<p><strong>英伟达</strong>(NVDA -1.97%) 在 2023 年初是一家价值 3600 亿美元的公司，但仅仅两年后，其价值已飙升至惊人的 3.3 万亿美元。推动公司惊人增长的主要因素是英伟达的数据中心图形处理器（GPU），它们是开发人工智能（AI）模型的世界最佳。</p>
<p>人工智能一直是其增长的重要推动力，英伟达正在寻找确保人工智能继续推动其未来增长的方法。为此，在过去一年左右的时间里，首席执行官黄仁勋一直在通过投资其他人工智能股票来分散英伟达的财富。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MDM2ODgvbnZpZGlhLWhlYWRxdWFydGVycy13aXRoLWdyZXktbnZpZGlhLXNpZ24taW4tZnJvbnQtd2l0aC1udmlkaWEtbG9nby5wbmcmdz03MDA?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MDM2ODgvbnZpZGlhLWhlYWRxdWFydGVycy13aXRoLWdyZXktbnZpZGlhLXNpZ24taW4tZnJvbnQtd2l0aC1udmlkaWEtbG9nby5wbmcmdz03MDA"/></p>
<p>图片来源：英伟达。</p>
<h2>英伟达持有股份的六只股票</h2>
<p>英伟达在 2023 年底首次开始投资人工智能股票。根据公司在 2024 年 11 月向证券交易委员会（SEC）提交的最新 13-F 文件，这些是它目前持有的六个公司：</p>
<ol>
<li><strong>Applied Digital Corp.</strong>，为客户设计和建造数据中心。</li>
<li><strong>Arm Holdings</strong>，帮助科技公司设计先进的计算芯片。</li>
<li><strong>Nano-X Imaging</strong>，利用人工智能改善医学成像。</li>
<li><strong>Recursion Pharmaceuticals</strong>，利用人工智能辅助药物发现过程。</li>
<li><strong>Serve Robotics</strong>，开发自主最后一公里配送解决方案。</li>
<li><strong>SoundHound AI</strong>(SOUN -9.01%)，在对话式人工智能领域处于领先地位。</li>
</ol>
<p>SoundHound AI 的股票在 2024 年表现最佳，涨幅高达 835%。但在 2025 年开局却非常坎坷——上周（截至 1 月 10 日星期五），其股价暴跌 32%，投资者削减了对高估值股票的押注。</p>
<p>这会是购买 SoundHound 股票的绝佳机会吗？</p>
<h2>对话式人工智能的强大力量</h2>
<p>对话式人工智能旨在理解基于语音的提示并作出相应的回应。SoundHound 是该技术的领先开发者，目前在快餐行业、酒店行业甚至汽车行业都有客户。</p>
<p>然而，SoundHound 去年收购了另一家对话式人工智能公司 Amelia，这使其扩展到金融服务、保险和医疗等新行业，因此它正在成为这一新兴领域的真正强者。</p>
<p>SoundHound 的应用程序在超过 10,000 个餐厅地点上线，自动化了得来速点餐、电话点餐和店内点餐。此外，公司员工助手软件的采用也在增长，可以为员工提供关于菜单项或商店政策的即时信息。基本上，这是一个他们在任何班次期间都可以随时与之对话的虚拟助手。</p>
<p><strong>Chipotle Mexican Grill</strong>、White Castle、Applebee's 和 Panda Express 只是一些使用 SoundHound 技术的顶级餐饮连锁店。</p>
<p>SoundHound 的 Chat AI 软件也正在进入 <strong>Stellantis</strong>（克莱斯勒、吉普和道奇）、<strong>梅赛德斯 - 奔驰</strong> 和 <strong>现代</strong> 等领先制造商的新车中。这是一个强大的语音助手，可以为驾驶员提供从天气到体育比分的各种信息。</p>
<p>在 2025 年 1 月初的 CES 技术大会上，SoundHound 还推出了全球首个车载语音商务平台。驾驶员可以要求他们的语音助手从当地餐厅下外卖订单，无需打电话。它甚至与车辆的 GPS 导航系统同步，因此如果你在下班回家的路上感到饥饿，你的食物应该在你到达餐厅时准备好。</p>
<h2>SoundHound 的收入在 2025 年有望飙升</h2>
<p>SoundHound 尚未公布 2024 年最后一个季度的财务结果。然而，公司的指引表明，它可能在这一年内实现高达 8500 万美元的总收入。这将比 2023 年增长 85%，也将是创纪录的高点。</p>
<p>Amelia 的收入纳入 2024 年是强劲增长的关键原因。此外，在第三季度（截至 9 月 30 日），SoundHound 告诉投资者，五个不同的行业占其总收入的 5% 到 25%，而在前一年同期，90% 的收入仅来自汽车行业。这突显了 Amelia 收购对 SoundHound 多元化业务的帮助。</p>
<p>2025 年可能是 SoundHound 迄今为止最大的一年。在新年开始之前，公司告诉投资者，它可能实现高达 1.75 亿美元的收入，这将比 2024 年加速增长 105%。SoundHound 在第三季度结束时还拥有创纪录的 10 亿美元订单积压，预计将在未来六年内转化为收入。换句话说，它有一个巨大的需求管道，这将支持其在 2025 年之后的增长。</p>
<h2>SoundHound 股票上周暴跌，但你应该趁机买入吗？</h2>
<p>SoundHound 的股票最近达到了约 24.23 美元的峰值，这使得公司的估值达到 90 亿美元。根据其过去 12 个月的收入，该股票的市销率（P/S）超过 100，完全不可持续。</p>
<p>即使在上周下跌 32% 之后，SoundHound 的市销率仍然约为 64，仍然是英伟达市销率的两倍多。</p>
<p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/a7eec21a5d51a8232f1b3351be37ce9e.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/a7eec21a5d51a8232f1b3351be37ce9e.png"/></p>
<p>数据来源：YCharts。</p>
