<p>自 2023 年初以来，<strong>英伟达</strong>(NVDA 0.12%) 的市值增加了惊人的 2.3 万亿美元，这得益于其数据中心芯片的需求激增，这些芯片在推动和训练人工智能（AI）方面是行业中最优秀的。</p>
<p>英伟达将其部分巨额财富投入到一小部分其他 AI 股票中。<strong>SoundHound AI</strong>(SOUN -2.82%) 就是其中之一，但根据其最新的季度 13-F 文件，芯片巨头在 2024 年第四季度出售了其全部股份。</p>
<p>SoundHound 是一家对话式 AI 专家，正在受到全球一些最大品牌对其软件的强烈需求。但在投资者得知英伟达退出后，其股票失去了动力，目前较历史最高点下跌了 60%。</p>
<p>SoundHound 定于 5 月 8 日公布第一季度财务业绩。其股价的下跌是否代表着投资者在报告前的买入机会？</p>
<h2>对话式 AI 的领导者</h2>
<p>像 OpenAI 的 ChatGPT 这样的聊天机器人最初是为了理解基于文本的提示而设计的，而 SoundHound 一直专注于对话式 AI，它解析基于语音的提示并作出相应的回应。对话式 AI 在日常生活中的多种用途上更为实用，这也是 SoundHound AI 的客户名单中包括全球一些最大的餐饮连锁和汽车制造商的原因。</p>
<p>其技术在超过 10,000 个快餐店位置活跃，运营商包括 <strong>Chipotle</strong>、<strong>Krispy Kreme</strong>、White Castle 等。他们使用该技术在店内、电话和自驾车道上自动化食品订购，从而减少了这些企业所需的员工数量。此外，SoundHound 还提供了一种名为 Employee Assist 的工具，可以为员工提供制作菜单项或维护关键设备的详细说明。</p>
<p>领先的汽车制造商如 <strong>起亚</strong>、<strong>现代</strong> 和 <strong>斯特兰蒂斯</strong>（克莱斯勒、吉普和道奇品牌的拥有者）也在使用 SoundHound 的车载助手 Chat AI。它可以执行各种任务，从定位最近的餐厅到解释车辆仪表盘上某个警告灯的含义——而且完全通过语音提示控制。制造商可以根据品牌定制 Chat AI 的不同声音和个性。</p>
<p>SoundHound 现在将其餐饮业务与汽车业务结合，通过其新的车载商业平台。该软件使驾驶员在移动时无需拿起手机即可下订单。它连接到汽车的 GPS 导航系统，以定位最合适的供应商，因此驾驶员可以要求车载助手从最近的中餐馆（例如）为他们订餐。</p>
<p>在 8 月，该公司收购了 AI 开发商 Amelia，这帮助其进入医疗、金融服务和保险等新行业。实际上，SoundHound 的最大客户在 2024 年仅占其总收入的 14%，而在 2023 年这一比例超过一半。拥有更为多元化的收入基础可以推动更稳定的增长，并在长期内降低风险。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MTYyMzUvYS1wZXJzb24tcGlja2luZy11cC10aGVpci1kcmlua3MtYXQtdGhlLWRyaXZlLXRocnUtd2luZG93LmpwZyZ3PTcwMA?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" width="700" height="466" original-src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MTYyMzUvYS1wZXJzb24tcGlja2luZy11cC10aGVpci1kcmlua3MtYXQtdGhlLWRyaXZlLXRocnUtd2luZG93LmpwZyZ3PTcwMA"/></p>
<p>图片来源：Getty Images。</p>
<h2>收入飙升，但亏损严重</h2>
<p>SoundHound AI 在 2024 年产生了 8470 万美元的收入，比去年增长了 85%。管理层认为，随着其预测 2025 年收入达到 1.67 亿美元（在指导范围的中点），其增长可能加速至惊人的 97%。公司的第一季度业绩可能决定管理层是否会提高该指导，因此这是投资者在 5 月 8 日应关注的内容。</p>
<p>第二个需要关注的指标是 SoundHound 的订单积压。截至 2024 年底，其订单积压为 12 亿美元，同比增长了惊人的 75%。公司预计将在未来六年内将这一数字转化为实际收入，因此这可能是未来业绩的良好预测指标。如果其积压继续快速增长，合理预期 SoundHound 的收入增长将保持强劲势头。</p>
<p>然而，SoundHound 的快速收入增长是以高昂的代价为代价的。该公司在 2024 年按 GAAP（一般公认会计原则）基础亏损了 3.507 亿美元，比 2023 年的亏损增加了 295%。即使排除一次性支出和股票薪酬等非现金费用，SoundHound 在这一年仍然遭受了 6910 万美元的非 GAAP 亏损。</p>
<p>截至 2024 年底，SoundHound 的资产负债表上仅有 1.98 亿美元的现金及现金等价物，无法承受如此速度的持续亏损。该公司可能不得不牺牲一些收入增长以止住底线的亏损。否则，股东可能面临通过进一步的二次股票发行而导致的重大稀释。</p>
<h2>高估值可能限制其上行空间</h2>
<p>尽管其股价较历史最高点下跌了 60%，但该股票仍然昂贵。其市销率（P/S）为 38.1，几乎是英伟达市销率的两倍。考虑到英伟达无疑是全球最高质量的 AI 公司，这并没有太大意义。</p>
<p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/adcca3f12f8b05771909dcd2db020f70.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" width="720" height="456" original-src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/adcca3f12f8b05771909dcd2db020f70.png"/></p>
