<p>在每个季度结束后，管理超过 1 亿美元的机构投资者需要向证券交易委员会（SEC）提交 13F 表格。13F 列出了资金经理在最近一个季度内买入和卖出的个股。投资者可以利用这些文件作为工具，揭示 “聪明资金” 正在寻找机会的方向。</p>
<p>虽然大多数投资者可能认为 13F 是银行和对冲基金的要求，但请记住，非金融机构也会进行自己的投资。</p>
<p>例如，<strong>Nvidia</strong> 目前持有五家不同上市公司的股票——<strong>Arm Holdings</strong>、<strong>Applied Digital</strong>、<strong>Recursion Pharmaceuticals</strong>、<strong>Nebius Group</strong> 和 <strong>WeRide</strong>。然而，在上个季度，Nvidia 完全退出了其在语音识别人工智能（AI）股票 <strong>SoundHound AI</strong>（SOUN -5.50%）的持仓。</p>
<p>你应该跟随 Nvidia 出售 SoundHound AI 的决定吗？继续阅读以了解更多。</p>
<h2>从更大的视角看</h2>
<p>当投资者决定买入或卖出一只股票时，合理的想法是这样的决定反映了投资者对公司的真实感受。虽然这种逻辑是合理的，但并不总是如此。</p>
<p>有时，投资者会出售一只股票，仅仅是因为他们已经持有该头寸很长时间，并希望收回资本。其他时候，投资者可能会退出一个头寸，因为坦率地说，这只股票在投资组合的整体构成中并没有本质上的战略意义。</p>
<p>在我看来，Nvidia 决定退出其在 SoundHound AI 的股份，介于这两种想法之间。</p>
<p>下图展示了 SoundHound AI 在第四季度的股价活动。显然，该股票经历了一些超常的动量——在短短三个月内，股价几乎上涨了五倍。</p>
<p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/420b93a00ebf7550af067dbed5b98341.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/420b93a00ebf7550af067dbed5b98341.png"/></p>
<p>SOUN 数据来源于 YCharts</p>
<p>我猜 Nvidia 意识到了这种动量，并决定兑现。考虑到 Nvidia 仅持有大约 170 万股 SoundHound AI，该公司可能最多产生了 2000 万到 3000 万美元的收益（具体取决于出售时间）。对于市值超过 3.4 万亿美元的 Nvidia 来说，这是一笔微不足道的金额。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MDgxMzMvZ2V0dHlpbWFnZXMtMTE3NzM1MTk3My0yLmpwZyZ3PTcwMA?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-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MDgxMzMvZ2V0dHlpbWFnZXMtMTE3NzM1MTk3My0yLmpwZyZ3PTcwMA"/></p>
<p>图片来源：Getty Images。</p>
<h2>看看 Nvidia 在汽车行业的机会</h2>
<p>虽然 SoundHound AI 在收入加速方面取得了一些令人印象深刻的进展，但该公司仍在大量烧钱。在我看来，汽车的语音识别软件确实是 Nvidia 的重要机会；然而，我认为该公司相比 SoundHound AI 有更优越的选择。</p>
<p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/4bbe5489c1759998ff75f3de3fa524dc.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/4bbe5489c1759998ff75f3de3fa524dc.png"/></p>
<p>SOUN 季度收入数据来源于 YCharts</p>
<p>Nvidia 的 “七大巨头” 同伴 <strong>Apple</strong>、<strong>Microsoft</strong>、<strong>Alphabet</strong> 和 <strong>Amazon</strong> 都开发了各自的 AI 驱动语音助手，涵盖了各种应用。考虑到这些公司在技术上远比 SoundHound AI 更为复杂且资本更为雄厚，我认为如果 Nvidia 决定在语音识别软件领域与其巨头同行探索或深化合作，潜力会更大。</p>
<p>此外，我个人认为，自动驾驶和车辆设计是 Nvidia 在汽车与 AI 交汇处最有利可图的机会。Nvidia 已经与 <strong>Mercedes-Benz</strong>、<strong>Volvo</strong>、<strong>BYD</strong>、<strong>Nio</strong> 等多家公司紧密合作，涉及各自的 AI 雄心。</p>
<h2>你应该出售 SoundHound AI 股票吗？</h2>
<p>知道何时出售股票几乎是不可能的。相反，投资者应该在权衡继续持有头寸的利弊后做出出售决定。</p>
<p>考虑到 Nvidia 在 2017 年私募融资轮中实际上投资了 SoundHound AI，加上 SoundHound AI 相对于 AI 汽车市场或语音识别领域其他参与者缺乏战略价值，Nvidia 决定退出其持仓变得更加合理。</p>
<p>鉴于其规模小且缺乏盈利能力，我认为在 SoundHound AI 的持仓相当投机。如果我是该股票的投资者，我会考虑退出或削减我的持仓。在我看来，SoundHound AI 更像是一只迷因股票，而不是一个明智的投资。</p>