<p>英伟达是全球最高质量的公司之一，拥有强劲的收入增长、飙升的利润、在人工智能硬件领域的领导地位以及数十年的成功记录。SoundHound 的股票以如此高的溢价（或根本没有溢价）交易于英伟达股票之上并没有太大意义。</p>
<p>即使你使用 SoundHound 预测的 2025 年 1.75 亿美元的收入来计算其市销率，其市销率仍然在 30 左右。相比之下，英伟达的前瞻市销率仅为 17，因此我认为 SoundHound 的股票仍然太贵了。</p>
<p>我并不是说 SoundHound 的股票需要进一步暴跌。它可能在接下来的几个月内横盘交易，直到投资者对其 2025 年的收入前景以及可能的 2026 年收入有更多了解。然而，在当前价格下很难推荐购买该股票，因为当你以世界上最好的人工智能股票作为基准时，它无疑是被高估的。</p>

SOUN

<p>英伟达市值为 3.3 万亿美元，已投资于六只人工智能股票，包括 SoundHound AI，该股票上周因估值过高而下跌了 32%。尽管如此，SoundHound 仍在各个行业扩展其对话式人工智能技术，包括餐饮和汽车行业。该公司预计 2024 年收入将增长 85%，这得益于其收购 Amelia，并预计 2025 年收入将达到 1.75 亿美元。SoundHound 强劲的 10 亿美元订单积压表明未来需求显著，使其成为尽管近期股价波动仍然值得购买的潜力股</p>

<p><strong>Nvidia</strong>(NVDA -1.97%) was a $360 billion company at the start of 2023, but just two years later, its worth has accelerated to a whopping $3.3 <em>trillion</em>. The main driver behind the company's incredible growth is Nvidia's graphics processors (GPUs) for data centers, which are the best in the world for developing artificial intelligence (AI) models.</p>
<div class="lb-trans"><p><strong>英伟达</strong>(NVDA -1.97%) 在 2023 年初是一家价值 3600 亿美元的公司，但仅仅两年后，其价值已飙升至惊人的 3.3 万亿美元。推动公司惊人增长的主要因素是英伟达的数据中心图形处理器（GPU），它们是开发人工智能（AI）模型的世界最佳。</p>
</div><p>AI has been a big driver of its growth and Nvidia is looking for ways to ensure AI keeps fueling its growth going forward. To help with that, over the past year or so, CEO Jensen Huang has been spreading some of Nvidia's wealth by investing in other AI stocks.</p>
<div class="lb-trans"><p>人工智能一直是其增长的重要推动力，英伟达正在寻找确保人工智能继续推动其未来增长的方法。为此，在过去一年左右的时间里，首席执行官黄仁勋一直在通过投资其他人工智能股票来分散英伟达的财富。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MDM2ODgvbnZpZGlhLWhlYWRxdWFydGVycy13aXRoLWdyZXktbnZpZGlhLXNpZ24taW4tZnJvbnQtd2l0aC1udmlkaWEtbG9nby5wbmcmdz03MDA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F803688%2Fnvidia-headquarters-with-grey-nvidia-sign-in-front-with-nvidia-logo.png&amp;op=resize&amp;w=700"/></p>
<p>Image source: Nvidia.</p>
<div class="lb-trans"><p>图片来源：英伟达。</p>
</div><h2>The six stocks Nvidia owns shares in</h2>
<div class="lb-trans"><h2>英伟达持有股份的六只股票</h2>
</div><p>Nvidia first started investing in AI stocks at the end of 2023. According to the company's latest 13-F filing with the Securities and Exchange Commission (SEC) from November 2024, these are the six names it currently holds:</p>
<div class="lb-trans"><p>英伟达在 2023 年底首次开始投资人工智能股票。根据公司在 2024 年 11 月向证券交易委员会（SEC）提交的最新 13-F 文件，这些是它目前持有的六个公司：</p>
</div><ol>
<li><strong>Applied Digital Corp.</strong>, which designs and builds data centers for customers.</li>
<li><strong>Arm Holdings</strong>, which helps tech companies design advanced computing chips.</li>
<li><strong>Nano-X Imaging</strong>, which uses AI to improve medical imaging.</li>
<li><strong>Recursion Pharmaceuticals</strong>, which uses AI to aid in the drug discovery process.</li>
<li><strong>Serve Robotics</strong>, which develops autonomous last-mile delivery solutions.</li>
