<p><strong>SoundHound AI</strong>(SOUN -3.23%) 的股价在 <strong>Nvidia</strong>(NVDA -0.12%) 退出对这家语音人工智能公司投资的消息披露后暴跌。截至目前，该股今年已下跌超过 40%；然而，过去一年内上涨超过 385%。</p>
<p>当半导体巨头在 2023 年第四季度购买了该公司的股份时，SoundHound 的股票从默默无闻中被拉了出来。消息一出，股价立即飙升，但在 2024 年末时股价的最大波动似乎是 Nvidia 抛售其股份的时刻。</p>
<p>投资者应该持有 SoundHound 的股票，还是跟随 Nvidia 退出？</p>
<h2>努力成为语音 AI 领域的领导者</h2>
<p>SoundHound 运营着一个 AI 语音平台，使语音助手能够以更自然和对话的语气与人互动。它结合了语音到意义的技术和深层意义理解的技术，实时处理语音，同时识别用户的意图。</p>
<p>该公司通过产品版权费和订阅产生收入。当客户将其 AI 语音平台整合到产品中时，它会根据适用产品的数量、使用情况或生命周期收取版权费。同时，它还通过订阅销售其平台，适用于没有产品的行业。这两种收入形式通常具有较强的重复性。</p>
<p>SoundHound 在汽车领域取得了良好的进展，与约 20 个汽车品牌建立了关系，包括 Jeep、<strong>Hyundai</strong>、Kia、Fiat、Chrysler 和 RAM 等。然而，它目前仅占客户当前单位生产的 3% 到 5%。它预计在未来几年内将占到当前客户单位生产的 40% 到 45%，同时在该领域获得更多客户。</p>
<p>该公司进入的第二个重要领域是餐饮行业，与领先的行业连锁店以及餐饮技术和支付公司建立了关系。SoundHound 为餐饮行业提供多种解决方案，包括通过自驾取餐、亭子和电话接单。它还有一个帮助员工培训的解决方案。</p>
<p>最近，该公司收购了 Amelia，该公司以其对话式和生成式 AI 平台而闻名，帮助客户服务、员工入职和后台任务。Amelia 帮助 SoundHound 进入其他行业领域，如医疗、零售、电信、金融机构和保险。</p>
<p>该公司的最终目标似乎是成为一个顶级的 AI 驱动的商业语音生态系统，能够处理各行业复杂的互动，这些行业都有其独特的术语。这可能是像预约医生，同时获取患者的健康保险信息并引导他们到合适的医生。或者可能是帮助客户在经纪公司进行期权交易。</p>
<p>SoundHound 的收入增长迅速，尽管基数较小。在第三季度，它的收入同比增长 89%，达到 2510 万美元。该公司预计 2024 年的收入将在 8200 万到 8500 万美元之间，2025 年增长到 1.55 亿到 1.7 亿美元。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MDc5ODkvZ2V0dHlpbWFnZXMtMTE5MzQ2NzQ0MS5qcGcmdz03MDA?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-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MDc5ODkvZ2V0dHlpbWFnZXMtMTE5MzQ2NzQ0MS5qcGcmdz03MDA"/></p>
<p>图片来源：Getty Images。</p>
<h2>估值变得更加合理</h2>
<p>当股价在 2024 年末飙升至超过 20 美元时，SoundHound 的估值有些失控，交易时的市销率 (P/S) 超过了 2025 年分析师预期的 40 倍。随着最近的回调，该股现在的前瞻市销率为 21 倍。预计 2025 年的收入增长将大约翻倍，这并不算过分，尽管之后收入增长的稳定性将更好地决定其估值是否合理。同时，该公司的市销率在 2024 年大部分时间内较低。</p>
<p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/170f414c153cf9231141964df1c51d11.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/170f414c153cf9231141964df1c51d11.png"/></p>
<p>SOUN 市销率（前瞻 1 年）数据来源于 YCharts</p>
<p>Nvidia 无疑在其对 SoundHound 的投资中获得了非常好的回报，因此在股价和估值在 2024 年底呈抛物线时出售其持仓也就不足为奇了。</p>
<p>如今，该股的估值变得更加合理，尽管肯定不是在特价区。该公司在努力成为顶级的 AI 驱动商业语音生态系统方面潜力巨大，但该领域存在竞争，最终该股在此时仍然是一项投机性投资。</p>
<p>因此，我建议任何早期投资者至少在该股中获利部分。</p>

SOUN

<p>SoundHound AI 的股价在 Nvidia 退出投资后下跌超过 3%，尽管过去一年上涨了 385%，但今年已下降 40%。该公司专注于语音人工智能，在汽车和餐饮行业有合作伙伴关系，并最近收购了 Amelia 以扩展到新行业。SoundHound 的收入在第三季度同比增长 89%，达到 2510 万美元，预计 2024 年的收入将在 8200 万到 8500 万美元之间。该股票的估值在前瞻市销率为 21 倍时变得更加合理，但在竞争激烈的环境中仍然是一项投机性投资</p>

