<p>语音人工智能（AI）公司 <strong>SoundHound AI</strong>(SOUN -1.26%) 在去年初因芯片制造商 <strong>Nvidia</strong>(NVDA -0.66%) 披露其持有少量股份而大幅提升了股价。随着 2024 年的推进，关于该公司的更多好消息推动了其股价上涨。但在今年初，AI 行业的逆风、竞争威胁以及在 CES 上的表现平平使得该股开始下滑。</p>
<p>然后在 2 月底，当 Nvidia 向 SEC 提交最新的 13F 文件时，投资者了解到它在第四季度已出售了对 SoundHound AI 的全部股份。股价进一步暴跌。</p>
<p>更令人担忧的是，Nvidia 最近与其第一家餐饮公司达成了合作协议。作为 GPU 领导者，Nvidia 不仅不再是 SoundHound AI 的主要支持者，可能还会成为这家小公司的最大竞争对手。</p>
<h2>Nvidia 与 Yum! Brands 合作</h2>
<p>3 月 18 日，<strong>Yum! Brands</strong> 宣布将与芯片巨头 Nvidia 合作，称这是与科技公司进行的 “行业首创合作”。Yum! Brands 拥有 KFC、Taco Bell 和 Pizza Hut 连锁店，在全球拥有超过 61,000 个餐厅地点，覆盖面广泛。</p>
<p>该公司将利用 AI 来评估其餐厅的表现，并部署语音 AI 系统来处理得来速的订单，这是 SoundHound 也一直关注的一个重要增长机会。去年 12 月，SoundHound 宣布与 Church's Texas Chicken 和 Torchy's Tacos 达成了语音 AI 点餐平台的合作协议。</p>
<p>Nvidia 与 Yum! Brands 的合作标志着这家科技巨头首次与餐饮公司在 AI 领域合作，这可能只是个开始。</p>
<h2>SoundHound 的增长前景存疑</h2>
<p>对于 SoundHound 来说，最大的疑问始终是它究竟能实现多少增长。来自 Nvidia 的竞争威胁并不是唯一的担忧，其他公司也提供类似的语音 AI 服务。但由于 Nvidia 的规模庞大，它可能会在语音 AI 市场中占据显著份额。它在财务上也有能力大力进入新市场：在过去四个季度中，它的利润达到了 730 亿美元。相比之下，SoundHound 离盈亏平衡还很远——去年亏损超过 3.51 亿美元。</p>
<p>尽管 SoundHound 在 2024 年最后三个月的收入翻了一番，但这得益于一次收购。要想实现有机高增长并不容易。它所在的细分市场竞争激烈，面对像 Nvidia 这样可能成为巨大竞争对手的公司，投资者可能需要重新考虑他们对该股的估值。</p>
<h2>SoundHound 的股票面临困境</h2>
<p>SoundHound 的股票在 2025 年下跌近 50%。但以约 40 亿美元的市值来看，SoundHound 的估值仍然相对较高，考虑到其收入和亏损情况。</p>
<p>它并未盈利，投资者基于去年的销售额支付了近 40 倍的市销率。即使公司在今年的收入指引范围内达到高端（1.77 亿美元），它的前瞻性市销率仍然为 23 倍。对于一家面临诸多风险和不确定性的科技公司来说，这个倍数是相当高的。</p>
<p>现在可能是 SoundHound 的股东重新考虑其持仓的好时机。尽管该股已经远离几个月前触及的高点，但其自由下跌可能还没有结束。相比之下，还有许多更好的 AI 股票可供投资，选择 Nvidia 可能是更好的选择。尽管选择 SoundHound 这样一家可能在长期内具有更大上行空间的小公司可能很诱人，但这样做也伴随着更大的风险。</p>

英伟达

SOUN

<p>英伟达最近剥离了对 SoundHound AI 的投资，这引发了人们对后者增长前景的担忧，因为英伟达与百胜餐饮集团合作在其餐厅中实施语音人工智能。SoundHound 的股票在 2025 年暴跌近 50%，尽管市值达到 40 亿美元，但仍处于亏损状态，且市销率较高。投资者被建议重新考虑他们的持仓，因为英伟达进入语音人工智能市场对 SoundHound 构成了重大竞争威胁</p>