<li><strong>SoundHound AI</strong>(SOUN -9.01%), which is a leader in conversational AI.</li>
</ol>
<div class="lb-trans"><ol>
<li><strong>Applied Digital Corp.</strong>，为客户设计和建造数据中心。</li>
<li><strong>Arm Holdings</strong>，帮助科技公司设计先进的计算芯片。</li>
<li><strong>Nano-X Imaging</strong>，利用人工智能改善医学成像。</li>
<li><strong>Recursion Pharmaceuticals</strong>，利用人工智能辅助药物发现过程。</li>
<li><strong>Serve Robotics</strong>，开发自主最后一公里配送解决方案。</li>
<li><strong>SoundHound AI</strong>(SOUN -9.01%)，在对话式人工智能领域处于领先地位。</li>
</ol>
</div><p>SoundHound AI stock was the top performer on that list in 2024, with a massive gain of 835%. But it's off to a very rocky start in 2025 -- last week (ended Friday, Jan. 10), its price plunged by 32% as investors trimmed their bets on stocks with elevated valuations.</p>
<div class="lb-trans"><p>SoundHound AI 的股票在 2024 年表现最佳，涨幅高达 835%。但在 2025 年开局却非常坎坷——上周（截至 1 月 10 日星期五），其股价暴跌 32%，投资者削减了对高估值股票的押注。</p>
</div><p>Will this be the ultimate opportunity to buy SoundHound stock?</p>
<div class="lb-trans"><p>这会是购买 SoundHound 股票的绝佳机会吗？</p>
</div><h2>A conversational AI powerhouse</h2>
<div class="lb-trans"><h2>对话式人工智能的强大力量</h2>
</div><p>Conversational AI is designed to understand voice-based prompts and respond in kind. SoundHound is a leading developer of the technology, and it currently has customers in the quick-service restaurant industry, the hospitality industry, and even the automotive industry.</p>
<div class="lb-trans"><p>对话式人工智能旨在理解基于语音的提示并作出相应的回应。SoundHound 是该技术的领先开发者，目前在快餐行业、酒店行业甚至汽车行业都有客户。</p>
</div><p>However, SoundHound acquired another conversational AI company called Amelia last year, which is expanding its reach into new industries like financial services, insurance, and healthcare, so it's becoming a true powerhouse in this emerging space.</p>
<div class="lb-trans"><p>然而，SoundHound 去年收购了另一家对话式人工智能公司 Amelia，这使其扩展到金融服务、保险和医疗等新行业，因此它正在成为这一新兴领域的真正强者。</p>
</div><p>SoundHound's applications are live in over 10,000 restaurant locations, where they automate drive-thru ordering, phone ordering, and in-store ordering. Plus, adoption is growing for the company's Employee Assist software, which can provide workers with immediate information about menu items or store policies on command. It's basically a virtual assistant they can speak to at any time during their shift.</p>
<div class="lb-trans"><p>SoundHound 的应用程序在超过 10,000 个餐厅地点上线，自动化了得来速点餐、电话点餐和店内点餐。此外，公司员工助手软件的采用也在增长，可以为员工提供关于菜单项或商店政策的即时信息。基本上，这是一个他们在任何班次期间都可以随时与之对话的虚拟助手。</p>
</div><p><strong>Chipotle Mexican Grill</strong>, White Castle, Applebee's, and Panda Express are just some of the top restaurant chains using SoundHound's technology.</p>
<div class="lb-trans"><p><strong>Chipotle Mexican Grill</strong>、White Castle、Applebee's 和 Panda Express 只是一些使用 SoundHound 技术的顶级餐饮连锁店。</p>
