<p>当潮水上涨时，所有船只都随之上升，而潮水退去时，船只则会下沉。股市也有类似的效应。当主要市场指数下跌时，大多数股票也会随之下跌。然而，一个积极的副作用是，这些股票的估值变得更加具有吸引力。</p>
<p>我们在 2025 年见证了所谓的 “七大奇迹” 股票的这种情况。这个曾经高飞的群体中的每一位成员在整体市场抛售期间都遭受了打击，估值因此下降。谷歌母公司 <strong>Alphabet</strong>（GOOG 3.35%）（GOOGL 3.65%）现在是七大奇迹中最便宜的股票。但你可能会惊讶于哪只股票排名第二便宜。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MTc5MjMvcGVyc29uLXBsZWFzYW50bHktc3VycHJpc2VkLXdpdGgtbGFwdG9wLmpwZyZ3PTcwMA?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-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MTc5MjMvcGVyc29uLXBsZWFzYW50bHktc3VycHJpc2VkLXdpdGgtbGFwdG9wLmpwZyZ3PTcwMA"/></p>
<p>图片来源：Getty Images。</p>
<h2>七大奇迹的估值</h2>
<p>投资者使用多种估值指标。最常用的三种是过去 12 个月的市盈率（P/E）、未来市盈率和市盈增长比率（PEG）。</p>
<p>下表显示了七大奇迹股票在这些指标上的比较：</p>
<table>
<thead>
<tr>
<th>股票</th>
<th>过去市盈率</th>
<th>未来市盈率</th>
<th>PEG 比率</th>
</tr>
</thead>
<tbody>
<tr>
<td><strong>Alphabet</strong></td>
<td>17.05</td>
<td>16.26</td>
<td>1.16</td>
</tr>
<tr>
<td><strong>Amazon</strong></td>
<td>30.73</td>
<td>29.07</td>
<td>1.81</td>
</tr>
<tr>
<td><strong>Apple</strong></td>
<td>30.57</td>
<td>26.95</td>
<td>1.97</td>
</tr>
<tr>
<td><strong>Meta Platforms</strong></td>
<td>23.33</td>
<td>23.81</td>
<td>1.98</td>
</tr>
<tr>
<td><strong>Microsoft</strong></td>
<td>33.9</td>
<td>29.24</td>
<td>2.06</td>
</tr>
<tr>
<td><strong>Nvidia</strong>（NVDA 5.41%）</td>
<td>39.68</td>
<td>26.81</td>
<td>1.66</td>
</tr>
<tr>
<td><strong>Tesla</strong></td>
<td>157.84</td>
<td>126.58</td>
<td>4.29</td>
</tr>
</tbody>
</table>
<p>数据来源：Yahoo! Finance。估值截至 2025 年 5 月 12 日。</p>
<p>如你所见，Alphabet 在所有三个估值指标中都是七大奇迹中最便宜的股票。这家科技巨头的股价因反垄断诉讼裁决和对人工智能（AI）可能扰乱其谷歌搜索业务的担忧而受到特别打击。</p>
<p>Meta Platforms 是该组中基于过去市盈率和未来市盈率的第二便宜股票。这一点尤其值得注意，因为在今年股市动荡期间，该股票的表现优于大多数其他七大奇迹股票。</p>
<p>有趣的是，Nvidia 在 PEG 比率上仅次于 Alphabet，排名第二。顺便提一下，这一指标是基于分析师对未来五年盈利增长的预测。由于投资者担心特朗普政府的关税和对中国 AI 芯片出口的贸易限制会产生负面影响，Nvidia 的股票大幅下跌。</p>
<h2>Alphabet 和 Nvidia 的增长预期是否现实？</h2>
<p>我喜欢使用 PEG 比率来评估成长型股票。然而，这一指标有一个主要缺陷：估计未来的盈利增长是棘手的。如果华尔街对 Alphabet 和 Nvidia 的增长预期大相径庭，PEG 比率可能几乎毫无用处。</p>
<p>对于 Alphabet，分析师的增长预测的可靠性在很大程度上取决于联邦反垄断诉讼的结果。不幸的是，没有人知道这些案件的最终解决方案。最坏的情况是公司被迫剥离部分业务。最好的情况是 Alphabet 在上诉中胜诉。</p>
<p>对 Alphabet 的另一个主要威胁是，人工智能可能导致谷歌搜索广告收入大幅下滑。这种情况是有可能发生的。另一方面，谷歌似乎已经在将生成性 AI 融入谷歌搜索方面做得很好。该公司可能比竞争对手更好地应对向 AI 搜索的过渡。</p>
<p>那么 Nvidia 呢？对这家 GPU 制造商的增长预期有两个关键假设。首先，AI 芯片的需求必须继续强劲增长。其次，Nvidia 必须在日益激烈的竞争中保持领先。</p>
<p>我认为第一个假设相对安全。我们仍然处于人工智能采用的早期阶段。至于第二个假设，Nvidia 有几家资金雄厚的竞争对手（包括一些客户，如谷歌）。然而，我预计该公司将继续处于 AI 芯片创新的前沿。</p>