<p>SOUN 市销率数据来源于 YCharts。</p>
<p>根据其预期未来收入，SoundHound AI 的股票看起来稍微便宜一些。例如，假设公司今年将产生 1.67 亿美元的收入，如管理层所预期，其未来市销率将为 22.7——但这仍然是一个溢价估值，尤其是考虑到与其巨额亏损相关的风险。</p>
<p>英伟达从未披露为何出售其在 SoundHound 的股份，因此无法确定估值是否发挥了作用。英伟达仅持有 173 万股，按当前价格计算价值约为 1650 万美元，因此即使完全损失也不会对这家 2.7 万亿美元的芯片巨头的财务产生重大影响。</p>
<p>然而，英伟达在股东名册上的缺席无疑削弱了对 SoundHound 股票的看涨论点。此外，考虑到其估值，即使你认为即将发布的财报会非常出色，SoundHound 在当前价格下也看起来并不是一个很好的投资。因此，可能更好在进一步回调后再考虑投资这个故事。</p>

SOUN

<p>英伟达已出售其在 SoundHound AI 的全部股份，导致后者的股价下跌 60%。专注于对话式人工智能的 SoundHound 计划于 5 月 8 日公布其第一季度业绩，预计将实现显著的收入增长。尽管 2024 年收入增长了 85%，但公司仍报告亏损 3.507 亿美元。投资者对其现金储备和未来股票发行可能导致的稀释表示担忧。即将发布的财报可能会影响投资者情绪和股价表现</p>

<p><strong>Nvidia</strong>(NVDA 0.12%) has added an eye-popping $2.3 trillion to its market capitalization since the beginning of 2023, thanks to soaring demand for its data center chips that are the best in the industry for powering and training artificial intelligence (AI).</p>
<div class="lb-trans"><p>自 2023 年初以来，<strong>英伟达</strong>(NVDA 0.12%) 的市值增加了惊人的 2.3 万亿美元，这得益于其数据中心芯片的需求激增，这些芯片在推动和训练人工智能（AI）方面是行业中最优秀的。</p>
</div><p>Nvidia has put some of its incredible wealth to work by investing in a small portfolio of other AI stocks. <strong>SoundHound AI</strong>(SOUN -2.82%) was one of them, but the chip giant sold its entire stake during 2024's fourth quarter, according to its latest quarterly 13-F filing with the Securities and Exchange Commission.</p>
<div class="lb-trans"><p>英伟达将其部分巨额财富投入到一小部分其他 AI 股票中。<strong>SoundHound AI</strong>(SOUN -2.82%) 就是其中之一，但根据其最新的季度 13-F 文件，芯片巨头在 2024 年第四季度出售了其全部股份。</p>
</div><p>SoundHound is a conversational AI specialist, and it's experiencing strong demand for its software from some of the largest brands in the world. But its stock lost its momentum after investors learned of Nvidia's exit, and it's currently down 60% from its record high.</p>
<div class="lb-trans"><p>SoundHound 是一家对话式 AI 专家，正在受到全球一些最大品牌对其软件的强烈需求。但在投资者得知英伟达退出后，其股票失去了动力，目前较历史最高点下跌了 60%。</p>
</div><p>SoundHound is scheduled to report its financial results for the first quarter on May 8. Could its dip represent a buying opportunity for investors ahead of the report?</p>
<div class="lb-trans"><p>SoundHound 定于 5 月 8 日公布第一季度财务业绩。其股价的下跌是否代表着投资者在报告前的买入机会？</p>
</div><h2>A leader in conversational AI</h2>
<div class="lb-trans"><h2>对话式 AI 的领导者</h2>
</div><p>Chatbots like OpenAI's ChatGPT were originally designed to interpret text-based prompts, whereas SoundHound has always focused on conversational AI, which parses voice-based prompts and responds in kind. Conversational AI is more practical for a range of uses in everyday life, which is why SoundHound AI's client list includes some of the world's biggest restaurant chains and car manufacturers.</p>
