<p><strong>英伟达</strong>(NVDA -0.14%) 提供了最强大的数据中心芯片，用于开发人工智能（AI）模型。实际上，由于销售强劲，该公司的估值在过去两年中飙升了超过 2.2 万亿美元。</p>
<p>在 2023 年底，英伟达开始通过投资一些较小的 AI 公司来分散其财富。其中之一是 <strong>SoundHound AI</strong>(SOUN -2.41%)，这是一家领先的对话式 AI 技术开发公司。但当英伟达发布其截至 12 月 31 日的最新 13F 表格，详细列出其股票持有情况时，SoundHound 却明显缺席。事实证明，这家芯片制造商在去年年底决定出售其全部股份。</p>
<p>SoundHound 的股票在 12 月创下新高，但此后已暴跌超过 64%。这对投资者来说是一个买入机会，还是英伟达最近退出的信号，提示要避开？让我们来看看。</p>
<h2>一家对话式 AI 专家</h2>
<p>SoundHound AI 的使命是将对话式 AI 嵌入日常生活，使人们仅通过声音就能利用智能软件的能力。全球前 20 家快餐连锁店中有超过 30% 正在使用 SoundHound 的技术，一些最大的汽车制造商也在使用，从 <strong>现代</strong> 到 <strong>斯泰兰蒂斯</strong>（拥有克莱斯勒、吉普和道奇）。</p>
<p>餐厅使用 SoundHound 来自动化店内、电话和自驾取餐的食品订单，减轻人类员工的工作负担。该公司还提供了一种名为员工助手的工具，这是一种语音激活的虚拟助手，能够帮助员工理解菜单项和商店政策，以更好地服务客户。SoundHound 已经在 <strong>Chipotle</strong>、<strong>Krispy Kreme</strong>、<strong>Papa John's</strong> 等热门连锁店的 10,000 个地点使用，并且预计到 2024 年第四季度将在汉堡王使用。</p>
<p>在汽车方面，SoundHound 的 Chat AI 助手允许驾驶员使用声音请求各种主题的信息，无论他们想找到最佳的本地餐厅还是了解即将到来的航班状态。Chat AI 是一种高度可定制的白标解决方案，因此制造商可以调整其个性以适应他们的品牌。它甚至可以为家庭车和跑车采用不同的人格。</p>
<p>在 1 月，SoundHound 还推出了一种车载商务平台，允许驾驶员在行驶过程中下食品订单，而无需拨打电话。它与车辆的 GPS 系统同步，以找到最合适的位置，因此即使驾驶员在一个陌生的城镇，他们也可以简单地要求助手从最近的意大利餐厅订购比萨。</p>
<p>SoundHound 的对话式 AI 软件基于其 Polaris 语音识别模型，该模型的准确率比 <strong>Alphabet</strong> 的谷歌开发的同类模型高出 20%，比 OpenAI 的 Whisper 模型高出多达 36%。如果该公司能够保持这一优势，它将继续成为更多希望将 AI 融入其运营的企业的首选。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MTA3MTUvYS1wZXJzb24tY29sbGVjdGluZy10aGVpci1mb29kLWF0LXRoZS1kcml2ZS10aHJ1LXdpbmRvdy1vZi1hLXJlc3RhdXJhbnQuanBnJnc9NzAw?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-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MTA3MTUvYS1wZXJzb24tY29sbGVjdGluZy10aGVpci1mb29kLWF0LXRoZS1kcml2ZS10aHJ1LXdpbmRvdy1vZi1hLXJlc3RhdXJhbnQuanBnJnc9NzAw"/></p>
<p>图片来源：Getty Images。</p>
<h2>SoundHound 的收入正在飙升</h2>
<p>SoundHound 在 2024 年创下了记录，收入飙升 85% 至 8470 万美元。这个增长率标志着与 2023 年相比的显著加速，当时公司的收入仅增长了 47%。</p>
<p>得益于去年 8 月收购另一家对话式 AI 公司 Amelia，SoundHound 还显著多样化了其收入基础。它能够超越餐厅和汽车制造商，进入金融服务和医疗保健等新行业。实际上，SoundHound 的最大客户在 2024 年仅占其总收入的 14%，而在 2023 年这一比例超过了一半。</p>
<p>在这一点上，该公司以惊人的 12 亿美元订单积压结束了年度，较 2023 年底增长了 75%。管理层预计，这一积压将在六年内转化为收入，并且由于其快速扩张，这可能会在未来带来显著的收入增长。</p>
<p>SoundHound 的指引表明，它在 2025 年可能产生高达 1.77 亿美元的收入，这意味着其增长率可能再次加速，达到惊人的 109%。</p>
<p>不幸的是，投资者需要警惕一个明显的问题：SoundHound 正在亏损。其公认会计原则（GAAP）净亏损在 2024 年达到 3.506 亿美元，比 2023 年增长了惊人的 294%。</p>
<p>在非 GAAP 基础上，亏损要小得多，排除了股票薪酬等一次性和非现金费用，亏损为 6910 万美元。然而，去年年底公司手头仅有 1.98 亿美元现金，无法以这种速度持续烧钱。</p>
<h2>尽管大幅下跌，SoundHound 的股票仍然不便宜</h2>
<p>SoundHound 的股票可能比历史最高点下跌了 64%，但它_仍然_相当昂贵。根据去年的收入和公司 31 亿美元的市值，该股票的市销率（P/S）为 34.2。</p>
<p>这比一篮子其他 AI 领军企业的溢价要大，其中一些是市值万亿美元、收入数千亿美元的巨头，且成功记录跨越数十年。例如，考虑到英伟达是全球最高质量的公司之一，SoundHound 的市销率以 68% 的溢价交易于英伟达的市销率并没有太大意义：</p>
<p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/cb736cc9cc7c6d172c186f3ee8402020.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/cb736cc9cc7c6d172c186f3ee8402020.png"/></p>
