<p><strong>SoundHound AI</strong>（SOUN -1.11%）是一家专注于对话式人工智能（AI）软件的公司，能够理解语音提示并作出相应的回应。它的客户包括一些全球最大的品牌，甚至吸引了 <strong>Nvidia</strong>（NVDA 1.28%）的投资。</p>
<p>Nvidia 为 AI 开发提供全球最强大的数据中心芯片，蓬勃的销售使其市值在过去两年半内从 3600 亿美元飙升至 3.83 万亿美元。因此，当 Nvidia 在 2024 年初透露其购买了 SoundHound AI 的股份时，SoundHound AI 的股票飙升至高点，2024 年底股价达到了约 24 美元的历史新高也就不足为奇了。</p>
<p>但 Nvidia 在今年 2 月 14 日向证券交易委员会（SEC）提交的 13-F 文件发布时震惊了投资者。其更新的投资清单显示，SoundHound AI 不再在投资组合中，这表明这家芯片巨头在 2024 年底出售了其全部股份。</p>
<p>SoundHound 的股票现在已失去 53% 的峰值，且正在努力恢复势头。此次下跌是长期买入的机会，还是 Nvidia 的退出是一个应当避开的信号？</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjM3MTAvYS1kaWdpdGFsLXJlbmRlcmluZy1vZi1haS1mZWF0dXJlLXN5bWJvbHMtaW5zaWRlLWEtY2FyLmpwZyZ3PTcwMA?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-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjM3MTAvYS1kaWdpdGFsLXJlbmRlcmluZy1vZi1haS1mZWF0dXJlLXN5bWJvbHMtaW5zaWRlLWEtY2FyLmpwZyZ3PTcwMA"/></p>
<p>图片来源：Getty Images。</p>
<h2>SoundHound 拥有令人印象深刻的客户名单</h2>
<p>像 OpenAI 的 ChatGPT 这样的流行 AI 聊天机器人非常强大，但并不总是易于访问。例如，人们在工作或驾驶时可能没有能力打开应用程序或手动输入提示，但 SoundHound 的对话式 AI 软件正是为这些情况而设计的，且在一些全球最大的品牌中被广泛采用。</p>
<p>这些品牌包括 <strong>Chipotle</strong>、<strong>Krispy Kreme</strong>、<strong>Papa John's</strong> 和 Jersey Mike's 等快餐连锁店。他们使用 SoundHound 的产品，如员工助手，员工可以在需要帮助时与之对话，获取菜单项目、系统和店内政策的信息。这些连锁店还利用 SoundHound 在店内、电话和自驾取餐时自主接收顾客的订单，从而使员工能够更快地完成这些订单。</p>
<p>汽车巨头如 <strong>Hyundai</strong>、<strong>Honda</strong> 和 <strong>Kia</strong> 正在将 SoundHound 集成到他们的新车中，帮助驾驶员理解不同的功能，甚至可以根据指令提供天气或体育比分等信息。SoundHound 还在今年推出了一个名为 Voice Commerce 的平台，其中包括车内点餐等产品。用户可以在驾驶时请求餐厅推荐、下订单并获取取餐路线——这一切都由他们的声音驱动。</p>
<p>SoundHound 去年收购了另一家对话式 AI 专家 Amelia，这有助于公司扩展其产品组合。新的 Amelia 7.0 平台允许企业创建定制的对话式 AI 代理，以处理来自客户和员工的查询。这些代理可以被训练回答特定产品或主题的问题，也可以被指示避免敏感领域，如政治。</p>
<h2>SoundHound 的收入正在飙升，但现金消耗严重</h2>
<p>SoundHound 在 2025 年第一季度（截至 3 月 31 日）的收入为 2910 万美元，与去年同期相比增长了 151%。这一强劲的结果使管理层有信心重申其全年指引，这表明公司在 2025 年可能产生 1.67 亿美元的收入（在预测范围的中点）。这比 2024 年的结果增长了 97%。</p>
<p>SoundHound 还拥有巨大的订单积压。管理层不再向投资者更新官方数字，但首席财务官 Nitesh Sharan 表示，自 2024 年底以来，这一数字进一步增长，当时的订单积压高达 12 亿美元。公司预计将在未来六年内将这些积压转化为收入，因此这表明未来将有更多的收入增长。</p>
<p>但 SoundHound 的底线仍然令人担忧。公司在第一季度实际上实现了 1.299 亿美元的利润（根据公认会计原则 GAAP），但这仅仅是因为其收购之一带来的 1.76 亿美元的一次性收益。在非 GAAP 基础上，排除一次性和非现金费用，SoundHound 仍然亏损 2230 万美元，同比增长 10%。</p>
<p>第一季度的亏损继 2024 年非 GAAP 净亏损 6910 万美元之后出现，且由于公司手头仅有 2.46 亿美元的现金及现金等价物，无法以当前的速度继续烧钱。如果不尽快实现盈利，未来可能需要增资，这将稀释现有股东的股份并影响他们的潜在回报。</p>
<h2>Nvidia 抛售 SoundHound 股票的原因可能是估值问题？</h2>
<p>Nvidia 管理层从不分享其投资组合变动的原因，但 SoundHound 的高估值绝对是投资者在购买该股票前应考虑的因素。截至目前，其市销率（P/S）为 39.3，较 Nvidia 的市销率 26.1 高出 50%。</p>
<p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/f4d6a0ecdbc712d4194261de1e46aa87.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/f4d6a0ecdbc712d4194261de1e46aa87.png"/></p>
<p>数据来源：YCharts。</p>
<p>Nvidia 是一家高质量的公司，拥有数十年的成功记录，去年其总收入达到 1305 亿美元，净收入为 729 亿美元。考虑到 SoundHound 的业务仍处于非常早期的阶段，并且正在亏损大量资金，其高估值是非常难以辩解的。</p>
<p>无论 Nvidia 出售 SoundHound 股票的官方原因是什么，其后果的急剧下降并没有使其成为一个有吸引力的买入，因此我认为投资者目前应当避开。</p>

SOUN

<p>SoundHound AI 的股票在 Nvidia 退出其投资组合后暴跌了 53%，这一信息在最近的 SEC 文件中披露。尽管 SoundHound 的收入同比增长了 151%，在 2025 年第一季度达到了 2910 万美元，但其现金消耗和盈利能力仍然令人担忧。该公司报告了非 GAAP 损失为 2230 万美元，这引发了对其财务可持续性的质疑。SoundHound 拥有大量未完成订单和一个新的 AI 平台，旨在实现未来增长，但可能需要解决其现金流问题，以避免对股东造成潜在的稀释</p>

