<p><strong>Soundhound AI</strong>（SOUN -5.50%）的股价在去年飙升了多达 883%。然而，这家人工智能（AI）公司的股票现在距离去年 12 月底的峰值下跌了大约 55%。</p>
<p>你可以将部分下跌归咎于美联储。当美联储暗示 2025 年可能会减少预期中的降息次数时，投资者感到恐慌。这导致许多高飞的成长股，包括 Soundhound AI，出现下跌。</p>
<p>然而，Soundhound AI 最近近 30% 的暴跌还有另一个原因——<strong>Nvidia</strong>（NVDA -4.05%）。在 Nvidia 引发的抛售后，这只受挫的 AI 股票是否值得购买？</p>
<h2>Nvidia 如何导致 Soundhound 的最新暴跌</h2>
<p>对于一家小公司来说，获得大公司的重大投资是最好的事情之一。许多投资者将其视为对小公司更有信心的标志。</p>
<p>Nvidia 在 2017 年首次投资 Soundhound AI，作为 7500 万美元融资轮的一部分。在 2024 年 2 月，这家大型 GPU 制造商在一份监管文件中披露了其在 Soundhound 的股份规模。这一披露为这只小型 AI 股票提供了一个重要的催化剂。</p>
<p>但给予的手也可能收回。上周，Nvidia 提交了另一份监管文件，显示其已完全退出对 Soundhound AI 的投资。正如投资者将 Nvidia 最初在 Soundhound 的持股视为信心的投票，他们也将出售所有股份视为不信任的投票。</p>
<p>当然，这可能是过度解读。Nvidia 可能有多种原因出售其所有 Soundhound AI 股份，而这些原因并不反映对公司的乐观程度。然而，感知很重要——Nvidia 出售 Soundhound 的行为被视为负面信号。</p>
<h2>与之前相同的投资前提</h2>
<p>但可以合理地认为，Soundhound AI 的投资前提与 Nvidia 的监管披露之前是相同的。该公司的前景仍然看起来很有希望。</p>
<p>Soundhound AI 的销售额正在飙升。在 2024 年第三季度，该公司报告了有史以来最高的收入，销售额同比增长 89%。收入的多样性也比过去更强，来自 Soundhound 最大客户的收入占比为 12%，而去年同期为 72%。</p>
<p>这种多样性在各个行业中也有所改善。在 2023 年第三季度，Soundhound 超过 90% 的收入来自汽车客户。一年后，汽车、餐饮、金融服务、医疗保健和保险等行业的客户各自贡献了总收入的 5% 到 25%。</p>
<p>语音 AI 技术仍然有巨大的机会，预计总可寻址市场至少为 1400 亿美元。即使 Soundhound 在汽车和餐饮客户方面取得了成功，但在这些领域的语音 AI 应用仍然只是刚刚开始。</p>
<p>然而，Soundhound AI 投资前提中的负面因素依然存在。该公司仍未盈利，面临着包括几家资金雄厚的竞争对手在内的激烈竞争。即使在最近的下跌之后，Soundhound 的估值仍然很高，股价几乎是销售额的 50 倍。</p>
<h2>Soundhound AI 股票值得购买吗？</h2>
<p>那么，在 Nvidia 引发的抛售后，Soundhound AI 股票是否值得购买？我的回答与 Nvidia 出售其 Soundhound 股份的消息传出之前是一样的：也许。</p>
<p>我认为风险厌恶型投资者应该绝对避免投资 Soundhound AI。这只股票在未来几个月可能会高度波动（就像过去一样）。大型竞争对手最终可能会在市场上战胜 Soundhound。</p>
<p>另一方面，Soundhound AI 正在做许多正确的事情来发展其业务。如果该公司能够良好执行并超越竞争对手，其机会确实很大。喜欢高风险、高回报股票的激进投资者可能会发现 Soundhound AI 是一个有趣的选择——而且由于 Nvidia 的原因，现在的价格更便宜。</p>

SOUN

<p>SoundHound AI 的股票自高峰以来已经大幅下跌约 55%，部分原因是美联储的利率信号以及 Nvidia 最近退出对该公司的股份。尽管如此，SoundHound AI 在 2024 年第三季度报告了同比增长 89% 的创纪录收入，并且客户基础更加多元化。然而，该公司仍然处于亏损状态，并面临激烈的竞争。该股票被认为风险较高，可能会出现波动，因此对于激进投资者来说是一个投机性买入</p>

