<p><strong>字母表</strong>(GOOGL -3.27%)(GOOG -3.19%) 的股价在其第四季度财报发布后暴跌，跌幅高达 8.4%，市场对这家科技巨头的云计算收入增长率感到失望。与其他一些大型科技公司一样，字母表也计划在今年加大对人工智能（AI）基础设施的支出。字母表的 AI 相关计划的消息也对股价造成了压力。</p>
<p>让我们仔细看看这家互联网搜索领导者的第四季度业绩，看看现在是否是买入该股票的好时机。</p>
<h2>Google Cloud 关注焦点</h2>
<p>字母表的 Google Cloud 业务在第四季度备受关注，云计算部门的收入增长了 30%，达到了 120 亿美元。这一增长速度较第三季度的 35% 有所放缓，且总收入未能达到分析师共识预期的 122 亿美元（根据 Street Account 的汇总）。与此同时，该部门的营业收入从 8.64 亿美元飙升至 20.9 亿美元，增长了 142%。</p>
<p>该公司将增长归因于其 AI 基础设施和生成式 AI 解决方案，同时指出其 Google Cloud Platform（GCP）的增长速度超过了整体云业务。然而，该业务面临产能限制。因此，它将大约 750 亿美元用于资本支出（capex），主要集中在技术基础设施上，包括数据中心和服务器，以帮助满足日益增长的 AI 需求。这一支出较去年 525 亿美元的资本支出大幅增加。然而，该公司表示，其自有的 TPU（张量处理单元）芯片在资本支出效率和强劲表现方面表现良好。</p>
<p>与此同时，该公司预计其新的 Gemini 2.0 AI 模型的推出将有助于推动增长，因为它朝着成为通用助手的目标迈进。该模型具有更先进的多模态和代理能力，还将用于推动搜索中的 AI 概述。它表示，其消费者 Gemini 应用程序也在获得关注。</p>
<p>转向字母表的其他业务，Google 搜索依然强劲，收入增长近 13%，达到了 540 亿美元。它表示，正在看到人们搜索的新方式，其 Lens 解决方案每月被用于超过 200 亿次视觉搜索查询。它表示，这正在扩展广告客户接触消费者的方式。总体而言，该公司在金融服务提供商和零售广告客户中看到最强劲的表现。</p>
<p>与此同时，YouTube 的广告收入同比增长 14%，达到了 105 亿美元。该平台的增长得益于用户在其平台上观看视频的时间增加。它还表示，Google AI 驱动的视频广告活动为广告客户带来了更好的回报。</p>
<p>一个薄弱的领域是 Google 的网络广告业务，收入下降了 4%，降至 80 亿美元。与此同时，订阅和设备收入增长了 7%，达到了 116 亿美元。</p>
<p>在字母表的新兴业务中，其自动驾驶汽车部门 Waymo 目前每周提供 150,000 次付费公共乘车服务。今年将把服务扩展到奥斯汀和亚特兰大这两个新市场，以及其在日本东京的第一个国际城市。它还表示，正在研发第六代自动驾驶汽车，以显著降低硬件成本。字母表还宣传了其在量子计算方面取得的进展，推出了新的 Willow 芯片。</p>
<p>总体而言，字母表的总收入同比增长 12%，达到了 964.7 亿美元，而调整后的每股收益（EPS）跃升 31%，达到了 2.15 美元。分析师预计的收入为 965.6 亿美元，EPS 为 2.13 美元（根据 <strong>LSEG</strong> 的汇总）。字母表在本季度报告了 248 亿美元的自由现金流，全年为 728 亿美元。年末时，字母表的现金及现金等价物为 957 亿美元，债务为 109 亿美元。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MDY1NDgvZ2V0dHlpbWFnZXMtMTQ1MDkyMjE2Ny5qcGcmdz03MDA?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-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MDY1NDgvZ2V0dHlpbWFnZXMtMTQ1MDkyMjE2Ny5qcGcmdz03MDA"/></p>
<p>图片来源：Getty Images</p>
<h2>现在是买入的好时机吗？</h2>
<p>与竞争对手 <strong>微软</strong> 类似，投资者对其云计算部门增长放缓并不满意。他们似乎对公司计划在今年在 AI 基础设施资本支出上花费如此之多感到有些惊讶。然而，这两者都不应该令人感到意外。云计算的增长继续受到行业普遍存在的产能限制的影响，公司需要支出以增加产能。</p>
<p>如果 DeepSeek 能够证明其模型在不到 600 万美元的成本下进行了训练，并且不需要那么多的 AI 基础设施支出，这将对像字母表这样的云计算公司是个积极信号。然而，DeepSeek 的声明的可靠性仍然存疑，直到证明相反，云计算公司仍需继续支出以推动增长。考虑到其定制 TPU 应该有助于降低成本，Google Cloud 在利用其支出方面应该处于相对良好的位置。</p>
<p>尽管市场反应不佳，我认为字母表的整体季度表现还是不错的，Google 搜索和 YouTube 都展现了其市场领先的实力。同时，Google Cloud 继续推动收入和盈利能力的增长。</p>
<p>从估值来看，字母表目前的前瞻市盈率（P/E）约为 20.8 倍 2025 年分析师预期，使其成为与 AI 相关的最便宜的大型科技股之一。</p>
<p>总体而言，我认为股价的下跌是对字母表长期良好故事的短期过度反应。因此，我会在股价下跌时买入该股票。</p>

