<p><strong>SoundHound AI</strong>（SOUN -2.09%）的旅程漫長。該公司成立於 2005 年，經過數十年的努力，構建了一個能夠實現定製化對話體驗的語音人工智能平台。它擁有超過 200 項專利，<strong>本田</strong> 和 <strong>甲骨文</strong> 等大型企業已經成為其客户。今年，分析師預計銷售額將增長近 90%，到 2026 年，預計將再增長 25%。</p>
<p>然而，SoundHound 的股票自年初以來價值下跌了 50%。這隻股票有反彈的潛力，但在投資之前，有一些風險需要注意。</p>
<h2>SoundHound 擁有令人印象深刻的人工智能業務</h2>
<p>過去五年，SoundHound 的收入增長顯著。在此期間，銷售額增長超過 370%。展望未來，分析師預測明年的增長將更加顯著，過去半年內的預期大幅上升。</p>
<p>是什麼推動了這一切增長？對其語音人工智能套件的需求，該套件幫助公司將人工智能融入客户支持、個人助理和產品訂購等領域。例如，SoundHound 與本田的合作旨在幫助本田司機更好地與其車輛互動，比如與汽車或卡車聊天以瞭解維護需求。相比之下，該公司與白城堡的合作則涉及自駕點餐窗口，幫助顧客更快、更準確地下單，並降低公司的成本。</p>
<p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/d82b4a812594fb75860e7dad9d4cfae6.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/d82b4a812594fb75860e7dad9d4cfae6.png"/></p>
<p>SOUN 收入（TTM）數據來源於 YCharts</p>
<p>基本上，在任何你可能與人或機器交談的地方，SoundHound 都有解決方案。這為公司創造了一個平衡的終端市場組合，從汽車、餐飲、金融服務到醫療保健和保險行業的客户。</p>
<p>預計到 2034 年，人工智能語音市場的價值將接近 500 億美元，年均增長率約為 35%。以過去一年 102 百萬美元的銷售額來看，顯然 SoundHound 還有很大的增長空間。今年股票下跌 50% 並不是因為終端市場增長滯後或銷售增長預期低，而是因為股票的估值已經處於極高水平。</p>
<p>在下跌之前，SOUN 股票的交易價格高達銷售額的 100 倍。現在，股票的交易價格僅為銷售額的 37 倍。雖然這仍然昂貴，但對於這樣一家小公司來説，針對如此大的機會，或許是合理的。但在買入之前，有幾個重要的風險需要考慮。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MTg1MTEvZ2V0dHlpbWFnZXMtMjE1MTA0MTIzNS0xMjAweDgwMC01YjJkZjc5LmpwZyZ3PTcwMA?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-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MTg1MTEvZ2V0dHlpbWFnZXMtMjE1MTA0MTIzNS0xMjAweDgwMC01YjJkZjc5LmpwZyZ3PTcwMA"/></p>
<p>圖片來源：Getty Images。</p>
<h2>在瞭解這些風險之前不要投資 SoundHound</h2>
<p>SoundHound 是一家小型競爭者。這創造了巨大的上行潛力，但也帶來了風險。該公司的大多數競爭對手規模都大得多——想想那些資金雄厚的大型科技公司。從長遠來看，目前尚不清楚該公司是否能夠與這些資金充足的企業競爭，尤其是考慮到其過去 12 個月的研發預算僅為 8000 萬美元。</p>
<p>但這不僅僅是競爭。投資者可能需要等待數年才能證明該公司的高估值溢價是合理的。對於長期投資者來説，這應該不是問題。以 80% 或更高的年銷售增長率，即使是 37 倍的銷售估值也可能成為一個便宜的選擇，但這需要時間。</p>
<p>在調整後，SoundHound 的股票看起來準備反彈。但投資者應該瞄準的是_長期_反彈，而不是短期的激增。像這樣的高溢價成長股可能非常波動，投資者即使承諾持有數年或更長時間，也應該做好準備。</p>

SOUN

<p>SoundHound AI (SOUN) 今年股價下降了 50%，儘管銷售增長預期強勁，分析師預測今年增長將接近 90%，2026 年增長 25%。這家公司專注於語音 AI 解決方案，隨着 AI 語音市場預計到 2034 年將達到 500 億美元，擁有顯著的市場機會。然而，投資者應對來自大型科技公司的競爭保持謹慎，並且需要耐心等待公司高估值的合理化。建議採取長期投資策略，以期望未來反彈</p>

<p>It's been a long journey for <strong>SoundHound AI</strong>(SOUN -2.09%). Founded in 2005, the company has worked for decades to assemble a voice AI platform that enables customized conversational experiences. It's powered by more than 200 patents, and major businesses including <strong>Honda</strong> and <strong>Oracle</strong> have already signed on as customers. This year, analysts expect sales to grow by nearly 90% and in 2026, another 25% sales growth is expected.</p>
