<p><strong>英偉達</strong>(NVDA -0.52%) 自 2023 年初以來，其市值增加了驚人的 2.8 萬億美元，這得益於對其數據中心芯片的需求激增，這些芯片是全球開發人工智能（AI）方面最優秀的。該公司還投資了一系列其他 AI 股票，其中 <strong>SoundHound AI</strong>(SOUN -6.55%) 就是其中之一。</p>
<p>SoundHound 是一家專注於對話式 AI 的公司，擁有令人印象深刻的客户名單，包括來自酒店和汽車製造等行業的一些全球最大品牌。但當英偉達向證券交易委員會提交 2024 年最後一個季度的 13-F 報告時，SoundHound 的股票顯然缺席——事實證明，這家芯片巨頭在去年年底出售了其全部股份。</p>
<p>SoundHound 最近公佈了 2025 年第一季度（截至 3 月 31 日）的最新財務結果，自那以來，其股票上漲了近 30%。英偉達是否賣得太早了？</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MTgyNDEvYS1wZXJzb24tY29sbGVjdGluZy10aGVpci1mb29kLWF0LXRoZS1kcml2ZS10aHJ1LXdpbmRvdy1vZi1hLXJlc3RhdXJhbnQuanBnJnc9NzAw?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-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MTgyNDEvYS1wZXJzb24tY29sbGVjdGluZy10aGVpci1mb29kLWF0LXRoZS1kcml2ZS10aHJ1LXdpbmRvdy1vZi1hLXJlc3RhdXJhbnQuanBnJnc9NzAw"/></p>
<p>圖片來源：Getty Images。</p>
<h2>不斷增長的對話式 AI 產品組合</h2>
<p>SoundHound 的對話式 AI 技術能夠理解語音提示並作出相應的回應，已被全球一些最大的企業部署，以改變我們與設備、汽車甚至我們最喜歡的餐廳的互動方式。</p>
<p>SoundHound 在近 13,000 家快餐店中活躍，這些店由 <strong>白城堡</strong>、<strong>Chipotle</strong> 和 <strong>Papa John's</strong> 等連鎖店運營。其語音 AI 技術可以自主通過電話、店內和自駕取餐窗口接收客户訂單，減輕員工的工作負擔，使他們可以花更多時間處理其他任務。SoundHound 還提供一款名為員工助手的產品，隨時為員工提供菜單項和店內程序的信息。</p>
<p>在汽車行業，SoundHound 的車載語音助手 Chat AI 被 <strong>現代</strong>、起亞和 <strong>斯坦蘭蒂斯</strong>（克萊斯勒、吉普和道奇的擁有者）等頂級品牌使用。它可以回答廣泛主題的問題，還可以提供實時的體育比分和股票價格信息。SoundHound 還在今年早些時候推出了一個名為 Voice Commerce 的新平台，允許駕駛員在舒適的車輛內下單。它甚至可以推薦餐廳並使用汽車的 GPS 系統提供方向。</p>
<p>SoundHound 在去年 8 月收購了另一家 AI 公司 Amelia，進一步擴展了其產品組合。Amelia 的平台允許企業創建定製的 AI 代理，以服務客户或幫助員工完成特定任務。它被用於醫療保健、金融服務、保險等行業，幫助 SoundHound 多樣化其收入來源。</p>
<h2>SoundHound 的收入正在飆升</h2>
<p>SoundHound 在 2025 年第一季度的總收入為 2910 萬美元，比去年同期增長了驚人的 151%。Amelia 的收入的加入推動了這一結果，但該公司也繼續經歷對其核心產品的廣泛需求。</p>
<p>管理層不再向投資者更新 SoundHound 的訂單積壓情況，但首席財務官 Nitesh Sharan 表示，訂單積壓繼續從三個月前的前一個季度增長，當時的訂單積壓高達 12 億美元。該公司預計將在六年內將這些積壓轉化為收入，因此這可能是未來收入結果的良好預測指標。</p>
<p>強勁的第一季度業績促使 SoundHound 重申其 2025 年的全年指引，預計收入將同比飆升 97%，達到 1.67 億美元（在預測範圍的中點）。</p>
<h2>英偉達是否過早出售了 SoundHound 股票？</h2>
<p>英偉達從未披露為何出售 SoundHound 股票，但其當前估值是投資者可能想要暫時避開的一個原因。截至目前，其市銷率（P/S）為 40.8，這使其顯著高於英偉達本身。考慮到 AI 芯片巨頭是全球最高質量的公司之一，且成功記錄跨越數十年，這並沒有太大意義：</p>
<p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/17e88682ad8a33de82fa564262a56fef.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/17e88682ad8a33de82fa564262a56fef.png"/></p>
<p>SOUN 市銷率數據來源於 YCharts</p>
<p>如果我們使用其未來潛在收入來評估，SoundHound 的股票看起來就便宜一些。如果我們假設該公司今年產生 1.67 億美元的收入，正如管理層所預期的那樣，這將使其股票的前瞻市銷率為 27.1。但考慮到這一數字仍高於英偉達今天的市銷率，我絕對不會説這隻股票看起來有吸引力。</p>
<p>此外，SoundHound 的底線構成了一個關鍵風險。該公司在第一季度根據公認會計原則（GAAP）產生了 129 百萬美元的罕見利潤，但這僅僅是因為與其一項收購相關的 176 百萬美元的收益。在不按 GAAP 的基礎上，排除一次性和非現金項目，SoundHound 仍然虧損 2230 萬美元，比去年同期增加了 10%。</p>
<p>截至季度末，SoundHound 手頭有 2.46 億美元的現金及現金等價物，因此它可以在未來幾年以當前速度繼續虧損。然而，如果該公司未來確實需要更多現金，可能不得不發行更多股票，這將導致現有股東的顯著稀釋。</p>
<p>英偉達僅持有 173 萬股 SoundHound 股票，按其當前股價計算，僅值 1950 萬美元。考慮到英偉達幾乎是一家 3.3 萬億美元的公司，即使完全損失也可能不會對其財務產生影響。儘管我們不知道英偉達為何出售其全部股份，但 SoundHound 的估值足以讓投資者在考慮購買時非常謹慎。</p>