<p><strong>SoundHound AI</strong>(SOUN -1.11%) is a specialist in conversational artificial intelligence (AI) software, which understands voice prompts and responds in kind. Its customers include some of the world's biggest brands, and it even attracted an investment from <strong>Nvidia</strong>(NVDA 1.28%).</p>
<div class="lb-trans"><p><strong>SoundHound AI</strong>（SOUN -1.11%）是一家专注于对话式人工智能（AI）软件的公司，能够理解语音提示并作出相应的回应。它的客户包括一些全球最大的品牌，甚至吸引了 <strong>Nvidia</strong>（NVDA 1.28%）的投资。</p>
</div><p>Nvidia supplies the world's most powerful data center chips for AI development, and booming sales have driven its market capitalization from $360 billion to $3.83 <em>trillion</em> over the last two and a half years alone. Therefore, it's no surprise SoundHound AI stock soared higher when Nvidia revealed it bought a position in early 2024, and shares went on to hit an all-time high of around $24 in late 2024.</p>
<div class="lb-trans"><p>Nvidia 为 AI 开发提供全球最强大的数据中心芯片，蓬勃的销售使其市值在过去两年半内从 3600 亿美元飙升至 3.83 万亿美元。因此，当 Nvidia 在 2024 年初透露其购买了 SoundHound AI 的股份时，SoundHound AI 的股票飙升至高点，2024 年底股价达到了约 24 美元的历史新高也就不足为奇了。</p>
</div><p>But Nvidia stunned investors when it released its 13-F filing with the Securities and Exchange Commission (SEC) on Feb. 14 this year. Its updated list of investments showed that SoundHound AI was no longer in the portfolio, suggesting the chip giant sold its entire stake toward the end of 2024.</p>
<div class="lb-trans"><p>但 Nvidia 在今年 2 月 14 日向证券交易委员会（SEC）提交的 13-F 文件发布时震惊了投资者。其更新的投资清单显示，SoundHound AI 不再在投资组合中，这表明这家芯片巨头在 2024 年底出售了其全部股份。</p>
</div><p>SoundHound stock has now lost 53% of its peak value, and it's struggling to regain momentum. Could the decline be a long-term buying opportunity, or is Nvidia's exit a sign to steer clear?</p>
<div class="lb-trans"><p>SoundHound 的股票现在已失去 53% 的峰值，且正在努力恢复势头。此次下跌是长期买入的机会，还是 Nvidia 的退出是一个应当避开的信号？</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjM3MTAvYS1kaWdpdGFsLXJlbmRlcmluZy1vZi1haS1mZWF0dXJlLXN5bWJvbHMtaW5zaWRlLWEtY2FyLmpwZyZ3PTcwMA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F823710%2Fa-digital-rendering-of-ai-feature-symbols-inside-a-car.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 has an impressive list of customers</h2>
<div class="lb-trans"><h2>SoundHound 拥有令人印象深刻的客户名单</h2>
</div><p>Popular AI chatbots like OpenAI's ChatGPT are incredibly powerful, but they aren't always accessible. For example, people might not have the capacity to open an app or manually enter prompts when they are working or even driving, but SoundHound's conversational AI software was designed for those very situations, and adoption is soaring among some of the world's biggest brands.</p>
<div class="lb-trans"><p>像 OpenAI 的 ChatGPT 这样的流行 AI 聊天机器人非常强大，但并不总是易于访问。例如，人们在工作或驾驶时可能没有能力打开应用程序或手动输入提示，但 SoundHound 的对话式 AI 软件正是为这些情况而设计的，且在一些全球最大的品牌中被广泛采用。</p>
</div><p>They include quick-service restaurant chains like <strong>Chipotle</strong>, <strong>Krispy Kreme</strong>, <strong>Papa John's</strong>, and Jersey Mike's. They use SoundHound products like Employee Assist, which workers can speak to whenever they need help with menu items, systems, and store policies. The chains also use SoundHound to take customers' orders autonomously in-store, over the phone, and in the drive-thru, which frees up staff to complete those orders more quickly.</p>
