<p><strong>SoundHound AI</strong>（SOUN -2.09%）的旅程漫长。该公司成立于 2005 年，经过数十年的努力，构建了一个能够实现定制化对话体验的语音人工智能平台。它拥有超过 200 项专利，<strong>本田</strong> 和 <strong>甲骨文</strong> 等大型企业已经成为其客户。今年，分析师预计销售额将增长近 90%，到 2026 年，预计将再增长 25%。</p>
<p>然而，SoundHound 的股票自年初以来价值下跌了 50%。这只股票有反弹的潜力，但在投资之前，有一些风险需要注意。</p>
<h2>SoundHound 拥有令人印象深刻的人工智能业务</h2>
<p>过去五年，SoundHound 的收入增长显著。在此期间，销售额增长超过 370%。展望未来，分析师预测明年的增长将更加显著，过去半年内的预期大幅上升。</p>
<p>是什么推动了这一切增长？对其语音人工智能套件的需求，该套件帮助公司将人工智能融入客户支持、个人助理和产品订购等领域。例如，SoundHound 与本田的合作旨在帮助本田司机更好地与其车辆互动，比如与汽车或卡车聊天以了解维护需求。相比之下，该公司与白城堡的合作则涉及自驾点餐窗口，帮助顾客更快、更准确地下单，并降低公司的成本。</p>
<p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/d82b4a812594fb75860e7dad9d4cfae6.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/d82b4a812594fb75860e7dad9d4cfae6.png"/></p>
<p>SOUN 收入（TTM）数据来源于 YCharts</p>
<p>基本上，在任何你可能与人或机器交谈的地方，SoundHound 都有解决方案。这为公司创造了一个平衡的终端市场组合，从汽车、餐饮、金融服务到医疗保健和保险行业的客户。</p>
<p>预计到 2034 年，人工智能语音市场的价值将接近 500 亿美元，年均增长率约为 35%。以过去一年 102 百万美元的销售额来看，显然 SoundHound 还有很大的增长空间。今年股票下跌 50% 并不是因为终端市场增长滞后或销售增长预期低，而是因为股票的估值已经处于极高水平。</p>
<p>在下跌之前，SOUN 股票的交易价格高达销售额的 100 倍。现在，股票的交易价格仅为销售额的 37 倍。虽然这仍然昂贵，但对于这样一家小公司来说，针对如此大的机会，或许是合理的。但在买入之前，有几个重要的风险需要考虑。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MTg1MTEvZ2V0dHlpbWFnZXMtMjE1MTA0MTIzNS0xMjAweDgwMC01YjJkZjc5LmpwZyZ3PTcwMA?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-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MTg1MTEvZ2V0dHlpbWFnZXMtMjE1MTA0MTIzNS0xMjAweDgwMC01YjJkZjc5LmpwZyZ3PTcwMA"/></p>
<p>图片来源：Getty Images。</p>
<h2>在了解这些风险之前不要投资 SoundHound</h2>
<p>SoundHound 是一家小型竞争者。这创造了巨大的上行潜力，但也带来了风险。该公司的大多数竞争对手规模都大得多——想想那些资金雄厚的大型科技公司。从长远来看，目前尚不清楚该公司是否能够与这些资金充足的企业竞争，尤其是考虑到其过去 12 个月的研发预算仅为 8000 万美元。</p>
<p>但这不仅仅是竞争。投资者可能需要等待数年才能证明该公司的高估值溢价是合理的。对于长期投资者来说，这应该不是问题。以 80% 或更高的年销售增长率，即使是 37 倍的销售估值也可能成为一个便宜的选择，但这需要时间。</p>
<p>在调整后，SoundHound 的股票看起来准备反弹。但投资者应该瞄准的是_长期_反弹，而不是短期的激增。像这样的高溢价成长股可能非常波动，投资者即使承诺持有数年或更长时间，也应该做好准备。</p>

SOUN

<p>SoundHound AI (SOUN) 今年股价下降了 50%，尽管销售增长预期强劲，分析师预测今年增长将接近 90%，2026 年增长 25%。这家公司专注于语音 AI 解决方案，随着 AI 语音市场预计到 2034 年将达到 500 亿美元，拥有显著的市场机会。然而，投资者应对来自大型科技公司的竞争保持谨慎，并且需要耐心等待公司高估值的合理化。建议采取长期投资策略，以期望未来反弹</p>

