<p>无论你喜欢还是不喜欢她的政治立场，前众议院议长、现任众议员南希·佩洛西（Nancy Pelosi）证明了自己是一位出色的投资者。她，或者说做出投资决策的人，尤其在投资科技股方面有着独特的眼光。</p>
<p>本月早些时候，佩洛西出售了 <strong>苹果</strong> 的股票，同时购买了 <strong>亚马逊</strong>（AMZN 0.17%）和 <strong>谷歌</strong>（GOOGL -0.20%）（GOOG -0.23%）的股票。两项新投资都是以看涨期权的形式进行的，这使投资者有权在未来以特定的行权价购买股票。在这两种情况下，看涨期权都是有利可图的，这意味着股票价格目前高于行权价。</p>
<p>看涨期权的风险远高于直接购买股票，因为如果股票价格在期权到期时低于期权价格，看涨期权可能会变得一文不值。有利可图的期权相对风险较小，因为在投资时股票价格已经高于行权价。然而，这仍然是一种更具杠杆性和风险的投资。</p>
<p>在她的投资组合中，佩洛西以 150 美元的行权价购买了 50 份谷歌和亚马逊的看涨期权，期权将在 2026 年 1 月到期。每个头寸的价值将在 250,000 美元到 500,000 美元之间。</p>
<p>投资者是否应该效仿，购买这两只股票？</p>
<h2>谷歌</h2>
<p>鉴于谷歌最近输掉了美国政府提起的反垄断诉讼，佩洛西在该公司的期权投资无疑会引起一些关注。然而，也可以说，无论是单独估值还是拆分后，谷歌的估值都被低估了。</p>
<p>该公司有多个业务，如果作为独立股票交易，可能会以更高的估值进行交易。首先是其快速增长的云计算部门——谷歌云。云计算非常火热，该领域没有纯粹的竞争者。谷歌云部门上个季度的收入增长了 35%，因为客户急需其服务来帮助他们构建自己的人工智能（AI）模型和应用程序。</p>
<p>该部门还拥有自己开发的 AI 芯片，得益于 <strong>博通</strong> 的帮助，这使得成本降低，推理处理时间缩短。随着该部门最近经历了一个巨大的盈利拐点（其营业收入从上个季度的 2.66 亿美元激增至 19.5 亿美元），这一业务作为独立单位将会被高度重视。</p>
<p>与此同时，谷歌还有两个新兴业务，分别是量子计算和机器人出租车。虽然这两者目前尚未盈利，但它们在未来具有强大的潜在上升空间，并且这两个业务在该领域都是领先者。在谷歌内部，它们更像是长期看涨期权，但作为独立实体，它们可能会获得不错的溢价。</p>
<p>当然，投资谷歌的投资者还可以获得其核心的谷歌搜索、YouTube 和广告技术业务。这些都是非常有价值的市场领先业务。反垄断处罚的结果仍然未知，但随着唐纳德·特朗普总统的上任，可能会为大型科技公司创造一个更有利的监管环境。</p>
<p>以大约 19 倍的前瞻市盈率（P/E）交易，这只股票看起来很划算，我会考虑买入。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MDQ5MDUvZ2V0dHlpbWFnZXMtMTgwOTY2MDE0OC5qcGcmdz03MDA?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-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MDQ5MDUvZ2V0dHlpbWFnZXMtMTgwOTY2MDE0OC5qcGcmdz03MDA"/></p>
<p>图片来源：Getty Images。</p>
<h2>亚马逊</h2>
<p>谷歌和亚马逊有一些共同点。其中一个重要的共同点，可能解释了佩洛西的投资，是它们都是大型云计算公司。亚马逊的 AWS 在该领域的市场份额领先，达到了 31%。AWS 也是该公司盈利能力最大的业务，并且是增长最快的部门，上个季度收入增长了 19%。</p>
<p>如果佩洛西对云计算持乐观态度，亚马逊是一个不错的投资选择。与谷歌类似，该公司正在获得客户的强劲需求，他们希望构建自己的 AI 模型和应用程序。同时，其 BedRock 服务提供了可以在此过程中定制的基础模型，而其 SageMaker 平台则帮助训练并将这些模型投入生产。亚马逊还利用一些来自 <strong>Marvel</strong> 的知识产权开发了自己的 AI 芯片。</p>
<p>除了云计算，亚马逊与谷歌一样，也是领先的数字广告公司。这主要来自于其平台上的赞助广告。这是一个增长迅速、利润率高的业务。当然，亚马逊还是全球领先的电子商务和物流公司。它正在利用 AI 来帮助客户和卖家，以及在物流和仓储方面。</p>
<p>亚马逊被证明是一家非常创新的公司，愿意大手笔投资以获得丰厚回报，因此在 AI 成为一个重大机会的情况下，我不会低估这家公司。作为云计算和电子商务的领导者，亚马逊的未来依然光明。该股票目前的前瞻市盈率低于 31 倍，基于历史倍数来看，这是一个合理的估值。</p>
<p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/b41ca7ca9f58ea962c223e950ed9c8af.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/b41ca7ca9f58ea962c223e950ed9c8af.png"/></p>
<p>GOOGL 市盈率（前瞻 1 年）数据来源于 YCharts</p>
<p>总体而言，我认为谷歌和亚马逊都是强大的市场领导者，投资者可以长期持有。然而，期权交易可能是一项极具风险的投资，因此我不建议个人投资者购买这些股票的期权。</p>