<div class="lb-trans"><p>这些品牌包括 <strong>Chipotle</strong>、<strong>Krispy Kreme</strong>、<strong>Papa John's</strong> 和 Jersey Mike's 等快餐连锁店。他们使用 SoundHound 的产品，如员工助手，员工可以在需要帮助时与之对话，获取菜单项目、系统和店内政策的信息。这些连锁店还利用 SoundHound 在店内、电话和自驾取餐时自主接收顾客的订单，从而使员工能够更快地完成这些订单。</p>
</div><p>Automotive giants like <strong>Hyundai</strong>, <strong>Honda</strong>, and <strong>Kia</strong> are integrating SoundHound into their new cars, where it can help drivers understand different features and even provide them with information on things like the weather or sports scores on command. SoundHound also launched a platform called Voice Commerce this year, which includes products like In-Car Ordering. Users can ask for restaurant recommendations while they are driving, place an order, and get directions to pick it up -- all powered by their voice.</p>
<div class="lb-trans"><p>汽车巨头如 <strong>Hyundai</strong>、<strong>Honda</strong> 和 <strong>Kia</strong> 正在将 SoundHound 集成到他们的新车中，帮助驾驶员理解不同的功能，甚至可以根据指令提供天气或体育比分等信息。SoundHound 还在今年推出了一个名为 Voice Commerce 的平台，其中包括车内点餐等产品。用户可以在驾驶时请求餐厅推荐、下订单并获取取餐路线——这一切都由他们的声音驱动。</p>
</div><p>SoundHound acquired another conversational AI specialist called Amelia last year, which is helping the company expand its product portfolio. The new Amelia 7.0 platform allows businesses to create custom conversational AI agents to handle queries from their customers and employees. These agents can be trained to answer questions on specific products or topics, and they can also be instructed to avoid sensitive areas like politics.</p>
<div class="lb-trans"><p>SoundHound 去年收购了另一家对话式 AI 专家 Amelia，这有助于公司扩展其产品组合。新的 Amelia 7.0 平台允许企业创建定制的对话式 AI 代理，以处理来自客户和员工的查询。这些代理可以被训练回答特定产品或主题的问题，也可以被指示避免敏感领域，如政治。</p>
</div><h2>SoundHound's revenue is soaring, but it's burning through cash</h2>
<div class="lb-trans"><h2>SoundHound 的收入正在飙升，但现金消耗严重</h2>
</div><p>SoundHound's revenue came in at $29.1 million during the first quarter of 2025 (ended March 31), which represented eye-popping growth of 151% compared to the year-ago period. The strong result gave management the confidence to reaffirm its full-year guidance, which suggests the company could generate $167 million in revenue during 2025 (at the midpoint of the forecasted range). That would be an increase of 97% from its 2024 result.</p>
<div class="lb-trans"><p>SoundHound 在 2025 年第一季度（截至 3 月 31 日）的收入为 2910 万美元，与去年同期相比增长了 151%。这一强劲的结果使管理层有信心重申其全年指引，这表明公司在 2025 年可能产生 1.67 亿美元的收入（在预测范围的中点）。这比 2024 年的结果增长了 97%。</p>
</div><p>SoundHound is also sitting on an enormous order backlog. Management is no longer updating investors on the official number, but Chief Financial Officer Nitesh Sharan said it has grown even further since the end of 2024, when it was a whopping $1.2 billion. The company expects to convert the backlog into revenue over the next six years, so it's a good indication that more top-line growth is on the horizon.</p>
<div class="lb-trans"><p>SoundHound 还拥有巨大的订单积压。管理层不再向投资者更新官方数字，但首席财务官 Nitesh Sharan 表示，自 2024 年底以来，这一数字进一步增长，当时的订单积压高达 12 亿美元。公司预计将在未来六年内将这些积压转化为收入，因此这表明未来将有更多的收入增长。</p>