<p><strong>Soundhound AI</strong>'s (SOUN -5.50%) shares skyrocketed as much as 883% last year. However, the artificial intelligence (AI) stock is now down roughly 55% from its peak in late December.</p>
<div class="lb-trans"><p><strong>Soundhound AI</strong>（SOUN -5.50%）的股价在去年飙升了多达 883%。然而，这家人工智能（AI）公司的股票现在距离去年 12 月底的峰值下跌了大约 55%。</p>
</div><p>You can blame part of this decline on the Federal Reserve. Investors were spooked when the Fed signaled there could be fewer interest rate cuts than expected in 2025. This caused many high-flying growth stocks, including Soundhound AI, to fall.</p>
<div class="lb-trans"><p>你可以将部分下跌归咎于美联储。当美联储暗示 2025 年可能会减少预期中的降息次数时，投资者感到恐慌。这导致许多高飞的成长股，包括 Soundhound AI，出现下跌。</p>
</div><p>However, another culprit was behind Soundhound AI's plunge of nearly 30% in recent days -- <strong>Nvidia</strong>(NVDA -4.05%). Is the beaten-down AI stock a buy after its Nvidia-fueled sell-off?</p>
<div class="lb-trans"><p>然而，Soundhound AI 最近近 30% 的暴跌还有另一个原因——<strong>Nvidia</strong>（NVDA -4.05%）。在 Nvidia 引发的抛售后，这只受挫的 AI 股票是否值得购买？</p>
</div><h2>How Nvidia caused Soundhound's latest swan dive</h2>
<div class="lb-trans"><h2>Nvidia 如何导致 Soundhound 的最新暴跌</h2>
</div><p>One of the best things that can happen for a small company is to score a major investment from a big company. Many investors see that as a sign they can be more confident in the small company.</p>
<div class="lb-trans"><p>对于一家小公司来说，获得大公司的重大投资是最好的事情之一。许多投资者将其视为对小公司更有信心的标志。</p>
</div><p>Nvidia first invested in Soundhound AI in 2017 as part of a $75 million financing round. In February 2024, the huge GPU maker revealed in a regulatory filing how big its stake was in Soundhound. This disclosure provided a big catalyst for the small AI stock.</p>
<div class="lb-trans"><p>Nvidia 在 2017 年首次投资 Soundhound AI，作为 7500 万美元融资轮的一部分。在 2024 年 2 月，这家大型 GPU 制造商在一份监管文件中披露了其在 Soundhound 的股份规模。这一披露为这只小型 AI 股票提供了一个重要的催化剂。</p>
</div><p>But the same hand that gives can also take away. Last week, Nvidia submitted another regulatory filing that showed it had completely exited its stake in Soundhound AI. Just as investors viewed Nvidia's initial position in Soundhound as a vote of confidence, they saw the sale of all its shares as a vote of no confidence.</p>
<div class="lb-trans"><p>但给予的手也可能收回。上周，Nvidia 提交了另一份监管文件，显示其已完全退出对 Soundhound AI 的投资。正如投资者将 Nvidia 最初在 Soundhound 的持股视为信心的投票，他们也将出售所有股份视为不信任的投票。</p>
</div><p>That could be reading between the lines too much, of course. Nvidia might have several reasons for selling all of its Soundhound AI shares that don't reflect less optimism about the company. However, perceptions matter -- and Nvidia's sale of Soundhound was seen in a negative light.</p>
<div class="lb-trans"><p>当然，这可能是过度解读。Nvidia 可能有多种原因出售其所有 Soundhound AI 股份，而这些原因并不反映对公司的乐观程度。然而，感知很重要——Nvidia 出售 Soundhound 的行为被视为负面信号。</p>
</div><h2>The same investing premise as before</h2>
<div class="lb-trans"><h2>与之前相同的投资前提</h2>
</div><p>But there's a good case to be made that the investing premise for Soundhound AI is the same as it was before Nvidia's regulatory disclosure. The company's prospects still appear to be promising.</p>
<div class="lb-trans"><p>但可以合理地认为，Soundhound AI 的投资前提与 Nvidia 的监管披露之前是相同的。该公司的前景仍然看起来很有希望。</p>
