<p>最新的科技股抛售对许多公司造成了严重影响，包括 <strong>Alphabet</strong>（GOOG 1.75%）（GOOGL 1.68%）。在其高峰时，Alphabet 的估值超过了 2.5 万亿美元。现在，它的市值为 2 万亿美元。这在短短几周内就从全球顶尖科技公司之一抹去了巨额价值。但这次抛售对 Alphabet 来说是否合理？</p>
<p>Alphabet 现在是 “七大巨头” 中最便宜的股票，但它的财务状况比该组中的许多其他公司更好。因此，我认为在这里购买 Alphabet 是一个稳妥的选择，但投资者需要注意一件事。</p>
<h2>Alphabet 的广告业务是公司的基石</h2>
<p>Alphabet 作为一个品牌的知名度不如其旗下的公司，如 Google、YouTube 和 Android 等。虽然这似乎是一个广泛的产品线，但实际上，Alphabet 的业务围绕着一件事：广告。</p>
<p>Alphabet 约有四分之三的收入来自广告，因此在这一领域保持领先至关重要。Alphabet 通过开发基于其专有 Gemini 模型的各种生成性 AI 工具来实现这一目标，这也是它在 AI 基础设施上投入如此巨额资金的部分原因。</p>
<p>对于 2025 年，Alphabet 告知投资者，他们应该预计约 750 亿美元的资本支出，这无疑是它在业务上投资的最多金额。</p>
<p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/b3598edf3da020ac1df04da454ef5d63.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/b3598edf3da020ac1df04da454ef5d63.png"/></p>
<p>GOOGL 资本支出（TTM）数据来自 YCharts。</p>
<p>Alphabet 花费如此之多的另一个原因是其需要构建云计算基础设施。云计算是 AI 军备竞赛的重要组成部分，因为很少有公司愿意承担购买配备顶级图形处理单元（GPU）的数据中心的前期成本，并在其服务生命周期内进行维护。他们更愿意租用计算能力并在云上运行工作负载。</p>
<p>Google Cloud 是该领域的前三大参与者，也是 Alphabet 增长最快的业务部门，第四季度的收入同比增长 30%。云计算市场正在快速增长，仍处于建设的早期阶段。</p>
<p>Alphabet 在稳定的基础业务（广告）与 AI 和云计算的潜在收益之间取得了良好的平衡，这使得其投资故事非常出色。然而，有一个负面因素必须考虑。</p>
<h2>美国司法部仍希望拆分 Alphabet</h2>
<p>随着 Alphabet 的成功而来的是审查，美国政府长期以来一直在调查它，以了解其是否作为非法垄断行为。前总统乔·拜登的司法部表示希望通过强迫出售其 Google Chrome 浏览器来拆分 Alphabet。在一个罕见的共识中，前总统唐纳德·特朗普的司法部也持有相同的观点，并将继续推动拆分 Alphabet。</p>
<p>这显然是投资者的一个担忧，但 Alphabet 将通过法律途径对抗这一行动。不过，如果 Alphabet 被拆分，作为独立业务可能会更有价值，而不是作为一个综合体，因为 Alphabet 的股票现在看起来非常便宜。</p>
<p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/0e250f7c764cbf84c460129361e0ee75.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/0e250f7c764cbf84c460129361e0ee75.png"/></p>
<p>GOOGL 市盈率（前瞻性）数据来自 YCharts。市盈率=价格与收益比。</p>
<p>以 18.6 倍的前瞻性收益计算，Alphabet 的估值远低于 <strong>标准普尔 500 指数</strong>（^GSPC 2.13%），后者的前瞻性市盈率为 21.2 倍。此外，它是 “七大巨头” 中最便宜的股票，<strong>Meta Platforms</strong>（NASDAQ: META）是该组中下一个最便宜的，前瞻性市盈率为 24.4 倍。</p>
<p>这显示了 Alphabet 股票中蕴含的悲观情绪，我认为这种悲观情绪正是投资者应该趁机以低价购买这家主导科技公司的原因。尽管对公司未来五年的前景有一些担忧，但在 Alphabet 与司法部之间达成和解之前还需要一些时间，这为其制定应急计划提供了充足的时间。</p>
<p>我认为 Alphabet 是当前市场的最佳购买，寻找最新抛售中的便宜货的投资者应该将 Alphabet 列在他们的优先名单上。</p>

谷歌-A

谷歌-C

<p>在科技股抛售潮中，Alphabet 的市值已损失超过 5000 亿美元，目前估值为 2 万亿美元。尽管如此，它仍然是 “七大巨头” 中最便宜的股票，财务状况良好。该公司在广告方面依赖程度很高，广告收入占其总收入的 75%，并且正在投资 750 亿美元用于人工智能和云基础设施。然而，美国司法部正在推动对 Alphabet 的拆分，这可能会影响其未来。其市盈率为 18.6，低于标准普尔 500 指数，使其成为寻求价值的投资者在当前市场中的一个有吸引力的买入选择</p>