英偉達

SOUN

<p>英偉達在 SoundHound AI（一個專注於對話式人工智能的公司）股票在 2025 年第一季度業績強勁後上漲近 30% 之前，出售了其全部股份。SoundHound 報告收入增長 151%，達到 2910 萬美元，並重申了其 2025 年的指導預期，預計同比收入增長 97%。儘管增長令人印象深刻，但 SoundHound 的高市銷率引發了人們對其估值相較於英偉達的擔憂。此次出售的時機引發了關於英偉達是否過早撤資的猜測</p>

<p><strong>Nvidia</strong>(NVDA -0.52%) added an eye-popping $2.8 trillion to its market capitalization since the start of 2023, thanks to soaring demand for its data center chips that are the best in the world for developing artificial intelligence (AI). The company also invested in a portfolio of other AI stocks, and <strong>SoundHound AI</strong>(SOUN -6.55%) was one of them.</p>
<div class="lb-trans"><p><strong>英偉達</strong>(NVDA -0.52%) 自 2023 年初以來，其市值增加了驚人的 2.8 萬億美元，這得益於對其數據中心芯片的需求激增，這些芯片是全球開發人工智能（AI）方面最優秀的。該公司還投資了一系列其他 AI 股票，其中 <strong>SoundHound AI</strong>(SOUN -6.55%) 就是其中之一。</p>
</div><p>SoundHound is a specialist in conversational AI, and it has an impressive list of customers that includes some of the biggest brands in the world from industries like hospitality and car manufacturing. But when Nvidia filed its 13-F with the Securities and Exchange Commission for the final quarter of 2024, SoundHound stock was notably missing -- it turns out the chip giant sold its entire stake toward the end of last year.</p>
<div class="lb-trans"><p>SoundHound 是一家專注於對話式 AI 的公司，擁有令人印象深刻的客户名單，包括來自酒店和汽車製造等行業的一些全球最大品牌。但當英偉達向證券交易委員會提交 2024 年最後一個季度的 13-F 報告時，SoundHound 的股票顯然缺席——事實證明，這家芯片巨頭在去年年底出售了其全部股份。</p>
</div><p>SoundHound recently reported its latest financial results for the first quarter of 2025 (ended March 31), and its stock soared by almost 30% since. Did Nvidia sell its position too early?</p>
<div class="lb-trans"><p>SoundHound 最近公佈了 2025 年第一季度（截至 3 月 31 日）的最新財務結果，自那以來，其股票上漲了近 30%。英偉達是否賣得太早了？</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MTgyNDEvYS1wZXJzb24tY29sbGVjdGluZy10aGVpci1mb29kLWF0LXRoZS1kcml2ZS10aHJ1LXdpbmRvdy1vZi1hLXJlc3RhdXJhbnQuanBnJnc9NzAw" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F818241%2Fa-person-collecting-their-food-at-the-drive-thru-window-of-a-restaurant.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>A growing portfolio of conversational AI products</h2>
<div class="lb-trans"><h2>不斷增長的對話式 AI 產品組合</h2>
</div><p>SoundHound's conversational AI technology understands voice prompts and can respond in kind, and it has been deployed by some of the biggest businesses in the world to transform the way we interact with our devices, our cars, and even our favorite restaurants.</p>
<div class="lb-trans"><p>SoundHound 的對話式 AI 技術能夠理解語音提示並作出相應的回應，已被全球一些最大的企業部署，以改變我們與設備、汽車甚至我們最喜歡的餐廳的互動方式。</p>
</div><p>SoundHound is active in almost 13,000 quick-service restaurants, operated by chains like White Castle, <strong>Chipotle</strong>, and <strong>Papa John's</strong>. Its Voice AI technology can autonomously take orders from customers over the phone, in-store, and in the drive-thru, reducing the workload on employees so they can spend more time on other tasks. SoundHound also offers a product called Employee Assist, which stands ready to provide workers with information on menu items and in-store procedures.</p>
