<p>在接下来的几周内，许多公司计划公布 2025 年第一季度的财报。对于科技行业来说，或许没有其他公司比 “七大巨头” 更为重要——<strong>Nvidia</strong>、<strong>Apple</strong>、<strong>Microsoft</strong>、<strong>Amazon</strong>、<strong>Meta Platforms</strong>、<strong>Tesla</strong> 和 <strong>Alphabet</strong>（GOOGL -2.12%）（GOOG -2.08%）。这些企业在过去几年中通过对人工智能（AI）的投资，解锁了新的盈利模式。</p>
<p>Alphabet 是人工智能浪潮的主要受益者，将该技术整合到其广告、云计算、网络安全等生态系统中。随着公司定于本周四（4 月 24 日）公布财报，你可能会认为现在购买 Alphabet 的股票是个明智的选择。</p>
<p>然而，在现在购买 Alphabet 股票之前，投资者应该消化一些事项。</p>
<p>让我们看看围绕该公司的最新动态，以帮助评估在公司本周公布财报之前，Alphabet 是否是一个值得购买的好股票。</p>
<h2>广告业务可能面临风险</h2>
<p>Alphabet 是互联网搜索巨头 Google 和视频分享网站 YouTube 的母公司。多年来，这两个平台的全球覆盖范围为 Alphabet 提供了无与伦比的互联网曝光率。因此，广告商愿意支付高价以接触 Google 和 YouTube 的受众。</p>
<p>然而，在过去几年中，广告领域的竞争格局开始发生变化。</p>
<p>大型语言模型（LLMs）如 ChatGPT 的日益流行，打破了在线搜索的默认选项。别误会，Google 仍然是一个极受欢迎的搜索引擎。但仅仅是 Google 可能在某些人群中失去吸引力的想法，就可能对 Alphabet 作为广告商的事实平台产生重大影响。</p>
<p>此外，Amazon 在广告领域与社交媒体公司 <strong>Pinterest</strong> 和 <strong>Snap</strong> 悄然达成了一些显著的合作。尽管这两项交易相对较新，但我认为 Amazon 与 Pinterest 和 Snapchat 的整合可能对年轻人群体特别有利，他们往往更倾向于使用在线市场而非实体店。因此，Amazon 新兴的广告业务可能对 Alphabet 的增长构成另一个潜在障碍。</p>
<p>最后，Alphabet 近年来受到美国司法部的严格审查。特别是，一些法官认为 Google 在广告技术领域是一个非法垄断。虽然不想深入讨论各种裁决，但我担心 Alphabet 可能会因上诉和诉讼而分心，尤其是在其广告业务已经面临来自替代平台的压力的情况下。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MTU0NTYvZ29vZy0xLmpwZyZ3PTcwMA?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-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MTU0NTYvZ29vZy0xLmpwZyZ3PTcwMA"/></p>
<p>图片来源：Getty Images。</p>
<h2>密切关注管理层关于人工智能的言论</h2>
<p>在过去几年中，人工智能一直是 Alphabet 的增长驱动力。该公司在其生态系统中整合了多项基于 AI 的服务，特别是在云基础设施和网络安全方面。在我看来，人工智能所带来的长期增长是 Alphabet 决定在今年早些时候收购网络安全初创公司 Wiz 的一个推动因素。</p>
<p>然而，目前有一个可能的障碍可能会暂时阻碍 Alphabet 的人工智能增长。当然，我说的是唐纳德·特朗普总统的新关税。</p>
<p>虽然软件不是一种进口或出口的产品，但它也并非完全免受关税的影响。这些关税政策可能会要求企业在短期内实施更严格的成本控制。因此，一些企业可能会选择在高支出领域（如昂贵的人工智能工具或网络安全协议）放慢支出。</p>
<p>虽然我倾向于认为软件平台在这个不确定的经济时期会表现出一定程度的韧性，但投资者在财报电话会议期间应仔细聆听管理层关于 Alphabet 在需求方面对其 AI 客户的看法。</p>
<h2>你应该在 4 月 24 日之前购买 Google 股票吗？</h2>
<p>根据前瞻市盈率（P/E）比率，Alphabet 的股票似乎以显著折扣交易，与历史估值相比，表面上看，这种吸引人的估值可能会诱使投资者毫不犹豫地购买 Alphabet 的股票。</p>
<p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/8aa2ba32d49c648bdecf396d267ac40d.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/8aa2ba32d49c648bdecf396d267ac40d.png"/></p>
<p>GOOGL 市盈率（前瞻）数据来源于 YCharts</p>
<p>话虽如此，我认为目前围绕 Alphabet 前景有很多未知因素。在广告裁决、竞争加剧以及人工智能和网络安全等主要增长来源的前景不明的情况下，我认为投资者最好在场外观望，并在本周晚些时候消化财报电话会议的内容后再考虑购买股票。</p>

谷歌-A

谷歌-C

<p>谷歌将于 2025 年 4 月 24 日公布财报，市场对其广告业务的担忧加剧，原因是来自亚马逊等平台的竞争加剧，以及司法部对其垄断指控的审查。尽管人工智能一直是谷歌的增长动力，但潜在的关税可能会影响对人工智能工具的支出。虽然谷歌的股票目前交易价格较低，但围绕其广告和人工智能前景的不确定性表明，投资者可能希望在做出任何购买决定之前，先等待财报电话会议的召开</p>

