<p><strong>SoundHound AI</strong>(SOUN -3.23%) 的股價在 <strong>Nvidia</strong>(NVDA -0.12%) 退出對這家語音人工智能公司投資的消息披露後暴跌。截至目前，該股今年已下跌超過 40%；然而，過去一年內上漲超過 385%。</p>
<p>當半導體巨頭在 2023 年第四季度購買了該公司的股份時，SoundHound 的股票從默默無聞中被拉了出來。消息一出，股價立即飆升，但在 2024 年末時股價的最大波動似乎是 Nvidia 拋售其股份的時刻。</p>
<p>投資者應該持有 SoundHound 的股票，還是跟隨 Nvidia 退出？</p>
<h2>努力成為語音 AI 領域的領導者</h2>
<p>SoundHound 運營着一個 AI 語音平台，使語音助手能夠以更自然和對話的語氣與人互動。它結合了語音到意義的技術和深層意義理解的技術，實時處理語音，同時識別用户的意圖。</p>
<p>該公司通過產品版權費和訂閲產生收入。當客户將其 AI 語音平台整合到產品中時，它會根據適用產品的數量、使用情況或生命週期收取版權費。同時，它還通過訂閲銷售其平台，適用於沒有產品的行業。這兩種收入形式通常具有較強的重複性。</p>
<p>SoundHound 在汽車領域取得了良好的進展，與約 20 個汽車品牌建立了關係，包括 Jeep、<strong>Hyundai</strong>、Kia、Fiat、Chrysler 和 RAM 等。然而，它目前僅佔客户當前單位生產的 3% 到 5%。它預計在未來幾年內將佔到當前客户單位生產的 40% 到 45%，同時在該領域獲得更多客户。</p>
<p>該公司進入的第二個重要領域是餐飲行業，與領先的行業連鎖店以及餐飲技術和支付公司建立了關係。SoundHound 為餐飲行業提供多種解決方案，包括通過自駕取餐、亭子和電話接單。它還有一個幫助員工培訓的解決方案。</p>
<p>最近，該公司收購了 Amelia，該公司以其對話式和生成式 AI 平台而聞名，幫助客户服務、員工入職和後台任務。Amelia 幫助 SoundHound 進入其他行業領域，如醫療、零售、電信、金融機構和保險。</p>
<p>該公司的最終目標似乎是成為一個頂級的 AI 驅動的商業語音生態系統，能夠處理各行業複雜的互動，這些行業都有其獨特的術語。這可能是像預約醫生，同時獲取患者的健康保險信息並引導他們到合適的醫生。或者可能是幫助客户在經紀公司進行期權交易。</p>
<p>SoundHound 的收入增長迅速，儘管基數較小。在第三季度，它的收入同比增長 89%，達到 2510 萬美元。該公司預計 2024 年的收入將在 8200 萬到 8500 萬美元之間，2025 年增長到 1.55 億到 1.7 億美元。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MDc5ODkvZ2V0dHlpbWFnZXMtMTE5MzQ2NzQ0MS5qcGcmdz03MDA?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-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MDc5ODkvZ2V0dHlpbWFnZXMtMTE5MzQ2NzQ0MS5qcGcmdz03MDA"/></p>
<p>圖片來源：Getty Images。</p>
<h2>估值變得更加合理</h2>
<p>當股價在 2024 年末飆升至超過 20 美元時，SoundHound 的估值有些失控，交易時的市銷率 (P/S) 超過了 2025 年分析師預期的 40 倍。隨着最近的回調，該股現在的前瞻市銷率為 21 倍。預計 2025 年的收入增長將大約翻倍，這並不算過分，儘管之後收入增長的穩定性將更好地決定其估值是否合理。同時，該公司的市銷率在 2024 年大部分時間內較低。</p>
<p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/170f414c153cf9231141964df1c51d11.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/170f414c153cf9231141964df1c51d11.png"/></p>
<p>SOUN 市銷率（前瞻 1 年）數據來源於 YCharts</p>
<p>Nvidia 無疑在其對 SoundHound 的投資中獲得了非常好的回報，因此在股價和估值在 2024 年底呈拋物線時出售其持倉也就不足為奇了。</p>
<p>如今，該股的估值變得更加合理，儘管肯定不是在特價區。該公司在努力成為頂級的 AI 驅動商業語音生態系統方面潛力巨大，但該領域存在競爭，最終該股在此時仍然是一項投機性投資。</p>
<p>因此，我建議任何早期投資者至少在該股中獲利部分。</p>

SOUN

<p>SoundHound AI 的股價在 Nvidia 退出投資後下跌超過 3%，儘管過去一年上漲了 385%，但今年已下降 40%。該公司專注於語音人工智能，在汽車和餐飲行業有合作伙伴關係，並最近收購了 Amelia 以擴展到新行業。SoundHound 的收入在第三季度同比增長 89%，達到 2510 萬美元，預計 2024 年的收入將在 8200 萬到 8500 萬美元之間。該股票的估值在前瞻市銷率為 21 倍時變得更加合理，但在競爭激烈的環境中仍然是一項投機性投資</p>

