<p><strong>英伟达</strong>（NVDA -0.12%）的数据中心图形处理器（GPU）在人工智能（AI）开发方面是黄金标准。近年来，随着对这些芯片需求的激增，该公司的市值增加了 3 万亿美元。</p>
<p>英伟达在 2023 年底开始将部分财富投资于较小的 AI 股票。其中之一是领先的对话 AI 软件开发商 <strong>SoundHound AI</strong>（SOUN -3.23%），在 2024 年，其股票的表现超过了整个行业的一些大牌，涨幅高达 835%。</p>
<p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/9c4b2065ec81a0f3613b3c9f94f56eb1.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/9c4b2065ec81a0f3613b3c9f94f56eb1.png"/></p>
<p>数据来源：YCharts。</p>
<p>英伟达最新的 13-F 表格于上周向证券交易委员会发布，详细列出了截至 2024 年底的持股情况。SoundHound AI 的股票显著缺失，引发了一波抛售，导致该公司在 2 月 14 日一天内损失了 28% 的市值。</p>
<p>我们不知道英伟达为何会出售去年的最佳表现股票之一，但投资者是否也应该考虑削减在 SoundHound 的持仓？</p>
<h2>对话 AI 的领导者</h2>
<p>目前市场上最受欢迎的 AI 聊天机器人（如 OpenAI 的 ChatGPT）最初是为了理解基于文本的提示而设计的，而 SoundHound AI 一直专注于开发基于语音的应用程序。其对话 AI 产品现在在多个商业场景中使用，从快餐店到汽车行业。</p>
<p>SoundHound 的 Chat AI 软件现在在 <strong>梅赛德斯 - 奔驰</strong> 和 <strong>起亚</strong> 等顶级制造商的新车中上线，可以根据指令为驾驶员提供几乎任何主题的信息。此外，本月早些时候，SoundHound 推出了一项名为品牌个性的功能，使每个制造商能够自定义从语音助手的响应风格到其角色的所有内容，以便在竞争中脱颖而出。</p>
<p>SoundHound 还在 1 月推出了全球首个车载商业平台。它允许驾驶员在不拨打电话的情况下从餐厅下订单，甚至与车辆的 GPS 系统同步，以找到最合适的位置。例如，如果你在一个不熟悉的城市驾驶，你可以简单地要求助手从最近的比萨店订购比萨。</p>
<p>说到餐厅，SoundHound 的软件应用程序现在在美国一些最受欢迎的连锁店的 1 万多个地点使用，包括 <strong>Chipotle Mexican Grill</strong> 和 <strong>Papa John's</strong>。该公司提供 AI 驱动的自动订购系统，可以在店内、电话和自驾取餐时部署。它还开发了一种名为员工助手的工具，可以通过语音提示为员工提供有关商店政策和菜单项目的即时信息。</p>
<p>由于去年 8 月收购了另一家对话 AI 专家 <strong>Amelia</strong>，SoundHound 目前正在扩展到医疗、金融服务和保险等新行业。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MDc5NjYvYS1wZXJzb24tY29sbGVjdGluZy10aGVpci1mb29kLWF0LXRoZS1kcml2ZS10aHJ1LXdpbmRvdy1vZi1hLXJlc3RhdXJhbnQuanBnJnc9NzAw?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-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MDc5NjYvYS1wZXJzb24tY29sbGVjdGluZy10aGVpci1mb29kLWF0LXRoZS1kcml2ZS10aHJ1LXdpbmRvdy1vZi1hLXJlc3RhdXJhbnQuanBnJnc9NzAw"/></p>
<p>图片来源：Getty Images。</p>
<h2>SoundHound 的收入预计将在 2025 年飙升</h2>
<p>SoundHound AI 计划在 2 月 27 日报告其 2024 年的最后一组季度财务结果。该公司的先前指引表明，全年收入可能达到创纪录的 8500 万美元，比 2023 年的结果增长 85%。这一数字将受益于 Amelia 在第三和第四季度的收入贡献，提供了一次性提升。</p>
<p>对于 SoundHound 在 2025 年的业绩预测也是如此，因为这将是其首次将 Amelia 的财务结果纳入自身的完整年度。该公司认为其总收入可能达到 1.75 亿美元，这将比其潜在的 2024 年结果增长 105%。</p>
<p>话虽如此，SoundHound 在 2024 年第三季度末（截至 9 月 30 日）有价值 10 亿美元的订单积压，预计将在未来六年内转化为收入。因此，Amelia 的收购并不是该公司目前唯一的实力来源——显然对其现有产品组合有着显著的需求。</p>
<p>Amelia 正在做的一件事是多样化 SoundHound 的收入来源。在第三季度，五个不同的行业占该公司总收入的 5% 到 25% 之间，而一年前的同期，90% 的收入仅来自汽车行业。</p>
<h2>SoundHound 股票极其昂贵</h2>
<p>英伟达仅持有 SoundHound 170 万股，按当前股价 10.96 美元计算，价值约 1900 万美元。由于英伟达是一家 3.4 万亿美元的巨头，即使完全损失也不会对其产生影响，因此我怀疑它会因为估值而出售 SoundHound 的股票。</p>
<p>话虽如此，SoundHound 的股票目前的市销率（P/S）为 50，远高于英伟达本身：</p>
<p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/cea1474db2950adfe42189858b84ad44.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/cea1474db2950adfe42189858b84ad44.png"/></p>