<p>Over the next few weeks, many companies are scheduled to report earnings for the first calendar quarter of 2025. For the technology sector, perhaps no other companies are as important as the &#34;Magnificent Seven&#34; -- <strong>Nvidia</strong>, <strong>Apple</strong>, <strong>Microsoft</strong>, <strong>Amazon</strong>, <strong>Meta Platforms</strong>, <strong>Tesla</strong>, and <strong>Alphabet</strong>(GOOGL -2.12%)(GOOG -2.08%). These businesses have unlocked new forms of monetization over the last few years thanks in large part to investments in artificial intelligence (AI).</p>
<div class="lb-trans"><p>在接下来的几周内，许多公司计划公布 2025 年第一季度的财报。对于科技行业来说，或许没有其他公司比 “七大巨头” 更为重要——<strong>Nvidia</strong>、<strong>Apple</strong>、<strong>Microsoft</strong>、<strong>Amazon</strong>、<strong>Meta Platforms</strong>、<strong>Tesla</strong> 和 <strong>Alphabet</strong>（GOOGL -2.12%）（GOOG -2.08%）。这些企业在过去几年中通过对人工智能（AI）的投资，解锁了新的盈利模式。</p>
</div><p>Alphabet has been a major beneficiary of the AI movement, integrating the technology across its ecosystem from advertising, cloud computing, cybersecurity, and more. With the company slated to report earnings later this week on April 24, you might think scooping up shares in Alphabet now is a no-brainer.</p>
<div class="lb-trans"><p>Alphabet 是人工智能浪潮的主要受益者，将该技术整合到其广告、云计算、网络安全等生态系统中。随着公司定于本周四（4 月 24 日）公布财报，你可能会认为现在购买 Alphabet 的股票是个明智的选择。</p>
</div><p>However, there are a number of items that investors should digest before buying Alphabet stock right now.</p>
<div class="lb-trans"><p>然而，在现在购买 Alphabet 股票之前，投资者应该消化一些事项。</p>
</div><p>Let's take a look at some recent developments surrounding the company to help assess if Alphabet is a good stock to buy before the company reports earnings this week.</p>
<div class="lb-trans"><p>让我们看看围绕该公司的最新动态，以帮助评估在公司本周公布财报之前，Alphabet 是否是一个值得购买的好股票。</p>
</div><h2>The advertising business could be in jeopardy</h2>
<div class="lb-trans"><h2>广告业务可能面临风险</h2>
</div><p>Alphabet is the parent company to internet search giant Google and video-sharing website YouTube. For many years, the global reach of both of these platforms provided Alphabet with unparalleled surface area on the internet. Hence, advertisers paid top dollar to get in front of Google's and YouTube's audiences.</p>
<div class="lb-trans"><p>Alphabet 是互联网搜索巨头 Google 和视频分享网站 YouTube 的母公司。多年来，这两个平台的全球覆盖范围为 Alphabet 提供了无与伦比的互联网曝光率。因此，广告商愿意支付高价以接触 Google 和 YouTube 的受众。</p>
</div><p>Over the last few years, however, the competitive landscape has started to shift in the advertising realm.</p>
<div class="lb-trans"><p>然而，在过去几年中，广告领域的竞争格局开始发生变化。</p>
</div><p>The rising popularity of large language models (LLMs) such as ChatGPT has disrupted the default option of Googling something online. Don't get me wrong, Google is still a massively popular search engine. But just the idea that Google could lose its appeal with some demographics could lead to major repercussions pertaining to Alphabet being the de facto platform for advertisers.</p>
<div class="lb-trans"><p>大型语言模型（LLMs）如 ChatGPT 的日益流行，打破了在线搜索的默认选项。别误会，Google 仍然是一个极受欢迎的搜索引擎。但仅仅是 Google 可能在某些人群中失去吸引力的想法，就可能对 Alphabet 作为广告商的事实平台产生重大影响。</p>
</div><p>On top of that, Amazon has quietly struck some notable partnerships in the advertising space with social media companies <strong>Pinterest</strong> and <strong>Snap</strong>. Although both of these deals are fairly nascent, I think Amazon's integration with Pinterest and Snapchat could bode particularly well with younger demographics, who tend to resort to online marketplaces as opposed to brick-and-mortar outlets. As a result, Amazon's budding ads business poses another potential road bump to Alphabet's growth.</p>
<div class="lb-trans"><p>此外，Amazon 在广告领域与社交媒体公司 <strong>Pinterest</strong> 和 <strong>Snap</strong> 悄然达成了一些显著的合作。尽管这两项交易相对较新，但我认为 Amazon 与 Pinterest 和 Snapchat 的整合可能对年轻人群体特别有利，他们往往更倾向于使用在线市场而非实体店。因此，Amazon 新兴的广告业务可能对 Alphabet 的增长构成另一个潜在障碍。</p>