<p>SOUN 市销率数据来源于 YCharts</p>
<p>使用其预测的 2025 年收入 1.77 亿美元计算，SoundHound 的估值看起来更为合理，这使其股票的前瞻性市销率为 17.9。然而，这仍然大幅高于 Nvidia 的前瞻性市销率 12.7。</p>
<p>无法确定估值是否对 Nvidia 去年年底出售其在 SoundHound 的全部股份的决定产生了影响。毕竟，这家芯片制造商仅持有 173 万股，按今天的价格计算，仅值 1480 万美元。即使遭受完全损失，也不会对这家 2.6 万亿美元的巨头产生任何影响。</p>
<p>尽管如此，SoundHound 的估值可能成为阻碍进一步上涨的真正障碍，因此普通投资者在买入之前可能需要三思而后行，尤其是在 Nvidia 退出之后。</p>

SOUN

<p>SoundHound AI 的股票在英伟达出售其在该公司的股份后下跌了 64%。尽管 2024 年创下了 85% 的收入增长，达到 8470 万美元，SoundHound 仍面临重大亏损，GAAP 净亏损为 3.506 亿美元。该公司已多元化其收入来源，并拥有 12 亿美元的订单积压，但由于现金消耗高和仅有 1.98 亿美元的现金储备，其财务可持续性受到质疑。投资者不得不思考这一下跌是否代表着一个买入机会或是一个警告信号</p>

<p><strong>Nvidia</strong>(NVDA -0.14%) supplies the most powerful data center chips for developing artificial intelligence (AI) models. In fact, the company's valuation has soared by more than $2.2 trillion over the last two years because sales have been so strong.</p>
<div class="lb-trans"><p><strong>英伟达</strong>(NVDA -0.14%) 提供了最强大的数据中心芯片，用于开发人工智能（AI）模型。实际上，由于销售强劲，该公司的估值在过去两年中飙升了超过 2.2 万亿美元。</p>
</div><p>In late 2023, Nvidia started spreading some of its wealth by investing in a handful of smaller AI companies. One of them was <strong>SoundHound AI</strong>(SOUN -2.41%), which is a leading developer of conversational AI technologies. But when Nvidia released its latest form 13F detailing its stock holdings as of Dec. 31, SoundHound was notably missing. It turns out the chipmaker decided to sell its entire stake at the end of last year.</p>
<div class="lb-trans"><p>在 2023 年底，英伟达开始通过投资一些较小的 AI 公司来分散其财富。其中之一是 <strong>SoundHound AI</strong>(SOUN -2.41%)，这是一家领先的对话式 AI 技术开发公司。但当英伟达发布其截至 12 月 31 日的最新 13F 表格，详细列出其股票持有情况时，SoundHound 却明显缺席。事实证明，这家芯片制造商在去年年底决定出售其全部股份。</p>
</div><p>SoundHound stock hit a new record high in December, but it has since plunged by more than 64%. Could this be a buying opportunity for investors, or is Nvidia's recent exit a sign to steer clear? Let's find out.</p>
<div class="lb-trans"><p>SoundHound 的股票在 12 月创下新高，但此后已暴跌超过 64%。这对投资者来说是一个买入机会，还是英伟达最近退出的信号，提示要避开？让我们来看看。</p>
</div><h2>A conversational AI specialist</h2>
<div class="lb-trans"><h2>一家对话式 AI 专家</h2>
</div><p>SoundHound AI is on a mission to embed conversational AI into daily life, allowing people to leverage the capabilities of intelligent software by using nothing more than their voice. Over 30% of the top 20 quick-service restaurants in the world are using SoundHound's technology, as are some of the biggest car manufacturers, from <strong>Hyundai</strong> to <strong>Stellantis</strong> (which owns Chrysler, Jeep, and Dodge).</p>
<div class="lb-trans"><p>SoundHound AI 的使命是将对话式 AI 嵌入日常生活，使人们仅通过声音就能利用智能软件的能力。全球前 20 家快餐连锁店中有超过 30% 正在使用 SoundHound 的技术，一些最大的汽车制造商也在使用，从 <strong>现代</strong> 到 <strong>斯泰兰蒂斯</strong>（拥有克莱斯勒、吉普和道奇）。</p>