<p>The latest tech sell-off has been hard on many companies, including <strong>Alphabet</strong>(GOOG 1.75%)(GOOGL 1.68%). At its high, Alphabet attained a valuation worth over $2.5 trillion. Now, it sits at $2 trillion. That's a huge amount of value erased from one of the world's top tech companies in just a few weeks. But was the sell-off justified for Alphabet?</p>
<div class="lb-trans"><p>最新的科技股抛售对许多公司造成了严重影响，包括 <strong>Alphabet</strong>（GOOG 1.75%）（GOOGL 1.68%）。在其高峰时，Alphabet 的估值超过了 2.5 万亿美元。现在，它的市值为 2 万亿美元。这在短短几周内就从全球顶尖科技公司之一抹去了巨额价值。但这次抛售对 Alphabet 来说是否合理？</p>
</div><p>Alphabet is now the cheapest stock in the Magnificent Seven cohort by far, yet it has better finances than many of the others in that grouping. As a result, I think Alphabet is a solid buy here, but there is one thing investors need to look out for.</p>
<div class="lb-trans"><p>Alphabet 现在是 “七大巨头” 中最便宜的股票，但它的财务状况比该组中的许多其他公司更好。因此，我认为在这里购买 Alphabet 是一个稳妥的选择，但投资者需要注意一件事。</p>
</div><h2>Alphabet's advertising business is the bedrock of the company</h2>
<div class="lb-trans"><h2>Alphabet 的广告业务是公司的基石</h2>
</div><p>Alphabet is less recognizable as a brand of its own than it is for the companies that are under its umbrella -- Google, YouTube, and Android, among others. While that seems like a wide-ranging product lineup, the reality is that Alphabet's business is centered around one thing: Advertising.</p>
<div class="lb-trans"><p>Alphabet 作为一个品牌的知名度不如其旗下的公司，如 Google、YouTube 和 Android 等。虽然这似乎是一个广泛的产品线，但实际上，Alphabet 的业务围绕着一件事：广告。</p>
</div><p>Alphabet derives about three-quarters of its revenue from ads, so it's critical that it stay on top of its game in this sector. Alphabet has done this by developing various generative AI tools based on its proprietary Gemini model, which is part of the reason why it's spending so much on AI infrastructure.</p>
<div class="lb-trans"><p>Alphabet 约有四分之三的收入来自广告，因此在这一领域保持领先至关重要。Alphabet 通过开发基于其专有 Gemini 模型的各种生成性 AI 工具来实现这一目标，这也是它在 AI 基础设施上投入如此巨额资金的部分原因。</p>
</div><p>For 2025, Alphabet informed investors that they should expect around $75 billion in capital expenditures, which is by far the most money it has invested in the business.</p>
<div class="lb-trans"><p>对于 2025 年，Alphabet 告知投资者，他们应该预计约 750 亿美元的资本支出，这无疑是它在业务上投资的最多金额。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/b3598edf3da020ac1df04da454ef5d63.png" alt="" original-src="https://media.ycharts.com/charts/b3598edf3da020ac1df04da454ef5d63.png"/></p>
<p>GOOGL Capital Expenditures (TTM) data by YCharts.</p>
<div class="lb-trans"><p>GOOGL 资本支出（TTM）数据来自 YCharts。</p>
</div><p>Another reason Alphabet is spending so much is its need to build its cloud computing infrastructure. Cloud computing is a huge component of the AI arms race, as few companies want the upfront cost of buying a data center outfitted with best-in-class graphics processing units (GPUs) and then maintaining it throughout its service life. they'd rather just rent the computing power and run workloads on the cloud.</p>
<div class="lb-trans"><p>Alphabet 花费如此之多的另一个原因是其需要构建云计算基础设施。云计算是 AI 军备竞赛的重要组成部分，因为很少有公司愿意承担购买配备顶级图形处理单元（GPU）的数据中心的前期成本，并在其服务生命周期内进行维护。他们更愿意租用计算能力并在云上运行工作负载。</p>
</div><p>Google Cloud is a top-three player in this sector and Alphabet's fastest-growing business unit, with revenue rising 30% year over year in the fourth quarter. The cloud computing market is growing rapidly and is still in the early stages of its buildout.</p>
<div class="lb-trans"><p>Google Cloud 是该领域的前三大参与者，也是 Alphabet 增长最快的业务部门，第四季度的收入同比增长 30%。云计算市场正在快速增长，仍处于建设的早期阶段。</p>
