<p>有时候，股票的估值会跌到让你无法拒绝的地步。大多数情况下，这种情况发生是因为市场上存在压倒性的负面情绪，这往往会使市场的波动过于偏向一方。沃伦·巴菲特曾说过：“当别人贪婪时要恐惧，只有在别人恐惧时才要贪婪。”</p>
<p>目前，围绕 <strong>Alphabet</strong>(GOOG -1.34%)(GOOGL -1.37%) 股票存在很多恐惧，这导致其股价大幅下跌。但现在是否是投资者应该大量购买股票的时机？</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MTg5ODMvcGVyc29uLXNpdHRpbmctb24tY291Y2gtd2l0aC1kb2ctYW5kLWxhcHRvcC5qcGcmdz03MDA?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-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MTg5ODMvcGVyc29uLXNpdHRpbmctb24tY291Y2gtd2l0aC1kb2ctYW5kLWxhcHRvcC5qcGcmdz03MDA"/></p>
<p>图片来源：Getty Images。</p>
<h2>Alphabet 面临一些严峻挑战</h2>
<p>Alphabet 旗下有多个品牌，但最著名的是谷歌。谷歌的商业模式正受到各方攻击，这导致其股票大幅抛售。Alphabet 56% 的收入来自谷歌搜索，这使其成为其商业模式的重要组成部分。尽管公司没有单独列出这一部分，但投资者可以很容易地推测出，Alphabet 的大部分利润也来自于这一业务。</p>
<p>投资者对谷歌搜索的首要担忧之一是它在人工智能时代的表现。最引人注目的例子之一是 <strong>Apple</strong>（NASDAQ: AAPL）服务主管 Eddy Cue 表示，他相信人工智能终将取代搜索。这将是一个巨大的问题，但 Alphabet 已经走在了前面。</p>
<p>谷歌已经实施了人工智能搜索概述，这弥合了旧搜索技术与新生成性人工智能模型之间的差距。Alphabet 已经表示，这一功能非常受欢迎，可能足以拯救其业务。但它并没有止步于此。谷歌还为其搜索引擎开发了人工智能模式，因此它已经为人工智能的新纪元做好了准备。</p>
<p>另一个担忧是经济衰退会对 Alphabet 造成伤害。虽然从历史上看这是正确的，但广告是一项周期性业务，收入最终会恢复。因此，我并不担心短期的经济逆风，因为这一直是 Alphabet 股票的风险。</p>
<p>最后，投资者担心潜在的政府拆分。Alphabet 被发现运营着两个非法垄断（一个在搜索领域，一个在广告领域）。它仍在法院中争斗，关于补救措施将是什么（或者如果上诉进入更高法院是否仍会被判有罪）。这是一个难以评估的挑战，因为可能出现多种结果。通常，分拆往往会为母公司和新成立的实体释放价值，因此如果 Alphabet 被迫出售其部分业务，我会坚持这一事实。</p>
<p>这三大担忧导致 Alphabet 的股票暴跌，但我认为这三大挑战都是可以应对的。因此，我对 Alphabet 的股票并不像市场其他人那样悲观。</p>
<h2>Alphabet 的股票历史上便宜</h2>
<p>尽管市场已经从关税引发的低点恢复，但 Alphabet 的股票仍以历史上便宜的估值交易。</p>
<p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/79c1bc2467ed59ce37bae5925939aa76.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/79c1bc2467ed59ce37bae5925939aa76.png"/></p>
<p>GOOGL 市盈率数据来自 YCharts。</p>
<p>以 19 倍的过去收益计算，它的价格也远低于更广泛的市场，以 <strong>S&amp;P 500</strong>（^GSPC -0.67%）为例。S&amp;P 500 的市盈率约为 24 倍，因此估值显然不匹配。</p>
<p>我认为 Alphabet 的股票具有巨大的价值，随后的 2025 季度业绩将证实这一论点。Alphabet 还没有死；它仍然有很多增长空间供投资者利用。因此，我认为现在的股票价格太便宜，投资者应该抓住这个机会大量购买股票。</p>

