<p>谷歌多年来作为全球主导互联网搜索引擎的地位，使得 <strong>Alphabet</strong>（GOOG -1.14%）（GOOGL -1.20%）今天成为一家市值超过 2 万亿美元的科技巨头。自约 20 年前首次公开募股（IPO）以来，股票回报超过 6700%，轻松超越了 <strong>标准普尔 500 指数</strong> 的 680%。</p>
<p>公司会成长、成熟，然后放缓。有时，它们甚至会消亡。从这个角度来看，值得怀疑 <strong>Alphabet</strong> 是否仍能帮助投资者建立舒适退休所需的世代财富。</p>
<p>一个季度通常不会决定公司的生死，但 <strong>Alphabet</strong> 在其第三季度财报中展示了大量证据，表明该股票仍能帮助投资者以百万富翁的身份退休。让我们更仔细地看看季度业绩，并概述为什么希望富裕退休的投资者应该考虑将 <strong>Alphabet</strong> 纳入他们的投资计划。</p>
<h2>云计算可能是 <strong>Alphabet</strong> 的下一个大现金牛</h2>
<p><strong>Alphabet</strong> 的云计算表现可以说是公司季度业绩的亮点。<strong>Alphabet</strong> 和其他公司正在争夺人工智能（AI）的市场定位，目前这一点主要体现在云收入上，因为公司通过云部署 AI 应用程序。</p>
<p><strong>Google Cloud</strong> 在第三季度的收入为 113 亿美元，比去年增长了 35%。这是一个显著的增长；<strong>Google Cloud</strong> 在上个季度增长了 29%，在第一季度增长了 28%。更重要的是，<strong>Google Cloud</strong> 的盈利能力正在逐步提高。该部门在第三季度的营业收入为 19 亿美元，而一年前仅为 2.66 亿美元。</p>
<p>很难称 <strong>Alphabet</strong> 在任何领域都是黑马，即使是在云计算领域。<strong>Alphabet</strong> 是全球第三大云服务提供商，仅次于 <strong>Amazon</strong> 和 <strong>Microsoft</strong>。但这一增长势头对未来来说是个好消息，因为它表明市场份额的增加。值得一提的是，<strong>Amazon</strong> 的云收入在最近的季度增长了 19%，而 <strong>Microsoft</strong> 的 <strong>Azure</strong> 增长了 33%。</p>
<p><strong>Google Cloud</strong> 看起来有望成为一家已经每年产生 500 亿到 800 亿美元自由现金流的企业的未来现金牛。科技行业的富者愈富。</p>
<h2>持续的广告强劲</h2>
<p>这虽然乏味，但 <strong>Alphabet</strong> 的数字广告业务仍然能支付账单。<strong>Alphabet</strong> 运营着 <strong>Google</strong> 和 <strong>YouTube</strong>，这两者是全球流量最大的两个网站。仅在第三季度，数字广告总额就达到了约 580 亿美元。值得注意的是，这些传统业务仍在增长。<strong>Google Search</strong> 和 <strong>YouTube</strong> 的广告收入在第三季度同比增长了约 12%。</p>
<p><strong>Alphabet</strong> 广告业务面临的最大担忧是今年的裁决，裁定 <strong>Alphabet</strong> 从事了反竞争行为，这源于美国司法部对其提起的反垄断诉讼。尚不清楚将施加什么罚款或规定来阻止 <strong>Alphabet</strong>。这目前并不是一个恐慌的理由，但在接下来的几个季度中值得关注其发展。</p>
<h2>两个值得记住的长期增长催化剂</h2>
<p>数字广告和云计算增长是 <strong>Alphabet</strong> 目前的主要增长引擎，但值得进一步观察潜在的机会。如果你打算长期持有 <strong>Alphabet</strong>，公司可能需要利用其他机会来实现你所期望的投资结果。</p>
<p>幸运的是，<strong>Alphabet</strong> 涉足多个领域，其中两个尤其引人注目。</p>
<p>首先是 <strong>Alphabet</strong> 在自动驾驶方面的潜在优势。<strong>Tesla</strong> 在自动驾驶目标上获得了大量宣传，但 <strong>Waymo</strong>，作为 <strong>Alphabet</strong> 的子公司，专注于自动驾驶，取得了巨大的进展。在其第三季度财报电话会议上，<strong>Alphabet</strong> 宣布 <strong>Waymo</strong> 现在提供 150,000 次付费乘车服务，每周行驶超过 100 万英里。</p>
<p>其次是 <strong>Alphabet</strong> 在流媒体领域的新兴领导地位。其服务 <strong>YouTube TV</strong> 在美国数字付费电视市场的份额约为 44%，而 <strong>Walt Disney</strong> 的 <strong>Hulu Live</strong> 排名第二，市场份额为 27%。就像从实体零售转向在线购物一样，媒体观看习惯也逐渐从广播电视转向数字提供商。<strong>Alphabet</strong> 处于通过订阅和广告来实现流媒体货币化的有利位置。</p>
<p>这两个机会在发展壮大时可能会为公司贡献更多。</p>
<h2>今天以有吸引力的价格购买的科技强者</h2>
<p><strong>Alphabet</strong> 的所有业务组合在一起形成了一家分析师预计长期内每年平均增长近 17% 收益的公司。你可能会期望像 <strong>Alphabet</strong> 这样的主导公司在这个市场上会有一个高昂的价格，尤其考虑到它的昂贵程度。</p>
<p>然而，<strong>Alphabet</strong> 今天的交易价格仅为其未来收益预期的 21 倍。这是一个仅为 1.3 的 PEG 比率，投资者应该乐于为拥有 <strong>Alphabet</strong> 这样的科技巨头支付这个价格，尤其是其在人工智能方面的潜力。</p>
<p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/8536c640bee9327c89dcc44c1e7f4ee4.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/8536c640bee9327c89dcc44c1e7f4ee4.png"/></p>
<p>GOOGL PE Ratio (Forward) 数据来源于 YCharts</p>
<p>在这个市场上，<strong>Alphabet</strong> 是一只罕见的股票，机会和估值都非常吸引人。该股票可以帮助投资者富裕退休，今天是一个值得重仓购买的时机。</p>

