If I have a subdomain called:

 chow.hound.com 

which points to valid IP address, say serverA 

and update the IP address that www.hound.com and hound.com point to
(say from serverB to serverC), would it affect traffic to
chow.hound.com?

>From what I know, the subdomain chow.hound.com should not be affected
by changes to the hound.com or www.hound.com records.....  maybe I'm
missing something?