SOUN

英伟达

<p>英伟达已出售其在 SoundHound AI 的全部股份，这引发了投资者是否也应跟进的疑问。此决定是在 SoundHound AI 的股票在三个月内几乎上涨五倍之后做出的，表明英伟达可能利用了这一势头。尽管 SoundHound 的收入增长，英伟达认为与更大科技公司在 AI 语音识别领域的合作机会更好，并专注于更有利可图的自动驾驶业务。投资者被建议考虑退出或减少在 SoundHound AI 的持仓，因为该股票似乎具有投机性</p>

<p>Following the end of each quarter, institutional investors managing over $100 million are required to file a form 13F with the Securities and Exchange Commission (SEC). A 13F itemizes the individual stocks money managers bought and sold during the most recent quarter. Investors can use these filings as tools to uncover where the &#34;smart money&#34; is looking for opportunity.</p>
<div class="lb-trans"><p>在每个季度结束后，管理超过 1 亿美元的机构投资者需要向证券交易委员会（SEC）提交 13F 表格。13F 列出了资金经理在最近一个季度内买入和卖出的个股。投资者可以利用这些文件作为工具，揭示 “聪明资金” 正在寻找机会的方向。</p>
</div><p>While most investors probably think of the 13F as a requirement for banks and hedge funds, remember that non-financial institutions also make investments of their own.</p>
<div class="lb-trans"><p>虽然大多数投资者可能认为 13F 是银行和对冲基金的要求，但请记住，非金融机构也会进行自己的投资。</p>
</div><p>For example, <strong>Nvidia</strong> currently owns stock in five different public companies -- <strong>Arm Holdings</strong>, <strong>Applied Digital</strong>, <strong>Recursion Pharmaceuticals</strong>, <strong>Nebius Group</strong>, and <strong>WeRide</strong>. Last quarter, however, Nvidia completely exited its position in voice recognition artificial intelligence (AI) stock <strong>SoundHound AI</strong>(SOUN -5.50%).</p>
<div class="lb-trans"><p>例如，<strong>Nvidia</strong> 目前持有五家不同上市公司的股票——<strong>Arm Holdings</strong>、<strong>Applied Digital</strong>、<strong>Recursion Pharmaceuticals</strong>、<strong>Nebius Group</strong> 和 <strong>WeRide</strong>。然而，在上个季度，Nvidia 完全退出了其在语音识别人工智能（AI）股票 <strong>SoundHound AI</strong>（SOUN -5.50%）的持仓。</p>
</div><p>Should you follow Nvidia's decision to sell out of SoundHound AI? Read on to find out.</p>
<div class="lb-trans"><p>你应该跟随 Nvidia 出售 SoundHound AI 的决定吗？继续阅读以了解更多。</p>
</div><h2>Looking at the bigger picture</h2>
<div class="lb-trans"><h2>从更大的视角看</h2>
</div><p>When an investor decides to buy or sell a stock, it's reasonable to think such a decision supports how that investor actually feels about the company. While this logic is rational, it's not always the case.</p>
<div class="lb-trans"><p>当投资者决定买入或卖出一只股票时，合理的想法是这样的决定反映了投资者对公司的真实感受。虽然这种逻辑是合理的，但并不总是如此。</p>
</div><p>Sometimes an investor will sell a stock simply because they've been holding onto the position for a long time and want to recoup their capital. Other times the investor might exit a position because, frankly, the stock was not inherently strategic to the overall composition to the portfolio to begin with.</p>