<h2>现在投资这些便宜的七大奇迹股票是否明智？</h2>
<p>投资任何股票都伴随着一定程度的风险。Alphabet 和 Nvidia 也不例外。投资者在购买股票之前必须问的关键问题是：回报的机会是否值得冒险？我认为对于 Alphabet 和 Nvidia 的答案都是 “是”。</p>
<p>我猜测对反垄断诉讼和 AI 搜索损害谷歌的担忧被夸大了。我预测人工智能将继续为公司带来巨大的顺风。 我还认为，Alphabet 的自动驾驶汽车部门 Waymo 将在未来十年成为主要的增长驱动力。</p>
<p>我对 Nvidia 的长期前景也持乐观态度。人工智能的潜在突破，甚至可能是人工通用智能（AGI），可能会加速对 GPU 的需求。Nvidia 正在大力投资研发，并应保持其市场领导地位。</p>
<p>Alphabet 和 Nvidia 是七大奇迹中最便宜的股票，原因充分。然而，我认为它们都是激进投资者的明智选择。</p>

谷歌-A

谷歌-C

META

<p>谷歌母公司 Alphabet 现在是 “七大巨头” 中最便宜的股票，市盈率为 17.05，紧随其后的是 Meta Platforms，位居第二。由于反垄断担忧和潜在的人工智能干扰，Alphabet 的估值有所下降。尽管存在风险，分析师对 Alphabet 的增长仍持乐观态度，特别是在其人工智能整合和自动驾驶汽车部门 Waymo 方面。Nvidia 也展现出潜力，PEG 比率较低，受益于人工智能芯片的需求。尽管存在固有风险，这两只股票被认为是激进投资者的明智选择</p>

<p>While a rising tide lifts all boats, an ebbing tide causes boats to move lower. A similar effect is seen with the stock market. When the major market indexes decline, so do most stocks. However, one positive side effect is that these stocks become more attractively valued.</p>
<div class="lb-trans"><p>当潮水上涨时，所有船只都随之上升，而潮水退去时，船只则会下沉。股市也有类似的效应。当主要市场指数下跌时，大多数股票也会随之下跌。然而，一个积极的副作用是，这些股票的估值变得更加具有吸引力。</p>
</div><p>We've seen this happen in 2025 with the so-called &#34;Magnificent Seven&#34; stocks. Every member of this once-high-flying group has taken a hit during the overall market sell-off, with their valuations falling as a result. Google parent <strong>Alphabet</strong>(GOOG 3.35%)(GOOGL 3.65%) is now the cheapest Magnificent Seven stock. But you might be surprised which stock ranks as the second-cheapest.</p>
<div class="lb-trans"><p>我们在 2025 年见证了所谓的 “七大奇迹” 股票的这种情况。这个曾经高飞的群体中的每一位成员在整体市场抛售期间都遭受了打击，估值因此下降。谷歌母公司 <strong>Alphabet</strong>（GOOG 3.35%）（GOOGL 3.65%）现在是七大奇迹中最便宜的股票。但你可能会惊讶于哪只股票排名第二便宜。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MTc5MjMvcGVyc29uLXBsZWFzYW50bHktc3VycHJpc2VkLXdpdGgtbGFwdG9wLmpwZyZ3PTcwMA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F817923%2Fperson-pleasantly-surprised-with-laptop.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>Magnificent Seven valuations</h2>
<div class="lb-trans"><h2>七大奇迹的估值</h2>
</div><p>Investors use many valuation metrics. Three of the most widely used are the trailing-12-month price-to-earnings (P/E) ratio, the forward P/E ratio, and the price-to-earnings-to-growth (PEG) ratio.</p>
<div class="lb-trans"><p>投资者使用多种估值指标。最常用的三种是过去 12 个月的市盈率（P/E）、未来市盈率和市盈增长比率（PEG）。</p>
</div><p>The table shows how the Magnificent Seven stocks compare on each of these metrics:</p>
