<p><strong>英伟达</strong>(NVDA -0.85%) 已成为全球最大的公司，得益于其数据中心芯片的需求激增，这些芯片是开发人工智能（AI）模型的黄金标准。这家芯片巨头偶尔会利用其庞大的财务资源投资其他人工智能公司，而 <strong>SoundHound AI</strong>(SOUN -5.71%) 就是其中之一。</p>
<p>SoundHound 是对话式人工智能技术的专家，其客户包括一些全球最大的品牌。英伟达在 2024 年 2 月向证券交易委员会提交的 13-F 文件中首次披露了其在该公司的股份，但到 12 月时，芯片制造商已出售了其全部持股。</p>
<p>SoundHound 在最近一个季度的收入 <em>增长了三倍</em>，其股票在过去一个月中上涨了惊人的 40%。英伟达抛售其持股是否犯了错误？继续阅读，了解令人惊讶的答案。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjkzNDIvYS1kaWdpdGFsLXJlbmRlcmluZy1vZi1haS1mZWF0dXJlLXN5bWJvbHMtaW5zaWRlLWEtY2FyLmpwZyZ3PTcwMA?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" width="700" height="485" original-src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjkzNDIvYS1kaWdpdGFsLXJlbmRlcmluZy1vZi1haS1mZWF0dXJlLXN5bWJvbHMtaW5zaWRlLWEtY2FyLmpwZyZ3PTcwMA"/></p>
<p>图片来源：Getty Images。</p>
<h2>对话式人工智能的领导者</h2>
<p>SoundHound 的对话式人工智能应用在多个行业中都很受欢迎，但在快餐连锁店和希望在新车中加入强大 AI 助手的汽车品牌中，需求尤其高。</p>
<p>在餐饮领域，SoundHound 的语音 AI 技术可以在店内、电话和自驾取餐时自主接受顾客订单。它还可以回答员工的查询，无论是需要帮助制作菜单项还是需要澄清特定的店内政策。像 <strong>Chipotle</strong>、<strong>Krispy Kreme</strong> 和 <strong>Papa John's</strong> 这样的连锁店只是 SoundHound 的一些客户。</p>
<p>在汽车行业，现代汽车和 <strong>Stellantis</strong>（克莱斯勒、吉普和道奇）等公司正在其最新车型中使用 SoundHound 的聊天 AI 软件。它可以通过简单的语音命令向驾驶员提供天气、股票等信息，制造商还可以根据品牌定制其个性。</p>
<p>去年八月，SoundHound 收购了另一家对话式人工智能专家 <strong>Amelia</strong>。这两家公司最近推出了一个名为 Amelia 7 的新平台，允许企业创建自定义 AI 代理，以帮助客户解决查询，甚至帮助员工排查技术问题。当然，这些代理可以完全通过语音命令控制。</p>
<h2>SoundHound 的收入正在迅速飙升</h2>
<p>SoundHound 在 2025 年第二季度（截至 6 月 30 日）创下了 4260 万美元的总收入，较去年同期增长了惊人的 217%。</p>
<p>这一强劲的结果使管理层有信心将 2025 年的全年收入指引从 1.67 亿美元上调至 1.69 亿美元（在预测范围的中点），这将比 2024 年增长 99%。这标志着 SoundHound 的业务显著加速，去年其增长率为 85%。</p>
<p>但这种增长是以显著的成本为代价的，因为 SoundHound 仍在大量消耗现金。它在第二季度的公认会计原则（GAAP）基础上亏损了 7470 万美元，是去年同期亏损的两倍。</p>
<p>SoundHound 确实在本季度因与其收购之一相关的负债遭受了一次性 3100 万美元的损失，但即使剔除这一损失以及其他所有一次性和非现金费用，该公司仍然亏损了 1180 万美元。</p>
<p>SoundHound 拥有良好的资产负债表，手头有 2.3 亿美元现金且没有债务，因此可以在可预见的未来承受这样的亏损。然而，该公司最终必须优先考虑盈利能力，否则可能需要筹集资金，这可能会稀释现有股东的权益。削减成本几乎肯定会影响 SoundHound 的收入增长，这一点投资者需要牢记。</p>
<h2>这就是为什么英伟达出售 SoundHound 股票并没有犯错的原因</h2>
<p>英伟达从未告诉投资者为什么出售 SoundHound 股票，但如果我必须推测，我认为其估值可能与这一决定有关。其市销率（P/S）交易在惊人的 48.6 的水平上，比英伟达的 29.9 的市销率高出 50% 以上。</p>
<p>在英伟达于 2024 年底出售时，它的市销率甚至接近 100，价格更高。</p>
<p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/0ea35e218c6e53eff3d083ecd07cb209.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/0ea35e218c6e53eff3d083ecd07cb209.png"/></p>
<p>SOUN 市销率数据来源于 YCharts</p>
<p>如果 SoundHound 的收入继续以如此惊人的速度增长，它将迅速适应当前的估值，但处于商业化早期阶段的公司的财务结果往往不可预测，因此没有保证它会如此。此外，英伟达是全球最高质量的公司之一，拥有数十年的成功记录、坚实的资产负债表和激增的利润，因此我认为 SoundHound 不值得以高于这家芯片巨头的价格交易。</p>
<p>英伟达持有 173 万股 SoundHound 股票，按当前价格 16 美元计算，价值约 2770 万美元。考虑到这家芯片巨头的市值为 4.4 万亿美元，整体损失不过是一个小数目。然而，持有如此高估值的股票如果基础公司出现问题，将面临巨大的下行风险，因此我认为英伟达关闭其持股并没有犯错。</p>