谷歌-A

谷歌-C

亚马逊

<p>前众议院议长南希·佩洛西在科技股方面进行了显著投资，最近购买了亚马逊和谷歌的看涨期权，同时出售了苹果的股票。每项投资涉及 50 份行权价为 150 美元的看涨期权，价值在 25 万美元到 50 万美元之间。分析师认为这两家公司被低估，尤其是谷歌，其云计算业务正在增长，并在量子计算方面具有潜力。亚马逊作为云计算和电子商务的领导者，在人工智能和数字广告方面也显示出强劲的增长。投资者可能会考虑跟随佩洛西在这些股票上的投资</p>

<p>Whether you like or dislike her politics, one thing former House Speaker and current Rep. Nancy Pelosi has proven to be is a great investor. She, or whoever is making her investment decisions, has had a knack especially when it comes to investing in technology stocks.</p>
<div class="lb-trans"><p>无论你喜欢还是不喜欢她的政治立场，前众议院议长、现任众议员南希·佩洛西（Nancy Pelosi）证明了自己是一位出色的投资者。她，或者说做出投资决策的人，尤其在投资科技股方面有着独特的眼光。</p>
</div><p>Earlier this month, it was disclosed that Pelosi sold shares of <strong>Apple</strong> while buying positions in <strong>Amazon</strong>(AMZN 0.17%) and <strong>Alphabet</strong>(GOOGL -0.20%)(GOOG -0.23%). Both new investments were done in the form of call options, which give investors the right to buy a stock in the future at a certain strike price. In both cases the call options were in the money, which means the stock prices are currently above the strike prices.</p>
<div class="lb-trans"><p>本月早些时候，佩洛西出售了 <strong>苹果</strong> 的股票，同时购买了 <strong>亚马逊</strong>（AMZN 0.17%）和 <strong>谷歌</strong>（GOOGL -0.20%）（GOOG -0.23%）的股票。两项新投资都是以看涨期权的形式进行的，这使投资者有权在未来以特定的行权价购买股票。在这两种情况下，看涨期权都是有利可图的，这意味着股票价格目前高于行权价。</p>
</div><p>Call options are considerably more risky than just buying a stock, as call options can become worthless if the price of the stock is below the option price when the option expires. In the money options can be a little less risky since the stock price is already above the strike price when the investment is made. However, this is still a more leveraged and risky investment.</p>
<div class="lb-trans"><p>看涨期权的风险远高于直接购买股票，因为如果股票价格在期权到期时低于期权价格，看涨期权可能会变得一文不值。有利可图的期权相对风险较小，因为在投资时股票价格已经高于行权价。然而，这仍然是一种更具杠杆性和风险的投资。</p>
</div><p>For her portfolio, Pelosi bought 50 call options of both Alphabet and Amazon at a $150 strike price expiring in January 2026. Each position would be valued at between $250,000 and $500,000.</p>
<div class="lb-trans"><p>在她的投资组合中，佩洛西以 150 美元的行权价购买了 50 份谷歌和亚马逊的看涨期权，期权将在 2026 年 1 月到期。每个头寸的价值将在 250,000 美元到 500,000 美元之间。</p>
</div><p>Should investors follow suit and buy the two stocks?</p>
<div class="lb-trans"><p>投资者是否应该效仿，购买这两只股票？</p>
</div><h2>Alphabet</h2>
<div class="lb-trans"><h2>谷歌</h2>
</div><p>Given that Alphabet recently lost an antitrust lawsuit filed by the U.S. government, Pelosi's options investment in the company could certainly raise some eyebrows. However, it can also be argued that Alphabet is undervalued whether on a stand-alone basis or broken up.</p>
<div class="lb-trans"><p>鉴于谷歌最近输掉了美国政府提起的反垄断诉讼，佩洛西在该公司的期权投资无疑会引起一些关注。然而，也可以说，无论是单独估值还是拆分后，谷歌的估值都被低估了。</p>