</div><p>Lastly, Alphabet has been under some intense scrutiny in recent years from the Justice Department. In particular, some judges perceive Google as an illegal monopoly in the advertising technology space. Without getting into the weeds of the various rulings, my high-level concern is that Alphabet could be distracted with appeals and lawsuits for the foreseeable future as it pertains to its ads business, which already appears to be under pressure from alternative platforms.</p>
<div class="lb-trans"><p>最后，Alphabet 近年来受到美国司法部的严格审查。特别是，一些法官认为 Google 在广告技术领域是一个非法垄断。虽然不想深入讨论各种裁决，但我担心 Alphabet 可能会因上诉和诉讼而分心，尤其是在其广告业务已经面临来自替代平台的压力的情况下。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MTU0NTYvZ29vZy0xLmpwZyZ3PTcwMA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F815456%2Fgoog-1.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>Listen closely to management's words about artificial intelligence</h2>
<div class="lb-trans"><h2>密切关注管理层关于人工智能的言论</h2>
</div><p>For the last few years, AI has served as a growth driver for Alphabet. The company has integrated a number of AI-powered services across its ecosystem, in particular cloud infrastructure and cybersecurity. In my eyes, the long-term growth that AI presents was a driving factor supporting Alphabet's decision to acquire cybersecurity start-up Wiz earlier this year.</p>
<div class="lb-trans"><p>在过去几年中，人工智能一直是 Alphabet 的增长驱动力。该公司在其生态系统中整合了多项基于 AI 的服务，特别是在云基础设施和网络安全方面。在我看来，人工智能所带来的长期增长是 Alphabet 决定在今年早些时候收购网络安全初创公司 Wiz 的一个推动因素。</p>
</div><p>Right now, however, there is one possible hiccup that could deter Alphabet's AI growth for the time being. Of course, I'm talking about President Donald Trump's new tariffs.</p>
<div class="lb-trans"><p>然而，目前有一个可能的障碍可能会暂时阻碍 Alphabet 的人工智能增长。当然，我说的是唐纳德·特朗普总统的新关税。</p>
</div><p>While software is not a product that is imported or exported, it's not completely immune to tariffs either. These tariff policies are likely going to require businesses to operate under tighter cost controls for the time being. As a result, some businesses may choose to slow down spend in high-dollar areas such as expensive AI tools or cybersecurity protocols.</p>
<div class="lb-trans"><p>虽然软件不是一种进口或出口的产品，但它也并非完全免受关税的影响。这些关税政策可能会要求企业在短期内实施更严格的成本控制。因此，一些企业可能会选择在高支出领域（如昂贵的人工智能工具或网络安全协议）放慢支出。</p>
</div><p>While I tend to think software platforms will exhibit some degree of resiliency during this murky economic period, investors should listen to management's words carefully during the earnings call as it pertains to what Alphabet is seeing from its AI customers from a demand perspective.</p>
<div class="lb-trans"><p>虽然我倾向于认为软件平台在这个不确定的经济时期会表现出一定程度的韧性，但投资者在财报电话会议期间应仔细聆听管理层关于 Alphabet 在需求方面对其 AI 客户的看法。</p>
</div><h2>Should you buy Google stock before April 24?</h2>
<div class="lb-trans"><h2>你应该在 4 月 24 日之前购买 Google 股票吗？</h2>
</div><p>Shares of Alphabet appear to be trading at a significant discount compared to historical valuations based on the forward price-to-earnings (P/E) ratio. On the surface, the attractive valuation could tempt investors to buy the dip in Alphabet without hesitation.</p>
<div class="lb-trans"><p>根据前瞻市盈率（P/E）比率，Alphabet 的股票似乎以显著折扣交易，与历史估值相比，表面上看，这种吸引人的估值可能会诱使投资者毫不犹豫地购买 Alphabet 的股票。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/8aa2ba32d49c648bdecf396d267ac40d.png" alt="" original-src="https://media.ycharts.com/charts/8aa2ba32d49c648bdecf396d267ac40d.png"/></p>
<p>GOOGL PE Ratio (Forward) data by YCharts</p>
<div class="lb-trans"><p>GOOGL 市盈率（前瞻）数据来源于 YCharts</p>
</div><p>With that said, I think there are quite a few unknowns surrounding Alphabet's prospects right now. Between the advertising ruling, rising competition, and a cloudy picture around major sources of growth such as AI and cybersecurity, I think investors are best off waiting on the sidelines and digesting the earnings call later this week before buying shares.</p>
<div class="lb-trans"><p>话虽如此，我认为目前围绕 Alphabet 前景有很多未知因素。在广告裁决、竞争加剧以及人工智能和网络安全等主要增长来源的前景不明的情况下，我认为投资者最好在场外观望，并在本周晚些时候消化财报电话会议的内容后再考虑购买股票。</p>
</div>

Should You Buy Alphabet Stock Before April 24?

- 多家公司将在未来几周报告 2025 年第一季度的财报。  
- Alphabet 作为广告巨头，面临竞争加剧和法律审查的压力。  
- 投资者应在 4 月 24 日财报发布后再考虑是否购买其股票。

你是否应该在 4 月 24 日之前购买 Alphabet 的股票？