Cantor Fitzgerald says Nvidia’s ownership in SoundHound (SOUN), which is driving SoundHound shares higher today, comes from an investment made back in 2017 when SoundHound raised $75M. The firm believes Nvidia filed a 13F this quarter because its investment arm now has assets under management above $100M, which is the threshold for a filing. While the stake is not new news, it was not widely known that SoundHound counts Nvidia as an investor, the analyst tells investors in a research note. The firm believes the stock’s 65% rally today “seems to be aggressive” as there has not been a recent share purchase made by Nvidia. Cantor has an Overweight rating on SoundHound with a $3.60 price target.
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