<p><strong>英伟达</strong>(NVDA -0.52%) 自 2023 年初以来，其市值增加了惊人的 2.8 万亿美元，这得益于对其数据中心芯片的需求激增，这些芯片是全球开发人工智能（AI）方面最优秀的。该公司还投资了一系列其他 AI 股票，其中 <strong>SoundHound AI</strong>(SOUN -6.55%) 就是其中之一。</p>
<p>SoundHound 是一家专注于对话式 AI 的公司，拥有令人印象深刻的客户名单，包括来自酒店和汽车制造等行业的一些全球最大品牌。但当英伟达向证券交易委员会提交 2024 年最后一个季度的 13-F 报告时，SoundHound 的股票显然缺席——事实证明，这家芯片巨头在去年年底出售了其全部股份。</p>
<p>SoundHound 最近公布了 2025 年第一季度（截至 3 月 31 日）的最新财务结果，自那以来，其股票上涨了近 30%。英伟达是否卖得太早了？</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MTgyNDEvYS1wZXJzb24tY29sbGVjdGluZy10aGVpci1mb29kLWF0LXRoZS1kcml2ZS10aHJ1LXdpbmRvdy1vZi1hLXJlc3RhdXJhbnQuanBnJnc9NzAw?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-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MTgyNDEvYS1wZXJzb24tY29sbGVjdGluZy10aGVpci1mb29kLWF0LXRoZS1kcml2ZS10aHJ1LXdpbmRvdy1vZi1hLXJlc3RhdXJhbnQuanBnJnc9NzAw"/></p>
<p>图片来源：Getty Images。</p>
<h2>不断增长的对话式 AI 产品组合</h2>
<p>SoundHound 的对话式 AI 技术能够理解语音提示并作出相应的回应，已被全球一些最大的企业部署，以改变我们与设备、汽车甚至我们最喜欢的餐厅的互动方式。</p>
<p>SoundHound 在近 13,000 家快餐店中活跃，这些店由 <strong>白城堡</strong>、<strong>Chipotle</strong> 和 <strong>Papa John's</strong> 等连锁店运营。其语音 AI 技术可以自主通过电话、店内和自驾取餐窗口接收客户订单，减轻员工的工作负担，使他们可以花更多时间处理其他任务。SoundHound 还提供一款名为员工助手的产品，随时为员工提供菜单项和店内程序的信息。</p>
<p>在汽车行业，SoundHound 的车载语音助手 Chat AI 被 <strong>现代</strong>、起亚和 <strong>斯坦兰蒂斯</strong>（克莱斯勒、吉普和道奇的拥有者）等顶级品牌使用。它可以回答广泛主题的问题，还可以提供实时的体育比分和股票价格信息。SoundHound 还在今年早些时候推出了一个名为 Voice Commerce 的新平台，允许驾驶员在舒适的车辆内下单。它甚至可以推荐餐厅并使用汽车的 GPS 系统提供方向。</p>
<p>SoundHound 在去年 8 月收购了另一家 AI 公司 Amelia，进一步扩展了其产品组合。Amelia 的平台允许企业创建定制的 AI 代理，以服务客户或帮助员工完成特定任务。它被用于医疗保健、金融服务、保险等行业，帮助 SoundHound 多样化其收入来源。</p>
<h2>SoundHound 的收入正在飙升</h2>
<p>SoundHound 在 2025 年第一季度的总收入为 2910 万美元，比去年同期增长了惊人的 151%。Amelia 的收入的加入推动了这一结果，但该公司也继续经历对其核心产品的广泛需求。</p>
<p>管理层不再向投资者更新 SoundHound 的订单积压情况，但首席财务官 Nitesh Sharan 表示，订单积压继续从三个月前的前一个季度增长，当时的订单积压高达 12 亿美元。该公司预计将在六年内将这些积压转化为收入，因此这可能是未来收入结果的良好预测指标。</p>
<p>强劲的第一季度业绩促使 SoundHound 重申其 2025 年的全年指引，预计收入将同比飙升 97%，达到 1.67 亿美元（在预测范围的中点）。</p>
<h2>英伟达是否过早出售了 SoundHound 股票？</h2>
<p>英伟达从未披露为何出售 SoundHound 股票，但其当前估值是投资者可能想要暂时避开的一个原因。截至目前，其市销率（P/S）为 40.8，这使其显著高于英伟达本身。考虑到 AI 芯片巨头是全球最高质量的公司之一，且成功记录跨越数十年，这并没有太大意义：</p>
<p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/17e88682ad8a33de82fa564262a56fef.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/17e88682ad8a33de82fa564262a56fef.png"/></p>
<p>SOUN 市销率数据来源于 YCharts</p>
<p>如果我们使用其未来潜在收入来评估，SoundHound 的股票看起来就便宜一些。如果我们假设该公司今年产生 1.67 亿美元的收入，正如管理层所预期的那样，这将使其股票的前瞻市销率为 27.1。但考虑到这一数字仍高于英伟达今天的市销率，我绝对不会说这只股票看起来有吸引力。</p>
<p>此外，SoundHound 的底线构成了一个关键风险。该公司在第一季度根据公认会计原则（GAAP）产生了 129 百万美元的罕见利润，但这仅仅是因为与其一项收购相关的 176 百万美元的收益。在不按 GAAP 的基础上，排除一次性和非现金项目，SoundHound 仍然亏损 2230 万美元，比去年同期增加了 10%。</p>
<p>截至季度末，SoundHound 手头有 2.46 亿美元的现金及现金等价物，因此它可以在未来几年以当前速度继续亏损。然而，如果该公司未来确实需要更多现金，可能不得不发行更多股票，这将导致现有股东的显著稀释。</p>
<p>英伟达仅持有 173 万股 SoundHound 股票，按其当前股价计算，仅值 1950 万美元。考虑到英伟达几乎是一家 3.3 万亿美元的公司，即使完全损失也可能不会对其财务产生影响。尽管我们不知道英伟达为何出售其全部股份，但 SoundHound 的估值足以让投资者在考虑购买时非常谨慎。</p>