谷歌-C

谷歌-A

<p>在令人失望的第四季度财报发布后，Alphabet 的股价下跌了最多 8.4%，尤其是在云收入增长方面，尽管增长了 30% 至 120 亿美元，但未能达到分析师的预期。该公司计划在人工智能基础设施上投资 750 亿美元，较去年的 525 亿美元大幅增加。尽管云业务放缓，谷歌搜索和 YouTube 广告收入仍有所增长，推动总收入增长 12%，达到 964.7 亿美元。分析师们正在质疑这一下跌是否提供了一个买入机会，考虑到云计算领域持续的产能限制以及对人工智能的持续投资需求</p>

<p><strong>Alphabet</strong>(GOOGL -3.27%)(GOOG -3.19%) share prices tumbled as much as 8.4% following its Q4 earnings report as the market came away disappointed with the tech giant's cloud computing revenue growth rate. Like a number of other large tech companies, Alphabet is also set to ramp up its artificial intelligence (AI) infrastructure spending this year. News of Alphabet's AI-related plans was also a drag on the share price.</p>
<div class="lb-trans"><p><strong>字母表</strong>(GOOGL -3.27%)(GOOG -3.19%) 的股价在其第四季度财报发布后暴跌，跌幅高达 8.4%，市场对这家科技巨头的云计算收入增长率感到失望。与其他一些大型科技公司一样，字母表也计划在今年加大对人工智能（AI）基础设施的支出。字母表的 AI 相关计划的消息也对股价造成了压力。</p>
</div><p>Let's take a closer look at the internet search leader's Q4 results to see if this is a good time to buy the stock on the dip.</p>
<div class="lb-trans"><p>让我们仔细看看这家互联网搜索领导者的第四季度业绩，看看现在是否是买入该股票的好时机。</p>
</div><h2>Google Cloud in focus</h2>
<div class="lb-trans"><h2>Google Cloud 关注焦点</h2>
</div><p>Alphabet's Google Cloud business was in focus in Q4, with the cloud computing unit growing its revenue by 30% to $12 billion. That was a deceleration in revenue growth from 35% in Q3, and the total fell short of the $12.2 billion analyst consensus estimate, as compiled by Street Account. Operating income for the unit, meanwhile, soared from $864 million to $2.09 billion, a 142% increase.</p>
<div class="lb-trans"><p>字母表的 Google Cloud 业务在第四季度备受关注，云计算部门的收入增长了 30%，达到了 120 亿美元。这一增长速度较第三季度的 35% 有所放缓，且总收入未能达到分析师共识预期的 122 亿美元（根据 Street Account 的汇总）。与此同时，该部门的营业收入从 8.64 亿美元飙升至 20.9 亿美元，增长了 142%。</p>
</div><p>The company credited the growth to its AI infrastructure and generative AI solutions while noting that its Google Cloud Platform (GCP) grew faster than the overall cloud business. However, the business was capacity-constrained. As a result, it will direct approximately $75 billion to capital expenditures (capex) focused largely on technical infrastructure, including data centers and servers, to help meet increased AI demand. That's a big jump from the $52.5 billion in capex the company spent last year. However, the company said it is seeing a lot of capex efficiency and strong performance stemming from its own custom TPU (tensor processing unit) chips.</p>
<div class="lb-trans"><p>该公司将增长归因于其 AI 基础设施和生成式 AI 解决方案，同时指出其 Google Cloud Platform（GCP）的增长速度超过了整体云业务。然而，该业务面临产能限制。因此，它将大约 750 亿美元用于资本支出（capex），主要集中在技术基础设施上，包括数据中心和服务器，以帮助满足日益增长的 AI 需求。这一支出较去年 525 亿美元的资本支出大幅增加。然而，该公司表示，其自有的 TPU（张量处理单元）芯片在资本支出效率和强劲表现方面表现良好。</p>
</div><p>Meanwhile, the company expects the launch of its new Gemini 2.0 AI model to help drive growth as it moves closer to being a universal assistant. The model has more advanced multimodal and agentic capabilities and will also be used to power its AI Overviews within search. It said its consumer Gemini app is also gaining traction.</p>
