<p>在每個季度結束後，管理超過 1 億美元的機構投資者需要向證券交易委員會（SEC）提交 13F 表格。13F 列出了資金經理在最近一個季度內買入和賣出的個股。投資者可以利用這些文件作為工具，揭示 “聰明資金” 正在尋找機會的方向。</p>
<p>雖然大多數投資者可能認為 13F 是銀行和對沖基金的要求，但請記住，非金融機構也會進行自己的投資。</p>
<p>例如，<strong>Nvidia</strong> 目前持有五家不同上市公司的股票——<strong>Arm Holdings</strong>、<strong>Applied Digital</strong>、<strong>Recursion Pharmaceuticals</strong>、<strong>Nebius Group</strong> 和 <strong>WeRide</strong>。然而，在上個季度，Nvidia 完全退出了其在語音識別人工智能（AI）股票 <strong>SoundHound AI</strong>（SOUN -5.50%）的持倉。</p>
<p>你應該跟隨 Nvidia 出售 SoundHound AI 的決定嗎？繼續閲讀以瞭解更多。</p>
<h2>從更大的視角看</h2>
<p>當投資者決定買入或賣出一隻股票時，合理的想法是這樣的決定反映了投資者對公司的真實感受。雖然這種邏輯是合理的，但並不總是如此。</p>
<p>有時，投資者會出售一隻股票，僅僅是因為他們已經持有該頭寸很長時間，並希望收回資本。其他時候，投資者可能會退出一個頭寸，因為坦率地説，這隻股票在投資組合的整體構成中並沒有本質上的戰略意義。</p>
<p>在我看來，Nvidia 決定退出其在 SoundHound AI 的股份，介於這兩種想法之間。</p>
<p>下圖展示了 SoundHound AI 在第四季度的股價活動。顯然，該股票經歷了一些超常的動量——在短短三個月內，股價幾乎上漲了五倍。</p>
<p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/420b93a00ebf7550af067dbed5b98341.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/420b93a00ebf7550af067dbed5b98341.png"/></p>
<p>SOUN 數據來源於 YCharts</p>
<p>我猜 Nvidia 意識到了這種動量，並決定兑現。考慮到 Nvidia 僅持有大約 170 萬股 SoundHound AI，該公司可能最多產生了 2000 萬到 3000 萬美元的收益（具體取決於出售時間）。對於市值超過 3.4 萬億美元的 Nvidia 來説，這是一筆微不足道的金額。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MDgxMzMvZ2V0dHlpbWFnZXMtMTE3NzM1MTk3My0yLmpwZyZ3PTcwMA?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-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MDgxMzMvZ2V0dHlpbWFnZXMtMTE3NzM1MTk3My0yLmpwZyZ3PTcwMA"/></p>
<p>圖片來源：Getty Images。</p>
<h2>看看 Nvidia 在汽車行業的機會</h2>
<p>雖然 SoundHound AI 在收入加速方面取得了一些令人印象深刻的進展，但該公司仍在大量燒錢。在我看來，汽車的語音識別軟件確實是 Nvidia 的重要機會；然而，我認為該公司相比 SoundHound AI 有更優越的選擇。</p>
<p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/4bbe5489c1759998ff75f3de3fa524dc.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/4bbe5489c1759998ff75f3de3fa524dc.png"/></p>
<p>SOUN 季度收入數據來源於 YCharts</p>
<p>Nvidia 的 “七大巨頭” 同伴 <strong>Apple</strong>、<strong>Microsoft</strong>、<strong>Alphabet</strong> 和 <strong>Amazon</strong> 都開發了各自的 AI 驅動語音助手，涵蓋了各種應用。考慮到這些公司在技術上遠比 SoundHound AI 更為複雜且資本更為雄厚，我認為如果 Nvidia 決定在語音識別軟件領域與其巨頭同行探索或深化合作，潛力會更大。</p>
<p>此外，我個人認為，自動駕駛和車輛設計是 Nvidia 在汽車與 AI 交匯處最有利可圖的機會。Nvidia 已經與 <strong>Mercedes-Benz</strong>、<strong>Volvo</strong>、<strong>BYD</strong>、<strong>Nio</strong> 等多家公司緊密合作，涉及各自的 AI 雄心。</p>
<h2>你應該出售 SoundHound AI 股票嗎？</h2>
<p>知道何時出售股票幾乎是不可能的。相反，投資者應該在權衡繼續持有頭寸的利弊後做出出售決定。</p>
<p>考慮到 Nvidia 在 2017 年私募融資輪中實際上投資了 SoundHound AI，加上 SoundHound AI 相對於 AI 汽車市場或語音識別領域其他參與者缺乏戰略價值，Nvidia 決定退出其持倉變得更加合理。</p>
<p>鑑於其規模小且缺乏盈利能力，我認為在 SoundHound AI 的持倉相當投機。如果我是該股票的投資者，我會考慮退出或削減我的持倉。在我看來，SoundHound AI 更像是一隻迷因股票，而不是一個明智的投資。</p>