谷歌-C

谷歌-A

<p>Alphabet（谷歌）表现强劲，自上市以来股价回报超过 6700%。该公司第三季度财报显示，谷歌云业务实现显著增长，收入同比增长 35%。尽管对反垄断问题存在担忧，Alphabet 的数字广告业务依然强劲，创造了可观的收入。长期增长机会包括通过 Waymo 在自动驾驶领域的进展，以及通过 YouTube TV 在流媒体领域的领导地位。分析师预计每年盈利增长接近 17%，该股票的前瞻性市盈率为 21 倍，估值具有吸引力</p>

<p>Google's years-long run as the world's dominant internet search engine has turned <strong>Alphabet</strong>(GOOG -1.14%)(GOOGL -1.20%) into a technology juggernaut worth over $2 trillion today. The stock has returned over 6,700% since its initial public offering (IPO) about 20 years ago, easily outpacing the <strong>S&amp;P 500</strong>'s 680%.</p>
<div class="lb-trans"><p>谷歌多年来作为全球主导互联网搜索引擎的地位，使得 <strong>Alphabet</strong>（GOOG -1.14%）（GOOGL -1.20%）今天成为一家市值超过 2 万亿美元的科技巨头。自约 20 年前首次公开募股（IPO）以来，股票回报超过 6700%，轻松超越了 <strong>标准普尔 500 指数</strong> 的 680%。</p>
</div><p>Companies grow up, mature, and then slow down. Sometimes, they even die off. In that light, it's fair to wonder whether Alphabet can still help investors build the generational wealth needed for a comfortable retirement.</p>
<div class="lb-trans"><p>公司会成长、成熟，然后放缓。有时，它们甚至会消亡。从这个角度来看，值得怀疑 <strong>Alphabet</strong> 是否仍能帮助投资者建立舒适退休所需的世代财富。</p>
</div><p>One quarter doesn't generally make or break a company, but Alphabet showed plenty of evidence in its third-quarter earnings that the stock can still help investors retire as millionaires. Let's look a bit closer at the quarterly results and outline why investors looking to retire wealthy should consider including Alphabet in their investment plans.</p>
<div class="lb-trans"><p>一个季度通常不会决定公司的生死，但 <strong>Alphabet</strong> 在其第三季度财报中展示了大量证据，表明该股票仍能帮助投资者以百万富翁的身份退休。让我们更仔细地看看季度业绩，并概述为什么希望富裕退休的投资者应该考虑将 <strong>Alphabet</strong> 纳入他们的投资计划。</p>
</div><h2>The cloud might be Alphabet's next big cash cow</h2>
<div class="lb-trans"><h2>云计算可能是 <strong>Alphabet</strong> 的下一个大现金牛</h2>
</div><p>Alphabet's cloud performance was arguably the highlight of the company's quarter. Alphabet and others are jockeying for artificial intelligence (AI) positioning, which is currently showing up primarily in cloud revenue because companies are deploying AI applications through the cloud.</p>
<div class="lb-trans"><p><strong>Alphabet</strong> 的云计算表现可以说是公司季度业绩的亮点。<strong>Alphabet</strong> 和其他公司正在争夺人工智能（AI）的市场定位，目前这一点主要体现在云收入上，因为公司通过云部署 AI 应用程序。</p>
</div><p>Google Cloud posted $11.3 billion in revenue in Q3, a 35% increase from last year. This is a notable uptick in growth; Google Cloud grew 29% last quarter and 28% in Q1. More importantly, Google Cloud is becoming increasingly profitable. The segment's operating income in Q3 was $1.9 billion versus just $266 million a year ago.</p>
<div class="lb-trans"><p><strong>Google Cloud</strong> 在第三季度的收入为 113 亿美元，比去年增长了 35%。这是一个显著的增长；<strong>Google Cloud</strong> 在上个季度增长了 29%，在第一季度增长了 28%。更重要的是，<strong>Google Cloud</strong> 的盈利能力正在逐步提高。该部门在第三季度的营业收入为 19 亿美元，而一年前仅为 2.66 亿美元。</p>
</div><p>It's hard to call Alphabet an underdog in anything, even in the cloud. Alphabet is the world's third-largest provider behind <strong>Amazon</strong> and <strong>Microsoft</strong>. But this growth momentum is excellent news for the future as it signals market share gains. For the record, Amazon's cloud revenue grew 19%, while Microsoft's Azure grew 33% in their most recent quarters.</p>