<p>Shares of <strong>SoundHound AI</strong>(SOUN -3.23%) plunged following a revelation that <strong>Nvidia</strong>(NVDA -0.12%) exited its investment in the voice artificial intelligence (AI) company. The stock is now down more than 40% on the year as of this writing; however, it is up more than 385% over the past year.</p>
<div class="lb-trans"><p><strong>SoundHound AI</strong>(SOUN -3.23%) 的股價在 <strong>Nvidia</strong>(NVDA -0.12%) 退出對這家語音人工智能公司投資的消息披露後暴跌。截至目前，該股今年已下跌超過 40%；然而，過去一年內上漲超過 385%。</p>
</div><p>SoundHound stock was pulled out of obscurity when it was revealed that the semiconductor giant purchased shares in the company in the fourth quarter of 2023. The stock immediately rocketed higher on the news, but it made its biggest move late in 2024, which appears to be when Nvidia was dumping its shares.</p>
<div class="lb-trans"><p>當半導體巨頭在 2023 年第四季度購買了該公司的股份時，SoundHound 的股票從默默無聞中被拉了出來。消息一出，股價立即飆升，但在 2024 年末時股價的最大波動似乎是 Nvidia 拋售其股份的時刻。</p>
</div><p>Should investors hold onto SoundHound shares, or should they follow Nvidia and exit?</p>
<div class="lb-trans"><p>投資者應該持有 SoundHound 的股票，還是跟隨 Nvidia 退出？</p>
</div><h2>Looking to be a leader in voice AI</h2>
<div class="lb-trans"><h2>努力成為語音 AI 領域的領導者</h2>
</div><p>SoundHound operates an AI voice platform that enables voice assistants to interact with people in a more natural and conversational tone. It combines speech-to-meaning technology and deep-meaning-understanding technology to process speech in real time while recognizing a user's intent.</p>
<div class="lb-trans"><p>SoundHound 運營着一個 AI 語音平台，使語音助手能夠以更自然和對話的語氣與人互動。它結合了語音到意義的技術和深層意義理解的技術，實時處理語音，同時識別用户的意圖。</p>
</div><p>The company generates revenue from both product royalties and subscriptions. When a customer incorporates its AI voice platform into a product, it collects royalty payments based on the volume, usage, or life of the applicable product. Meanwhile, it also sells its platform via subscription for industries where there is no product involved. Both forms of revenue tend to be largely recurring in nature.</p>
<div class="lb-trans"><p>該公司通過產品版權費和訂閲產生收入。當客户將其 AI 語音平台整合到產品中時，它會根據適用產品的數量、使用情況或生命週期收取版權費。同時，它還通過訂閲銷售其平台，適用於沒有產品的行業。這兩種收入形式通常具有較強的重複性。</p>
</div><p>SoundHound made solid in roads in the automobile space, where it has relationships with about 20 auto brands, including Jeep, <strong>Hyundai</strong>, Kia, Fiat, Chrysler, and RAM, among others. Still, it is in only between 3% and 5% of its customers' current unit production. It sees an opportunity in the next few years to be between 40% and 45% of its current customer unit production, while gaining more customers in the space.</p>
<div class="lb-trans"><p>SoundHound 在汽車領域取得了良好的進展，與約 20 個汽車品牌建立了關係，包括 Jeep、<strong>Hyundai</strong>、Kia、Fiat、Chrysler 和 RAM 等。然而，它目前僅佔客户當前單位生產的 3% 到 5%。它預計在未來幾年內將佔到當前客户單位生產的 40% 到 45%，同時在該領域獲得更多客户。</p>
</div><p>The second big vertical the company has gotten into is the restaurant space, where it has relationships with both leading industry chains as well as restaurant-focused technology and payment companies. SoundHound has several solutions for the restaurant industry, including taking orders through drive-thrus, kiosks, and over the phone. It also has a solution that helps with employee training.</p>
<div class="lb-trans"><p>該公司進入的第二個重要領域是餐飲行業，與領先的行業連鎖店以及餐飲技術和支付公司建立了關係。SoundHound 為餐飲行業提供多種解決方案，包括通過自駕取餐、亭子和電話接單。它還有一個幫助員工培訓的解決方案。</p>
</div><p>More recently, the company acquired Amelia, which is known for its conversational and generative AI platform that helps with customer service, employee onboarding, and back-office tasks. Amelia helps move SoundHound into other industry verticals such as healthcare, retail, telecom, financial institutions, and insurance.</p>
<div class="lb-trans"><p>最近，該公司收購了 Amelia，該公司以其對話式和生成式 AI 平台而聞名，幫助客户服務、員工入職和後台任務。Amelia 幫助 SoundHound 進入其他行業領域，如醫療、零售、電信、金融機構和保險。</p>
