<p>随着许多股票现在已恢复了因四月 “解放日” 崩盘而造成的大部分损失，市场上并没有很多便宜的股票可供选择。然而，查看市场上最大的公司或使用股票筛选器会发现一只看起来被低估的股票：<strong>Alphabet</strong>(GOOG -1.63%)(GOOGL -1.63%)。</p>
<p>这家搜索巨头目前的市盈率（P/E）仅为 18.5，接近 <strong>标准普尔 500 指数</strong> 的 25.9 的 30% 折扣。尽管如此，Alphabet 的增长依然稳健。在其第一季度的财报中，收入增长了 12%，达到 902 亿美元，营业收入跃升 20%，达到 306 亿美元。</p>
<p>然而，投资不仅仅是最近一个季度的表现。Alphabet 估值下跌似乎有两个主要原因。下面，我将分别分析这两个原因，然后评估 Alphabet 股票是否值得购买。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MTg4NjkvbWFuLXRvdWNoaW5nLW1hZ25pZnlpbmctZ2xhc3MtYnV0dG9uLW9uLWZsb2F0aW5nLXNlYXJjaC1iYXItaW50ZXJuZXQtZ29vZ2xlLXNlYXJjaC1lbmdpbmUuanBnJnc9NzAw?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-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MTg4NjkvbWFuLXRvdWNoaW5nLW1hZ25pZnlpbmctZ2xhc3MtYnV0dG9uLW9uLWZsb2F0aW5nLXNlYXJjaC1iYXItaW50ZXJuZXQtZ29vZ2xlLXNlYXJjaC1lbmdpbmUuanBnJnc9NzAw"/></p>
<p>图片来源：Getty Images。</p>
<h2>监管风险</h2>
<p>Alphabet 长期以来被投资者视为在搜索领域几乎拥有垄断地位，这使其成为全球最有价值的公司之一。然而，这种垄断优势现在似乎引起了监管机构的注意。去年八月，美国地区法院裁定谷歌是垄断者，并通过向 <strong>苹果</strong> 支付数十亿美元以成为其设备上的默认搜索引擎等手段表现出垄断行为。</p>
<p>Alphabet 目前正在等待第二次审判以确定补救措施，这可能包括对公司的潜在拆分。它已宣布计划对该裁决提出上诉。</p>
<p>最近，Alphabet 还被发现拥有广告技术领域的垄断，包括广告交易市场和出版商广告服务器。综合这两项裁决，对 Alphabet 构成了严重威胁，因为这可能导致巨额罚款或迫使其剥离关键业务部分。其他限制也可能显著降低其利润率。</p>
<h2>竞争风险</h2>
<p>具有讽刺意味的是，似乎拖累 Alphabet 股票的另一个风险是来自基于人工智能（AI）的搜索替代品的竞争威胁，如 ChatGPT、Perplexity、Claude 等。几个月前，Alphabet 推出了其 Gemini 大型语言模型（LLM），其搜索中的 AI 概述也为应对来自初创聊天机器人的竞争提供了回应。</p>
<p>尽管谷歌迄今为止保持了稳定的增长，但投资者似乎仍然对竞争感到恐惧。这在苹果公司透露考虑将 AI 搜索引擎（如 Perplexity）添加到其 Safari 浏览器时，股票大幅下跌时得到了证明。</p>
<p>自从 ChatGPT 推出以来，这种风险就像乌云一样笼罩在股票上。Alphabet 股票在 AI 时代初期大幅下跌，因为其被视为在推出 Bard（其 LLM）时表现不佳。</p>
<p>在某种程度上，竞争威胁应该会抵消一些监管风险。然而，目前尚不清楚法院是否会这样看待，因为司法部似乎仍然有意拆分该公司。</p>
<h2>Alphabet 值得购买吗？</h2>
<p>在当前估值下，Alphabet 股票的风险/回报理论似乎是有利的。罚款必须超过 1000 亿美元才能对公司造成重大损害，因为它每年赚取的利润就那么多。</p>
<p>拆分似乎是投资者最大的担忧。然而，即便如此，这也可能为股东释放一些价值，因为 Alphabet 的 “各部分总和” 可以说比其当前估值更有价值，考虑到 YouTube 和 Google Cloud 等业务的强劲表现，以及 Waymo 的潜力。</p>
<p>尽管 Alphabet 可能会受到未来监管方面或新竞争的消息影响，但在当前估值下，这只股票看起来太便宜而无法忽视。它似乎是一个良好的超越表现的投资选择。</p>

