<p><strong>字母表</strong>(GOOG -0.60%)(GOOGL -0.62%) 是全球最具主导性的公司之一。它几乎拥有搜索引擎市场，Google 是其核心。数十亿人使用 Google 在互联网上寻找所需的信息，而它为用户提供的广告使其成为全球最赚钱的品牌之一。</p>
<p>然而，像其他公司一样，字母表也会经历起伏。在报告第四季度财报后，股价下跌了约 7%。显然，市场对其消息并不满意，但我将这一波动视为买入机会。我购买该股票的原因与其最新的业绩无关——我更关心的是其长期发展轨迹。</p>
<h2>字母表除了主导的搜索引擎外还有其他业务</h2>
<p>字母表可能是 Google 的母公司，但它还拥有其他大型品牌，如 YouTube、Android 和 Waymo。这些都是具有巨大潜力的强大业务。</p>
<p>根据尼尔森的数据，YouTube 是美国观看次数最多的流媒体服务。这种情况在短期内不太可能改变，因为 YouTube 拥有数百万个内容创作者，针对特定受众。此外，这些视频相较于传统电视节目较短，短视频内容在年轻观众中非常受欢迎。YouTube 广告在过去一个季度表现强劲，收入同比增长 14%，达到 105 亿美元。作为参考，流媒体巨头 <strong>Netflix</strong> 在第四季度的收入为 103 亿美元。</p>
<p>另一个令人兴奋的业务板块是 Waymo，它的自动驾驶汽车部门。Waymo 目前在凤凰城、旧金山和洛杉矶运营自驾出租车，并计划在今年晚些时候将其引入奥斯汀、亚特兰大和迈阿密。它们还将在东京首次亮相，标志着 Waymo 的首次国际扩张。这是一个重要的举措，但该部门的任何收入都被启动这些服务的成本所抵消。不过，这些都是长期投资，可能使字母表在一个不断增长且重要的市场中占据主导份额。</p>
<p>在我看来，Google Cloud 是公司最令人兴奋的非搜索业务。字母表的云计算部门正在帮助全球的 AI 工作负载。其收入同比增长 30%，达到 120 亿美元，成为字母表增长最快的部门之一。它还占总收入的 12%。</p>
<p>这些部门与字母表的传统 Google 搜索业务无关，这是评估字母表是否有任何成功的长期增长投资的关键因素。字母表还有其他部门在不断增长和发展，这使得从长期来看购买该股票毫无疑问。然而，字母表的股票与其大型科技同行相比极为便宜，这就是为什么任何股价下跌都应被视为买入机会。</p>
<h2>股票因其长期增长轨迹而便宜</h2>
<p>在字母表财报发布后的下跌后，其当前交易的市盈率为 24 倍，未来市盈率为 21.4 倍。</p>
<p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/f2f4546df638dc30c63e2c0c41fe9d64.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/f2f4546df638dc30c63e2c0c41fe9d64.png"/></p>
<p>GOOG 市盈率数据来源于 YCharts。</p>
<p>如果在今天的市场中听起来相对便宜，那是因为确实如此。<strong>标准普尔 500</strong>(^GSPC 0.03%) 最近的市盈率为 25.5 倍，未来市盈率为 22.3 倍。一个更好的比较是以科技股为主的 <strong>纳斯达克 100</strong> 指数，该指数的字母表大型科技同行集中度更高。该指数的市盈率为 33.4 倍，未来市盈率为 27.2 倍。</p>
<p>因此，字母表的股票并没有对任何一个指数收取溢价，投资者对公司的估值低于市场平均水平。然而，显然这是一个超出平均水平的业务。虽然短期的指导和预测可能导致市场在短期内抛售该股票，但字母表的长期发展轨迹仍然积极，这也是我在今天的价格下购买该股票的原因。</p>
<p>字母表在太多长期市场（如 AI、自动驾驶、社交媒体和云计算等）中取得成功，无法被忽视。这些成功将为该股票带来长期超越市场的回报。</p>

谷歌-C

谷歌-A

<p>作者讨论了他们最近购买 Alphabet 股票的情况，认为尽管在财报发布后股价下跌了 7%，但这次下跌是一个买入机会。他们强调了 Alphabet 多元化的业务部门，包括 YouTube、Waymo 和 Google Cloud，这些部门预计将推动长期增长。与市场平均水平相比，该股票被认为被低估，市盈率低于标准普尔 500 指数和纳斯达克 100 指数。作者相信，Alphabet 在人工智能、自动驾驶和云计算方面的强大地位将在未来带来显著回报</p>