</div><p>But SoundHound's bottom line remains a concern. The company actually generated a profit of $129.9 million during the first quarter on a GAAP (generally accepted accounting principles) basis, but only because of a one-off benefit of $176 million from one of its acquisitions. On a non-GAAP basis, which excludes one-off and non-cash expenses, SoundHound still lost $22.3 million, which was up 10% year over year.</p>
<div class="lb-trans"><p>但 SoundHound 的底线仍然令人担忧。公司在第一季度实际上实现了 1.299 亿美元的利润（根据公认会计原则 GAAP），但这仅仅是因为其收购之一带来的 1.76 亿美元的一次性收益。在非 GAAP 基础上，排除一次性和非现金费用，SoundHound 仍然亏损 2230 万美元，同比增长 10%。</p>
</div><p>The first-quarter loss followed a non-GAAP net loss of $69.1 million in 2024, and since the company only has $246 million in cash and equivalents on hand, it can't afford to keep burning money at the current pace. If it doesn't turn profitable soon, a capital raise might be required in the future, which would dilute existing shareholders and dent their potential returns.</p>
<div class="lb-trans"><p>第一季度的亏损继 2024 年非 GAAP 净亏损 6910 万美元之后出现，且由于公司手头仅有 2.46 亿美元的现金及现金等价物，无法以当前的速度继续烧钱。如果不尽快实现盈利，未来可能需要增资，这将稀释现有股东的股份并影响他们的潜在回报。</p>
</div><h2>Could valuation be the reason Nvidia dumped SoundHound stock?</h2>
<div class="lb-trans"><h2>Nvidia 抛售 SoundHound 股票的原因可能是估值问题？</h2>
</div><p>Nvidia management never shares the reasons for any changes it makes to its investment portfolio, but SoundHound's sky-high valuation is definitely something investors should consider before buying the stock. It's trading at a price-to-sales (P/S) ratio of 39.3 as of this writing, which is a whopping 50% premium to Nvidia's P/S ratio of 26.1.</p>
<div class="lb-trans"><p>Nvidia 管理层从不分享其投资组合变动的原因，但 SoundHound 的高估值绝对是投资者在购买该股票前应考虑的因素。截至目前，其市销率（P/S）为 39.3，较 Nvidia 的市销率 26.1 高出 50%。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/f4d6a0ecdbc712d4194261de1e46aa87.png" alt="" original-src="https://media.ycharts.com/charts/f4d6a0ecdbc712d4194261de1e46aa87.png"/></p>
<p>Data by YCharts.</p>
<div class="lb-trans"><p>数据来源：YCharts。</p>
</div><p>Nvidia is a high-quality company. It has a track record of success that spans decades, and it generated $130.5 billion in total revenue during its last fiscal year alone, along with $72.9 billion in net income. Considering SoundHound's business is still at a very early stage and is losing significant amounts of money, its premium valuation is very hard to justify.</p>
<div class="lb-trans"><p>Nvidia 是一家高质量的公司，拥有数十年的成功记录，去年其总收入达到 1305 亿美元，净收入为 729 亿美元。考虑到 SoundHound 的业务仍处于非常早期的阶段，并且正在亏损大量资金，其高估值是非常难以辩解的。</p>
</div><p>No matter what Nvidia's official reasons were for selling SoundHound stock, its sharp decline in the aftermath hasn't made it an attractive buy, so I think investors should steer clear for now.</p>
<div class="lb-trans"><p>无论 Nvidia 出售 SoundHound 股票的官方原因是什么，其后果的急剧下降并没有使其成为一个有吸引力的买入，因此我认为投资者目前应当避开。</p>
</div>

SoundHound AI Stock Has Plummeted by 53%. This Move by Nvidia Is a Key Reason Why.

- SoundHound AI 的收入在 2025 年第一季度增长 151%，达到 2910 万美元。  
- 该公司面临现金流问题，非 GAAP 基础下亏损 2230 万美元。  
- Nvidia 出售 SoundHound 股票，可能因其高估值，当前 P/S 比率为 39.3。  

SoundHound AI 的股价已经下跌了 53%。Nvidia 的这一举动是主要原因