<p>Shares of <strong>SoundHound AI</strong>(SOUN -3.23%) plunged following a revelation that <strong>Nvidia</strong>(NVDA -0.12%) exited its investment in the voice artificial intelligence (AI) company. The stock is now down more than 40% on the year as of this writing; however, it is up more than 385% over the past year.</p>
<div class="lb-trans"><p><strong>SoundHound AI</strong>(SOUN -3.23%) 的股价在 <strong>Nvidia</strong>(NVDA -0.12%) 退出对这家语音人工智能公司投资的消息披露后暴跌。截至目前，该股今年已下跌超过 40%；然而，过去一年内上涨超过 385%。</p>
</div><p>SoundHound stock was pulled out of obscurity when it was revealed that the semiconductor giant purchased shares in the company in the fourth quarter of 2023. The stock immediately rocketed higher on the news, but it made its biggest move late in 2024, which appears to be when Nvidia was dumping its shares.</p>
<div class="lb-trans"><p>当半导体巨头在 2023 年第四季度购买了该公司的股份时，SoundHound 的股票从默默无闻中被拉了出来。消息一出，股价立即飙升，但在 2024 年末时股价的最大波动似乎是 Nvidia 抛售其股份的时刻。</p>
</div><p>Should investors hold onto SoundHound shares, or should they follow Nvidia and exit?</p>
<div class="lb-trans"><p>投资者应该持有 SoundHound 的股票，还是跟随 Nvidia 退出？</p>
</div><h2>Looking to be a leader in voice AI</h2>
<div class="lb-trans"><h2>努力成为语音 AI 领域的领导者</h2>
</div><p>SoundHound operates an AI voice platform that enables voice assistants to interact with people in a more natural and conversational tone. It combines speech-to-meaning technology and deep-meaning-understanding technology to process speech in real time while recognizing a user's intent.</p>
<div class="lb-trans"><p>SoundHound 运营着一个 AI 语音平台，使语音助手能够以更自然和对话的语气与人互动。它结合了语音到意义的技术和深层意义理解的技术，实时处理语音，同时识别用户的意图。</p>
</div><p>The company generates revenue from both product royalties and subscriptions. When a customer incorporates its AI voice platform into a product, it collects royalty payments based on the volume, usage, or life of the applicable product. Meanwhile, it also sells its platform via subscription for industries where there is no product involved. Both forms of revenue tend to be largely recurring in nature.</p>
<div class="lb-trans"><p>该公司通过产品版权费和订阅产生收入。当客户将其 AI 语音平台整合到产品中时，它会根据适用产品的数量、使用情况或生命周期收取版权费。同时，它还通过订阅销售其平台，适用于没有产品的行业。这两种收入形式通常具有较强的重复性。</p>
</div><p>SoundHound made solid in roads in the automobile space, where it has relationships with about 20 auto brands, including Jeep, <strong>Hyundai</strong>, Kia, Fiat, Chrysler, and RAM, among others. Still, it is in only between 3% and 5% of its customers' current unit production. It sees an opportunity in the next few years to be between 40% and 45% of its current customer unit production, while gaining more customers in the space.</p>
<div class="lb-trans"><p>SoundHound 在汽车领域取得了良好的进展，与约 20 个汽车品牌建立了关系，包括 Jeep、<strong>Hyundai</strong>、Kia、Fiat、Chrysler 和 RAM 等。然而，它目前仅占客户当前单位生产的 3% 到 5%。它预计在未来几年内将占到当前客户单位生产的 40% 到 45%，同时在该领域获得更多客户。</p>
</div><p>The second big vertical the company has gotten into is the restaurant space, where it has relationships with both leading industry chains as well as restaurant-focused technology and payment companies. SoundHound has several solutions for the restaurant industry, including taking orders through drive-thrus, kiosks, and over the phone. It also has a solution that helps with employee training.</p>
<div class="lb-trans"><p>该公司进入的第二个重要领域是餐饮行业，与领先的行业连锁店以及餐饮技术和支付公司建立了关系。SoundHound 为餐饮行业提供多种解决方案，包括通过自驾取餐、亭子和电话接单。它还有一个帮助员工培训的解决方案。</p>
</div><p>More recently, the company acquired Amelia, which is known for its conversational and generative AI platform that helps with customer service, employee onboarding, and back-office tasks. Amelia helps move SoundHound into other industry verticals such as healthcare, retail, telecom, financial institutions, and insurance.</p>