<div class="lb-trans"><p>很难称 <strong>Alphabet</strong> 在任何领域都是黑马，即使是在云计算领域。<strong>Alphabet</strong> 是全球第三大云服务提供商，仅次于 <strong>Amazon</strong> 和 <strong>Microsoft</strong>。但这一增长势头对未来来说是个好消息，因为它表明市场份额的增加。值得一提的是，<strong>Amazon</strong> 的云收入在最近的季度增长了 19%，而 <strong>Microsoft</strong> 的 <strong>Azure</strong> 增长了 33%。</p>
</div><p>Google Cloud seems poised to become a future cash cow for a business already generating $50 billion to $80 billion in annual free cash flow. The rich get richer in the technology sector.</p>
<div class="lb-trans"><p><strong>Google Cloud</strong> 看起来有望成为一家已经每年产生 500 亿到 800 亿美元自由现金流的企业的未来现金牛。科技行业的富者愈富。</p>
</div><h2>Continued advertising strength</h2>
<div class="lb-trans"><h2>持续的广告强劲</h2>
</div><p>It's boring, but Alphabet's digital ads business still pays the bills. Alphabet operates Google and YouTube, the world's two most trafficked websites by a wide margin. Digital ads totaled about $58 billion in Q3 alone. Remarkably, these legacy businesses are still growing. Google Search and YouTube grew their ad revenue by roughly 12% year over year in Q3.</p>
<div class="lb-trans"><p>这虽然乏味，但 <strong>Alphabet</strong> 的数字广告业务仍然能支付账单。<strong>Alphabet</strong> 运营着 <strong>Google</strong> 和 <strong>YouTube</strong>，这两者是全球流量最大的两个网站。仅在第三季度，数字广告总额就达到了约 580 亿美元。值得注意的是，这些传统业务仍在增长。<strong>Google Search</strong> 和 <strong>YouTube</strong> 的广告收入在第三季度同比增长了约 12%。</p>
</div><p>The most significant concern facing Alphabet's ad business is this year's ruling that Alphabet engaged in anticompetitive practices, which stemmed from an antitrust lawsuit brought against it by the U.S. Department of Justice. It remains to be seen what fines or regulations are put in place to thwart Alphabet. It's not a reason to panic right now, but it's something to watch as it develops over the coming quarters.</p>
<div class="lb-trans"><p><strong>Alphabet</strong> 广告业务面临的最大担忧是今年的裁决，裁定 <strong>Alphabet</strong> 从事了反竞争行为，这源于美国司法部对其提起的反垄断诉讼。尚不清楚将施加什么罚款或规定来阻止 <strong>Alphabet</strong>。这目前并不是一个恐慌的理由，但在接下来的几个季度中值得关注其发展。</p>
</div><h2>Two long-term growth catalysts worth remembering</h2>
<div class="lb-trans"><h2>两个值得记住的长期增长催化剂</h2>
</div><p>Digital ads and cloud growth are the primary growth engines behind Alphabet today, but it's worth looking further out to see what's bubbling under the surface. If you're going to hold Alphabet for the long term, the company may need to capitalize on other opportunities to generate the investment outcomes you're looking for.</p>
<div class="lb-trans"><p>数字广告和云计算增长是 <strong>Alphabet</strong> 目前的主要增长引擎，但值得进一步观察潜在的机会。如果你打算长期持有 <strong>Alphabet</strong>，公司可能需要利用其他机会来实现你所期望的投资结果。</p>
</div><p>Fortunately, Alphabet has its hands in various pots, <em>two of which are</em> <em>especially interesting</em>.</p>
<div class="lb-trans"><p>幸运的是，<strong>Alphabet</strong> 涉足多个领域，其中两个尤其引人注目。</p>
</div><p>First is Alphabet's sneaky upside in autonomous driving. <strong>Tesla</strong> gets a ton of publicity for its autonomous driving goals, but Waymo, a subsidiary of Alphabet dedicated to autonomous driving, has made tremendous strides. During its Q3 earnings call, Alphabet announced that Waymo now delivers 150,000 paid rides and drives over a million autonomous miles weekly.</p>