谷歌-A

谷歌-C

<p>Alphabet（谷歌，GOOG，GOOGL）目前的市盈率为 18.5，约比标准普尔 500 指数的 25.9 低 30%，尽管第一季度收入增长 12%，达到 902 亿美元。然而，来自垄断裁决的监管风险以及来自基于人工智能的搜索替代品的竞争威胁正在对其股票施加压力。尽管面临这些挑战，但风险/回报的前景似乎是有利的，因为巨额罚款或拆分可能会释放股东价值。总体而言，Alphabet 的股票似乎被低估，并可能在当前市场中表现优于其他股票</p>

<p>With many stocks having now recovered most of the losses sparked by April's &#34;Liberation Day&#34; crash, there aren't a lot of bargain stocks to be found. However, a look at the biggest companies on the market or running a stock screener will turn up one stock that looks undervalued: <strong>Alphabet</strong>(GOOG -1.63%)(GOOGL -1.63%).</p>
<div class="lb-trans"><p>随着许多股票现在已恢复了因四月 “解放日” 崩盘而造成的大部分损失，市场上并没有很多便宜的股票可供选择。然而，查看市场上最大的公司或使用股票筛选器会发现一只看起来被低估的股票：<strong>Alphabet</strong>(GOOG -1.63%)(GOOGL -1.63%)。</p>
</div><p>The search giant currently trades at a price-to-earnings ratio (P/E) of just 18.5, which is close to a 30% discount from the <strong>S&amp;P 500</strong>'s P/E of 25.9. That discount comes as Alphabet's growth remains solid. In its first-quarter earnings report, revenue rose 12% to $90.2 billion, with operating income jumping 20% to $30.6 billion.</p>
<div class="lb-trans"><p>这家搜索巨头目前的市盈率（P/E）仅为 18.5，接近 <strong>标准普尔 500 指数</strong> 的 25.9 的 30% 折扣。尽管如此，Alphabet 的增长依然稳健。在其第一季度的财报中，收入增长了 12%，达到 902 亿美元，营业收入跃升 20%，达到 306 亿美元。</p>
</div><p>However, there's more to investing than the most recent quarter's performance. There seems to be two major reasons Alphabet's valuation has fallen. Below, I'll take a look at both of those before evaluating whether Alphabet stock is a buy.</p>
<div class="lb-trans"><p>然而，投资不仅仅是最近一个季度的表现。Alphabet 估值下跌似乎有两个主要原因。下面，我将分别分析这两个原因，然后评估 Alphabet 股票是否值得购买。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MTg4NjkvbWFuLXRvdWNoaW5nLW1hZ25pZnlpbmctZ2xhc3MtYnV0dG9uLW9uLWZsb2F0aW5nLXNlYXJjaC1iYXItaW50ZXJuZXQtZ29vZ2xlLXNlYXJjaC1lbmdpbmUuanBnJnc9NzAw" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F818869%2Fman-touching-magnifying-glass-button-on-floating-search-bar-internet-google-search-engine.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>The regulatory risk</h2>
<div class="lb-trans"><h2>监管风险</h2>
</div><p>Alphabet has long been regarded by investors as essentially having a monopoly in search, which has made it one of the most valuable companies in the world. However, that monopolistic advantage now seems to have caught the eye of regulators. Last August, a U.S. District Court ruled that Google is a monopolist and has acted like one through tactics like paying billions to <strong>Apple</strong> to be the default search engine on its devices.</p>
<div class="lb-trans"><p>Alphabet 长期以来被投资者视为在搜索领域几乎拥有垄断地位，这使其成为全球最有价值的公司之一。然而，这种垄断优势现在似乎引起了监管机构的注意。去年八月，美国地区法院裁定谷歌是垄断者，并通过向 <strong>苹果</strong> 支付数十亿美元以成为其设备上的默认搜索引擎等手段表现出垄断行为。</p>
</div><p>Alphabet is now awaiting a second trial to determine remedies, which could include a potential breakup of the company. It announced plans to file an appeal against the decision.</p>
<div class="lb-trans"><p>Alphabet 目前正在等待第二次审判以确定补救措施，这可能包括对公司的潜在拆分。它已宣布计划对该裁决提出上诉。</p>
</div><p>More recently, Alphabet was found to have a monopoly in ad tech, as well, including the market for ad exchanges and for publisher ad servers. Combined, those two rulings pose a serious threat to Alphabet, as they could result in a massive fine or force the divestment of key parts of its business. Other restrictions could significantly lower its profit margin, as well.</p>