英伟达

SOUN

<p>英伟达在 SoundHound AI（一个专注于对话式人工智能的公司）股票在 2025 年第一季度业绩强劲后上涨近 30% 之前，出售了其全部股份。SoundHound 报告收入增长 151%，达到 2910 万美元，并重申了其 2025 年的指导预期，预计同比收入增长 97%。尽管增长令人印象深刻，但 SoundHound 的高市销率引发了人们对其估值相较于英伟达的担忧。此次出售的时机引发了关于英伟达是否过早撤资的猜测</p>

<p><strong>Nvidia</strong>(NVDA -0.52%) added an eye-popping $2.8 trillion to its market capitalization since the start of 2023, thanks to soaring demand for its data center chips that are the best in the world for developing artificial intelligence (AI). The company also invested in a portfolio of other AI stocks, and <strong>SoundHound AI</strong>(SOUN -6.55%) was one of them.</p>
<div class="lb-trans"><p><strong>英伟达</strong>(NVDA -0.52%) 自 2023 年初以来，其市值增加了惊人的 2.8 万亿美元，这得益于对其数据中心芯片的需求激增，这些芯片是全球开发人工智能（AI）方面最优秀的。该公司还投资了一系列其他 AI 股票，其中 <strong>SoundHound AI</strong>(SOUN -6.55%) 就是其中之一。</p>
</div><p>SoundHound is a specialist in conversational AI, and it has an impressive list of customers that includes some of the biggest brands in the world from industries like hospitality and car manufacturing. But when Nvidia filed its 13-F with the Securities and Exchange Commission for the final quarter of 2024, SoundHound stock was notably missing -- it turns out the chip giant sold its entire stake toward the end of last year.</p>
<div class="lb-trans"><p>SoundHound 是一家专注于对话式 AI 的公司，拥有令人印象深刻的客户名单，包括来自酒店和汽车制造等行业的一些全球最大品牌。但当英伟达向证券交易委员会提交 2024 年最后一个季度的 13-F 报告时，SoundHound 的股票显然缺席——事实证明，这家芯片巨头在去年年底出售了其全部股份。</p>
</div><p>SoundHound recently reported its latest financial results for the first quarter of 2025 (ended March 31), and its stock soared by almost 30% since. Did Nvidia sell its position too early?</p>
<div class="lb-trans"><p>SoundHound 最近公布了 2025 年第一季度（截至 3 月 31 日）的最新财务结果，自那以来，其股票上涨了近 30%。英伟达是否卖得太早了？</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MTgyNDEvYS1wZXJzb24tY29sbGVjdGluZy10aGVpci1mb29kLWF0LXRoZS1kcml2ZS10aHJ1LXdpbmRvdy1vZi1hLXJlc3RhdXJhbnQuanBnJnc9NzAw" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F818241%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>A growing portfolio of conversational AI products</h2>
<div class="lb-trans"><h2>不断增长的对话式 AI 产品组合</h2>
</div><p>SoundHound's conversational AI technology understands voice prompts and can respond in kind, and it has been deployed by some of the biggest businesses in the world to transform the way we interact with our devices, our cars, and even our favorite restaurants.</p>
<div class="lb-trans"><p>SoundHound 的对话式 AI 技术能够理解语音提示并作出相应的回应，已被全球一些最大的企业部署，以改变我们与设备、汽车甚至我们最喜欢的餐厅的互动方式。</p>
</div><p>SoundHound is active in almost 13,000 quick-service restaurants, operated by chains like White Castle, <strong>Chipotle</strong>, and <strong>Papa John's</strong>. Its Voice AI technology can autonomously take orders from customers over the phone, in-store, and in the drive-thru, reducing the workload on employees so they can spend more time on other tasks. SoundHound also offers a product called Employee Assist, which stands ready to provide workers with information on menu items and in-store procedures.</p>