<div class="lb-trans"><p>下表显示了七大奇迹股票在这些指标上的比较：</p>
</div><table>
<thead>
<tr>
<th>Stock</th>
<th>Trailing P/E</th>
<th>Forward P/E</th>
<th>PEG Ratio</th>
</tr>
</thead>
<tbody>
<tr>
<td><strong>Alphabet</strong></td>
<td>17.05</td>
<td>16.26</td>
<td>1.16</td>
</tr>
<tr>
<td><strong>Amazon</strong></td>
<td>30.73</td>
<td>29.07</td>
<td>1.81</td>
</tr>
<tr>
<td><strong>Apple</strong></td>
<td>30.57</td>
<td>26.95</td>
<td>1.97</td>
</tr>
<tr>
<td><strong>Meta Platforms</strong></td>
<td>23.33</td>
<td>23.81</td>
<td>1.98</td>
</tr>
<tr>
<td><strong>Microsoft</strong></td>
<td>33.9</td>
<td>29.24</td>
<td>2.06</td>
</tr>
<tr>
<td><strong>Nvidia</strong>(NVDA 5.41%)</td>
<td>39.68</td>
<td>26.81</td>
<td>1.66</td>
</tr>
<tr>
<td><strong>Tesla</strong></td>
<td>157.84</td>
<td>126.58</td>
<td>4.29</td>
</tr>
</tbody>
</table>
<div class="lb-trans"><table>
<thead>
<tr>
<th>股票</th>
<th>过去市盈率</th>
<th>未来市盈率</th>
<th>PEG 比率</th>
</tr>
</thead>
<tbody>
<tr>
<td><strong>Alphabet</strong></td>
<td>17.05</td>
<td>16.26</td>
<td>1.16</td>
</tr>
<tr>
<td><strong>Amazon</strong></td>
<td>30.73</td>
<td>29.07</td>
<td>1.81</td>
</tr>
<tr>
<td><strong>Apple</strong></td>
<td>30.57</td>
<td>26.95</td>
<td>1.97</td>
</tr>
<tr>
<td><strong>Meta Platforms</strong></td>
<td>23.33</td>
<td>23.81</td>
<td>1.98</td>
</tr>
<tr>
<td><strong>Microsoft</strong></td>
<td>33.9</td>
<td>29.24</td>
<td>2.06</td>
</tr>
<tr>
<td><strong>Nvidia</strong>（NVDA 5.41%）</td>
<td>39.68</td>
<td>26.81</td>
<td>1.66</td>
</tr>
<tr>
<td><strong>Tesla</strong></td>
<td>157.84</td>
<td>126.58</td>
<td>4.29</td>
</tr>
</tbody>
</table>
</div><p>Data source: Yahoo! Finance. Valuations as of May 12, 2025.</p>
<div class="lb-trans"><p>数据来源：Yahoo! Finance。估值截至 2025 年 5 月 12 日。</p>
</div><p>As you can see, Alphabet ranks as the least expensive Magnificent Seven stock on all three valuation metrics. The tech giant's share price has been especially beaten down because of antitrust lawsuit rulings against it and worries that artificial intelligence (AI) could disrupt its Google Search business.</p>
<div class="lb-trans"><p>如你所见，Alphabet 在所有三个估值指标中都是七大奇迹中最便宜的股票。这家科技巨头的股价因反垄断诉讼裁决和对人工智能（AI）可能扰乱其谷歌搜索业务的担忧而受到特别打击。</p>
</div><p>Meta Platforms is the second-cheapest of the group based on trailing P/E and forward P/E. This is particularly notable because the stock has held up better than most of the other Magnificent Seven stocks during the stock market tumult this year.</p>