</div><p>Restaurants use SoundHound to automate food ordering in-store, over the phone, and in the drive-thru, reducing the workload on human employees. The company also offers a tool called Employee Assist, which is a voice-activated virtual assistant capable of helping workers understand menu items and store policies to better serve their customers. SoundHound is already used in 10,000 locations from popular chains like <strong>Chipotle</strong>, <strong>Krispy Kreme</strong>, <strong>Papa John's</strong>, and, as of the fourth quarter of 2024, Burger King.</p>
<div class="lb-trans"><p>餐厅使用 SoundHound 来自动化店内、电话和自驾取餐的食品订单，减轻人类员工的工作负担。该公司还提供了一种名为员工助手的工具，这是一种语音激活的虚拟助手，能够帮助员工理解菜单项和商店政策，以更好地服务客户。SoundHound 已经在 <strong>Chipotle</strong>、<strong>Krispy Kreme</strong>、<strong>Papa John's</strong> 等热门连锁店的 10,000 个地点使用，并且预计到 2024 年第四季度将在汉堡王使用。</p>
</div><p>On the automotive side, SoundHound's Chat AI assistant allows drivers to request information on a range of topics using their voice, whether they want to find the best local restaurants or know the status of their upcoming flight. Chat AI is a white-label solution that is highly customizable, so manufacturers can tweak its personality to suit their brand. It can even take on a different persona for a family car versus a sports car.</p>
<div class="lb-trans"><p>在汽车方面，SoundHound 的 Chat AI 助手允许驾驶员使用声音请求各种主题的信息，无论他们想找到最佳的本地餐厅还是了解即将到来的航班状态。Chat AI 是一种高度可定制的白标解决方案，因此制造商可以调整其个性以适应他们的品牌。它甚至可以为家庭车和跑车采用不同的人格。</p>
</div><p>In January, SoundHound also launched an in-vehicle commerce platform that allows drivers to place food orders while on the road, without picking up the phone. It syncs with the vehicle's GPS system to find the most suitable locations, so even if the driver is in an unfamiliar town, they can simply ask the assistant to order a pizza from the nearest Italian restaurant.</p>
<div class="lb-trans"><p>在 1 月，SoundHound 还推出了一种车载商务平台，允许驾驶员在行驶过程中下食品订单，而无需拨打电话。它与车辆的 GPS 系统同步，以找到最合适的位置，因此即使驾驶员在一个陌生的城镇，他们也可以简单地要求助手从最近的意大利餐厅订购比萨。</p>
</div><p>SoundHound's conversational AI software is underpinned by its Polaris speech recognition model, which is 20% more accurate than equivalent models developed by <strong>Alphabet</strong>'s Google, and up to 36% more accurate than OpenAI's Whisper model. If the company can maintain that advantage, it will remain a go-to choice for more businesses that are looking to incorporate AI into their operations.</p>
<div class="lb-trans"><p>SoundHound 的对话式 AI 软件基于其 Polaris 语音识别模型，该模型的准确率比 <strong>Alphabet</strong> 的谷歌开发的同类模型高出 20%，比 OpenAI 的 Whisper 模型高出多达 36%。如果该公司能够保持这一优势，它将继续成为更多希望将 AI 融入其运营的企业的首选。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MTA3MTUvYS1wZXJzb24tY29sbGVjdGluZy10aGVpci1mb29kLWF0LXRoZS1kcml2ZS10aHJ1LXdpbmRvdy1vZi1hLXJlc3RhdXJhbnQuanBnJnc9NzAw" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F810715%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 soaring</h2>