SOUN

英偉達

<p>英偉達已出售其在 SoundHound AI 的全部股份，這引發了投資者是否也應跟進的疑問。此決定是在 SoundHound AI 的股票在三個月內幾乎上漲五倍之後做出的，表明英偉達可能利用了這一勢頭。儘管 SoundHound 的收入增長，英偉達認為與更大科技公司在 AI 語音識別領域的合作機會更好，並專注於更有利可圖的自動駕駛業務。投資者被建議考慮退出或減少在 SoundHound AI 的持倉，因為該股票似乎具有投機性</p>

<p>Following the end of each quarter, institutional investors managing over $100 million are required to file a form 13F with the Securities and Exchange Commission (SEC). A 13F itemizes the individual stocks money managers bought and sold during the most recent quarter. Investors can use these filings as tools to uncover where the &#34;smart money&#34; is looking for opportunity.</p>
<div class="lb-trans"><p>在每個季度結束後，管理超過 1 億美元的機構投資者需要向證券交易委員會（SEC）提交 13F 表格。13F 列出了資金經理在最近一個季度內買入和賣出的個股。投資者可以利用這些文件作為工具，揭示 “聰明資金” 正在尋找機會的方向。</p>
</div><p>While most investors probably think of the 13F as a requirement for banks and hedge funds, remember that non-financial institutions also make investments of their own.</p>
<div class="lb-trans"><p>雖然大多數投資者可能認為 13F 是銀行和對沖基金的要求，但請記住，非金融機構也會進行自己的投資。</p>
</div><p>For example, <strong>Nvidia</strong> currently owns stock in five different public companies -- <strong>Arm Holdings</strong>, <strong>Applied Digital</strong>, <strong>Recursion Pharmaceuticals</strong>, <strong>Nebius Group</strong>, and <strong>WeRide</strong>. Last quarter, however, Nvidia completely exited its position in voice recognition artificial intelligence (AI) stock <strong>SoundHound AI</strong>(SOUN -5.50%).</p>
<div class="lb-trans"><p>例如，<strong>Nvidia</strong> 目前持有五家不同上市公司的股票——<strong>Arm Holdings</strong>、<strong>Applied Digital</strong>、<strong>Recursion Pharmaceuticals</strong>、<strong>Nebius Group</strong> 和 <strong>WeRide</strong>。然而，在上個季度，Nvidia 完全退出了其在語音識別人工智能（AI）股票 <strong>SoundHound AI</strong>（SOUN -5.50%）的持倉。</p>
</div><p>Should you follow Nvidia's decision to sell out of SoundHound AI? Read on to find out.</p>
<div class="lb-trans"><p>你應該跟隨 Nvidia 出售 SoundHound AI 的決定嗎？繼續閲讀以瞭解更多。</p>
</div><h2>Looking at the bigger picture</h2>
<div class="lb-trans"><h2>從更大的視角看</h2>
</div><p>When an investor decides to buy or sell a stock, it's reasonable to think such a decision supports how that investor actually feels about the company. While this logic is rational, it's not always the case.</p>
<div class="lb-trans"><p>當投資者決定買入或賣出一隻股票時，合理的想法是這樣的決定反映了投資者對公司的真實感受。雖然這種邏輯是合理的，但並不總是如此。</p>
</div><p>Sometimes an investor will sell a stock simply because they've been holding onto the position for a long time and want to recoup their capital. Other times the investor might exit a position because, frankly, the stock was not inherently strategic to the overall composition to the portfolio to begin with.</p>