谷歌-A

谷歌-C

<p>Alphabet 的股票目前被低估，市盈率为 19，而标准普尔 500 指数为 24。尽管市场对人工智能竞争、经济衰退和潜在政府拆分的担忧依然存在，但该公司正在通过人工智能搜索功能进行适应，并且历史上已经从经济挑战中恢复过来。分析师认为，Alphabet 仍然具有增长潜力，使其成为寻求在当前市场中寻找价值的投资者的一个引人注目的买入选择</p>

<p>Sometimes, stocks fall to valuations where you can't pass them up. Most of the time, this occurs because of an overwhelming negative sentiment in the market, which tends to swing the pendulum too far in one direction. Warren Buffett once said, &#34;Be fearful when others are greedy and be greedy only when others are fearful.&#34;</p>
<div class="lb-trans"><p>有时候，股票的估值会跌到让你无法拒绝的地步。大多数情况下，这种情况发生是因为市场上存在压倒性的负面情绪，这往往会使市场的波动过于偏向一方。沃伦·巴菲特曾说过：“当别人贪婪时要恐惧，只有在别人恐惧时才要贪婪。”</p>
</div><p>There is a lot of fear surrounding <strong>Alphabet</strong>(GOOG -1.34%)(GOOGL -1.37%) stock right now, which has caused it to get beaten down. But is it at a point where investors should be buying shares hand over fist?</p>
<div class="lb-trans"><p>目前，围绕 <strong>Alphabet</strong>(GOOG -1.34%)(GOOGL -1.37%) 股票存在很多恐惧，这导致其股价大幅下跌。但现在是否是投资者应该大量购买股票的时机？</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MTg5ODMvcGVyc29uLXNpdHRpbmctb24tY291Y2gtd2l0aC1kb2ctYW5kLWxhcHRvcC5qcGcmdz03MDA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F818983%2Fperson-sitting-on-couch-with-dog-and-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>Alphabet faces some fierce challenges</h2>
<div class="lb-trans"><h2>Alphabet 面临一些严峻挑战</h2>
</div><p>Alphabet has multiple brands under its umbrella, but the most notable is Google. Google's business model is under attack from all directions, and this has caused the stock to sell off heavily. Alphabet generates 56% of its revenue from Google Search, making it a vital part of its business model. Although the company doesn't break it out individually, investors can easily assume that a large chunk of Alphabet's profits also comes from this business.</p>
<div class="lb-trans"><p>Alphabet 旗下有多个品牌，但最著名的是谷歌。谷歌的商业模式正受到各方攻击，这导致其股票大幅抛售。Alphabet 56% 的收入来自谷歌搜索，这使其成为其商业模式的重要组成部分。尽管公司没有单独列出这一部分，但投资者可以很容易地推测出，Alphabet 的大部分利润也来自于这一业务。</p>
</div><p>One of investors' first issues with Google Search is how it will fare with AI. One of the most high-profile examples of this fear was when <strong>Apple</strong>'s (NASDAQ: AAPL) Chief of Services Eddy Cue stated that he believes AI will replace search one day. This would be a huge problem, but Alphabet is already one step ahead of the curve.</p>
<div class="lb-trans"><p>投资者对谷歌搜索的首要担忧之一是它在人工智能时代的表现。最引人注目的例子之一是 <strong>Apple</strong>（NASDAQ: AAPL）服务主管 Eddy Cue 表示，他相信人工智能终将取代搜索。这将是一个巨大的问题，但 Alphabet 已经走在了前面。</p>
</div><p>Google has already implemented AI search overviews, which bridge the gap between older search technology and new generative AI models. Alphabet has already stated that this feature is incredibly popular and may be enough to save its business. But it's not stopping there. Google has also developed an AI mode for its search engine, so it's already positioned itself for the new age of AI.</p>
<div class="lb-trans"><p>谷歌已经实施了人工智能搜索概述，这弥合了旧搜索技术与新生成性人工智能模型之间的差距。Alphabet 已经表示，这一功能非常受欢迎，可能足以拯救其业务。但它并没有止步于此。谷歌还为其搜索引擎开发了人工智能模式，因此它已经为人工智能的新纪元做好了准备。</p>