<div class="lb-trans"><p>有时，投资者会出售一只股票，仅仅是因为他们已经持有该头寸很长时间，并希望收回资本。其他时候，投资者可能会退出一个头寸，因为坦率地说，这只股票在投资组合的整体构成中并没有本质上的战略意义。</p>
</div><p>In my opinion, Nvidia's decision to exit its stake in SoundHound AI sits somewhere between these two ideas.</p>
<div class="lb-trans"><p>在我看来，Nvidia 决定退出其在 SoundHound AI 的股份，介于这两种想法之间。</p>
</div><p>The chart below illustrates the share price activity around SoundHound AI during the fourth quarter. Clearly, the stock experienced some outsize momentum -- as the share price rose nearly fivefold in just three months.</p>
<div class="lb-trans"><p>下图展示了 SoundHound AI 在第四季度的股价活动。显然，该股票经历了一些超常的动量——在短短三个月内，股价几乎上涨了五倍。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/420b93a00ebf7550af067dbed5b98341.png" alt="" original-src="https://media.ycharts.com/charts/420b93a00ebf7550af067dbed5b98341.png"/></p>
<p>SOUN data by YCharts</p>
<div class="lb-trans"><p>SOUN 数据来源于 YCharts</p>
</div><p>My guess is that Nvidia recognized this momentum and decided to cash out. Considering Nvidia only had about 1.7 million shares of SoundHound AI, the company likely generated between $20 million or $30 million of proceeds at most (depending on when it sold). That's a minuscule amount of money for Nvidia, which is valued at more than $3.4 trillion.</p>
<div class="lb-trans"><p>我猜 Nvidia 意识到了这种动量，并决定兑现。考虑到 Nvidia 仅持有大约 170 万股 SoundHound AI，该公司可能最多产生了 2000 万到 3000 万美元的收益（具体取决于出售时间）。对于市值超过 3.4 万亿美元的 Nvidia 来说，这是一笔微不足道的金额。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MDgxMzMvZ2V0dHlpbWFnZXMtMTE3NzM1MTk3My0yLmpwZyZ3PTcwMA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F808133%2Fgettyimages-1177351973-2.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>Looking at Nvidia's opportunities in the automotive industry</h2>
<div class="lb-trans"><h2>看看 Nvidia 在汽车行业的机会</h2>
</div><p>While SoundHound AI has made some impressive strides when it comes to revenue acceleration, the company is still burning a lot of cash. To me, voice recognition software for vehicles is indeed an important opportunity for Nvidia; however, I think the company has superior options compared to SoundHound AI.</p>
<div class="lb-trans"><p>虽然 SoundHound AI 在收入加速方面取得了一些令人印象深刻的进展，但该公司仍在大量烧钱。在我看来，汽车的语音识别软件确实是 Nvidia 的重要机会；然而，我认为该公司相比 SoundHound AI 有更优越的选择。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/4bbe5489c1759998ff75f3de3fa524dc.png" alt="" original-src="https://media.ycharts.com/charts/4bbe5489c1759998ff75f3de3fa524dc.png"/></p>
<p>SOUN Revenue (Quarterly) data by YCharts</p>
<div class="lb-trans"><p>SOUN 季度收入数据来源于 YCharts</p>