<div class="lb-trans"><p>有時，投資者會出售一隻股票，僅僅是因為他們已經持有該頭寸很長時間，並希望收回資本。其他時候，投資者可能會退出一個頭寸，因為坦率地説，這隻股票在投資組合的整體構成中並沒有本質上的戰略意義。</p>
</div><p>In my opinion, Nvidia's decision to exit its stake in SoundHound AI sits somewhere between these two ideas.</p>
<div class="lb-trans"><p>在我看來，Nvidia 決定退出其在 SoundHound AI 的股份，介於這兩種想法之間。</p>
</div><p>The chart below illustrates the share price activity around SoundHound AI during the fourth quarter. Clearly, the stock experienced some outsize momentum -- as the share price rose nearly fivefold in just three months.</p>
<div class="lb-trans"><p>下圖展示了 SoundHound AI 在第四季度的股價活動。顯然，該股票經歷了一些超常的動量——在短短三個月內，股價幾乎上漲了五倍。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/420b93a00ebf7550af067dbed5b98341.png" alt="" original-src="https://media.ycharts.com/charts/420b93a00ebf7550af067dbed5b98341.png"/></p>
<p>SOUN data by YCharts</p>
<div class="lb-trans"><p>SOUN 數據來源於 YCharts</p>
</div><p>My guess is that Nvidia recognized this momentum and decided to cash out. Considering Nvidia only had about 1.7 million shares of SoundHound AI, the company likely generated between $20 million or $30 million of proceeds at most (depending on when it sold). That's a minuscule amount of money for Nvidia, which is valued at more than $3.4 trillion.</p>
<div class="lb-trans"><p>我猜 Nvidia 意識到了這種動量，並決定兑現。考慮到 Nvidia 僅持有大約 170 萬股 SoundHound AI，該公司可能最多產生了 2000 萬到 3000 萬美元的收益（具體取決於出售時間）。對於市值超過 3.4 萬億美元的 Nvidia 來説，這是一筆微不足道的金額。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MDgxMzMvZ2V0dHlpbWFnZXMtMTE3NzM1MTk3My0yLmpwZyZ3PTcwMA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F808133%2Fgettyimages-1177351973-2.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>Looking at Nvidia's opportunities in the automotive industry</h2>
<div class="lb-trans"><h2>看看 Nvidia 在汽車行業的機會</h2>
</div><p>While SoundHound AI has made some impressive strides when it comes to revenue acceleration, the company is still burning a lot of cash. To me, voice recognition software for vehicles is indeed an important opportunity for Nvidia; however, I think the company has superior options compared to SoundHound AI.</p>
<div class="lb-trans"><p>雖然 SoundHound AI 在收入加速方面取得了一些令人印象深刻的進展，但該公司仍在大量燒錢。在我看來，汽車的語音識別軟件確實是 Nvidia 的重要機會；然而，我認為該公司相比 SoundHound AI 有更優越的選擇。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/4bbe5489c1759998ff75f3de3fa524dc.png" alt="" original-src="https://media.ycharts.com/charts/4bbe5489c1759998ff75f3de3fa524dc.png"/></p>
<p>SOUN Revenue (Quarterly) data by YCharts</p>
<div class="lb-trans"><p>SOUN 季度收入數據來源於 YCharts</p>