<div class="lb-trans"><p>最近，该公司收购了 Amelia，该公司以其对话式和生成式 AI 平台而闻名，帮助客户服务、员工入职和后台任务。Amelia 帮助 SoundHound 进入其他行业领域，如医疗、零售、电信、金融机构和保险。</p>
</div><p>The company's ultimate goal appears to be to become the premier AI-powered commerce voice ecosystem that is able to handle complex interactions across industries that all have their unique jargon. This could be something like making a doctor's appointment while taking in a patient's health insurance information and directing them to the right type of doctor. Or it could be something like helping a client make an options trade at a brokerage.</p>
<div class="lb-trans"><p>该公司的最终目标似乎是成为一个顶级的 AI 驱动的商业语音生态系统，能够处理各行业复杂的互动，这些行业都有其独特的术语。这可能是像预约医生，同时获取患者的健康保险信息并引导他们到合适的医生。或者可能是帮助客户在经纪公司进行期权交易。</p>
</div><p>SoundHound has been growing its revenue quickly, albeit from a small base. In the third quarter, it grew its revenue by 89% year over year to $25.1 million. The company is projecting 2024 revenue to be between $82 million and $85 million, growing to a range of $155 million to $170 million in 2025.</p>
<div class="lb-trans"><p>SoundHound 的收入增长迅速，尽管基数较小。在第三季度，它的收入同比增长 89%，达到 2510 万美元。该公司预计 2024 年的收入将在 8200 万到 8500 万美元之间，2025 年增长到 1.55 亿到 1.7 亿美元。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MDc5ODkvZ2V0dHlpbWFnZXMtMTE5MzQ2NzQ0MS5qcGcmdz03MDA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F807989%2Fgettyimages-1193467441.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>Valuation getting more reasonable</h2>
<div class="lb-trans"><h2>估值变得更加合理</h2>
</div><p>SoundHound's valuation had gotten a bit out of hand when the stock shot up to well above $20 late in 2024 and it traded at a price-to-sales (P/S) multiple of over 40 times 2025 analyst estimates. With the recent pullback, the stock now trades at a somewhat more reasonable 21 times forward P/S. With revenue growth expected to about double in 2025, that's not outrageous, although where revenue growth settles in thereafter will better determine if its valuation makes sense. Meanwhile, the company's P/S multiple was lower for much of 2024.</p>
<div class="lb-trans"><p>当股价在 2024 年末飙升至超过 20 美元时，SoundHound 的估值有些失控，交易时的市销率 (P/S) 超过了 2025 年分析师预期的 40 倍。随着最近的回调，该股现在的前瞻市销率为 21 倍。预计 2025 年的收入增长将大约翻倍，这并不算过分，尽管之后收入增长的稳定性将更好地决定其估值是否合理。同时，该公司的市销率在 2024 年大部分时间内较低。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/170f414c153cf9231141964df1c51d11.png" alt="" original-src="https://media.ycharts.com/charts/170f414c153cf9231141964df1c51d11.png"/></p>
<p>SOUN PS Ratio (Forward 1y) data by YCharts</p>
<div class="lb-trans"><p>SOUN 市销率（前瞻 1 年）数据来源于 YCharts</p>
</div><p>Nvidia undoubtedly made a really great return on its SoundHound investment, so it is perhaps not surprising that it sold out of its position when the stock's share price and valuation went parabolic at the end of 2024.</p>
<div class="lb-trans"><p>Nvidia 无疑在其对 SoundHound 的投资中获得了非常好的回报，因此在股价和估值在 2024 年底呈抛物线时出售其持仓也就不足为奇了。</p>
</div><p>Today the stock's valuation is a bit more reasonable, although certainly not in the bargain bin. The company has a lot of potential as it looks to become the premier AI-powered commerce voice ecosystem, but there is competition in the space and ultimately the stock is still a speculative investment at this point.</p>
<div class="lb-trans"><p>如今，该股的估值变得更加合理，尽管肯定不是在特价区。该公司在努力成为顶级的 AI 驱动商业语音生态系统方面潜力巨大，但该领域存在竞争，最终该股在此时仍然是一项投机性投资。</p>
</div><p>As such, I would suggest any early investors to at least take some partial profits in the stock.</p>
<div class="lb-trans"><p>因此，我建议任何早期投资者至少在该股中获利部分。</p>
</div>

SoundHound AI Plunges After Nvidia Exits Its Stake. Should Investors Follow Suit?

- SoundHound AI 股价因 Nvidia 退出投资而下跌超过 40%。  
- 公司在汽车和餐饮行业有显著进展，预计 2024 年收入将达 8200 万至 8500 万美元。  
- 尽管估值回落至 21 倍前瞻市销率，投资仍具投机性，建议早期投资者部分获利。  

在 Nvidia 退出其股份后，SoundHound AI 股价暴跌。投资者是否应该跟随其脚步？