<div class="lb-trans"><p>像 OpenAI 的 ChatGPT 这样的聊天机器人最初是为了理解基于文本的提示而设计的，而 SoundHound 一直专注于对话式 AI，它解析基于语音的提示并作出相应的回应。对话式 AI 在日常生活中的多种用途上更为实用，这也是 SoundHound AI 的客户名单中包括全球一些最大的餐饮连锁和汽车制造商的原因。</p>
</div><p>Its technology is active in more than 10,000 quick-service restaurant locations from operators like <strong>Chipotle</strong>, <strong>Krispy Kreme</strong>, White Castle, and more. They use it to automate food ordering in-store, over the phone, and in the drive-thru lane, which reduces the number of employees those businesses require. Plus, SoundHound also offers a tool called Employee Assist that can give workers detailed instructions for making menu items or maintaining critical equipment.</p>
<div class="lb-trans"><p>其技术在超过 10,000 个快餐店位置活跃，运营商包括 <strong>Chipotle</strong>、<strong>Krispy Kreme</strong>、White Castle 等。他们使用该技术在店内、电话和自驾车道上自动化食品订购，从而减少了这些企业所需的员工数量。此外，SoundHound 还提供了一种名为 Employee Assist 的工具，可以为员工提供制作菜单项或维护关键设备的详细说明。</p>
</div><p>Leading automotive manufacturers like <strong>Kia</strong>, <strong>Hyundai</strong>, and <strong>Stellantis</strong> (owner of the Chrysler, Jeep, and Dodge marques) are also using SoundHound's Chat AI in-car assistant. It can do various tasks from locating the nearest restaurant to explaining what a particular warning light means on the vehicle's dashboard -- and it's controlled entirely with voice prompts. Manufacturers can customize Chat AI with different voices and personalities to suit their brands.</p>
<div class="lb-trans"><p>领先的汽车制造商如 <strong>起亚</strong>、<strong>现代</strong> 和 <strong>斯特兰蒂斯</strong>（克莱斯勒、吉普和道奇品牌的拥有者）也在使用 SoundHound 的车载助手 Chat AI。它可以执行各种任务，从定位最近的餐厅到解释车辆仪表盘上某个警告灯的含义——而且完全通过语音提示控制。制造商可以根据品牌定制 Chat AI 的不同声音和个性。</p>
</div><p>SoundHound is now marrying its restaurant segment with its automotive segment with its new in-vehicle commerce platform. The software enables drivers to place food orders while they are on the move without picking up a phone. It plugs into the car's GPS navigation system to locate the most suitable vendors, so the driver can ask their in-car assistant to order them a meal from the nearest Chinese restaurant (for example).</p>
<div class="lb-trans"><p>SoundHound 现在将其餐饮业务与汽车业务结合，通过其新的车载商业平台。该软件使驾驶员在移动时无需拿起手机即可下订单。它连接到汽车的 GPS 导航系统，以定位最合适的供应商，因此驾驶员可以要求车载助手从最近的中餐馆（例如）为他们订餐。</p>
</div><p>In August, the company acquired AI developer Amelia, which is helping it break into new industries like healthcare, financial services, and insurance. In fact, SoundHound's largest customer accounted for just 14% of its total revenue in 2024, which was down from more than half in 2023. Having a more diversified revenue base can drive steadier growth and reduce risk in the long run.</p>