</div><p>Alphabet's great balance between a steady bedrock business (advertising) and the upsides of AI and cloud computing makes for a fantastic investment story. However, there is one negative that must be considered.</p>
<div class="lb-trans"><p>Alphabet 在稳定的基础业务（广告）与 AI 和云计算的潜在收益之间取得了良好的平衡，这使得其投资故事非常出色。然而，有一个负面因素必须考虑。</p>
</div><h2>The DOJ still wants Alphabet broken up</h2>
<div class="lb-trans"><h2>美国司法部仍希望拆分 Alphabet</h2>
</div><p>With all of Alphabet's success comes scrutiny, and the U.S. government has investigated it for a long time to understand if it was acting as an illegal monopoly. Former President Joe Biden's Department of Justice (DOJ) indicated that it wanted to break up Alphabet by forcing the sale of its Google Chrome browser. In a rare sign of agreement, President Donald Trump's DOJ has maintained that same opinion and will continue pushing for the breakup of Alphabet.</p>
<div class="lb-trans"><p>随着 Alphabet 的成功而来的是审查，美国政府长期以来一直在调查它，以了解其是否作为非法垄断行为。前总统乔·拜登的司法部表示希望通过强迫出售其 Google Chrome 浏览器来拆分 Alphabet。在一个罕见的共识中，前总统唐纳德·特朗普的司法部也持有相同的观点，并将继续推动拆分 Alphabet。</p>
</div><p>This is clearly a cause of concern for investors, but Alphabet will fight this action through the courts. Still, if Alphabet is broken up, it may be worth more as a separate business rather than one conglomerate, as Alphabet's stock looks dirt cheap right now.</p>
<div class="lb-trans"><p>这显然是投资者的一个担忧，但 Alphabet 将通过法律途径对抗这一行动。不过，如果 Alphabet 被拆分，作为独立业务可能会更有价值，而不是作为一个综合体，因为 Alphabet 的股票现在看起来非常便宜。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/0e250f7c764cbf84c460129361e0ee75.png" alt="" original-src="https://media.ycharts.com/charts/0e250f7c764cbf84c460129361e0ee75.png"/></p>
<p>GOOGL PE Ratio (Forward) data by YCharts. PE = price-to-earnings.</p>
<div class="lb-trans"><p>GOOGL 市盈率（前瞻性）数据来自 YCharts。市盈率=价格与收益比。</p>
</div><p>At 18.6 times forward earnings, Alphabet is much cheaper than the <strong>S&amp;P 500</strong>(^GSPC 2.13%), which trades for 21.2 times forward earnings. Furthermore, it's the cheapest Magnificent Seven stock, with <strong>Meta Platforms</strong>(NASDAQ: META) being the next cheapest in the cohort at 24.4 times forward earnings.</p>
<div class="lb-trans"><p>以 18.6 倍的前瞻性收益计算，Alphabet 的估值远低于 <strong>标准普尔 500 指数</strong>（^GSPC 2.13%），后者的前瞻性市盈率为 21.2 倍。此外，它是 “七大巨头” 中最便宜的股票，<strong>Meta Platforms</strong>（NASDAQ: META）是该组中下一个最便宜的，前瞻性市盈率为 24.4 倍。</p>
</div><p>This shows how much pessimism is baked into Alphabet's stock, and I think that pessimism is why investors should swoop in and buy this dominant tech company for cheap. Although there are some concerns about how the company will look five years from now, it will take some time before a settlement is reached between Alphabet and the DOJ, giving it plenty of time to figure out a contingency plan.</p>
<div class="lb-trans"><p>这显示了 Alphabet 股票中蕴含的悲观情绪，我认为这种悲观情绪正是投资者应该趁机以低价购买这家主导科技公司的原因。尽管对公司未来五年的前景有一些担忧，但在 Alphabet 与司法部之间达成和解之前还需要一些时间，这为其制定应急计划提供了充足的时间。</p>
</div><p>I think Alphabet is a top buy in today's market, and investors looking for a bargain in the latest sell-off should have Alphabet near the top of their lists.</p>
<div class="lb-trans"><p>我认为 Alphabet 是当前市场的最佳购买，寻找最新抛售中的便宜货的投资者应该将 Alphabet 列在他们的优先名单上。</p>
</div>

Alphabet Stock Has Lost Over $500 Billion in Market Cap. Is the Google Parent a Top AI Stock to Buy Now?

- Alphabet 的市值从 2.5 万亿美元降至 2 万亿美元，价值大幅缩水。  
- 广告业务是 Alphabet 的核心，约占其收入的 75%。  
- 尽管面临拆分风险，Alphabet 仍被认为是当前市场的优质投资选择。

谷歌母公司 Alphabet 的股票市值已经损失超过 5000 亿美元。现在是购买这家顶级 AI 股票的好时机吗？