<p><strong>Alphabet</strong>(GOOG -0.60%)(GOOGL -0.62%) is one of the most dominant companies in the world. It practically owns the search engine market with Google. Billions of people use Google to find what they need on the internet, and the advertising it serves to them along the way has made it one of the most lucrative brands in the world.</p>
<div class="lb-trans"><p><strong>字母表</strong>(GOOG -0.60%)(GOOGL -0.62%) 是全球最具主导性的公司之一。它几乎拥有搜索引擎市场，Google 是其核心。数十亿人使用 Google 在互联网上寻找所需的信息，而它为用户提供的广告使其成为全球最赚钱的品牌之一。</p>
</div><p>However, like any other company, Alphabet is subject to ups and downs. After it reported its fourth-quarter earnings, the stock dropped by around 7%. Clearly, the market didn't like what it heard, but I saw this blip as a buying opportunity. The reasons why I bought the stock had nothing to do with its latest results -- I'm more concerned about its long-term trajectory.</p>
<div class="lb-trans"><p>然而，像其他公司一样，字母表也会经历起伏。在报告第四季度财报后，股价下跌了约 7%。显然，市场对其消息并不满意，但我将这一波动视为买入机会。我购买该股票的原因与其最新的业绩无关——我更关心的是其长期发展轨迹。</p>
</div><h2>Alphabet has other businesses besides its dominant search engine</h2>
<div class="lb-trans"><h2>字母表除了主导的搜索引擎外还有其他业务</h2>
</div><p>Alphabet may be Google's parent company, but it also owns other massive brands such as YouTube, Android, and Waymo. These are strong businesses with huge potential.</p>
<div class="lb-trans"><p>字母表可能是 Google 的母公司，但它还拥有其他大型品牌，如 YouTube、Android 和 Waymo。这些都是具有巨大潜力的强大业务。</p>
</div><p>According to Nielsen, YouTube is the most-watched streaming service in the U.S. That's unlikely to change anytime soon, as YouTube has millions of content creators catering to specific audiences. Furthermore, these videos are relatively short compared to traditional TV shows, and short-form content is popular among younger audiences. YouTube ads had another strong quarter, lifting its revenue 14% year over year to $10.5 billion. For reference, streaming giant <strong>Netflix</strong> had revenue of $10.3 billion in Q4.</p>
<div class="lb-trans"><p>根据尼尔森的数据，YouTube 是美国观看次数最多的流媒体服务。这种情况在短期内不太可能改变，因为 YouTube 拥有数百万个内容创作者，针对特定受众。此外，这些视频相较于传统电视节目较短，短视频内容在年轻观众中非常受欢迎。YouTube 广告在过去一个季度表现强劲，收入同比增长 14%，达到 105 亿美元。作为参考，流媒体巨头 <strong>Netflix</strong> 在第四季度的收入为 103 亿美元。</p>
</div><p>Another exciting segment of the business is Waymo, its autonomous vehicle division. Waymo now has self-driving taxis carrying customers in Phoenix, San Francisco, and Los Angeles, and plans to bring them to Austin, Atlanta, and Miami later this year. They will also debut in Tokyo, marking Waymo's first international expansion. That's a significant move, but any revenue this division books is being outweighed by the costs of getting these services up and running. Still, these are long-term investments that could position Alphabet to take a dominant share in a growing and important market.</p>
<div class="lb-trans"><p>另一个令人兴奋的业务板块是 Waymo，它的自动驾驶汽车部门。Waymo 目前在凤凰城、旧金山和洛杉矶运营自驾出租车，并计划在今年晚些时候将其引入奥斯汀、亚特兰大和迈阿密。它们还将在东京首次亮相，标志着 Waymo 的首次国际扩张。这是一个重要的举措，但该部门的任何收入都被启动这些服务的成本所抵消。不过，这些都是长期投资，可能使字母表在一个不断增长且重要的市场中占据主导份额。</p>
</div><p>In my opinion, Google Cloud is the company's most exciting non-search business. Alphabet's cloud computing division is helping power AI workloads across the globe. It grew its revenue by 30% year over year to $12 billion, making it one of Alphabet's fastest-growing divisions. It also provides 12% of total revenue.</p>