</div><p>Nvidia's &#34;Magnificent Seven&#34; cohorts <strong>Apple</strong>, <strong>Microsoft</strong>, <strong>Alphabet</strong>, and <strong>Amazon</strong> have all developed their own AI-powered voice assistants spanning various applications. Considering each of these companies is far more sophisticated and better capitalized compared to SoundHound AI, I think Nvidia has more potential should it decide to explore or deepen partnerships with its megacap peers in the area of voice recognition software more broadly.</p>
<div class="lb-trans"><p>Nvidia 的 “七大巨頭” 同伴 <strong>Apple</strong>、<strong>Microsoft</strong>、<strong>Alphabet</strong> 和 <strong>Amazon</strong> 都開發了各自的 AI 驅動語音助手，涵蓋了各種應用。考慮到這些公司在技術上遠比 SoundHound AI 更為複雜且資本更為雄厚，我認為如果 Nvidia 決定在語音識別軟件領域與其巨頭同行探索或深化合作，潛力會更大。</p>
</div><p>On top of that, my personal feeling is that autonomous driving and vehicle design are the most lucrative opportunities for Nvidia when it comes to the intersection of automotives and AI. Nvidia is already working closely with <strong>Mercedes-Benz</strong>, <strong>Volvo</strong>, <strong>BYD</strong>, <strong>Nio</strong>, and many others as it pertains to their respective AI ambitions.</p>
<div class="lb-trans"><p>此外，我個人認為，自動駕駛和車輛設計是 Nvidia 在汽車與 AI 交匯處最有利可圖的機會。Nvidia 已經與 <strong>Mercedes-Benz</strong>、<strong>Volvo</strong>、<strong>BYD</strong>、<strong>Nio</strong> 等多家公司緊密合作，涉及各自的 AI 雄心。</p>
</div><h2>Should you sell SoundHound AI stock?</h2>
<div class="lb-trans"><h2>你應該出售 SoundHound AI 股票嗎？</h2>
</div><p>Knowing when to sell a stock is virtually impossible. Rather, an investor should make a decision to sell after weighing the pros and cons of continuing to hold onto a position.</p>
<div class="lb-trans"><p>知道何時出售股票幾乎是不可能的。相反，投資者應該在權衡繼續持有頭寸的利弊後做出出售決定。</p>
</div><p>Considering Nvidia actually invested in SoundHound AI during a private funding round in 2017, combined with the lack of strategic value SoundHound AI presents relative to other players in the AI automotive market or voice recognition space, it becomes more reasonable that Nvidia decided to exit its position.</p>
<div class="lb-trans"><p>考慮到 Nvidia 在 2017 年私募融資輪中實際上投資了 SoundHound AI，加上 SoundHound AI 相對於 AI 汽車市場或語音識別領域其他參與者缺乏戰略價值，Nvidia 決定退出其持倉變得更加合理。</p>
</div><p>Given its small size and lack of profitability, I see a position in SoundHound AI as quite speculative. If I were an investor in the stock, I would consider exiting or trimming my position. To me, SoundHound AI tends to exhibit the characteristics of a meme stock rather than a prudent investment.</p>
<div class="lb-trans"><p>鑑於其規模小且缺乏盈利能力，我認為在 SoundHound AI 的持倉相當投機。如果我是該股票的投資者，我會考慮退出或削減我的持倉。在我看來，SoundHound AI 更像是一隻迷因股票，而不是一個明智的投資。</p>
</div>

Nvidia Just Sold Its Entire Position in SoundHound AI. Should You Follow?

- 投資機構需向 SEC 提交 13F 表格，列出股票買賣情況。  
- Nvidia 完全退出語音識別 AI 股票 SoundHound AI，可能因缺乏戰略價值。  
- Nvidia 在汽車行業有更優機會，合作伙伴包括奔馳、沃爾沃等。  

英偉達剛剛出售了其在 SoundHound AI 的全部持倉。你是否應該跟隨？