<div class="lb-trans"><p>与此同时，该公司预计其新的 Gemini 2.0 AI 模型的推出将有助于推动增长，因为它朝着成为通用助手的目标迈进。该模型具有更先进的多模态和代理能力，还将用于推动搜索中的 AI 概述。它表示，其消费者 Gemini 应用程序也在获得关注。</p>
</div><p>Turning to Alphabet's other businesses, Google Search remained strong, with revenue climbing nearly 13% to $54 billion. It said it is seeing new ways in which people search, with its Lens solution being used for more than 20 billion visual search queries each month. It said that this is expanding the way its advertisers can reach consumers. Overall, the company was seeing the most strength among financial services provider and retailer advertisers.</p>
<div class="lb-trans"><p>转向字母表的其他业务，Google 搜索依然强劲，收入增长近 13%，达到了 540 亿美元。它表示，正在看到人们搜索的新方式，其 Lens 解决方案每月被用于超过 200 亿次视觉搜索查询。它表示，这正在扩展广告客户接触消费者的方式。总体而言，该公司在金融服务提供商和零售广告客户中看到最强劲的表现。</p>
</div><p>YouTube ad revenue, meanwhile, climbed 14% year over year to $10.5 billion. The platform's growth was fueled by users spending more time watching videos on its platform. It also said that Google AI-powered video campaigns are driving better returns for advertisers.</p>
<div class="lb-trans"><p>与此同时，YouTube 的广告收入同比增长 14%，达到了 105 亿美元。该平台的增长得益于用户在其平台上观看视频的时间增加。它还表示，Google AI 驱动的视频广告活动为广告客户带来了更好的回报。</p>
</div><p>One area of weakness was Google's Network ad business, which saw revenue decline by 4% to $8 billion. Subscription and device revenue, meanwhile, rose 7% to $11.6 billion.</p>
<div class="lb-trans"><p>一个薄弱的领域是 Google 的网络广告业务，收入下降了 4%，降至 80 亿美元。与此同时，订阅和设备收入增长了 7%，达到了 116 亿美元。</p>
</div><p>Looking at Alphabet's emerging businesses, its self-driving car unit Waymo is currently delivering 150,000 paid public rides each week. It will expand its service to the new markets of Austin and Atlanta this year, as well as its first international city in Tokyo, Japan. It also said it is working on the sixth generation of its self-driving vehicle that will significantly reduce hardware costs. Alphabet also touted the progress it has made in quantum computing with its new Willow chip.</p>
<div class="lb-trans"><p>在字母表的新兴业务中，其自动驾驶汽车部门 Waymo 目前每周提供 150,000 次付费公共乘车服务。今年将把服务扩展到奥斯汀和亚特兰大这两个新市场，以及其在日本东京的第一个国际城市。它还表示，正在研发第六代自动驾驶汽车，以显著降低硬件成本。字母表还宣传了其在量子计算方面取得的进展，推出了新的 Willow 芯片。</p>
</div><p>Overall, Alphabet's total revenue climbed 12% year over year to $96.47 billion, while adjusted earnings per share (EPS) jumped 31% to $2.15. Analysts were expecting revenue of $96.56 billion and $2.13 in EPS, as compiled by <strong>LSEG</strong>. Alphabet reported $24.8 billion in free cash flow in the quarter and $72.8 billion for the year. It ended the year with $95.7 billion in cash and equivalents and $10.9 billion in debt.</p>