SOUN

英伟达

2 倍做多英伟达 ETF - GraniteShares

南方两倍做多英伟达

南方两倍做空英伟达

英伟达期权收益策略 ETF - YieldMax

1 倍做空英伟达 ETF - Direxion

2 倍做多 NVDA ETF - T-Rex

2 倍做空 NVDA ETF - T-Rex

<p>英伟达，这家领先的芯片制造商，在 2024 年 12 月出售了其在 SoundHound AI 的股份，该公司专注于对话式人工智能技术，早在 2 月份就进行了初始投资。尽管 SoundHound 的收入增长了三倍，最近股价也上涨了 40%，但英伟达的决定可能与 SoundHound 高达 48.6 的市销率有关，这一数字远高于英伟达的 29.9。SoundHound 的快速增长伴随着巨额的现金消耗，这引发了对未来盈利能力和可能需要增资以稀释股东权益的担忧</p>

<p><strong>Nvidia</strong>(NVDA -0.85%) has become the world's largest company on the back of surging demand for its data center chips, which are the gold standard for developing artificial intelligence (AI) models. The chip giant occasionally puts its vast financial resources to work by investing in other AI companies, and <strong>SoundHound AI</strong>(SOUN -5.71%) was one of them.</p>
<div class="lb-trans"><p><strong>英伟达</strong>(NVDA -0.85%) 已成为全球最大的公司，得益于其数据中心芯片的需求激增，这些芯片是开发人工智能（AI）模型的黄金标准。这家芯片巨头偶尔会利用其庞大的财务资源投资其他人工智能公司，而 <strong>SoundHound AI</strong>(SOUN -5.71%) 就是其中之一。</p>
</div><p>SoundHound is a specialist in conversational AI technologies, and its customers include some of the world's biggest brands. Nvidia first revealed its stake in the company in a 13-F filing with the Securities and Exchange Commission in February 2024, but the chipmaker had sold its entire position by December.</p>
<div class="lb-trans"><p>SoundHound 是对话式人工智能技术的专家，其客户包括一些全球最大的品牌。英伟达在 2024 年 2 月向证券交易委员会提交的 13-F 文件中首次披露了其在该公司的股份，但到 12 月时，芯片制造商已出售了其全部持股。</p>
</div><p>SoundHound's revenue <em>tripled</em> during its most recent quarter, and its stock is up by a whopping 40% in the past month alone. Did Nvidia make a mistake by dumping its position? Read on for the surprising answer.</p>
<div class="lb-trans"><p>SoundHound 在最近一个季度的收入 <em>增长了三倍</em>，其股票在过去一个月中上涨了惊人的 40%。英伟达抛售其持股是否犯了错误？继续阅读，了解令人惊讶的答案。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjkzNDIvYS1kaWdpdGFsLXJlbmRlcmluZy1vZi1haS1mZWF0dXJlLXN5bWJvbHMtaW5zaWRlLWEtY2FyLmpwZyZ3PTcwMA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F829342%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>A leader in conversational AI</h2>
<div class="lb-trans"><h2>对话式人工智能的领导者</h2>
</div><p>SoundHound's conversational AI applications are popular in a variety of industries, but they are experiencing particularly high demand in quick-service restaurant chains and with automotive brands that want to include a powerful AI assistant in their new vehicles.</p>
<div class="lb-trans"><p>SoundHound 的对话式人工智能应用在多个行业中都很受欢迎，但在快餐连锁店和希望在新车中加入强大 AI 助手的汽车品牌中，需求尤其高。</p>
</div><p>In the restaurant space, SoundHound's Voice AI technology can accept customer orders autonomously in-store, over the phone, and in the drive-thru. It can also answer queries from employees, whether they need help making menu items or need clarity on a particular store policy. Chains like <strong>Chipotle</strong>, <strong>Krispy Kreme</strong>, and <strong>Papa John's</strong> are just a few of SoundHound's customers.</p>