</div><p>Another fear is that an economic downturn will hurt Alphabet. While this is historically true, advertising is a cyclical business, and revenue eventually returns. So, I'm not worried about a short-term economic headwind, because that has always been a risk with Alphabet stock.</p>
<div class="lb-trans"><p>另一个担忧是经济衰退会对 Alphabet 造成伤害。虽然从历史上看这是正确的，但广告是一项周期性业务，收入最终会恢复。因此，我并不担心短期的经济逆风，因为这一直是 Alphabet 股票的风险。</p>
</div><p>Lastly, investors are worried about a potential government breakup. Alphabet has been found guilty of operating two illegal monopolies (one in search, one in advertising). It's still battling through courts about what the remedy will be (or if it'll still be found guilty if an appeal lands it in front of a higher court).This is a difficult challenge to assess, as multiple outcomes are possible. Typically, spinoffs tend to unlock value for the parent company and newly formed entity, so I'll cling to this fact if Alphabet is forced to sell a part of its business.</p>
<div class="lb-trans"><p>最后，投资者担心潜在的政府拆分。Alphabet 被发现运营着两个非法垄断（一个在搜索领域，一个在广告领域）。它仍在法院中争斗，关于补救措施将是什么（或者如果上诉进入更高法院是否仍会被判有罪）。这是一个难以评估的挑战，因为可能出现多种结果。通常，分拆往往会为母公司和新成立的实体释放价值，因此如果 Alphabet 被迫出售其部分业务，我会坚持这一事实。</p>
</div><p>Those three worries have tanked Alphabet's stock, but I think all three challenges can be navigated. As a result, I'm not nearly as bearish on Alphabet's stock as the rest of the market is.</p>
<div class="lb-trans"><p>这三大担忧导致 Alphabet 的股票暴跌，但我认为这三大挑战都是可以应对的。因此，我对 Alphabet 的股票并不像市场其他人那样悲观。</p>
</div><h2>Alphabet's stock is historically cheap</h2>
<div class="lb-trans"><h2>Alphabet 的股票历史上便宜</h2>
</div><p>While the market has recovered from its tariff-induced lows, Alphabet's stock is still trading at a historically cheap valuation.</p>
<div class="lb-trans"><p>尽管市场已经从关税引发的低点恢复，但 Alphabet 的股票仍以历史上便宜的估值交易。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/79c1bc2467ed59ce37bae5925939aa76.png" alt="" original-src="https://media.ycharts.com/charts/79c1bc2467ed59ce37bae5925939aa76.png"/></p>
<p>GOOGL PE Ratio data by YCharts.</p>
<div class="lb-trans"><p>GOOGL 市盈率数据来自 YCharts。</p>
</div><p>At 19 times trailing earnings, it's also much cheaper than the broader market, as measured by the <strong>S&amp;P 500</strong>(^GSPC -0.67%). The S&amp;P 500 trades around 24 times trailing earnings, so the valuations are clearly mismatched.</p>
<div class="lb-trans"><p>以 19 倍的过去收益计算，它的价格也远低于更广泛的市场，以 <strong>S&amp;P 500</strong>（^GSPC -0.67%）为例。S&amp;P 500 的市盈率约为 24 倍，因此估值显然不匹配。</p>
</div><p>I think Alphabet's stock has a ton of value, and the ensuing 2025 quarterly results will confirm that thesis. Alphabet isn't dead yet; it still has plenty of growth left for investors to capitalize on. As a result, I think the stock is too cheap to ignore here, and investors should take this opportunity to load up on shares.</p>
<div class="lb-trans"><p>我认为 Alphabet 的股票具有巨大的价值，随后的 2025 季度业绩将证实这一论点。Alphabet 还没有死；它仍然有很多增长空间供投资者利用。因此，我认为现在的股票价格太便宜，投资者应该抓住这个机会大量购买股票。</p>
</div>

Is Alphabet Stock Too Cheap to Ignore?

- Alphabet 股票因市场负面情绪而大幅下跌。  
- 该公司面临 AI 竞争、经济衰退和政府拆分等挑战。  
- 尽管如此，Alphabet 股票估值仍然便宜，投资者应考虑买入。

Alphabet 的股票是否便宜到无法忽视？