<div class="lb-trans"><p>首先是 <strong>Alphabet</strong> 在自动驾驶方面的潜在优势。<strong>Tesla</strong> 在自动驾驶目标上获得了大量宣传，但 <strong>Waymo</strong>，作为 <strong>Alphabet</strong> 的子公司，专注于自动驾驶，取得了巨大的进展。在其第三季度财报电话会议上，<strong>Alphabet</strong> 宣布 <strong>Waymo</strong> 现在提供 150,000 次付费乘车服务，每周行驶超过 100 万英里。</p>
</div><p>Second is Alphabet's emerging leadership in streaming. Its service, YouTube TV, has an estimated 44% of the market for digital pay television in the U.S., with <strong>Walt Disney</strong>'s Hulu Live coming in second at 27%. Like the shift from brick-and-mortar retail to online shopping, media viewership has steadily shifted from broadcast television to digital providers. Alphabet is positioned to monetize streaming via both subscriptions and ads.</p>
<div class="lb-trans"><p>其次是 <strong>Alphabet</strong> 在流媒体领域的新兴领导地位。其服务 <strong>YouTube TV</strong> 在美国数字付费电视市场的份额约为 44%，而 <strong>Walt Disney</strong> 的 <strong>Hulu Live</strong> 排名第二，市场份额为 27%。就像从实体零售转向在线购物一样，媒体观看习惯也逐渐从广播电视转向数字提供商。<strong>Alphabet</strong> 处于通过订阅和广告来实现流媒体货币化的有利位置。</p>
</div><p>These two opportunities could contribute more to the company as they develop and grow.</p>
<div class="lb-trans"><p>这两个机会在发展壮大时可能会为公司贡献更多。</p>
</div><h2>A technology powerhouse at an attractive price today</h2>
<div class="lb-trans"><h2>今天以有吸引力的价格购买的科技强者</h2>
</div><p>All of Alphabet's pieces combine to form a business that analysts estimate will grow earnings by an average of almost 17% annually over the long term. You might expect a dominant company such as Alphabet to command a hefty price in this market, especially considering how expensive it is.</p>
<div class="lb-trans"><p><strong>Alphabet</strong> 的所有业务组合在一起形成了一家分析师预计长期内每年平均增长近 17% 收益的公司。你可能会期望像 <strong>Alphabet</strong> 这样的主导公司在这个市场上会有一个高昂的价格，尤其考虑到它的昂贵程度。</p>
</div><p>However, Alphabet trades at just 21 times its forward earnings estimates today. That's a PEG ratio of just 1.3, which investors should happily pay for a technology heavyweight with the AI upside of Alphabet.</p>
<div class="lb-trans"><p>然而，<strong>Alphabet</strong> 今天的交易价格仅为其未来收益预期的 21 倍。这是一个仅为 1.3 的 PEG 比率，投资者应该乐于为拥有 <strong>Alphabet</strong> 这样的科技巨头支付这个价格，尤其是其在人工智能方面的潜力。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/8536c640bee9327c89dcc44c1e7f4ee4.png" alt="" original-src="https://media.ycharts.com/charts/8536c640bee9327c89dcc44c1e7f4ee4.png"/></p>
<p>GOOGL PE Ratio (Forward) data by YCharts</p>
<div class="lb-trans"><p>GOOGL PE Ratio (Forward) 数据来源于 YCharts</p>
</div><p>Alphabet is a rare stock in this market with an opportunity and valuation that are both compelling. The stock can help investors retire rich, and it's a table-pounding buy today.</p>
<div class="lb-trans"><p>在这个市场上，<strong>Alphabet</strong> 是一只罕见的股票，机会和估值都非常吸引人。该股票可以帮助投资者富裕退休，今天是一个值得重仓购买的时机。</p>
</div>

Could Alphabet (Google) Stock Help You Retire a Millionaire?

- Alphabet 在云计算和数字广告领域表现强劲，Q3 云收入增长 35%。  
- Waymo 和 YouTube TV 作为长期增长催化剂，展现出潜力。  
- 当前估值合理，分析师预计长期年均收益增长近 17%。  

谷歌（Alphabet）股票能帮助你以百万富翁身份退休吗？