<div class="lb-trans"><p>在 8 月，该公司收购了 AI 开发商 Amelia，这帮助其进入医疗、金融服务和保险等新行业。实际上，SoundHound 的最大客户在 2024 年仅占其总收入的 14%，而在 2023 年这一比例超过一半。拥有更为多元化的收入基础可以推动更稳定的增长，并在长期内降低风险。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MTYyMzUvYS1wZXJzb24tcGlja2luZy11cC10aGVpci1kcmlua3MtYXQtdGhlLWRyaXZlLXRocnUtd2luZG93LmpwZyZ3PTcwMA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F816235%2Fa-person-picking-up-their-drinks-at-the-drive-thru-window.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>Soaring revenue, but steep losses</h2>
<div class="lb-trans"><h2>收入飙升，但亏损严重</h2>
</div><p>SoundHound AI generated $84.7 million in revenue during 2024, which was an 85% increase from the previous year. Management believes its growth could accelerate to a whopping 97% in 2025, as it's forecasting revenue of $167 million (at the midpoint of its guidance range). The company's first-quarter result could dictate whether or not management increases that guidance, so this is something investors should pay attention to on May 8.</p>
<div class="lb-trans"><p>SoundHound AI 在 2024 年产生了 8470 万美元的收入，比去年增长了 85%。管理层认为，随着其预测 2025 年收入达到 1.67 亿美元（在指导范围的中点），其增长可能加速至惊人的 97%。公司的第一季度业绩可能决定管理层是否会提高该指导，因此这是投资者在 5 月 8 日应关注的内容。</p>
</div><p>The second metric to watch is SoundHound's order backlog. It stood at $1.2 billion at the end of 2024, which was an eye-popping 75% year-over-year increase. The company expects to convert that figure into actual revenue over the next six years, so it could be a great predictor of future results. If its backlog continues to grow at a rapid pace, it's reasonable to expect SoundHound's revenue growth to maintain its strong momentum.</p>
<div class="lb-trans"><p>第二个需要关注的指标是 SoundHound 的订单积压。截至 2024 年底，其订单积压为 12 亿美元，同比增长了惊人的 75%。公司预计将在未来六年内将这一数字转化为实际收入，因此这可能是未来业绩的良好预测指标。如果其积压继续快速增长，合理预期 SoundHound 的收入增长将保持强劲势头。</p>
</div><p>However, SoundHound's rapid top-line expansion is coming at a steep cost. The company lost $350.7 million during 2024 on a GAAP (generally accepted accounting principles) basis, which was 295% more than its loss in 2023. Even after excluding one-off outlays and non-cash expenses like stock-based compensation, SoundHound still took a $69.1 million non-GAAP loss for the year.</p>
<div class="lb-trans"><p>然而，SoundHound 的快速收入增长是以高昂的代价为代价的。该公司在 2024 年按 GAAP（一般公认会计原则）基础亏损了 3.507 亿美元，比 2023 年的亏损增加了 295%。即使排除一次性支出和股票薪酬等非现金费用，SoundHound 在这一年仍然遭受了 6910 万美元的非 GAAP 亏损。</p>
</div><p>With just $198 million in cash and equivalents on its balance sheet as of the end of 2024, SoundHound can't afford to keep losing money at that pace for long. The company might have to sacrifice some revenue growth to staunch the bottom-line bleeding. Otherwise, shareholders are likely to face significant dilution through further secondary stock offerings.</p>