<div class="lb-trans"><p><strong>SoundHound AI</strong>（SOUN -2.09%）的旅程漫長。該公司成立於 2005 年，經過數十年的努力，構建了一個能夠實現定製化對話體驗的語音人工智能平台。它擁有超過 200 項專利，<strong>本田</strong> 和 <strong>甲骨文</strong> 等大型企業已經成為其客户。今年，分析師預計銷售額將增長近 90%，到 2026 年，預計將再增長 25%。</p>
</div><p>And yet somehow, SoundHound stock is down 50% in value since the year began. This stock is primed for a rebound, but there are a few risks you should be aware of before jumping in.</p>
<div class="lb-trans"><p>然而，SoundHound 的股票自年初以來價值下跌了 50%。這隻股票有反彈的潛力，但在投資之前，有一些風險需要注意。</p>
</div><h2>SoundHound has an impressive AI business</h2>
<div class="lb-trans"><h2>SoundHound 擁有令人印象深刻的人工智能業務</h2>
</div><p>The past five years have brought heavy revenue growth for SoundHound. Sales over that time period have risen by more than 370%. Looking ahead, analysts forecast more heavy growth in the year to come -- expectations that have risen wildly over the past half year.</p>
<div class="lb-trans"><p>過去五年，SoundHound 的收入增長顯著。在此期間，銷售額增長超過 370%。展望未來，分析師預測明年的增長將更加顯著，過去半年內的預期大幅上升。</p>
</div><p>What's driving all this growth? Demand for its voice AI suite, which helps companies incorporate AI into verticals like customer support, personal assistants, and product ordering. For example, SoundHound's work with Honda is to help Honda drivers engage with its vehicles more, like chatting with the car or truck about maintenance needs. The company's work with White Castle, for comparison, deals with drive-thru order windows, helping customers order faster, more accurately, and with less cost to the company.</p>
<div class="lb-trans"><p>是什麼推動了這一切增長？對其語音人工智能套件的需求，該套件幫助公司將人工智能融入客户支持、個人助理和產品訂購等領域。例如，SoundHound 與本田的合作旨在幫助本田司機更好地與其車輛互動，比如與汽車或卡車聊天以瞭解維護需求。相比之下，該公司與白城堡的合作則涉及自駕點餐窗口，幫助顧客更快、更準確地下單，並降低公司的成本。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/d82b4a812594fb75860e7dad9d4cfae6.png" alt="" original-src="https://media.ycharts.com/charts/d82b4a812594fb75860e7dad9d4cfae6.png"/></p>
<p>SOUN Revenue (TTM) data by YCharts</p>
<div class="lb-trans"><p>SOUN 收入（TTM）數據來源於 YCharts</p>
</div><p>Basically anywhere you might speak to a person or machine, SoundHound has a solution. That creates a balanced mix of end markets for the company, everything from automotive, restaurants, and financial services to healthcare and insurance sectors' customers.</p>
<div class="lb-trans"><p>基本上，在任何你可能與人或機器交談的地方，SoundHound 都有解決方案。這為公司創造了一個平衡的終端市場組合，從汽車、餐飲、金融服務到醫療保健和保險行業的客户。</p>
</div><p>The AI voice market is expected to reach nearly $50 billion in value by 2034, with annual growth averaging roughly 35%. With trailing annual sales of just $102 million, it's clear that SoundHound has a lot of room for potential growth. Shares are down 50% this year not because end market growth has lagged or because sales growth is expected to be low. Rather, shares dipped hard simply because they were already valued at nosebleed levels.</p>