<div class="lb-trans"><p>SoundHound 在近 13,000 家快餐店中活跃，这些店由 <strong>白城堡</strong>、<strong>Chipotle</strong> 和 <strong>Papa John's</strong> 等连锁店运营。其语音 AI 技术可以自主通过电话、店内和自驾取餐窗口接收客户订单，减轻员工的工作负担，使他们可以花更多时间处理其他任务。SoundHound 还提供一款名为员工助手的产品，随时为员工提供菜单项和店内程序的信息。</p>
</div><p>In the automotive industry, SoundHound's Chat AI in-car voice assistant is used by top brands like <strong>Hyundai</strong>, Kia, and <strong>Stellantis</strong> (the owner of Chrysler, Jeep, and Dodge). It can answer questions on a broad range of topics, and it can also provide-real time information on sports scores and stock prices. SoundHound also launched a new platform called Voice Commerce earlier this year, which allows drivers to place food orders from the comfort of their vehicle. It can even recommend restaurants and provide directions using the car's GPS system.</p>
<div class="lb-trans"><p>在汽车行业，SoundHound 的车载语音助手 Chat AI 被 <strong>现代</strong>、起亚和 <strong>斯坦兰蒂斯</strong>（克莱斯勒、吉普和道奇的拥有者）等顶级品牌使用。它可以回答广泛主题的问题，还可以提供实时的体育比分和股票价格信息。SoundHound 还在今年早些时候推出了一个名为 Voice Commerce 的新平台，允许驾驶员在舒适的车辆内下单。它甚至可以推荐餐厅并使用汽车的 GPS 系统提供方向。</p>
</div><p>SoundHound expanded its product portfolio even further when it acquired another AI company called Amelia in August last year. Amelia's platform allows businesses to create custom AI agents that can be deployed to serve customers or even help employees with specific tasks. It's used in industries like healthcare, financial services, insurance, and more, which is helping SoundHound diversify its revenue base.</p>
<div class="lb-trans"><p>SoundHound 在去年 8 月收购了另一家 AI 公司 Amelia，进一步扩展了其产品组合。Amelia 的平台允许企业创建定制的 AI 代理，以服务客户或帮助员工完成特定任务。它被用于医疗保健、金融服务、保险等行业，帮助 SoundHound 多样化其收入来源。</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 generated $29.1 million in total revenue during the first quarter of 2025, which was a whopping 151% increase from the year-ago period. The inclusion of Amelia's revenue boosted the result, but the company also continued to experience broad demand for its core products.</p>
<div class="lb-trans"><p>SoundHound 在 2025 年第一季度的总收入为 2910 万美元，比去年同期增长了惊人的 151%。Amelia 的收入的加入推动了这一结果，但该公司也继续经历对其核心产品的广泛需求。</p>
</div><p>Management is no longer updating investors on SoundHound's order backlog, but CFO Nitesh Sharan said it continued to grow from the previous quarter three months earlier, when it was an eye-popping $1.2 billion. The company expects to convert that backlog into revenue over a period of six years, so it could be a great predictor of future top-line results.</p>
<div class="lb-trans"><p>管理层不再向投资者更新 SoundHound 的订单积压情况，但首席财务官 Nitesh Sharan 表示，订单积压继续从三个月前的前一个季度增长，当时的订单积压高达 12 亿美元。该公司预计将在六年内将这些积压转化为收入，因此这可能是未来收入结果的良好预测指标。</p>
</div><p>The strong first-quarter results prompted SoundHound to reaffirm its full-year guidance for 2025, suggesting revenue could soar 97% year over year to $167 million (at the midpoint of the forecasted range).</p>
<div class="lb-trans"><p>强劲的第一季度业绩促使 SoundHound 重申其 2025 年的全年指引，预计收入将同比飙升 97%，达到 1.67 亿美元（在预测范围的中点）。</p>
</div><h2>Did Nvidia sell SoundHound stock too soon?</h2>
<div class="lb-trans"><h2>英伟达是否过早出售了 SoundHound 股票？</h2>
