<p><strong>英偉達</strong>(NVDA -0.85%) 已成為全球最大的公司，得益於其數據中心芯片的需求激增，這些芯片是開發人工智能（AI）模型的黃金標準。這家芯片巨頭偶爾會利用其龐大的財務資源投資其他人工智能公司，而 <strong>SoundHound AI</strong>(SOUN -5.71%) 就是其中之一。</p>
<p>SoundHound 是對話式人工智能技術的專家，其客户包括一些全球最大的品牌。英偉達在 2024 年 2 月向證券交易委員會提交的 13-F 文件中首次披露了其在該公司的股份，但到 12 月時，芯片製造商已出售了其全部持股。</p>
<p>SoundHound 在最近一個季度的收入 <em>增長了三倍</em>，其股票在過去一個月中上漲了驚人的 40%。英偉達拋售其持股是否犯了錯誤？繼續閲讀，瞭解令人驚訝的答案。</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>圖片來源：Getty Images。</p>
<h2>對話式人工智能的領導者</h2>
<p>SoundHound 的對話式人工智能應用在多個行業中都很受歡迎，但在快餐連鎖店和希望在新車中加入強大 AI 助手的汽車品牌中，需求尤其高。</p>
<p>在餐飲領域，SoundHound 的語音 AI 技術可以在店內、電話和自駕取餐時自主接受顧客訂單。它還可以回答員工的查詢，無論是需要幫助製作菜單項還是需要澄清特定的店內政策。像 <strong>Chipotle</strong>、<strong>Krispy Kreme</strong> 和 <strong>Papa John's</strong> 這樣的連鎖店只是 SoundHound 的一些客户。</p>
<p>在汽車行業，現代汽車和 <strong>Stellantis</strong>（克萊斯勒、吉普和道奇）等公司正在其最新車型中使用 SoundHound 的聊天 AI 軟件。它可以通過簡單的語音命令向駕駛員提供天氣、股票等信息，製造商還可以根據品牌定製其個性。</p>
<p>去年八月，SoundHound 收購了另一家對話式人工智能專家 <strong>Amelia</strong>。這兩家公司最近推出了一個名為 Amelia 7 的新平台，允許企業創建自定義 AI 代理，以幫助客户解決查詢，甚至幫助員工排查技術問題。當然，這些代理可以完全通過語音命令控制。</p>
<h2>SoundHound 的收入正在迅速飆升</h2>
<p>SoundHound 在 2025 年第二季度（截至 6 月 30 日）創下了 4260 萬美元的總收入，較去年同期增長了驚人的 217%。</p>
<p>這一強勁的結果使管理層有信心將 2025 年的全年收入指引從 1.67 億美元上調至 1.69 億美元（在預測範圍的中點），這將比 2024 年增長 99%。這標誌着 SoundHound 的業務顯著加速，去年其增長率為 85%。</p>
<p>但這種增長是以顯著的成本為代價的，因為 SoundHound 仍在大量消耗現金。它在第二季度的公認會計原則（GAAP）基礎上虧損了 7470 萬美元，是去年同期虧損的兩倍。</p>
<p>SoundHound 確實在本季度因與其收購之一相關的負債遭受了一次性 3100 萬美元的損失，但即使剔除這一損失以及其他所有一次性和非現金費用，該公司仍然虧損了 1180 萬美元。</p>
<p>SoundHound 擁有良好的資產負債表，手頭有 2.3 億美元現金且沒有債務，因此可以在可預見的未來承受這樣的虧損。然而，該公司最終必須優先考慮盈利能力，否則可能需要籌集資金，這可能會稀釋現有股東的權益。削減成本幾乎肯定會影響 SoundHound 的收入增長，這一點投資者需要牢記。</p>
<h2>這就是為什麼英偉達出售 SoundHound 股票並沒有犯錯的原因</h2>
<p>英偉達從未告訴投資者為什麼出售 SoundHound 股票，但如果我必須推測，我認為其估值可能與這一決定有關。其市銷率（P/S）交易在驚人的 48.6 的水平上，比英偉達的 29.9 的市銷率高出 50% 以上。</p>
<p>在英偉達於 2024 年底出售時，它的市銷率甚至接近 100，價格更高。</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 市銷率數據來源於 YCharts</p>
<p>如果 SoundHound 的收入繼續以如此驚人的速度增長，它將迅速適應當前的估值，但處於商業化早期階段的公司的財務結果往往不可預測，因此沒有保證它會如此。此外，英偉達是全球最高質量的公司之一，擁有數十年的成功記錄、堅實的資產負債表和激增的利潤，因此我認為 SoundHound 不值得以高於這家芯片巨頭的價格交易。</p>
<p>英偉達持有 173 萬股 SoundHound 股票，按當前價格 16 美元計算，價值約 2770 萬美元。考慮到這家芯片巨頭的市值為 4.4 萬億美元，整體損失不過是一個小數目。然而，持有如此高估值的股票如果基礎公司出現問題，將面臨巨大的下行風險，因此我認為英偉達關閉其持股並沒有犯錯。</p>

