<p>人工智能（AI）在过去两年多以来一直是一个热门话题。一小部分科技巨头已经成为这一领域的领导者，提供推动这一技术革命的计算硬件或用户友好的服务。你们称他们为 “七大奇迹” 股票。这个短语暗示着伟大，尽管它最初是作为一个警告信号。几位七位英雄在 1960 年同名电影中死去。七位原始的 AI 领导者也可能会跌倒。</p>
<p>在我写这篇文章时（5 月 28 日），七大奇迹股票已经分成两个明显的群体。高性能微芯片设计公司 <strong>英伟达</strong>（Nvidia）（NVDA -2.10%）在 ChatGPT 启发的生成 AI 热潮中表现抢眼，总涨幅达到 701%。软件和服务巨头 <strong>谷歌母公司</strong>（Alphabet）（GOOG -0.89%）（GOOGL -0.87%）在同一时期的股票回报则较为温和，为 72%。</p>
<p>目前有很多问题悬而未决。英伟达能否保持对 AI 硬件机会的主导地位？谷歌部门在 AI 驱动的在线服务新时代能否蓬勃发展？这些股票目前的交易估值是否合理？最重要的是——这些强大的 AI 股票中，今天哪一只更值得购买？</p>
<p>让我们来看看。</p>
<h2>英伟达是否太贵？</h2>
<p>乍一看，英伟达的股票似乎过于火热。股价在大约 30 个月内翻了 8 倍。英伟达的业务可能正在蓬勃发展，但这些股票的交易价格却以 25 倍的销售额和 54 倍的自由现金流的高估值在变动。许多投资者不会再深入研究，直接放弃了这些令人失望的估值倍数。</p>
<p>与此同时，许多投资者在这个价格下绝对喜欢英伟达的股票。它在市场上拥有最低的空头头寸之一。绝大多数跟踪该股票的分析师将其评为 “买入”，平均一年目标价约比当前价值高出 24%。</p>
<p>而英伟达的支持者有他们的理由。该公司的销售在 2023 年翻了一番，2024 年再次翻倍，并且随着生成 AI 市场的发展，预计将继续飙升。此外，英伟达可以对其 AI 加速器芯片收取非常高的价格，受限于生产能力而非客户需求。因此，英伟达的利润增长速度远远超过了普通的销售额。</p>
<p>所以，如果你预计英伟达将在这场生成 AI 革命的巨大增长阶段中继续保持其 AI 硬件的王座，那么今天这只股票绝对可能是一个不错的买入选择。虽然这不是每位投资者最喜欢的财富增值之道，但英伟达的股票吸引了某种类型的成长型股票买家。</p>
<h2>谷歌母公司是否被低估？</h2>
<p>这里有一个有趣的事实。谷歌母公司的收入比英伟达更多，即使在这位芯片大师的巨大增长之后。</p>
<p>谷歌母公司的年收入约为英伟达的三倍。虽然在不同类型的利润上差距缩小，但谷歌母公司仍然始终较大：</p>
<p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/0b8a02aeead07fee93b210edb2b45120.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/0b8a02aeead07fee93b210edb2b45120.png"/></p>
<p>GOOGL 收入（TTM）数据来源于 YCharts</p>
<p>现在，谷歌母公司的巨大财务数字伴随着显著较慢的增长率。因此，该股票并没有带来因增长而产生的价格溢价。以 5.9 倍的销售额和 28 倍的自由现金流交易，谷歌母公司的比率与平均 <strong>标准普尔 500</strong>（^GSPC -0.24%）成分股相当。</p>
<p>这使得谷歌母公司成为对生成 AI 热潮的价值导向投资。无论是否有 AI 相关机会，它也是一个稳健的长期持有。该公司在几乎任何经济环境中都能蓬勃发展。你今天看到的基于谷歌的谷歌母公司在 10 年或 20 年后可能会看起来非常不同，但它仍然应该是一个创新的赢家。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MTk4MzMvcm9ib3QtaW4tZGVlcC10aG91Z2h0LWZsaXBwZWQuanBnJnc9NzAw?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-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MTk4MzMvcm9ib3QtaW4tZGVlcC10aG91Z2h0LWZsaXBwZWQuanBnJnc9NzAw"/></p>
<p>图片来源：Getty Images。</p>
<h2>最后的想法：今天我会买哪只 AI 股票？</h2>
<p>我不想把英伟达推到华尔街最重的公交车下。该公司可能能够在未来几年内抵御 AI 芯片竞争对手，直到膨胀的估值最终变得合理。我今天当然不会结束我在英伟达的持仓，希望能再抓住一些由 AI 驱动的收益。</p>
<p>但我今天也不会再买入更多英伟达的股票。谷歌母公司是一个更具吸引力的选择，将公司的长期生存能力与非常合理的股价结合在一起。这是我最喜欢的投资之一，今天在这个适度的估值下尤其值得买入。</p>

