI stock that is more promising than SOUN but that trades at less than 5 times its earnings, check out our report about the cheapest AI stock.
READ ALSO 8 Best Wide Moat Stocks to Buy Now and 30 Most Important AI Stocks According to BlackRock
Disclosure: None. This article is originally published at Insider Monkey.