<div class="lb-trans"><p>Meta Platforms 是该组中基于过去市盈率和未来市盈率的第二便宜股票。这一点尤其值得注意，因为在今年股市动荡期间，该股票的表现优于大多数其他七大奇迹股票。</p>
</div><p>Interestingly, though, Nvidia claims the second-lowest PEG ratio after Alphabet. This metric, by the way, is based on analysts' five-year earnings growth projections. Nvidia's shares have sold off significantly on investors' concerns about the negative impact of the Trump administration's tariffs and trade restrictions on exports of AI chips to China.</p>
<div class="lb-trans"><p>有趣的是，Nvidia 在 PEG 比率上仅次于 Alphabet，排名第二。顺便提一下，这一指标是基于分析师对未来五年盈利增长的预测。由于投资者担心特朗普政府的关税和对中国 AI 芯片出口的贸易限制会产生负面影响，Nvidia 的股票大幅下跌。</p>
</div><h2>Are growth estimates for Alphabet and Nvidia realistic?</h2>
<div class="lb-trans"><h2>Alphabet 和 Nvidia 的增长预期是否现实？</h2>
</div><p>I like using the PEG ratio for growth stocks. However, there's one major drawback to the metric: Estimating future earnings growth is tricky. If Wall Street's growth estimates for Alphabet and Nvidia are way off, the PEG ratios could be all but useless.</p>
<div class="lb-trans"><p>我喜欢使用 PEG 比率来评估成长型股票。然而，这一指标有一个主要缺陷：估计未来的盈利增长是棘手的。如果华尔街对 Alphabet 和 Nvidia 的增长预期大相径庭，PEG 比率可能几乎毫无用处。</p>
</div><p>With Alphabet, the reliability of analysts' growth projections depends largely on what happens with the federal antitrust lawsuits. Unfortunately, no one knows what the final resolution of those cases will be. The worst-case scenario is that the company is forced to divest some of its businesses. The best-case scenario is that Alphabet wins on appeal.</p>
<div class="lb-trans"><p>对于 Alphabet，分析师的增长预测的可靠性在很大程度上取决于联邦反垄断诉讼的结果。不幸的是，没有人知道这些案件的最终解决方案。最坏的情况是公司被迫剥离部分业务。最好的情况是 Alphabet 在上诉中胜诉。</p>
</div><p>The other main threat to Alphabet is that AI could cause a significant slump in Google Search advertising revenue. That could happen. On the other hand, Google seems to be doing a good job of incorporating generative AI into Google Search already. The company could navigate the transition to AI search better than rivals.</p>
<div class="lb-trans"><p>对 Alphabet 的另一个主要威胁是，人工智能可能导致谷歌搜索广告收入大幅下滑。这种情况是有可能发生的。另一方面，谷歌似乎已经在将生成性 AI 融入谷歌搜索方面做得很好。该公司可能比竞争对手更好地应对向 AI 搜索的过渡。</p>
</div><p>What about Nvidia? Two assumptions are critical to growth estimates for the GPU maker. First, demand for AI chips must continue to grow robustly. Second, Nvidia must stay ahead of increasing competition.</p>