<p>数据来源：YCharts。</p>
<p>如果我们假设 SoundHound 的 2025 年收入预测为 1.75 亿美元是准确的，那么其前瞻市销率仅为 23.1，这就不那么极端了。不过，除非分析师认为 2026 年可能会有同样强劲的收入增长，否则这并没有留下太多上行空间。</p>
<p>不过，考虑到 Amelia 在 2025 年对 SoundHound 收入增长的重大一次性贡献，如我之前所强调的，这似乎不太可能。因为合并后的公司将不得不依赖有机增长。</p>
<p>即使估值不是英伟达出售 SoundHound 股票的原因，但对于现有投资者来说，这也不是一个坏理由，可以考虑部分兑现收益。对于那些没有持有该股票的投资者来说，目前的市销率确实是一个足够好的理由让他们保持观望。</p>
<p>SoundHound 最新财报将于 2 月 27 日发布，这可能会为公司未来愿景提供一些新的见解。此外，英伟达定于前一天（2 月 26 日）发布财报，因此我们可能会了解到它为何出售 SoundHound。</p>

英伟达

<p>英伟达已出售其在 SoundHound AI 的股份，该公司是领先的对话式人工智能开发商，2024 年股价上涨了 835%。在英伟达最近的 SEC 文件披露后，SoundHound 的股价在一天内暴跌 28%。尽管如此，SoundHound 正在扩大其在各个行业的人工智能应用，并预测到 2025 年收入将增加至 1.75 亿美元，这得益于其收购 Amelia。然而，SoundHound 的股票目前以 50 的高市销率交易，这引发了对其估值的担忧</p>

<p><strong>Nvidia</strong>'s (NVDA -0.12%) graphics processors (GPUs) for the data center are the gold standard when it comes to developing artificial intelligence (AI). The company has added $3 trillion to its market capitalization over the last couple of years on the back of surging demand for those chips.</p>
<div class="lb-trans"><p><strong>英伟达</strong>（NVDA -0.12%）的数据中心图形处理器（GPU）在人工智能（AI）开发方面是黄金标准。近年来，随着对这些芯片需求的激增，该公司的市值增加了 3 万亿美元。</p>
</div><p>Nvidia started spreading some of that wealth by investing in smaller AI stocks at the end of 2023. One of them is a leading developer of conversational AI software called <strong>SoundHound AI</strong>(SOUN -3.23%), and during 2024, its stock outperformed some of the biggest names in the entire industry with a whopping 835% gain:</p>
<div class="lb-trans"><p>英伟达在 2023 年底开始将部分财富投资于较小的 AI 股票。其中之一是领先的对话 AI 软件开发商 <strong>SoundHound AI</strong>（SOUN -3.23%），在 2024 年，其股票的表现超过了整个行业的一些大牌，涨幅高达 835%。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/9c4b2065ec81a0f3613b3c9f94f56eb1.png" alt="" original-src="https://media.ycharts.com/charts/9c4b2065ec81a0f3613b3c9f94f56eb1.png"/></p>
<p>Data by YCharts.</p>
<div class="lb-trans"><p>数据来源：YCharts。</p>
</div><p>Nvidia's latest form 13-F with the Securities and Exchange Commission was released last week, which detailed its holdings as of the end of 2024. SoundHound AI stock was notably missing, sparking a flurry of selling that saw the company lose 28% of its value in a single day on Feb. 14.</p>
<div class="lb-trans"><p>英伟达最新的 13-F 表格于上周向证券交易委员会发布，详细列出了截至 2024 年底的持股情况。SoundHound AI 的股票显著缺失，引发了一波抛售，导致该公司在 2 月 14 日一天内损失了 28% 的市值。</p>
</div><p>We don't know why Nvidia would sell one of last year's best-performing stocks, but should investors also consider trimming their positions in SoundHound?</p>
<div class="lb-trans"><p>我们不知道英伟达为何会出售去年的最佳表现股票之一，但投资者是否也应该考虑削减在 SoundHound 的持仓？</p>
</div><h2>A leader in conversational AI</h2>
<div class="lb-trans"><h2>对话 AI 的领导者</h2>