<p>Voice artificial intelligence (AI) company <strong>SoundHound AI</strong>(SOUN -1.26%) got a big boost to its share price early last year after chipmaker <strong>Nvidia</strong>(NVDA -0.66%) disclosed that it had a small position in it. As 2024 progressed, additional good news about the business pushed its share price higher. But early this year, AI sector headwinds, competitive threats, and a tepid showing at CES set the stock on a downslope.</p>
<div class="lb-trans"><p>语音人工智能（AI）公司 <strong>SoundHound AI</strong>(SOUN -1.26%) 在去年初因芯片制造商 <strong>Nvidia</strong>(NVDA -0.66%) 披露其持有少量股份而大幅提升了股价。随着 2024 年的推进，关于该公司的更多好消息推动了其股价上涨。但在今年初，AI 行业的逆风、竞争威胁以及在 CES 上的表现平平使得该股开始下滑。</p>
</div><p>Then in late February, when Nvidia filed its latest 13F with the SEC, investors learned that it had sold off its entire stake in SoundHound AI in the fourth quarter. Shares plunged further.</p>
<div class="lb-trans"><p>然后在 2 月底，当 Nvidia 向 SEC 提交最新的 13F 文件时，投资者了解到它在第四季度已出售了对 SoundHound AI 的全部股份。股价进一步暴跌。</p>
</div><p>Even more concerning, Nvidia recently locked up a deal with its first restaurant company. Not only is the GPU leader no longer a key backer of SoundHound AI, it may also potentially become the smaller company's biggest competitor.</p>
<div class="lb-trans"><p>更令人担忧的是，Nvidia 最近与其第一家餐饮公司达成了合作协议。作为 GPU 领导者，Nvidia 不仅不再是 SoundHound AI 的主要支持者，可能还会成为这家小公司的最大竞争对手。</p>
</div><h2>Nvidia to work with Yum! Brands</h2>
<div class="lb-trans"><h2>Nvidia 与 Yum! Brands 合作</h2>
</div><p>On March 18, <strong>Yum! Brands</strong> announced that it would be working with chip giant Nvidia in what it called an &#34;industry-first collaboration&#34; with the tech company. Yum! Brands owns the KFC, Taco Bell, and Pizza Hut chains, giving it a massive footprint with more than 61,000 restaurant locations throughout the world.</p>
<div class="lb-trans"><p>3 月 18 日，<strong>Yum! Brands</strong> 宣布将与芯片巨头 Nvidia 合作，称这是与科技公司进行的 “行业首创合作”。Yum! Brands 拥有 KFC、Taco Bell 和 Pizza Hut 连锁店，在全球拥有超过 61,000 个餐厅地点，覆盖面广泛。</p>
</div><p>The company is going to use AI to help assess the performance of its restaurants and is deploying voice AI systems to handle orders at drive-thrus, which is one of the areas that SoundHound has also been eyeing as a big growth opportunity. In December, SoundHound announced deals for its voice AI ordering platform with Church's Texas Chicken and Torchy's Tacos.</p>
<div class="lb-trans"><p>该公司将利用 AI 来评估其餐厅的表现，并部署语音 AI 系统来处理得来速的订单，这是 SoundHound 也一直关注的一个重要增长机会。去年 12 月，SoundHound 宣布与 Church's Texas Chicken 和 Torchy's Tacos 达成了语音 AI 点餐平台的合作协议。</p>
</div><p>Nvidia's deal with Yum! Brands marks the first time the tech giant partnered with a restaurant company on AI, and it could just be the start.</p>
<div class="lb-trans"><p>Nvidia 与 Yum! Brands 的合作标志着这家科技巨头首次与餐饮公司在 AI 领域合作，这可能只是个开始。</p>
</div><h2>Why SoundHound's growth prospects are questionable</h2>
<div class="lb-trans"><h2>SoundHound 的增长前景存疑</h2>