</div><p>Nvidia's &#34;Magnificent Seven&#34; cohorts <strong>Apple</strong>, <strong>Microsoft</strong>, <strong>Alphabet</strong>, and <strong>Amazon</strong> have all developed their own AI-powered voice assistants spanning various applications. Considering each of these companies is far more sophisticated and better capitalized compared to SoundHound AI, I think Nvidia has more potential should it decide to explore or deepen partnerships with its megacap peers in the area of voice recognition software more broadly.</p>
<div class="lb-trans"><p>Nvidia 的 “七大巨头” 同伴 <strong>Apple</strong>、<strong>Microsoft</strong>、<strong>Alphabet</strong> 和 <strong>Amazon</strong> 都开发了各自的 AI 驱动语音助手，涵盖了各种应用。考虑到这些公司在技术上远比 SoundHound AI 更为复杂且资本更为雄厚，我认为如果 Nvidia 决定在语音识别软件领域与其巨头同行探索或深化合作，潜力会更大。</p>
</div><p>On top of that, my personal feeling is that autonomous driving and vehicle design are the most lucrative opportunities for Nvidia when it comes to the intersection of automotives and AI. Nvidia is already working closely with <strong>Mercedes-Benz</strong>, <strong>Volvo</strong>, <strong>BYD</strong>, <strong>Nio</strong>, and many others as it pertains to their respective AI ambitions.</p>
<div class="lb-trans"><p>此外，我个人认为，自动驾驶和车辆设计是 Nvidia 在汽车与 AI 交汇处最有利可图的机会。Nvidia 已经与 <strong>Mercedes-Benz</strong>、<strong>Volvo</strong>、<strong>BYD</strong>、<strong>Nio</strong> 等多家公司紧密合作，涉及各自的 AI 雄心。</p>
</div><h2>Should you sell SoundHound AI stock?</h2>
<div class="lb-trans"><h2>你应该出售 SoundHound AI 股票吗？</h2>
</div><p>Knowing when to sell a stock is virtually impossible. Rather, an investor should make a decision to sell after weighing the pros and cons of continuing to hold onto a position.</p>
<div class="lb-trans"><p>知道何时出售股票几乎是不可能的。相反，投资者应该在权衡继续持有头寸的利弊后做出出售决定。</p>
</div><p>Considering Nvidia actually invested in SoundHound AI during a private funding round in 2017, combined with the lack of strategic value SoundHound AI presents relative to other players in the AI automotive market or voice recognition space, it becomes more reasonable that Nvidia decided to exit its position.</p>
<div class="lb-trans"><p>考虑到 Nvidia 在 2017 年私募融资轮中实际上投资了 SoundHound AI，加上 SoundHound AI 相对于 AI 汽车市场或语音识别领域其他参与者缺乏战略价值，Nvidia 决定退出其持仓变得更加合理。</p>
</div><p>Given its small size and lack of profitability, I see a position in SoundHound AI as quite speculative. If I were an investor in the stock, I would consider exiting or trimming my position. To me, SoundHound AI tends to exhibit the characteristics of a meme stock rather than a prudent investment.</p>
<div class="lb-trans"><p>鉴于其规模小且缺乏盈利能力，我认为在 SoundHound AI 的持仓相当投机。如果我是该股票的投资者，我会考虑退出或削减我的持仓。在我看来，SoundHound AI 更像是一只迷因股票，而不是一个明智的投资。</p>
</div>

Nvidia Just Sold Its Entire Position in SoundHound AI. Should You Follow?

- 投资机构需向 SEC 提交 13F 表格，列出股票买卖情况。  
- Nvidia 完全退出语音识别 AI 股票 SoundHound AI，可能因缺乏战略价值。  
- Nvidia 在汽车行业有更优机会，合作伙伴包括奔驰、沃尔沃等。  

英伟达刚刚出售了其在 SoundHound AI 的全部持仓。你是否应该跟随？