<div class="lb-trans"><p>SoundHound 在近 13,000 家快餐店中活躍，這些店由 <strong>白城堡</strong>、<strong>Chipotle</strong> 和 <strong>Papa John's</strong> 等連鎖店運營。其語音 AI 技術可以自主通過電話、店內和自駕取餐窗口接收客户訂單，減輕員工的工作負擔，使他們可以花更多時間處理其他任務。SoundHound 還提供一款名為員工助手的產品，隨時為員工提供菜單項和店內程序的信息。</p>
</div><p>In the automotive industry, SoundHound's Chat AI in-car voice assistant is used by top brands like <strong>Hyundai</strong>, Kia, and <strong>Stellantis</strong> (the owner of Chrysler, Jeep, and Dodge). It can answer questions on a broad range of topics, and it can also provide-real time information on sports scores and stock prices. SoundHound also launched a new platform called Voice Commerce earlier this year, which allows drivers to place food orders from the comfort of their vehicle. It can even recommend restaurants and provide directions using the car's GPS system.</p>
<div class="lb-trans"><p>在汽車行業，SoundHound 的車載語音助手 Chat AI 被 <strong>現代</strong>、起亞和 <strong>斯坦蘭蒂斯</strong>（克萊斯勒、吉普和道奇的擁有者）等頂級品牌使用。它可以回答廣泛主題的問題，還可以提供實時的體育比分和股票價格信息。SoundHound 還在今年早些時候推出了一個名為 Voice Commerce 的新平台，允許駕駛員在舒適的車輛內下單。它甚至可以推薦餐廳並使用汽車的 GPS 系統提供方向。</p>
</div><p>SoundHound expanded its product portfolio even further when it acquired another AI company called Amelia in August last year. Amelia's platform allows businesses to create custom AI agents that can be deployed to serve customers or even help employees with specific tasks. It's used in industries like healthcare, financial services, insurance, and more, which is helping SoundHound diversify its revenue base.</p>
<div class="lb-trans"><p>SoundHound 在去年 8 月收購了另一家 AI 公司 Amelia，進一步擴展了其產品組合。Amelia 的平台允許企業創建定製的 AI 代理，以服務客户或幫助員工完成特定任務。它被用於醫療保健、金融服務、保險等行業，幫助 SoundHound 多樣化其收入來源。</p>
</div><h2>SoundHound's revenue is soaring</h2>
<div class="lb-trans"><h2>SoundHound 的收入正在飆升</h2>
</div><p>SoundHound generated $29.1 million in total revenue during the first quarter of 2025, which was a whopping 151% increase from the year-ago period. The inclusion of Amelia's revenue boosted the result, but the company also continued to experience broad demand for its core products.</p>
<div class="lb-trans"><p>SoundHound 在 2025 年第一季度的總收入為 2910 萬美元，比去年同期增長了驚人的 151%。Amelia 的收入的加入推動了這一結果，但該公司也繼續經歷對其核心產品的廣泛需求。</p>
</div><p>Management is no longer updating investors on SoundHound's order backlog, but CFO Nitesh Sharan said it continued to grow from the previous quarter three months earlier, when it was an eye-popping $1.2 billion. The company expects to convert that backlog into revenue over a period of six years, so it could be a great predictor of future top-line results.</p>
<div class="lb-trans"><p>管理層不再向投資者更新 SoundHound 的訂單積壓情況，但首席財務官 Nitesh Sharan 表示，訂單積壓繼續從三個月前的前一個季度增長，當時的訂單積壓高達 12 億美元。該公司預計將在六年內將這些積壓轉化為收入，因此這可能是未來收入結果的良好預測指標。</p>
</div><p>The strong first-quarter results prompted SoundHound to reaffirm its full-year guidance for 2025, suggesting revenue could soar 97% year over year to $167 million (at the midpoint of the forecasted range).</p>
<div class="lb-trans"><p>強勁的第一季度業績促使 SoundHound 重申其 2025 年的全年指引，預計收入將同比飆升 97%，達到 1.67 億美元（在預測範圍的中點）。</p>
</div><h2>Did Nvidia sell SoundHound stock too soon?</h2>
<div class="lb-trans"><h2>英偉達是否過早出售了 SoundHound 股票？</h2>