</div><p>The most popular AI chatbots on the market today (like OpenAI's ChatGPT) were originally designed to understand text-based prompts, whereas SoundHound AI has always focused on developing voice-based applications. Its conversational AI products are now used in several commercial settings, from quick-service restaurants to the automotive industry.</p>
<div class="lb-trans"><p>目前市场上最受欢迎的 AI 聊天机器人（如 OpenAI 的 ChatGPT）最初是为了理解基于文本的提示而设计的，而 SoundHound AI 一直专注于开发基于语音的应用程序。其对话 AI 产品现在在多个商业场景中使用，从快餐店到汽车行业。</p>
</div><p>SoundHound's Chat AI software is now live in new cars from top manufacturers like <strong>Mercedes-Benz</strong> and <strong>Kia</strong>, where it can provide the driver with information on almost any topic on command. Plus, earlier this month, SoundHound released a new feature called Brand Personalities, which gives each manufacturer the ability to customize everything from the voice assistant's response style to its character so it stands out from the competition.</p>
<div class="lb-trans"><p>SoundHound 的 Chat AI 软件现在在 <strong>梅赛德斯 - 奔驰</strong> 和 <strong>起亚</strong> 等顶级制造商的新车中上线，可以根据指令为驾驶员提供几乎任何主题的信息。此外，本月早些时候，SoundHound 推出了一项名为品牌个性的功能，使每个制造商能够自定义从语音助手的响应风格到其角色的所有内容，以便在竞争中脱颖而出。</p>
</div><p>SoundHound also launched the world's first in-vehicle commerce platform in January. It allows drivers to place food orders from restaurants without picking up the phone, and it even syncs with the vehicle's GPS system so it can find the most suitable locations. For example, if you're driving in an unfamiliar city, you can simply ask the assistant to order a pizza from the nearest pizzeria.</p>
<div class="lb-trans"><p>SoundHound 还在 1 月推出了全球首个车载商业平台。它允许驾驶员在不拨打电话的情况下从餐厅下订单，甚至与车辆的 GPS 系统同步，以找到最合适的位置。例如，如果你在一个不熟悉的城市驾驶，你可以简单地要求助手从最近的比萨店订购比萨。</p>
</div><p>Speaking of restaurants, SoundHound's software applications are now used in over 10,000 locations across some of America's most popular chains, including <strong>Chipotle Mexican Grill</strong> and <strong>Papa John's</strong>. The company offers AI-powered, automated ordering systems that can be deployed in-store, on the phone, and even in the drive-thru. It also developed a tool called Employee Assist, which can provide workers with instant information about store policies and menu items, powered entirely by voice prompts.</p>
<div class="lb-trans"><p>说到餐厅，SoundHound 的软件应用程序现在在美国一些最受欢迎的连锁店的 1 万多个地点使用，包括 <strong>Chipotle Mexican Grill</strong> 和 <strong>Papa John's</strong>。该公司提供 AI 驱动的自动订购系统，可以在店内、电话和自驾取餐时部署。它还开发了一种名为员工助手的工具，可以通过语音提示为员工提供有关商店政策和菜单项目的即时信息。</p>
</div><p>SoundHound is currently expanding into new industries like healthcare, financial services, and insurance, thanks to its acquisition of another conversational AI specialist called Amelia in August last year.</p>