<div class="lb-trans"><p>在餐饮领域，SoundHound 的语音 AI 技术可以在店内、电话和自驾取餐时自主接受顾客订单。它还可以回答员工的查询，无论是需要帮助制作菜单项还是需要澄清特定的店内政策。像 <strong>Chipotle</strong>、<strong>Krispy Kreme</strong> 和 <strong>Papa John's</strong> 这样的连锁店只是 SoundHound 的一些客户。</p>
</div><p>In the automotive industry, companies like Hyundai and <strong>Stellantis</strong> (Chrysler, Jeep, and Dodge) are using SoundHound's Chat AI software in their latest vehicles. It can give drivers information about the weather, stocks, and everything in between with a simple voice command, and manufacturers can customize its personality to suit their brand.</p>
<div class="lb-trans"><p>在汽车行业，现代汽车和 <strong>Stellantis</strong>（克莱斯勒、吉普和道奇）等公司正在其最新车型中使用 SoundHound 的聊天 AI 软件。它可以通过简单的语音命令向驾驶员提供天气、股票等信息，制造商还可以根据品牌定制其个性。</p>
</div><p>Last August, SoundHound acquired another conversational AI specialist called Amelia. The joint companies recently launched a new platform called Amelia 7, which allows businesses to create custom AI agents that can assist customers with their inquiries or even help employees troubleshoot technical issues. Of course, these agents can be controlled entirely with voice commands.</p>
<div class="lb-trans"><p>去年八月，SoundHound 收购了另一家对话式人工智能专家 <strong>Amelia</strong>。这两家公司最近推出了一个名为 Amelia 7 的新平台，允许企业创建自定义 AI 代理，以帮助客户解决查询，甚至帮助员工排查技术问题。当然，这些代理可以完全通过语音命令控制。</p>
</div><h2>SoundHound's revenue is absolutely skyrocketing</h2>
<div class="lb-trans"><h2>SoundHound 的收入正在迅速飙升</h2>
</div><p>SoundHound generated a record $42.6 million in total revenue during the second quarter of 2025 (ended June 30), which was a blistering 217% increase from the year-ago period.</p>
<div class="lb-trans"><p>SoundHound 在 2025 年第二季度（截至 6 月 30 日）创下了 4260 万美元的总收入，较去年同期增长了惊人的 217%。</p>
</div><p>The strong result gave management the confidence to increase its full-year revenue guidance for 2025 from $167 million to $169 million (at the midpoint of the forecast range), which would be a 99% increase compared to 2024. That would mark an acceleration from the 85% growth SoundHound generated last year, highlighting the significant momentum in its business.</p>
<div class="lb-trans"><p>这一强劲的结果使管理层有信心将 2025 年的全年收入指引从 1.67 亿美元上调至 1.69 亿美元（在预测范围的中点），这将比 2024 年增长 99%。这标志着 SoundHound 的业务显著加速，去年其增长率为 85%。</p>
</div><p>But that growth is coming at a significant cost, because SoundHound continues to burn truckloads of cash. It lost $74.7 million on a generally accepted accounting principles (GAAP) basis during the second quarter, which was twice as much as it lost in the year-ago period.</p>
<div class="lb-trans"><p>但这种增长是以显著的成本为代价的，因为 SoundHound 仍在大量消耗现金。它在第二季度的公认会计原则（GAAP）基础上亏损了 7470 万美元，是去年同期亏损的两倍。</p>
</div><p>SoundHound did suffer a one-off, $31 million hit to its bottom line from a liability associated with one of its acquisitions during the quarter, but even after stripping it out -- along with every other one-off and non-cash expense -- the company still lost $11.8 million.</p>
<div class="lb-trans"><p>SoundHound 确实在本季度因与其收购之一相关的负债遭受了一次性 3100 万美元的损失，但即使剔除这一损失以及其他所有一次性和非现金费用，该公司仍然亏损了 1180 万美元。</p>