</div><p>SoundHound's Chat AI software is also finding its way into several new cars from leading manufacturers like <strong>Stellantis</strong> (Chrysler, Jeep, and Dodge), <strong>Mercedes-Benz</strong>, and <strong>Hyundai</strong>. It's a powerful voice assistant that can give the driver information on everything from the weather to sports scores.</p>
<div class="lb-trans"><p>SoundHound 的 Chat AI 软件也正在进入 <strong>Stellantis</strong>（克莱斯勒、吉普和道奇）、<strong>梅赛德斯 - 奔驰</strong> 和 <strong>现代</strong> 等领先制造商的新车中。这是一个强大的语音助手，可以为驾驶员提供从天气到体育比分的各种信息。</p>
</div><p>At the CES 2025 technology conference in early January, SoundHound also unveiled the world's first in-vehicle voice commerce platform. Drivers can ask their voice assistant to place a takeout order from a local restaurant, with no phone call required. It even syncs with the vehicle's GPS navigation system, so if you're hungry on the way home from work, your food should be ready the moment you arrive at the restaurant to pick it up.</p>
<div class="lb-trans"><p>在 2025 年 1 月初的 CES 技术大会上，SoundHound 还推出了全球首个车载语音商务平台。驾驶员可以要求他们的语音助手从当地餐厅下外卖订单，无需打电话。它甚至与车辆的 GPS 导航系统同步，因此如果你在下班回家的路上感到饥饿，你的食物应该在你到达餐厅时准备好。</p>
</div><h2>SoundHound's revenue is poised to soar in 2025</h2>
<div class="lb-trans"><h2>SoundHound 的收入在 2025 年有望飙升</h2>
</div><p>SoundHound hasn't reported its financial results for the final quarter of 2024 just yet. However, the company's guidance suggests it could deliver up to $85 million in total revenue for the year. That would represent growth of 85% compared to 2023, and it would also be a record high.</p>
<div class="lb-trans"><p>SoundHound 尚未公布 2024 年最后一个季度的财务结果。然而，公司的指引表明，它可能在这一年内实现高达 8500 万美元的总收入。这将比 2023 年增长 85%，也将是创纪录的高点。</p>
</div><p>The inclusion of Amelia's revenue in 2024 is a key reason for the strong growth. Plus, in the third quarter (ended Sept. 30), SoundHound told investors that five different industries represented between 5% and 25% of its total revenue, whereas in the prior-year period, 90% of its revenue came from the automotive sector alone. That highlights how much the Amelia acquisition helped SoundHound diversify its business.</p>
<div class="lb-trans"><p>Amelia 的收入纳入 2024 年是强劲增长的关键原因。此外，在第三季度（截至 9 月 30 日），SoundHound 告诉投资者，五个不同的行业占其总收入的 5% 到 25%，而在前一年同期，90% 的收入仅来自汽车行业。这突显了 Amelia 收购对 SoundHound 多元化业务的帮助。</p>
</div><p>2025 could be SoundHound's biggest year so far. Before it even started, the company told investors it could deliver up to $175 million in revenue, which would represent accelerated growth of 105% compared to 2024. SoundHound also ended Q3 with a record order backlog worth a whopping $1 billion, which it expects to convert into revenue over the next six years. In other words, it has a huge demand pipeline, which should support its growth even beyond 2025.</p>
<div class="lb-trans"><p>2025 年可能是 SoundHound 迄今为止最大的一年。在新年开始之前，公司告诉投资者，它可能实现高达 1.75 亿美元的收入，这将比 2024 年加速增长 105%。SoundHound 在第三季度结束时还拥有创纪录的 10 亿美元订单积压，预计将在未来六年内转化为收入。换句话说，它有一个巨大的需求管道，这将支持其在 2025 年之后的增长。</p>