<div class="lb-trans"><p>截至 2024 年底，SoundHound 的资产负债表上仅有 1.98 亿美元的现金及现金等价物，无法承受如此速度的持续亏损。该公司可能不得不牺牲一些收入增长以止住底线的亏损。否则，股东可能面临通过进一步的二次股票发行而导致的重大稀释。</p>
</div><h2>A high valuation could limit its upside</h2>
<div class="lb-trans"><h2>高估值可能限制其上行空间</h2>
</div><p>Despite its 60% decline from its all-time high, the stock is still expensive. It trades at a price-to-sales (P/S) ratio of 38.1, which is nearly twice the P/S ratio of Nvidia. That doesn't make much sense, considering Nvidia is arguably the highest-quality AI company in the world.</p>
<div class="lb-trans"><p>尽管其股价较历史最高点下跌了 60%，但该股票仍然昂贵。其市销率（P/S）为 38.1，几乎是英伟达市销率的两倍。考虑到英伟达无疑是全球最高质量的 AI 公司，这并没有太大意义。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/adcca3f12f8b05771909dcd2db020f70.png" alt="" original-src="https://media.ycharts.com/charts/adcca3f12f8b05771909dcd2db020f70.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 AI stock looks a little cheaper valued based on its expected future revenue. For example, assuming the company will generate $167 million in revenue this year as management expects, its forward P/S ratio would be 22.7 -- but that's still a premium valuation, especially considering the risks associated with its steep losses.</p>
<div class="lb-trans"><p>根据其预期未来收入，SoundHound AI 的股票看起来稍微便宜一些。例如，假设公司今年将产生 1.67 亿美元的收入，如管理层所预期，其未来市销率将为 22.7——但这仍然是一个溢价估值，尤其是考虑到与其巨额亏损相关的风险。</p>
</div><p>Nvidia never disclosed why it sold its stake in SoundHound, so it's impossible to know whether valuation played a role. Nvidia only held 1.73 million shares, which would be worth around $16.5 million at the current price, so even a complete loss wouldn't have affected the $2.7 trillion chip giant's finances meaningfully.</p>
<div class="lb-trans"><p>英伟达从未披露为何出售其在 SoundHound 的股份，因此无法确定估值是否发挥了作用。英伟达仅持有 173 万股，按当前价格计算价值约为 1650 万美元，因此即使完全损失也不会对这家 2.7 万亿美元的芯片巨头的财务产生重大影响。</p>
</div><p>However, Nvidia's absence on the share register certainly took some of the shine off the bull case for SoundHound stock. Plus, given its valuation, SoundHound doesn't look like a great buy at the current price, even if you think the upcoming financial report will be a total blockbuster. Therefore, it might be better to wait for a further pullback before investing in this story.</p>
<div class="lb-trans"><p>然而，英伟达在股东名册上的缺席无疑削弱了对 SoundHound 股票的看涨论点。此外，考虑到其估值，即使你认为即将发布的财报会非常出色，SoundHound 在当前价格下也看起来并不是一个很好的投资。因此，可能更好在进一步回调后再考虑投资这个故事。</p>
</div>

Should You Buy SoundHound AI Stock Before May 8? This Recent Move by Nvidia Might Hold the Answer

- Nvidia 自 2023 年以来市值增加 2.3 万亿美元，因数据中心芯片需求激增。  
- SoundHound AI 2024 年收入达 8470 万美元，预计 2025 年将增长至 1.67 亿美元。  
- 尽管收入增长，SoundHound 仍面临 3.5 亿美元的亏损，现金流紧张。  

你是否应该在 5 月 8 日之前购买 SoundHound AI 的股票？Nvidia 最近的动作可能会提供答案