</div><p>SoundHound has a solid balance sheet with $230 million in cash on hand and no debt, so it can sustain losses of that size for the foreseeable future. However, the company will eventually have to prioritize profitability, or else it might need to raise capital, which could dilute existing shareholders. Cost cuts would almost certainly dent SoundHound's revenue growth, which is something for investors to keep in mind.</p>
<div class="lb-trans"><p>SoundHound 拥有良好的资产负债表，手头有 2.3 亿美元现金且没有债务，因此可以在可预见的未来承受这样的亏损。然而，该公司最终必须优先考虑盈利能力，否则可能需要筹集资金，这可能会稀释现有股东的权益。削减成本几乎肯定会影响 SoundHound 的收入增长，这一点投资者需要牢记。</p>
</div><h2>Here's why Nvidia didn't make a mistake by selling SoundHound stock</h2>
<div class="lb-trans"><h2>这就是为什么英伟达出售 SoundHound 股票并没有犯错的原因</h2>
</div><p>Nvidia never told investors why it sold SoundHound stock, but if I had to speculate, I think its valuation likely had something to do with the decision. Its price-to-sales (P/S) ratio is trading at an eye-popping level of 48.6, which is more than a 50% premium to Nvidia's P/S ratio of 29.9.</p>
<div class="lb-trans"><p>英伟达从未告诉投资者为什么出售 SoundHound 股票，但如果我必须推测，我认为其估值可能与这一决定有关。其市销率（P/S）交易在惊人的 48.6 的水平上，比英伟达的 29.9 的市销率高出 50% 以上。</p>
</div><p>It was even more expensive when Nvidia sold it toward the end of 2024, because its P/S ratio was hovering near 100.</p>
<div class="lb-trans"><p>在英伟达于 2024 年底出售时，它的市销率甚至接近 100，价格更高。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/0ea35e218c6e53eff3d083ecd07cb209.png" alt="" original-src="https://media.ycharts.com/charts/0ea35e218c6e53eff3d083ecd07cb209.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 will quickly grow into its current valuation if its revenue continues to increase at such a blistering pace, but the financial results of companies in the early stages of commercialization are notoriously unpredictable, so there's no guarantee it will. Moreover, Nvidia is one of the highest quality companies in the world with a track record of success that spans decades, a rock-solid balance sheet, and surging profits, so I don't think SoundHound deserves to trade at a premium to the chip giant.</p>
<div class="lb-trans"><p>如果 SoundHound 的收入继续以如此惊人的速度增长，它将迅速适应当前的估值，但处于商业化早期阶段的公司的财务结果往往不可预测，因此没有保证它会如此。此外，英伟达是全球最高质量的公司之一，拥有数十年的成功记录、坚实的资产负债表和激增的利润，因此我认为 SoundHound 不值得以高于这家芯片巨头的价格交易。</p>
</div><p>Nvidia held 1.73 million SoundHound shares, which would've been worth around $27.7 million at the current price of $16. Given the chip giant's market cap of $4.4 trillion, a total loss would've been a mere rounding error. However, holding a stock with such a steep valuation opens the door to substantial downside if the underlying company falters, so I don't think Nvidia made a mistake by closing its position.</p>
<div class="lb-trans"><p>英伟达持有 173 万股 SoundHound 股票，按当前价格 16 美元计算，价值约 2770 万美元。考虑到这家芯片巨头的市值为 4.4 万亿美元，整体损失不过是一个小数目。然而，持有如此高估值的股票如果基础公司出现问题，将面临巨大的下行风险，因此我认为英伟达关闭其持股并没有犯错。</p>
</div>

Did Nvidia Make a Mistake by Selling SoundHound AI Stock? The Answer Might Surprise You.

- Nvidia 因数据中心芯片需求激增成为全球最大公司。  
- SoundHound AI 在对话式 AI 领域表现出色，收入增长显著。  
- Nvidia 出售 SoundHound 股份或因其高估值，未必是错误决策。

英伟达出售 SoundHound AI 股票是否是一个错误？答案可能会让你感到意外