<div class="lb-trans"><p>那么 Nvidia 呢？对这家 GPU 制造商的增长预期有两个关键假设。首先，AI 芯片的需求必须继续强劲增长。其次，Nvidia 必须在日益激烈的竞争中保持领先。</p>
</div><p>I think the first assumption is a relatively safe one. We're still only in the early innings of AI adoption. As for the second assumption, Nvidia has several deep-pocketed rivals (including some of its customers, such as Google). However, I expect that the company will remain at the forefront of AI chip innovation.</p>
<div class="lb-trans"><p>我认为第一个假设相对安全。我们仍然处于人工智能采用的早期阶段。至于第二个假设，Nvidia 有几家资金雄厚的竞争对手（包括一些客户，如谷歌）。然而，我预计该公司将继续处于 AI 芯片创新的前沿。</p>
</div><h2>Are these cheap Magnificent Seven stocks smart picks now?</h2>
<div class="lb-trans"><h2>现在投资这些便宜的七大奇迹股票是否明智？</h2>
</div><p>Investing in any stock comes with some level of risk. Alphabet and Nvidia are no exceptions. The key question investors must ask before buying the stocks is: Are the opportunities for reward worth the risk? I think the answer is &#34;yes&#34; for both Alphabet and Nvidia.</p>
<div class="lb-trans"><p>投资任何股票都伴随着一定程度的风险。Alphabet 和 Nvidia 也不例外。投资者在购买股票之前必须问的关键问题是：回报的机会是否值得冒险？我认为对于 Alphabet 和 Nvidia 的答案都是 “是”。</p>
</div><p>My hunch is that fears about antitrust litigation and AI search hurting Google are overblown. I predict that AI will remain a huge tailwind for the company. I also think that Alphabet's self-driving car unit Waymo will become a major growth driver over the next decade.</p>
<div class="lb-trans"><p>我猜测对反垄断诉讼和 AI 搜索损害谷歌的担忧被夸大了。我预测人工智能将继续为公司带来巨大的顺风。 我还认为，Alphabet 的自动驾驶汽车部门 Waymo 将在未来十年成为主要的增长驱动力。</p>
</div><p>And I'm also optimistic about Nvidia's long-term prospects. Potential breakthroughs in AI, perhaps even artificial general intelligence (AGI), could accelerate the demand for GPUs. Nvidia is investing heavily in research and development and should retain its market leadership.</p>
<div class="lb-trans"><p>我对 Nvidia 的长期前景也持乐观态度。人工智能的潜在突破，甚至可能是人工通用智能（AGI），可能会加速对 GPU 的需求。Nvidia 正在大力投资研发，并应保持其市场领导地位。</p>
</div><p>Alphabet and Nvidia are the cheapest Magnificent Seven stocks for solid reasons. However, I think they're both smart picks for aggressive investors.</p>
<div class="lb-trans"><p>Alphabet 和 Nvidia 是七大奇迹中最便宜的股票，原因充分。然而，我认为它们都是激进投资者的明智选择。</p>
</div>

Google Parent Alphabet Is Now the Cheapest "Magnificent Seven" Stock. You Might Be Surprised Which Stock Ranks Second.

- 2025 年，"七大奇迹"股票因市场下跌而估值降低。  
- 谷歌母公司 Alphabet 是最便宜的股票，Meta 是第二便宜。  
- 投资者需评估风险与回报，Alphabet 和 Nvidia 被认为是值得投资的选择。

谷歌母公司 Alphabet 目前是 “七大杰出” 股票中价格最低的。你可能会惊讶于哪只股票排名第二