SOUN

英偉達

2 倍做多英偉達 ETF - GraniteShares

南方兩倍做多英偉達

南方兩倍做空英偉達

英偉達期權收益策略 ETF - YieldMax

1 倍做空英偉達 ETF - Direxion

2 倍做多 NVDA ETF - T-Rex

2 倍做空 NVDA ETF - T-Rex

<p>英偉達，這家領先的芯片製造商，在 2024 年 12 月出售了其在 SoundHound AI 的股份，該公司專注於對話式人工智能技術，早在 2 月份就進行了初始投資。儘管 SoundHound 的收入增長了三倍，最近股價也上漲了 40%，但英偉達的決定可能與 SoundHound 高達 48.6 的市銷率有關，這一數字遠高於英偉達的 29.9。SoundHound 的快速增長伴隨着鉅額的現金消耗，這引發了對未來盈利能力和可能需要增資以稀釋股東權益的擔憂</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>英偉達</strong>(NVDA -0.85%) 已成為全球最大的公司，得益於其數據中心芯片的需求激增，這些芯片是開發人工智能（AI）模型的黃金標準。這家芯片巨頭偶爾會利用其龐大的財務資源投資其他人工智能公司，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 是對話式人工智能技術的專家，其客户包括一些全球最大的品牌。英偉達在 2024 年 2 月向證券交易委員會提交的 13-F 文件中首次披露了其在該公司的股份，但到 12 月時，芯片製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 在最近一個季度的收入 <em>增長了三倍</em>，其股票在過去一個月中上漲了驚人的 40%。英偉達拋售其持股是否犯了錯誤？繼續閲讀，瞭解令人驚訝的答案。</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>圖片來源：Getty Images。</p>
</div><h2>A leader in conversational AI</h2>
<div class="lb-trans"><h2>對話式人工智能的領導者</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 的對話式人工智能應用在多個行業中都很受歡迎，但在快餐連鎖店和希望在新車中加入強大 AI 助手的汽車品牌中，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>在餐飲領域，SoundHound 的語音 AI 技術可以在店內、電話和自駕取餐時自主接受顧客訂單。它還可以回答員工的查詢，無論是需要幫助製作菜單項還是需要澄清特定的店內政策。像 <strong>Chipotle</strong>、<strong>Krispy Kreme</strong> 和 <strong>Papa John's</strong> 這樣的連鎖店只是 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>在汽車行業，現代汽車和 <strong>Stellantis</strong>（克萊斯勒、吉普和道奇）等公司正在其最新車型中使用 SoundHound 的聊天 AI 軟件。它可以通過簡單的語音命令向駕駛員提供天氣、股票等信息，製造商還可以根據品牌定製其個性。</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 收購了另一家對話式人工智能專家 <strong>Amelia</strong>。這兩家公司最近推出了一個名為 Amelia 7 的新平台，允許企業創建自定義 AI 代理，以幫助客户解決查詢，甚至幫助員工排查技術問題。當然，這些代理可以完全通過語音命令控制。</p>
</div><h2>SoundHound's revenue is absolutely skyrocketing</h2>
<div class="lb-trans"><h2>SoundHound 的收入正在迅速飆升</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）創下了 4260 萬美元的總收入，較去年同期增長了驚人的 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>這一強勁的結果使管理層有信心將 2025 年的全年收入指引從 1.67 億美元上調至 1.69 億美元（在預測範圍的中點），這將比 2024 年增長 99%。這標誌着 SoundHound 的業務顯著加速，去年其增長率為 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>但這種增長是以顯著的成本為代價的，因為 SoundHound 仍在大量消耗現金。它在第二季度的公認會計原則（GAAP）基礎上虧損了 7470 萬美元，是去年同期虧損的兩倍。</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 確實在本季度因與其收購之一相關的負債遭受了一次性 3100 萬美元的損失，但即使剔除這一損失以及其他所有一次性和非現金費用，該公司仍然虧損了 1180 萬美元。</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 擁有良好的資產負債表，手頭有 2.3 億美元現金且沒有債務，因此可以在可預見的未來承受這樣的虧損。然而，該公司最終必須優先考慮盈利能力，否則可能需要籌集資金，這可能會稀釋現有股東的權益。削減成本幾乎肯定會影響 SoundHound 的收入增長，這一點投資者需要牢記。</p>
</div><h2>Here's why Nvidia didn't make a mistake by selling SoundHound stock</h2>
<div class="lb-trans"><h2>這就是為什麼英偉達出售 SoundHound 股票並沒有犯錯的原因</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>英偉達從未告訴投資者為什麼出售 SoundHound 股票，但如果我必須推測，我認為其估值可能與這一決定有關。其市銷率（P/S）交易在驚人的 48.6 的水平上，比英偉達的 29.9 的市銷率高出 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>在英偉達於 2024 年底出售時，它的市銷率甚至接近 100，價格更高。</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 市銷率數據來源於 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 的收入繼續以如此驚人的速度增長，它將迅速適應當前的估值，但處於商業化早期階段的公司的財務結果往往不可預測，因此沒有保證它會如此。此外，英偉達是全球最高質量的公司之一，擁有數十年的成功記錄、堅實的資產負債表和激增的利潤，因此我認為 SoundHound 不值得以高於這家芯片巨頭的價格交易。</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>英偉達持有 173 萬股 SoundHound 股票，按當前價格 16 美元計算，價值約 2770 萬美元。考慮到這家芯片巨頭的市值為 4.4 萬億美元，整體損失不過是一個小數目。然而，持有如此高估值的股票如果基礎公司出現問題，將面臨巨大的下行風險，因此我認為英偉達關閉其持股並沒有犯錯。</p>
</div>

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

- Nvidia 因數據中心芯片需求激增成為全球最大公司。  
- SoundHound AI 在對話式 AI 領域表現出色，收入增長顯著。  
- Nvidia 出售 SoundHound 股份或因其高估值，未必是錯誤決策。

英偉達出售 SoundHound AI 股票是否是一個錯誤？答案可能會讓你感到意外