<div class="lb-trans"><p>由于去年 8 月收购了另一家对话 AI 专家 <strong>Amelia</strong>，SoundHound 目前正在扩展到医疗、金融服务和保险等新行业。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MDc5NjYvYS1wZXJzb24tY29sbGVjdGluZy10aGVpci1mb29kLWF0LXRoZS1kcml2ZS10aHJ1LXdpbmRvdy1vZi1hLXJlc3RhdXJhbnQuanBnJnc9NzAw" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F807966%2Fa-person-collecting-their-food-at-the-drive-thru-window-of-a-restaurant.jpg&amp;op=resize&amp;w=700"/></p>
<p>Image source: Getty Images.</p>
<div class="lb-trans"><p>图片来源：Getty Images。</p>
</div><h2>SoundHound's revenue is forecast to soar in 2025</h2>
<div class="lb-trans"><h2>SoundHound 的收入预计将在 2025 年飙升</h2>
</div><p>SoundHound AI is scheduled to report its final set of quarterly financial results for 2024 on Feb. 27. The company's previous guidance suggests its revenue for the full year could come in at a record $85 million, representing an 85% increase from its 2023 result. The figure will benefit from the inclusion of Amelia's revenue during the third and fourth quarters, which provided a one-off boost.</p>
<div class="lb-trans"><p>SoundHound AI 计划在 2 月 27 日报告其 2024 年的最后一组季度财务结果。该公司的先前指引表明，全年收入可能达到创纪录的 8500 万美元，比 2023 年的结果增长 85%。这一数字将受益于 Amelia 在第三和第四季度的收入贡献，提供了一次性提升。</p>
</div><p>The same will be true for SoundHound's forecast for 2025 results because this will be the first full year in which it includes Amelia's financial results as part of its own. The company believes its total revenue could come in at $175 million, which will be a 105% jump from its potential 2024 result.</p>
<div class="lb-trans"><p>对于 SoundHound 在 2025 年的业绩预测也是如此，因为这将是其首次将 Amelia 的财务结果纳入自身的完整年度。该公司认为其总收入可能达到 1.75 亿美元，这将比其潜在的 2024 年结果增长 105%。</p>
</div><p>With that said, SoundHound had an order backlog worth $1 billion at the end of the third quarter of 2024 (ended Sept. 30), which it expects to convert into revenue over the next six years. So, the Amelia acquisition isn't the company's <em>only</em> source of strength right now -- there is clearly significant demand for its existing product portfolio.</p>
<div class="lb-trans"><p>话虽如此，SoundHound 在 2024 年第三季度末（截至 9 月 30 日）有价值 10 亿美元的订单积压，预计将在未来六年内转化为收入。因此，Amelia 的收购并不是该公司目前唯一的实力来源——显然对其现有产品组合有着显著的需求。</p>
</div><p>One thing Amelia <em>is</em> doing is diversifying SoundHound's revenue streams. During Q3, five different industries accounted for between 5% and 25% of the company's total revenue, whereas 90% of its revenue came from the automotive industry alone in the year-ago period.</p>
<div class="lb-trans"><p>Amelia 正在做的一件事是多样化 SoundHound 的收入来源。在第三季度，五个不同的行业占该公司总收入的 5% 到 25% 之间，而一年前的同期，90% 的收入仅来自汽车行业。</p>
</div><h2>SoundHound stock is extremely expensive</h2>
<div class="lb-trans"><h2>SoundHound 股票极其昂贵</h2>