</div><p>The company's ultimate goal appears to be to become the premier AI-powered commerce voice ecosystem that is able to handle complex interactions across industries that all have their unique jargon. This could be something like making a doctor's appointment while taking in a patient's health insurance information and directing them to the right type of doctor. Or it could be something like helping a client make an options trade at a brokerage.</p>
<div class="lb-trans"><p>該公司的最終目標似乎是成為一個頂級的 AI 驅動的商業語音生態系統，能夠處理各行業複雜的互動，這些行業都有其獨特的術語。這可能是像預約醫生，同時獲取患者的健康保險信息並引導他們到合適的醫生。或者可能是幫助客户在經紀公司進行期權交易。</p>
</div><p>SoundHound has been growing its revenue quickly, albeit from a small base. In the third quarter, it grew its revenue by 89% year over year to $25.1 million. The company is projecting 2024 revenue to be between $82 million and $85 million, growing to a range of $155 million to $170 million in 2025.</p>
<div class="lb-trans"><p>SoundHound 的收入增長迅速，儘管基數較小。在第三季度，它的收入同比增長 89%，達到 2510 萬美元。該公司預計 2024 年的收入將在 8200 萬到 8500 萬美元之間，2025 年增長到 1.55 億到 1.7 億美元。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MDc5ODkvZ2V0dHlpbWFnZXMtMTE5MzQ2NzQ0MS5qcGcmdz03MDA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F807989%2Fgettyimages-1193467441.jpg&amp;op=resize&amp;w=700"/></p>
<p>Image source: Getty Images.</p>
<div class="lb-trans"><p>圖片來源：Getty Images。</p>
</div><h2>Valuation getting more reasonable</h2>
<div class="lb-trans"><h2>估值變得更加合理</h2>
</div><p>SoundHound's valuation had gotten a bit out of hand when the stock shot up to well above $20 late in 2024 and it traded at a price-to-sales (P/S) multiple of over 40 times 2025 analyst estimates. With the recent pullback, the stock now trades at a somewhat more reasonable 21 times forward P/S. With revenue growth expected to about double in 2025, that's not outrageous, although where revenue growth settles in thereafter will better determine if its valuation makes sense. Meanwhile, the company's P/S multiple was lower for much of 2024.</p>
<div class="lb-trans"><p>當股價在 2024 年末飆升至超過 20 美元時，SoundHound 的估值有些失控，交易時的市銷率 (P/S) 超過了 2025 年分析師預期的 40 倍。隨着最近的回調，該股現在的前瞻市銷率為 21 倍。預計 2025 年的收入增長將大約翻倍，這並不算過分，儘管之後收入增長的穩定性將更好地決定其估值是否合理。同時，該公司的市銷率在 2024 年大部分時間內較低。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/170f414c153cf9231141964df1c51d11.png" alt="" original-src="https://media.ycharts.com/charts/170f414c153cf9231141964df1c51d11.png"/></p>
<p>SOUN PS Ratio (Forward 1y) data by YCharts</p>
<div class="lb-trans"><p>SOUN 市銷率（前瞻 1 年）數據來源於 YCharts</p>
</div><p>Nvidia undoubtedly made a really great return on its SoundHound investment, so it is perhaps not surprising that it sold out of its position when the stock's share price and valuation went parabolic at the end of 2024.</p>
<div class="lb-trans"><p>Nvidia 無疑在其對 SoundHound 的投資中獲得了非常好的回報，因此在股價和估值在 2024 年底呈拋物線時出售其持倉也就不足為奇了。</p>
</div><p>Today the stock's valuation is a bit more reasonable, although certainly not in the bargain bin. The company has a lot of potential as it looks to become the premier AI-powered commerce voice ecosystem, but there is competition in the space and ultimately the stock is still a speculative investment at this point.</p>
<div class="lb-trans"><p>如今，該股的估值變得更加合理，儘管肯定不是在特價區。該公司在努力成為頂級的 AI 驅動商業語音生態系統方面潛力巨大，但該領域存在競爭，最終該股在此時仍然是一項投機性投資。</p>
</div><p>As such, I would suggest any early investors to at least take some partial profits in the stock.</p>
<div class="lb-trans"><p>因此，我建議任何早期投資者至少在該股中獲利部分。</p>
</div>

SoundHound AI Plunges After Nvidia Exits Its Stake. Should Investors Follow Suit?

- SoundHound AI 股價因 Nvidia 退出投資而下跌超過 40%。  
- 公司在汽車和餐飲行業有顯著進展，預計 2024 年收入將達 8200 萬至 8500 萬美元。  
- 儘管估值回落至 21 倍前瞻市銷率，投資仍具投機性，建議早期投資者部分獲利。  

在 Nvidia 退出其股份後，SoundHound AI 股價暴跌。投資者是否應該跟隨其腳步？