<div class="lb-trans"><h2>SoundHound 的收入正在飙升</h2>
</div><p>SoundHound had a record year in 2024, with revenue soaring 85% to $84.7 million. That growth rate marked a significant acceleration from 2023, when the company's revenue increased by just 47%.</p>
<div class="lb-trans"><p>SoundHound 在 2024 年创下了记录，收入飙升 85% 至 8470 万美元。这个增长率标志着与 2023 年相比的显著加速，当时公司的收入仅增长了 47%。</p>
</div><p>Thanks to the acquisition of another conversational AI company called Amelia in August last year, SoundHound also significantly diversified its revenue base. It was able to expand beyond restaurants and car manufacturers to enter new industries like financial services and healthcare. In fact, SoundHound's largest customer accounted for just 14% of its total revenue in 2024, down from more than half of its total revenue in 2023.</p>
<div class="lb-trans"><p>得益于去年 8 月收购另一家对话式 AI 公司 Amelia，SoundHound 还显著多样化了其收入基础。它能够超越餐厅和汽车制造商，进入金融服务和医疗保健等新行业。实际上，SoundHound 的最大客户在 2024 年仅占其总收入的 14%，而在 2023 年这一比例超过了一半。</p>
</div><p>On that note, the company ended the year with a whopping $1.2 billion order backlog, representing a 75% increase from the end of 2023. Management expects this backlog to convert into revenue over a period of six years, and since it's expanding so quickly, this could translate into significant future growth at the top line.</p>
<div class="lb-trans"><p>在这一点上，该公司以惊人的 12 亿美元订单积压结束了年度，较 2023 年底增长了 75%。管理层预计，这一积压将在六年内转化为收入，并且由于其快速扩张，这可能会在未来带来显著的收入增长。</p>
</div><p>SoundHound's guidance suggests it could generate up to $177 million in revenue during 2025, implying its growth rate could accelerate again to an eye-popping 109%.</p>
<div class="lb-trans"><p>SoundHound 的指引表明，它在 2025 年可能产生高达 1.77 亿美元的收入，这意味着其增长率可能再次加速，达到惊人的 109%。</p>
</div><p>Unfortunately, there is one glaring issue investors need to be wary of: SoundHound is losing truckloads of money. Its generally accepted accounting principles (GAAP) net loss came in at $350.6 million in 2024, which was a staggering 294% increase from 2023.</p>
<div class="lb-trans"><p>不幸的是，投资者需要警惕一个明显的问题：SoundHound 正在亏损。其公认会计原则（GAAP）净亏损在 2024 年达到 3.506 亿美元，比 2023 年增长了惊人的 294%。</p>
</div><p>The loss was much smaller on a non-GAAP basis, which excludes one-off and noncash expenses like stock-based compensation, coming in at $69.1 million. However, with just $198 million in cash on hand at the end of last year, the company can't afford to keep burning through money at this pace for perpetuity.</p>
<div class="lb-trans"><p>在非 GAAP 基础上，亏损要小得多，排除了股票薪酬等一次性和非现金费用，亏损为 6910 万美元。然而，去年年底公司手头仅有 1.98 亿美元现金，无法以这种速度持续烧钱。</p>
</div><h2>SoundHound stock isn't cheap, despite its sharp decline</h2>
<div class="lb-trans"><h2>尽管大幅下跌，SoundHound 的股票仍然不便宜</h2>