</div><p>Nvidia never disclosed why it sold SoundHound stock, but its current valuation is one reason investors might want to steer clear for now. It trades at a price-to-sales (P/S) ratio of 40.8 as of this writing, which makes it significantly more expensive than Nvidia itself. That doesn't make much sense considering the AI chip giant is one of the highest-quality companies in the world, with a track record of success spanning decades:</p>
<div class="lb-trans"><p>英偉達從未披露為何出售 SoundHound 股票，但其當前估值是投資者可能想要暫時避開的一個原因。截至目前，其市銷率（P/S）為 40.8，這使其顯著高於英偉達本身。考慮到 AI 芯片巨頭是全球最高質量的公司之一，且成功記錄跨越數十年，這並沒有太大意義：</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/17e88682ad8a33de82fa564262a56fef.png" alt="" original-src="https://media.ycharts.com/charts/17e88682ad8a33de82fa564262a56fef.png"/></p>
<p>SOUN PS Ratio data by YCharts</p>
<div class="lb-trans"><p>SOUN 市銷率數據來源於 YCharts</p>
</div><p>SoundHound stock looks a little less expensive if we value it using its future potential revenue. If we assume the company generates $167 million this year as management expects, that places its stock at a forward P/S ratio at 27.1. But considering that figure is still higher than Nvidia's P/S ratio today, I definitely wouldn't say the stock looks attractive.</p>
<div class="lb-trans"><p>如果我們使用其未來潛在收入來評估，SoundHound 的股票看起來就便宜一些。如果我們假設該公司今年產生 1.67 億美元的收入，正如管理層所預期的那樣，這將使其股票的前瞻市銷率為 27.1。但考慮到這一數字仍高於英偉達今天的市銷率，我絕對不會説這隻股票看起來有吸引力。</p>
</div><p>Plus, SoundHound's bottom line poses a key risk. The company generated a rare profit of $129 million on a generally accepted accounting principles (GAAP) basis during the first quarter, but only because of a $176 million benefit relating to one of its acquisitions. On a non-GAAP basis, which excludes one-off and non-cash components, SoundHound still lost $22.3 million, which was a 10% increase from the year-ago period.</p>
<div class="lb-trans"><p>此外，SoundHound 的底線構成了一個關鍵風險。該公司在第一季度根據公認會計原則（GAAP）產生了 129 百萬美元的罕見利潤，但這僅僅是因為與其一項收購相關的 176 百萬美元的收益。在不按 GAAP 的基礎上，排除一次性和非現金項目，SoundHound 仍然虧損 2230 萬美元，比去年同期增加了 10%。</p>
</div><p>SoundHound had $246 million in cash and equivalents on hand at the end of the quarter, so it can afford to keep losing money at the current pace for the next couple of years. However, if the company does require more cash in the future, it might have to issue more stock, which would result in significant dilution for existing shareholders.</p>
<div class="lb-trans"><p>截至季度末，SoundHound 手頭有 2.46 億美元的現金及現金等價物，因此它可以在未來幾年以當前速度繼續虧損。然而，如果該公司未來確實需要更多現金，可能不得不發行更多股票，這將導致現有股東的顯著稀釋。</p>
</div><p>Nvidia only held 1.73 million shares in SoundHound, which would have been worth just $19.5 million based on its current stock price. Considering Nvidia is nearly a $3.3 trillion company, even a complete loss probably wouldn't have affected its finances at all. Even though we don't know why Nvidia sold its entire stake, SoundHound's valuation is enough reason for investors to tread very carefully if they are looking to buy.</p>
<div class="lb-trans"><p>英偉達僅持有 173 萬股 SoundHound 股票，按其當前股價計算，僅值 1950 萬美元。考慮到英偉達幾乎是一家 3.3 萬億美元的公司，即使完全損失也可能不會對其財務產生影響。儘管我們不知道英偉達為何出售其全部股份，但 SoundHound 的估值足以讓投資者在考慮購買時非常謹慎。</p>
</div>

Did Nvidia Make a Colossal Mistake by Selling SoundHound AI Stock?

- Nvidia 自 2023 年以來市值增加 2.8 萬億美元，受數據中心芯片需求推動。  
- SoundHound AI 第一季度收入達 2910 萬美元，同比增長 151%。  
- SoundHound 股票估值高，投資者需謹慎。  

英偉達出售 SoundHound AI 股票是否是一個巨大的錯誤？