</div><p>The company has a number of businesses that would likely trade at higher valuations as stand-alone stocks. First and foremost is its fast-growing cloud unit, Google Cloud. Cloud computing is very hot and there is no pure play in the space. Alphabet's Google Cloud segment grew its revenue by 35% last quarter as customers have clamored for its services to help them build out their own artificial intelligence (AI) models and applications.</p>
<div class="lb-trans"><p>该公司有多个业务，如果作为独立股票交易，可能会以更高的估值进行交易。首先是其快速增长的云计算部门——谷歌云。云计算非常火热，该领域没有纯粹的竞争者。谷歌云部门上个季度的收入增长了 35%，因为客户急需其服务来帮助他们构建自己的人工智能（AI）模型和应用程序。</p>
</div><p>The segment also has its own AI chip that it developed with the help of <strong>Broadcom</strong> that it credited with reducing costs and lowering inference processing times. With the unit recently seeing a big profitability inflection point (its operating income surged from $266 million to $1.95 billion last quarter), this business would be highly valued as a stand-alone unit.</p>
<div class="lb-trans"><p>该部门还拥有自己开发的 AI 芯片，得益于 <strong>博通</strong> 的帮助，这使得成本降低，推理处理时间缩短。随着该部门最近经历了一个巨大的盈利拐点（其营业收入从上个季度的 2.66 亿美元激增至 19.5 亿美元），这一业务作为独立单位将会被高度重视。</p>
</div><p>Meanwhile, Alphabet has two emerging businesses with quantum computing and robotaxis. While neither are profitable yet, they offer strong potential upside in the future and both businesses are leaders in the space. Within Alphabet, they are more like long-dated call options, but they would likely get a nice premium as separate entities.</p>
<div class="lb-trans"><p>与此同时，谷歌还有两个新兴业务，分别是量子计算和机器人出租车。虽然这两者目前尚未盈利，但它们在未来具有强大的潜在上升空间，并且这两个业务在该领域都是领先者。在谷歌内部，它们更像是长期看涨期权，但作为独立实体，它们可能会获得不错的溢价。</p>
</div><p>Then of course with Alphabet investors are also getting its core Google search, YouTube, and adtech businesses as well. These are all very valuable market-leading businesses. What happens with the antitrust penalties is still an unknown, but with President Donald Trump now in office it could possibly be a more favorable regulatory environment for big tech companies.</p>
<div class="lb-trans"><p>当然，投资谷歌的投资者还可以获得其核心的谷歌搜索、YouTube 和广告技术业务。这些都是非常有价值的市场领先业务。反垄断处罚的结果仍然未知，但随着唐纳德·特朗普总统的上任，可能会为大型科技公司创造一个更有利的监管环境。</p>
</div><p>Trading at a forward price-to-earnings (P/E) ratio of about 19 times, the stock looks like a bargain and I'd be a buyer.</p>
<div class="lb-trans"><p>以大约 19 倍的前瞻市盈率（P/E）交易，这只股票看起来很划算，我会考虑买入。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MDQ5MDUvZ2V0dHlpbWFnZXMtMTgwOTY2MDE0OC5qcGcmdz03MDA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F804905%2Fgettyimages-1809660148.jpg&amp;op=resize&amp;w=700"/></p>
<p>Image source: Getty Images.</p>
<div class="lb-trans"><p>图片来源：Getty Images。</p>
</div><h2>Amazon</h2>
<div class="lb-trans"><h2>亚马逊</h2>
</div><p>Alphabet and Amazon share a few things in common. One big one, which could account for Pelosi's investments, is that they are both big cloud computing companies. Amazon's AWS is the market share leader in the space with a 31% share. AWS is also the company's largest business by profitability and its fastest-growing segment, with revenue jumping 19% last quarter.</p>