</div><p>SoundHound stock might be down 64% from its all-time high, but it's <em>still</em> quite expensive. Based on last year's revenue and the company's market capitalization of $3.1 billion, the stock trades at a price-to-sales (P/S) ratio of 34.2.</p>
<div class="lb-trans"><p>SoundHound 的股票可能比历史最高点下跌了 64%，但它_仍然_相当昂贵。根据去年的收入和公司 31 亿美元的市值，该股票的市销率（P/S）为 34.2。</p>
</div><p>That is a substantial premium to a basket of other AI leaders, some of which are trillion-dollar giants with hundreds of billions of dollars in revenue, and track records of success that span decades. For example, it doesn't make much sense for SoundHound's P/S ratio to trade at a whopping 68% premium to Nvidia's P/S ratio, considering Nvidia is one of the highest-quality companies in the entire world:</p>
<div class="lb-trans"><p>这比一篮子其他 AI 领军企业的溢价要大，其中一些是市值万亿美元、收入数千亿美元的巨头，且成功记录跨越数十年。例如，考虑到英伟达是全球最高质量的公司之一，SoundHound 的市销率以 68% 的溢价交易于英伟达的市销率并没有太大意义：</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/cb736cc9cc7c6d172c186f3ee8402020.png" alt="" original-src="https://media.ycharts.com/charts/cb736cc9cc7c6d172c186f3ee8402020.png"/></p>
<p>SOUN PS Ratio data by YCharts</p>
<div class="lb-trans"><p>SOUN 市销率数据来源于 YCharts</p>
</div><p>SoundHound's valuation looks a little more reasonable when calculated using its forecast 2025 revenue of $177 million, which places its stock at a forward P/S ratio at 17.9. However, that still tops Nvidia's forward P/S ratio of 12.7 by a wide margin.</p>
<div class="lb-trans"><p>使用其预测的 2025 年收入 1.77 亿美元计算，SoundHound 的估值看起来更为合理，这使其股票的前瞻性市销率为 17.9。然而，这仍然大幅高于 Nvidia 的前瞻性市销率 12.7。</p>
</div><p>It's impossible to know whether valuation had any bearing on Nvidia's decision to sell its entire stake in SoundHound at the end of last year. After all, the chipmaker only held 1.73 million shares, which would be worth just $14.8 million at today's price. Even if it suffered a complete loss, it wouldn't have impacted the $2.6 trillion giant one bit.</p>
<div class="lb-trans"><p>无法确定估值是否对 Nvidia 去年年底出售其在 SoundHound 的全部股份的决定产生了影响。毕竟，这家芯片制造商仅持有 173 万股，按今天的价格计算，仅值 1480 万美元。即使遭受完全损失，也不会对这家 2.6 万亿美元的巨头产生任何影响。</p>
</div><p>Nonetheless, SoundHound's valuation could be a real headwind that prevents further upside, so regular investors might want to think twice before buying in -- especially with Nvidia out of the picture.</p>
<div class="lb-trans"><p>尽管如此，SoundHound 的估值可能成为阻碍进一步上涨的真正障碍，因此普通投资者在买入之前可能需要三思而后行，尤其是在 Nvidia 退出之后。</p>
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Should You Buy SoundHound AI Stock After Its 64% Drop? This Recent Move by Nvidia Might Hold the Answer.

- Nvidia 出售 SoundHound 股份，后者股价下跌 64%。  
- SoundHound 2024 年收入增长 85%，但净亏损达 3.5 亿美元。  
- 投资者需谨慎，SoundHound 估值高于同行。

在 SoundHound AI 股价下跌 64% 后，你是否应该买入？Nvidia 最近的这一举动可能会给出答案