<p>It's been a long journey for <strong>SoundHound AI</strong>(SOUN -2.09%). Founded in 2005, the company has worked for decades to assemble a voice AI platform that enables customized conversational experiences. It's powered by more than 200 patents, and major businesses including <strong>Honda</strong> and <strong>Oracle</strong> have already signed on as customers. This year, analysts expect sales to grow by nearly 90% and in 2026, another 25% sales growth is expected.</p>
<div class="lb-trans"><p><strong>SoundHound AI</strong>（SOUN -2.09%）的旅程漫长。该公司成立于 2005 年，经过数十年的努力，构建了一个能够实现定制化对话体验的语音人工智能平台。它拥有超过 200 项专利，<strong>本田</strong> 和 <strong>甲骨文</strong> 等大型企业已经成为其客户。今年，分析师预计销售额将增长近 90%，到 2026 年，预计将再增长 25%。</p>
</div><p>And yet somehow, SoundHound stock is down 50% in value since the year began. This stock is primed for a rebound, but there are a few risks you should be aware of before jumping in.</p>
<div class="lb-trans"><p>然而，SoundHound 的股票自年初以来价值下跌了 50%。这只股票有反弹的潜力，但在投资之前，有一些风险需要注意。</p>
</div><h2>SoundHound has an impressive AI business</h2>
<div class="lb-trans"><h2>SoundHound 拥有令人印象深刻的人工智能业务</h2>
</div><p>The past five years have brought heavy revenue growth for SoundHound. Sales over that time period have risen by more than 370%. Looking ahead, analysts forecast more heavy growth in the year to come -- expectations that have risen wildly over the past half year.</p>
<div class="lb-trans"><p>过去五年，SoundHound 的收入增长显著。在此期间，销售额增长超过 370%。展望未来，分析师预测明年的增长将更加显著，过去半年内的预期大幅上升。</p>
</div><p>What's driving all this growth? Demand for its voice AI suite, which helps companies incorporate AI into verticals like customer support, personal assistants, and product ordering. For example, SoundHound's work with Honda is to help Honda drivers engage with its vehicles more, like chatting with the car or truck about maintenance needs. The company's work with White Castle, for comparison, deals with drive-thru order windows, helping customers order faster, more accurately, and with less cost to the company.</p>
<div class="lb-trans"><p>是什么推动了这一切增长？对其语音人工智能套件的需求，该套件帮助公司将人工智能融入客户支持、个人助理和产品订购等领域。例如，SoundHound 与本田的合作旨在帮助本田司机更好地与其车辆互动，比如与汽车或卡车聊天以了解维护需求。相比之下，该公司与白城堡的合作则涉及自驾点餐窗口，帮助顾客更快、更准确地下单，并降低公司的成本。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/d82b4a812594fb75860e7dad9d4cfae6.png" alt="" original-src="https://media.ycharts.com/charts/d82b4a812594fb75860e7dad9d4cfae6.png"/></p>
<p>SOUN Revenue (TTM) data by YCharts</p>
<div class="lb-trans"><p>SOUN 收入（TTM）数据来源于 YCharts</p>
</div><p>Basically anywhere you might speak to a person or machine, SoundHound has a solution. That creates a balanced mix of end markets for the company, everything from automotive, restaurants, and financial services to healthcare and insurance sectors' customers.</p>
<div class="lb-trans"><p>基本上，在任何你可能与人或机器交谈的地方，SoundHound 都有解决方案。这为公司创造了一个平衡的终端市场组合，从汽车、餐饮、金融服务到医疗保健和保险行业的客户。</p>
</div><p>The AI voice market is expected to reach nearly $50 billion in value by 2034, with annual growth averaging roughly 35%. With trailing annual sales of just $102 million, it's clear that SoundHound has a lot of room for potential growth. Shares are down 50% this year not because end market growth has lagged or because sales growth is expected to be low. Rather, shares dipped hard simply because they were already valued at nosebleed levels.</p>
<div class="lb-trans"><p>预计到 2034 年，人工智能语音市场的价值将接近 500 亿美元，年均增长率约为 35%。以过去一年 102 百万美元的销售额来看，显然 SoundHound 还有很大的增长空间。今年股票下跌 50% 并不是因为终端市场增长滞后或销售增长预期低，而是因为股票的估值已经处于极高水平。</p>
</div><p>Before the decline, SOUN stock traded at an astounding 100 times sales. Now, shares trade at just 37 times sales. That's still expensive, but perhaps reasonable for such a small company targeting such a large opportunity. But there are a few important risks to consider before buying in.</p>
<div class="lb-trans"><p>在下跌之前，SOUN 股票的交易价格高达销售额的 100 倍。现在，股票的交易价格仅为销售额的 37 倍。虽然这仍然昂贵，但对于这样一家小公司来说，针对如此大的机会，或许是合理的。但在买入之前，有几个重要的风险需要考虑。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MTg1MTEvZ2V0dHlpbWFnZXMtMjE1MTA0MTIzNS0xMjAweDgwMC01YjJkZjc5LmpwZyZ3PTcwMA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F818511%2Fgettyimages-2151041235-1200x800-5b2df79.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>Don't invest in SoundHound before understanding these risks</h2>
<div class="lb-trans"><h2>在了解这些风险之前不要投资 SoundHound</h2>
</div><p>SoundHound is a tiny competitor. That creates huge upside potential, but it also creates risks. Most of the company's competitors are significantly larger -- think Big Tech firms with deep pockets. Long term, it's not clear whether the company can actually compete with these well-financed businesses, especially considering its research and development budget over the past 12 months totaled just $80 million.</p>
<div class="lb-trans"><p>SoundHound 是一家小型竞争者。这创造了巨大的上行潜力，但也带来了风险。该公司的大多数竞争对手规模都大得多——想想那些资金雄厚的大型科技公司。从长远来看，目前尚不清楚该公司是否能够与这些资金充足的企业竞争，尤其是考虑到其过去 12 个月的研发预算仅为 8000 万美元。</p>
</div><p>But it's not just competition. Investors will likely need to wait years for the company's hefty valuation premium to be justified. That should be no problem for long-term investors. With annual sales growth rates of 80% or more, even a 37 times sales valuation can become a steal, but that will take time.</p>
<div class="lb-trans"><p>但这不仅仅是竞争。投资者可能需要等待数年才能证明该公司的高估值溢价是合理的。对于长期投资者来说，这应该不是问题。以 80% 或更高的年销售增长率，即使是 37 倍的销售估值也可能成为一个便宜的选择，但这需要时间。</p>
</div><p>SoundHound stock looks ready to rebound after the correction. But it's a <em>long-term</em> rebound that investors should be targeting, not a short-term spike. High-premium growth stocks like this can be very volatile, and investors should be ready for that even if they do commit to a holding period of several years or more.</p>
<div class="lb-trans"><p>在调整后，SoundHound 的股票看起来准备反弹。但投资者应该瞄准的是_长期_反弹，而不是短期的激增。像这样的高溢价成长股可能非常波动，投资者即使承诺持有数年或更长时间，也应该做好准备。</p>
</div>

这只人工智能（AI）股票似乎有望反弹