<div class="lb-trans"><p>在我看来，Google Cloud 是公司最令人兴奋的非搜索业务。字母表的云计算部门正在帮助全球的 AI 工作负载。其收入同比增长 30%，达到 120 亿美元，成为字母表增长最快的部门之一。它还占总收入的 12%。</p>
</div><p>None of these divisions have anything to do with Alphabet's legacy Google search business, which is a key factor in assessing if Alphabet has any succeeding long-term growth investments. There are still other divisions where Alphabet is growing and developing, making this a no-brainer purchase over the long term. However, Alphabet's stock is incredibly cheap compared to its big tech peers, and that's why any dip in the stock price should be seen as a buying opportunity.</p>
<div class="lb-trans"><p>这些部门与字母表的传统 Google 搜索业务无关，这是评估字母表是否有任何成功的长期增长投资的关键因素。字母表还有其他部门在不断增长和发展，这使得从长期来看购买该股票毫无疑问。然而，字母表的股票与其大型科技同行相比极为便宜，这就是为什么任何股价下跌都应被视为买入机会。</p>
</div><h2>The stock is cheap for its long-term growth trajectory</h2>
<div class="lb-trans"><h2>股票因其长期增长轨迹而便宜</h2>
</div><p>After Alphabet's tumble following earnings, it now trades at 24 times trailing earnings and 21.4 times forward earnings.</p>
<div class="lb-trans"><p>在字母表财报发布后的下跌后，其当前交易的市盈率为 24 倍，未来市盈率为 21.4 倍。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/f2f4546df638dc30c63e2c0c41fe9d64.png" alt="" original-src="https://media.ycharts.com/charts/f2f4546df638dc30c63e2c0c41fe9d64.png"/></p>
<p>GOOG PE Ratio data by YCharts.</p>
<div class="lb-trans"><p>GOOG 市盈率数据来源于 YCharts。</p>
</div><p>If that sounds relatively cheap in today's market, that's because it is. The <strong>S&amp;P 500</strong>(^GSPC 0.03%) recently traded for 25.5 times trailing earnings and 22.3 times forward earnings. An even better comparison is the tech-heavy <strong>Nasdaq 100</strong> index, which features a higher concentration of Alphabet's big tech peers. That index traded for 33.4 times trailing earnings and 27.2 times forward earnings.</p>
<div class="lb-trans"><p>如果在今天的市场中听起来相对便宜，那是因为确实如此。<strong>标准普尔 500</strong>(^GSPC 0.03%) 最近的市盈率为 25.5 倍，未来市盈率为 22.3 倍。一个更好的比较是以科技股为主的 <strong>纳斯达克 100</strong> 指数，该指数的字母表大型科技同行集中度更高。该指数的市盈率为 33.4 倍，未来市盈率为 27.2 倍。</p>
</div><p>So Alphabet's stock doesn't carry a premium to either index, and investors value the company at a level below the market average. However, it's clearly an above-average business. While short-term guidance and projections may cause the market to sell off the stock in the short term, the long-term trajectory for Alphabet is still positive, and it's why I'm a buyer of the stock at today's prices.</p>
<div class="lb-trans"><p>因此，字母表的股票并没有对任何一个指数收取溢价，投资者对公司的估值低于市场平均水平。然而，显然这是一个超出平均水平的业务。虽然短期的指导和预测可能导致市场在短期内抛售该股票，但字母表的长期发展轨迹仍然积极，这也是我在今天的价格下购买该股票的原因。</p>
</div><p>Alphabet is succeeding in too many long-term markets (AI, autonomous driving, social media, and cloud computing, to name a few) to ignore. Those successes will lead to long-term market-crushing returns for the stock.</p>
<div class="lb-trans"><p>字母表在太多长期市场（如 AI、自动驾驶、社交媒体和云计算等）中取得成功，无法被忽视。这些成功将为该股票带来长期超越市场的回报。</p>
</div>

Here's Why I Just Bought the Dip on Alphabet Stock

- Alphabet 旗下的 Google 在搜索引擎市场占据主导地位。  
- 其 YouTube 和云计算业务持续增长，分别实现 14% 和 30% 的收入增长。  
- 尽管短期股价波动，长期增长潜力依然强劲，值得投资。  

以下是我刚刚逢低买入 Alphabet 股票的原因