</div><p>Nvidia only owned 1.7 million shares in SoundHound, which would be worth around $19 million based on its stock price of $10.96 as of this writing. Since Nvidia is a $3.4 trillion giant, even a full and complete loss wouldn't have moved the needle, so I doubt it sold SoundHound stock because of its valuation.</p>
<div class="lb-trans"><p>英伟达仅持有 SoundHound 170 万股，按当前股价 10.96 美元计算，价值约 1900 万美元。由于英伟达是一家 3.4 万亿美元的巨头，即使完全损失也不会对其产生影响，因此我怀疑它会因为估值而出售 SoundHound 的股票。</p>
</div><p>With that said, SoundHound stock is trading at a price-to-sales (P/S) ratio of 50 as of this writing, making it substantially more expensive than Nvidia itself:</p>
<div class="lb-trans"><p>话虽如此，SoundHound 的股票目前的市销率（P/S）为 50，远高于英伟达本身：</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/cea1474db2950adfe42189858b84ad44.png" alt="" original-src="https://media.ycharts.com/charts/cea1474db2950adfe42189858b84ad44.png"/></p>
<p>Data by YCharts.</p>
<div class="lb-trans"><p>数据来源：YCharts。</p>
</div><p>If we assume SoundHound's 2025 revenue forecast of $175 million proves to be accurate, it places the stock at a forward P/S ratio of just 23.1, which is a little less extreme. Still, it doesn't leave much room for upside unless analysts think an equally strong revenue increase might be in the cards for 2026.</p>
<div class="lb-trans"><p>如果我们假设 SoundHound 的 2025 年收入预测为 1.75 亿美元是准确的，那么其前瞻市销率仅为 23.1，这就不那么极端了。不过，除非分析师认为 2026 年可能会有同样强劲的收入增长，否则这并没有留下太多上行空间。</p>
</div><p>That seems unlikely, though, given that Amelia is making a big one-off contribution to SoundHound's revenue growth in 2025, as I highlighted earlier. That won't be replicable in 2026 because the combined companies will have to rely on organic growth alone.</p>
<div class="lb-trans"><p>不过，考虑到 Amelia 在 2025 年对 SoundHound 收入增长的重大一次性贡献，如我之前所强调的，这似乎不太可能。因为合并后的公司将不得不依赖有机增长。</p>
</div><p>Even if valuation isn't the reason Nvidia sold SoundHound stock, it's not a bad reason for existing investors to potentially take some money off the table. For investors who don't own the stock, its current P/S ratio is certainly a good enough reason to stay on the sidelines.</p>
<div class="lb-trans"><p>即使估值不是英伟达出售 SoundHound 股票的原因，但对于现有投资者来说，这也不是一个坏理由，可以考虑部分兑现收益。对于那些没有持有该股票的投资者来说，目前的市销率确实是一个足够好的理由让他们保持观望。</p>
</div><p>The upcoming release of SoundHound's latest financial report on Feb. 27 could offer some fresh insights into the company's vision for the future. Plus, Nvidia is scheduled to report the day before (on Feb. 26), so we might find out why it sold SoundHound.</p>
<div class="lb-trans"><p>SoundHound 最新财报将于 2 月 27 日发布，这可能会为公司未来愿景提供一些新的见解。此外，英伟达定于前一天（2 月 26 日）发布财报，因此我们可能会了解到它为何出售 SoundHound。</p>
</div>

Nvidia Just Sold 1 of Last Year's Best-Performing Artificial Intelligence (AI) Stocks

- Nvidia 的数据中心 GPU 是人工智能发展的黄金标准。  
- SoundHound AI 股票在 2024 年上涨 835%，但 Nvidia 却在 2024 年末出售其股份。  
- SoundHound 预计 2025 年收入将达 1.75 亿美元，增长 105%。

英伟达刚刚出售了去年表现最好的人工智能（AI）股票之一