</div><h2>SoundHound stock plunged last week, but should you buy the dip?</h2>
<div class="lb-trans"><h2>SoundHound 股票上周暴跌，但你应该趁机买入吗？</h2>
</div><p>SoundHound stock recently peaked at around $24.23, which valued the company at $9 billion. Based on its trailing-12-month revenue, the stock was trading at a staggering price-to-sales (P/S) ratio of over 100, which was completely unsustainable.</p>
<div class="lb-trans"><p>SoundHound 的股票最近达到了约 24.23 美元的峰值，这使得公司的估值达到 90 亿美元。根据其过去 12 个月的收入，该股票的市销率（P/S）超过 100，完全不可持续。</p>
</div><p>Even after its 32% dip last week, SoundHound's P/S ratio is still around 64, which is more than <em>twice</em> the P/S ratio of Nvidia.</p>
<div class="lb-trans"><p>即使在上周下跌 32% 之后，SoundHound 的市销率仍然约为 64，仍然是英伟达市销率的两倍多。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/a7eec21a5d51a8232f1b3351be37ce9e.png" alt="" original-src="https://media.ycharts.com/charts/a7eec21a5d51a8232f1b3351be37ce9e.png"/></p>
<p>Data by YCharts.</p>
<div class="lb-trans"><p>数据来源：YCharts。</p>
</div><p>Nvidia is one of the highest-quality companies in the world with powerful revenue growth, soaring profits, a leadership position in AI hardware, and a decades-long track record of success. It doesn't make much sense for SoundHound stock to trade at such a hefty premium (or any premium at all) to Nvidia stock.</p>
<div class="lb-trans"><p>英伟达是全球最高质量的公司之一，拥有强劲的收入增长、飙升的利润、在人工智能硬件领域的领导地位以及数十年的成功记录。SoundHound 的股票以如此高的溢价（或根本没有溢价）交易于英伟达股票之上并没有太大意义。</p>
</div><p>Even if you measure SoundHound's P/S ratio on a forward basis using its forecast 2025 revenue of $175 million, its P/S ratio is still around 30. By comparison, Nvidia's forward P/S ratio is just 17, so I think SoundHound stock is still way too expensive.</p>
<div class="lb-trans"><p>即使你使用 SoundHound 预测的 2025 年 1.75 亿美元的收入来计算其市销率，其市销率仍然在 30 左右。相比之下，英伟达的前瞻市销率仅为 17，因此我认为 SoundHound 的股票仍然太贵了。</p>
</div><p>I'm not suggesting SoundHound stock <em>needs</em> to plunge further. It could trade sideways for the next few months until investors learn more about its revenue outlook for 2025, and potentially even 2026. However, it's very difficult to recommend buying the stock at the current price, because it's unquestionably overvalued when you use the best AI stock in the world as a benchmark.</p>
<div class="lb-trans"><p>我并不是说 SoundHound 的股票需要进一步暴跌。它可能在接下来的几个月内横盘交易，直到投资者对其 2025 年的收入前景以及可能的 2026 年收入有更多了解。然而，在当前价格下很难推荐购买该股票，因为当你以世界上最好的人工智能股票作为基准时，它无疑是被高估的。</p>
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Nvidia Owns 6 Artificial Intelligence (AI) Stocks. Here's Why 1 (SoundHound AI) Plunged by 32% Last Week.

- Nvidia 的市值在 2023 年初为 3600 亿美元，2025 年已达 3.3 万亿美元。  
- SoundHound AI 股票在 2024 年上涨 835%，但 2025 年开局不佳，价格下跌 32%。  
- SoundHound 预计 2025 年收入可达 1.75 亿美元，增长 105%，但市值仍显高估。  

Motley Fool

英伟达拥有 6 只人工智能（AI）股票。以下是其中一只（SoundHound AI）上周暴跌 32% 的原因