<div class="lb-trans"><p>最近，Alphabet 还被发现拥有广告技术领域的垄断，包括广告交易市场和出版商广告服务器。综合这两项裁决，对 Alphabet 构成了严重威胁，因为这可能导致巨额罚款或迫使其剥离关键业务部分。其他限制也可能显著降低其利润率。</p>
</div><h2>The competitive risk</h2>
<div class="lb-trans"><h2>竞争风险</h2>
</div><p>Ironically, the other risk that appears to be dragging down Alphabet's stock is the competitive threat from artificial intelligence (AI)-based search alternatives like ChatGPT, Perplexity, Claude, and others. Alphabet launched its Gemini large language model (LLM) several months ago, and its AI overviews in search also offer a response to competition from start-up chatbots.</p>
<div class="lb-trans"><p>具有讽刺意味的是，似乎拖累 Alphabet 股票的另一个风险是来自基于人工智能（AI）的搜索替代品的竞争威胁，如 ChatGPT、Perplexity、Claude 等。几个月前，Alphabet 推出了其 Gemini 大型语言模型（LLM），其搜索中的 AI 概述也为应对来自初创聊天机器人的竞争提供了回应。</p>
</div><p>While Google has held its own thus far as its steady growth shows, investors still seem to be fearful of competition. This was evidenced when the stock plunged after Apple revealed that it was considering adding AI search engines, like Perplexity, to its Safari browser.</p>
<div class="lb-trans"><p>尽管谷歌迄今为止保持了稳定的增长，但投资者似乎仍然对竞争感到恐惧。这在苹果公司透露考虑将 AI 搜索引擎（如 Perplexity）添加到其 Safari 浏览器时，股票大幅下跌时得到了证明。</p>
</div><p>That risk has hung over the stock like a cloud ever since the launch of ChatGPT. Alphabet stock tumbled early in the AI era after it was seen as bungling the launch of Bard, its LLM.</p>
<div class="lb-trans"><p>自从 ChatGPT 推出以来，这种风险就像乌云一样笼罩在股票上。Alphabet 股票在 AI 时代初期大幅下跌，因为其被视为在推出 Bard（其 LLM）时表现不佳。</p>
</div><p>To some extent, the competitive threat should negate some of the regulatory risk. However, it's unclear if the courts will see it that way as the Department of Justice still seems motivated to break up the company.</p>
<div class="lb-trans"><p>在某种程度上，竞争威胁应该会抵消一些监管风险。然而，目前尚不清楚法院是否会这样看待，因为司法部似乎仍然有意拆分该公司。</p>
</div><h2>Is Alphabet a buy?</h2>
<div class="lb-trans"><h2>Alphabet 值得购买吗？</h2>
</div><p>At the current valuation, the risk/reward thesis for Alphabet stock seems favorable. A fine would have to be over $100 billion to do significant damage to the company, as it makes that much in profit annually.</p>
<div class="lb-trans"><p>在当前估值下，Alphabet 股票的风险/回报理论似乎是有利的。罚款必须超过 1000 亿美元才能对公司造成重大损害，因为它每年赚取的利润就那么多。</p>
</div><p>A breakup seems to be investors' biggest fear. However, even that could unlock some value for shareholders, as the &#34;sum of the parts&#34; of Alphabet is arguably worth more than its current valuation, given the strength of businesses like YouTube and Google Cloud, and the potential of Waymo.</p>
<div class="lb-trans"><p>拆分似乎是投资者最大的担忧。然而，即便如此，这也可能为股东释放一些价值，因为 Alphabet 的 “各部分总和” 可以说比其当前估值更有价值，考虑到 YouTube 和 Google Cloud 等业务的强劲表现，以及 Waymo 的潜力。</p>
</div><p>While Alphabet could be vulnerable to future news on the regulatory front or from new competition, the stock looks too cheap to ignore at the current valuation. It looks like a good bet to outperform.</p>
<div class="lb-trans"><p>尽管 Alphabet 可能会受到未来监管方面或新竞争的消息影响，但在当前估值下，这只股票看起来太便宜而无法忽视。它似乎是一个良好的超越表现的投资选择。</p>
</div>

Is Alphabet Stock a Buy?

- Alphabet 股票当前市盈率为 18.5，低于 S&P 500 的 25.9。  
- 监管风险和竞争威胁导致其估值下降，可能面临巨额罚款。  
- 尽管存在风险，Alphabet 股票在当前估值下仍具吸引力。

Alphabet 的股票值得购买吗？