<div class="lb-trans"><p>預計到 2034 年，人工智能語音市場的價值將接近 500 億美元，年均增長率約為 35%。以過去一年 102 百萬美元的銷售額來看，顯然 SoundHound 還有很大的增長空間。今年股票下跌 50% 並不是因為終端市場增長滯後或銷售增長預期低，而是因為股票的估值已經處於極高水平。</p>
</div><p>Before the decline, SOUN stock traded at an astounding 100 times sales. Now, shares trade at just 37 times sales. That's still expensive, but perhaps reasonable for such a small company targeting such a large opportunity. But there are a few important risks to consider before buying in.</p>
<div class="lb-trans"><p>在下跌之前，SOUN 股票的交易價格高達銷售額的 100 倍。現在，股票的交易價格僅為銷售額的 37 倍。雖然這仍然昂貴，但對於這樣一家小公司來説，針對如此大的機會，或許是合理的。但在買入之前，有幾個重要的風險需要考慮。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MTg1MTEvZ2V0dHlpbWFnZXMtMjE1MTA0MTIzNS0xMjAweDgwMC01YjJkZjc5LmpwZyZ3PTcwMA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F818511%2Fgettyimages-2151041235-1200x800-5b2df79.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>Don't invest in SoundHound before understanding these risks</h2>
<div class="lb-trans"><h2>在瞭解這些風險之前不要投資 SoundHound</h2>
</div><p>SoundHound is a tiny competitor. That creates huge upside potential, but it also creates risks. Most of the company's competitors are significantly larger -- think Big Tech firms with deep pockets. Long term, it's not clear whether the company can actually compete with these well-financed businesses, especially considering its research and development budget over the past 12 months totaled just $80 million.</p>
<div class="lb-trans"><p>SoundHound 是一家小型競爭者。這創造了巨大的上行潛力，但也帶來了風險。該公司的大多數競爭對手規模都大得多——想想那些資金雄厚的大型科技公司。從長遠來看，目前尚不清楚該公司是否能夠與這些資金充足的企業競爭，尤其是考慮到其過去 12 個月的研發預算僅為 8000 萬美元。</p>
</div><p>But it's not just competition. Investors will likely need to wait years for the company's hefty valuation premium to be justified. That should be no problem for long-term investors. With annual sales growth rates of 80% or more, even a 37 times sales valuation can become a steal, but that will take time.</p>
<div class="lb-trans"><p>但這不僅僅是競爭。投資者可能需要等待數年才能證明該公司的高估值溢價是合理的。對於長期投資者來説，這應該不是問題。以 80% 或更高的年銷售增長率，即使是 37 倍的銷售估值也可能成為一個便宜的選擇，但這需要時間。</p>
</div><p>SoundHound stock looks ready to rebound after the correction. But it's a <em>long-term</em> rebound that investors should be targeting, not a short-term spike. High-premium growth stocks like this can be very volatile, and investors should be ready for that even if they do commit to a holding period of several years or more.</p>
<div class="lb-trans"><p>在調整後，SoundHound 的股票看起來準備反彈。但投資者應該瞄準的是_長期_反彈，而不是短期的激增。像這樣的高溢價成長股可能非常波動，投資者即使承諾持有數年或更長時間，也應該做好準備。</p>
</div>

這隻人工智能（AI）股票似乎有望反彈