</div><p>For SoundHound, the big question was always about how much growth it could truly achieve. The competitive threat from Nvidia is far from the only concern on that front, as other companies also offer similar voice AI services. But because of Nvidia's massive scale, it could take significant market share in voice AI. It's also in a financial position to push hard into fresh markets: It generated $73 billion in profit over the past four quarters. By contrast, SoundHound is nowhere near breaking even -- it incurred a loss of more than $351 million last year.</p>
<div class="lb-trans"><p>对于 SoundHound 来说，最大的疑问始终是它究竟能实现多少增长。来自 Nvidia 的竞争威胁并不是唯一的担忧，其他公司也提供类似的语音 AI 服务。但由于 Nvidia 的规模庞大，它可能会在语音 AI 市场中占据显著份额。它在财务上也有能力大力进入新市场：在过去四个季度中，它的利润达到了 730 亿美元。相比之下，SoundHound 离盈亏平衡还很远——去年亏损超过 3.51 亿美元。</p>
</div><p>While SoundHound doubled its revenue during the last three months of 2024, that was with the help of an acquisition. For it to grow organically at a high rate won't be easy. There's loads of competition out there in its niche, and with a behemoth like Nvidia potentially en route to becoming a huge rival, investors may want to think twice about just how highly they are valuing the stock.</p>
<div class="lb-trans"><p>尽管 SoundHound 在 2024 年最后三个月的收入翻了一番，但这得益于一次收购。要想实现有机高增长并不容易。它所在的细分市场竞争激烈，面对像 Nvidia 这样可能成为巨大竞争对手的公司，投资者可能需要重新考虑他们对该股的估值。</p>
</div><h2>SoundHound's stock is in trouble</h2>
<div class="lb-trans"><h2>SoundHound 的股票面临困境</h2>
</div><p>SoundHound stock is down nearly 50% in 2025. But with a market cap of around $4 billion, SoundHound is still trading at a high valuation with respect to its top and bottom lines.</p>
<div class="lb-trans"><p>SoundHound 的股票在 2025 年下跌近 50%。但以约 40 亿美元的市值来看，SoundHound 的估值仍然相对较高，考虑到其收入和亏损情况。</p>
</div><p>It isn't profitable, and investors are paying a price-to-sales multiple of nearly 40, based on last year's sales. Even if the company hits the high end of its revenue guidance range for this year ($177 million), it's still trading at 23 times forward sales. That's a high multiple to pay for a tech company that is facing a lot of risk and uncertainty ahead.</p>
<div class="lb-trans"><p>它并未盈利，投资者基于去年的销售额支付了近 40 倍的市销率。即使公司在今年的收入指引范围内达到高端（1.77 亿美元），它的前瞻性市销率仍然为 23 倍。对于一家面临诸多风险和不确定性的科技公司来说，这个倍数是相当高的。</p>
</div><p>Now may be a good time for shareholders in SoundHound to reconsider their positions. While the stock has already retreated far from the peak it touched a few months ago, its free fall may not be over just yet. There are much better AI stocks to own than SoundHound -- simply going with Nvidia may be a better option. Although it may be tempting to go with a much smaller company in SoundHound that may possess a lot more upside in the long run, doing so also comes with far greater risk.</p>
<div class="lb-trans"><p>现在可能是 SoundHound 的股东重新考虑其持仓的好时机。尽管该股已经远离几个月前触及的高点，但其自由下跌可能还没有结束。相比之下，还有许多更好的 AI 股票可供投资，选择 Nvidia 可能是更好的选择。尽管选择 SoundHound 这样一家可能在长期内具有更大上行空间的小公司可能很诱人，但这样做也伴随着更大的风险。</p>
</div>

Could Nvidia Become SoundHound AI's Biggest Competitor?

- SoundHound AI 股价因 Nvidia 出售股份而大幅下跌。  
- Nvidia 与 Yum! Brands 合作，可能成为 SoundHound 的竞争对手。  
- SoundHound 面临盈利困难，股价高估风险显著。  

英伟达会成为 SoundHound AI 的最大竞争对手吗？