</div><p>Soundhound AI's sales are booming. In the third quarter of 2024, the company reported its highest revenue ever with sales jumping 89% year over year. Revenue was also more diversified than in the past, with 12% coming from Soundhound's largest customer compared to 72% in the prior year period.</p>
<div class="lb-trans"><p>Soundhound AI 的销售额正在飙升。在 2024 年第三季度，该公司报告了有史以来最高的收入，销售额同比增长 89%。收入的多样性也比过去更强，来自 Soundhound 最大客户的收入占比为 12%，而去年同期为 72%。</p>
</div><p>This diversification also improved across industries. In Q3 2023, over 90% of Soundhound's revenue came from automotive customers. A year later, customers in the automotive, restaurant, financial services, healthcare, and insurance sectors each contributed between 5% and 25% of total revenue.</p>
<div class="lb-trans"><p>这种多样性在各个行业中也有所改善。在 2023 年第三季度，Soundhound 超过 90% 的收入来自汽车客户。一年后，汽车、餐饮、金融服务、医疗保健和保险等行业的客户各自贡献了总收入的 5% 到 25%。</p>
</div><p>There's still a massive opportunity for voice AI technology with an estimated total addressable market of at least $140 billion. Even with Soundhound's success so far with automotive and restaurant customers, it's only scratching the surface of what could be done with voice AI in these areas.</p>
<div class="lb-trans"><p>语音 AI 技术仍然有巨大的机会，预计总可寻址市场至少为 1400 亿美元。即使 Soundhound 在汽车和餐饮客户方面取得了成功，但在这些领域的语音 AI 应用仍然只是刚刚开始。</p>
</div><p>However, the negative aspects of the investing premise for Soundhound AI also remain intact. The company still isn't profitable. It continues to face significant competition including several rivals with much deeper pockets. Soundhound's valuation is also steep even after the recent decline with shares trading at nearly 50 times sales.</p>
<div class="lb-trans"><p>然而，Soundhound AI 投资前提中的负面因素依然存在。该公司仍未盈利，面临着包括几家资金雄厚的竞争对手在内的激烈竞争。即使在最近的下跌之后，Soundhound 的估值仍然很高，股价几乎是销售额的 50 倍。</p>
</div><h2>Is Soundhound AI stock a buy?</h2>
<div class="lb-trans"><h2>Soundhound AI 股票值得购买吗？</h2>
</div><p>So is Soundhound AI stock a buy after its Nvidia-fueled sell-off? My answer is the same as it was before the news broke about Nvidia's sale of its Soundhound shares: Maybe.</p>
<div class="lb-trans"><p>那么，在 Nvidia 引发的抛售后，Soundhound AI 股票是否值得购买？我的回答与 Nvidia 出售其 Soundhound 股份的消息传出之前是一样的：也许。</p>
</div><p>I think risk-averse investors should definitely avoid Soundhound AI. The stock is likely to be highly volatile in the coming months (just as it has been in the past). It's possible that big competitors could ultimately prevail over Soundhound in the marketplace.</p>
<div class="lb-trans"><p>我认为风险厌恶型投资者应该绝对避免投资 Soundhound AI。这只股票在未来几个月可能会高度波动（就像过去一样）。大型竞争对手最终可能会在市场上战胜 Soundhound。</p>
</div><p>On the other hand, Soundhound AI is doing a lot of the right things to grow its business. The company's opportunities truly are great if it can execute well and out-innovate the competition. Aggressive investors who like high-risk, potentially high-reward stocks could find Soundhound AI an intriguing pick -- and one that's available at a cheaper price now thanks to Nvidia.</p>
<div class="lb-trans"><p>另一方面，Soundhound AI 正在做许多正确的事情来发展其业务。如果该公司能够良好执行并超越竞争对手，其机会确实很大。喜欢高风险、高回报股票的激进投资者可能会发现 Soundhound AI 是一个有趣的选择——而且由于 Nvidia 的原因，现在的价格更便宜。</p>
</div>

Is Soundhound AI Stock a Buy After Its Nvidia-Fueled Sell-off?

- Soundhound AI 股价去年飙升 883%，但现已下跌约 55%。  
- Nvidia 完全退出其在 Soundhound 的股份，导致股价近期暴跌近 30%。  
- 尽管面临竞争和盈利问题，Soundhound AI 的销售仍在增长，市场机会巨大。

在因 Nvidia 推动的抛售之后，Soundhound AI 的股票是否值得买入？