</div><p>Nvidia never disclosed why it sold SoundHound stock, but its current valuation is one reason investors might want to steer clear for now. It trades at a price-to-sales (P/S) ratio of 40.8 as of this writing, which makes it significantly more expensive than Nvidia itself. That doesn't make much sense considering the AI chip giant is one of the highest-quality companies in the world, with a track record of success spanning decades:</p>
<div class="lb-trans"><p>英伟达从未披露为何出售 SoundHound 股票，但其当前估值是投资者可能想要暂时避开的一个原因。截至目前，其市销率（P/S）为 40.8，这使其显著高于英伟达本身。考虑到 AI 芯片巨头是全球最高质量的公司之一，且成功记录跨越数十年，这并没有太大意义：</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/17e88682ad8a33de82fa564262a56fef.png" alt="" original-src="https://media.ycharts.com/charts/17e88682ad8a33de82fa564262a56fef.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 stock looks a little less expensive if we value it using its future potential revenue. If we assume the company generates $167 million this year as management expects, that places its stock at a forward P/S ratio at 27.1. But considering that figure is still higher than Nvidia's P/S ratio today, I definitely wouldn't say the stock looks attractive.</p>
<div class="lb-trans"><p>如果我们使用其未来潜在收入来评估，SoundHound 的股票看起来就便宜一些。如果我们假设该公司今年产生 1.67 亿美元的收入，正如管理层所预期的那样，这将使其股票的前瞻市销率为 27.1。但考虑到这一数字仍高于英伟达今天的市销率，我绝对不会说这只股票看起来有吸引力。</p>
</div><p>Plus, SoundHound's bottom line poses a key risk. The company generated a rare profit of $129 million on a generally accepted accounting principles (GAAP) basis during the first quarter, but only because of a $176 million benefit relating to one of its acquisitions. On a non-GAAP basis, which excludes one-off and non-cash components, SoundHound still lost $22.3 million, which was a 10% increase from the year-ago period.</p>
<div class="lb-trans"><p>此外，SoundHound 的底线构成了一个关键风险。该公司在第一季度根据公认会计原则（GAAP）产生了 129 百万美元的罕见利润，但这仅仅是因为与其一项收购相关的 176 百万美元的收益。在不按 GAAP 的基础上，排除一次性和非现金项目，SoundHound 仍然亏损 2230 万美元，比去年同期增加了 10%。</p>
</div><p>SoundHound had $246 million in cash and equivalents on hand at the end of the quarter, so it can afford to keep losing money at the current pace for the next couple of years. However, if the company does require more cash in the future, it might have to issue more stock, which would result in significant dilution for existing shareholders.</p>
<div class="lb-trans"><p>截至季度末，SoundHound 手头有 2.46 亿美元的现金及现金等价物，因此它可以在未来几年以当前速度继续亏损。然而，如果该公司未来确实需要更多现金，可能不得不发行更多股票，这将导致现有股东的显著稀释。</p>
</div><p>Nvidia only held 1.73 million shares in SoundHound, which would have been worth just $19.5 million based on its current stock price. Considering Nvidia is nearly a $3.3 trillion company, even a complete loss probably wouldn't have affected its finances at all. Even though we don't know why Nvidia sold its entire stake, SoundHound's valuation is enough reason for investors to tread very carefully if they are looking to buy.</p>
<div class="lb-trans"><p>英伟达仅持有 173 万股 SoundHound 股票，按其当前股价计算，仅值 1950 万美元。考虑到英伟达几乎是一家 3.3 万亿美元的公司，即使完全损失也可能不会对其财务产生影响。尽管我们不知道英伟达为何出售其全部股份，但 SoundHound 的估值足以让投资者在考虑购买时非常谨慎。</p>
</div>

Did Nvidia Make a Colossal Mistake by Selling SoundHound AI Stock?

- Nvidia 自 2023 年以来市值增加 2.8 万亿美元，受数据中心芯片需求推动。  
- SoundHound AI 第一季度收入达 2910 万美元，同比增长 151%。  
- SoundHound 股票估值高，投资者需谨慎。  

英伟达出售 SoundHound AI 股票是否是一个巨大的错误？