<div class="lb-trans"><p>谷歌和亚马逊有一些共同点。其中一个重要的共同点，可能解释了佩洛西的投资，是它们都是大型云计算公司。亚马逊的 AWS 在该领域的市场份额领先，达到了 31%。AWS 也是该公司盈利能力最大的业务，并且是增长最快的部门，上个季度收入增长了 19%。</p>
</div><p>If Pelosi is bullish on cloud computing, Amazon is a good investment option. Similar to Alphabet, the company is seeing strong uptake from customers looking to build out their own AI models and applications. Meanwhile, its BedRock service offers foundational models that can be customized in this pursuit, while its SageMaker platform helps train and move these models into production. Amazon also developed its own AI chips using some intellectual property from <strong>Marvel</strong>.</p>
<div class="lb-trans"><p>如果佩洛西对云计算持乐观态度，亚马逊是一个不错的投资选择。与谷歌类似，该公司正在获得客户的强劲需求，他们希望构建自己的 AI 模型和应用程序。同时，其 BedRock 服务提供了可以在此过程中定制的基础模型，而其 SageMaker 平台则帮助训练并将这些模型投入生产。亚马逊还利用一些来自 <strong>Marvel</strong> 的知识产权开发了自己的 AI 芯片。</p>
</div><p>Outside of the cloud, like Alphabet Amazon is also a leading digital advertising company. This largely comes from sponsored ads on its platform. This is a growing, high-margin business. And of course, Amazon is the world's leading e-commerce and logistics company. It's using AI to help both customers and sellers, as well as with logistics and warehousing.</p>
<div class="lb-trans"><p>除了云计算，亚马逊与谷歌一样，也是领先的数字广告公司。这主要来自于其平台上的赞助广告。这是一个增长迅速、利润率高的业务。当然，亚马逊还是全球领先的电子商务和物流公司。它正在利用 AI 来帮助客户和卖家，以及在物流和仓储方面。</p>
</div><p>Amazon has shown to be a very innovative company that is willing to spend big to win big, so with AI being a big opportunity, it is not a company I would count out. As the leader in cloud computing and e-commerce, Amazon continues to have a bright future ahead. The stock currently trades at a forward P/E of under 31 times, which is a reasonable valuation based on historical multiples.</p>
<div class="lb-trans"><p>亚马逊被证明是一家非常创新的公司，愿意大手笔投资以获得丰厚回报，因此在 AI 成为一个重大机会的情况下，我不会低估这家公司。作为云计算和电子商务的领导者，亚马逊的未来依然光明。该股票目前的前瞻市盈率低于 31 倍，基于历史倍数来看，这是一个合理的估值。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/b41ca7ca9f58ea962c223e950ed9c8af.png" alt="" original-src="https://media.ycharts.com/charts/b41ca7ca9f58ea962c223e950ed9c8af.png"/></p>
<p>GOOGL PE Ratio (Forward 1y) data by YCharts</p>
<div class="lb-trans"><p>GOOGL 市盈率（前瞻 1 年）数据来源于 YCharts</p>
</div><p>Overall, I think Alphabet and Amazon are both strong market leaders that investors can buy and hold for the long term. However, options trading can be an extremely risky proposition, so I would not recommend that individual investors buy options on the stocks.</p>
<div class="lb-trans"><p>总体而言，我认为谷歌和亚马逊都是强大的市场领导者，投资者可以长期持有。然而，期权交易可能是一项极具风险的投资，因此我不建议个人投资者购买这些股票的期权。</p>
</div>

Nancy Pelosi Invests in Alphabet and Amazon. Should Investors Follow Suit and Buy the Stocks?

- 南希·佩洛西近期出售苹果股票，购买亚马逊和谷歌的看涨期权。  
- 她的投资显示出对云计算和人工智能的看好，尤其是谷歌云和亚马逊 AWS。  
- 尽管期权交易风险较高，但两家公司在市场上仍具备长期投资价值。

南希·佩洛西投资了 Alphabet 和亚马逊。投资者是否应该跟随她的脚步购买这些股票？