<div class="lb-trans"><p>总体而言，字母表的总收入同比增长 12%，达到了 964.7 亿美元，而调整后的每股收益（EPS）跃升 31%，达到了 2.15 美元。分析师预计的收入为 965.6 亿美元，EPS 为 2.13 美元（根据 <strong>LSEG</strong> 的汇总）。字母表在本季度报告了 248 亿美元的自由现金流，全年为 728 亿美元。年末时，字母表的现金及现金等价物为 957 亿美元，债务为 109 亿美元。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MDY1NDgvZ2V0dHlpbWFnZXMtMTQ1MDkyMjE2Ny5qcGcmdz03MDA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F806548%2Fgettyimages-1450922167.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>Is it time to buy the dip?</h2>
<div class="lb-trans"><h2>现在是买入的好时机吗？</h2>
</div><p>Similar to rival <strong>Microsoft,</strong> investors did not like the deceleration in growth at its cloud computing unit. They also seemed a bit surprised at how much the company plans to spend on AI infrastructure capex this year. However, neither should really come as a surprise. Cloud computing growth continues to be hampered by capacity constraints industrywide, and companies will need to spend in order to add capacity.</p>
<div class="lb-trans"><p>与竞争对手 <strong>微软</strong> 类似，投资者对其云计算部门增长放缓并不满意。他们似乎对公司计划在今年在 AI 基础设施资本支出上花费如此之多感到有些惊讶。然而，这两者都不应该令人感到意外。云计算的增长继续受到行业普遍存在的产能限制的影响，公司需要支出以增加产能。</p>
</div><p>If DeepSeek, which shook up the AI world with its claims that its model was trained for under $6 milllion can eventually prove that not as much AI infrastructure spending is needed, that would be a positive for cloud computing companies like Alphabet. However, the reliability of DeepSeek's claims is in question and until proven otherwise, cloud computing companies will need to keep spending to drive growth. Google Cloud should be in a pretty good position to leverage its spending, given that its custom TPUs should help on the cost front.</p>
<div class="lb-trans"><p>如果 DeepSeek 能够证明其模型在不到 600 万美元的成本下进行了训练，并且不需要那么多的 AI 基础设施支出，这将对像字母表这样的云计算公司是个积极信号。然而，DeepSeek 的声明的可靠性仍然存疑，直到证明相反，云计算公司仍需继续支出以推动增长。考虑到其定制 TPU 应该有助于降低成本，Google Cloud 在利用其支出方面应该处于相对良好的位置。</p>
</div><p>Despite the market's reaction, I think Alphabet's quarter overall was solid, with both Google Search and YouTube showing their market-leading strength. Meanwhile, Google Cloud continues to drive both revenue and profitability growth.</p>
<div class="lb-trans"><p>尽管市场反应不佳，我认为字母表的整体季度表现还是不错的，Google 搜索和 YouTube 都展现了其市场领先的实力。同时，Google Cloud 继续推动收入和盈利能力的增长。</p>
</div><p>Looking at valuation, Alphabet currently trades at a forward price-to-earnings ratio (P/E) of about 20.8x 2025 analyst estimates, making it one of the cheapest megacap tech stocks tied to AI.</p>
<div class="lb-trans"><p>从估值来看，字母表目前的前瞻市盈率（P/E）约为 20.8 倍 2025 年分析师预期，使其成为与 AI 相关的最便宜的大型科技股之一。</p>
</div><p>Overall, I think the dip in the stock is a short-term overreaction to what is a very good long-term story for Alphabet. As such, I'd be a buyer of the stock on the dip.</p>
<div class="lb-trans"><p>总体而言，我认为股价的下跌是对字母表长期良好故事的短期过度反应。因此，我会在股价下跌时买入该股票。</p>
</div>

Alphabet Shares Tumble on Cloud Revenue Shortfall. Is This a Buying Opportunity for the Stock?

- Alphabet Q4 财报显示云计算收入增长放缓，股价下跌 8.4%。  
- Google Cloud 收入增长 30% 至 120 亿美元，但低于预期。  
- 总体收入同比增长 12% 至 964.7 亿美元，调整后每股收益增长 31%。

由于云收入不及预期，Alphabet 股价下跌。这是买入该股票的机会吗？