谷歌-A

谷歌-C

英伟达

<p>这篇文章比较了两只领先的人工智能股票：英伟达和谷歌。英伟达在人工智能热潮中取得了惊人的 701% 的涨幅，但其股票被认为以 25 倍销售额的估值过高。相反，谷歌的涨幅较为温和，仅为 72%，但以 5.9 倍销售额的估值被视为被低估。尽管英伟达的增长令人印象深刻，但谷歌稳定的收入和合理的估值使其成为更具吸引力的长期投资。作者建议持有英伟达，但更倾向于在当前价格下将谷歌视为更强的买入选择</p>

<p>Artificial intelligence (AI) has been a hot topic for more than two years now. A small group of tech giants has emerged as leaders in this space, providing either the computing hardware or the user-friendly services that power this technology revolution. You know them as the &#34;Magnificent Seven&#34; stocks. This phrase suggests greatness, though it was always meant as a warning signal. Several of the seven heroes died in the 1960 movie by the same name. The seven original AI leaders could stumble and fall, too.</p>
<div class="lb-trans"><p>人工智能（AI）在过去两年多以来一直是一个热门话题。一小部分科技巨头已经成为这一领域的领导者，提供推动这一技术革命的计算硬件或用户友好的服务。你们称他们为 “七大奇迹” 股票。这个短语暗示着伟大，尽管它最初是作为一个警告信号。几位七位英雄在 1960 年同名电影中死去。七位原始的 AI 领导者也可能会跌倒。</p>
</div><p>As I'm writing this on May 28, the Magnificent Seven stocks have separated into two distinct groups. High-performance microchip designer <strong>Nvidia</strong>(NVDA -2.10%) stole the show so far with a total gain of 701% in the ChatGPT-inspired generative AI boom. Software and services giant <strong>Alphabet</strong>(GOOG -0.89%)(GOOGL -0.87%) has a more modest stock return of 72% over the same period.</p>
<div class="lb-trans"><p>在我写这篇文章时（5 月 28 日），七大奇迹股票已经分成两个明显的群体。高性能微芯片设计公司 <strong>英伟达</strong>（Nvidia）（NVDA -2.10%）在 ChatGPT 启发的生成 AI 热潮中表现抢眼，总涨幅达到 701%。软件和服务巨头 <strong>谷歌母公司</strong>（Alphabet）（GOOG -0.89%）（GOOGL -0.87%）在同一时期的股票回报则较为温和，为 72%。</p>
</div><p>There are so many questions in the air. Can Nvidia hold on to its dominant grip on the AI hardware opportunity? Will Alphabet's Google division thrive in the new age of AI-driven online services? Are the stocks trading at reasonable valuations these days? And most of all -- which one of these mighty AI stocks is the better buy today?</p>
<div class="lb-trans"><p>目前有很多问题悬而未决。英伟达能否保持对 AI 硬件机会的主导地位？谷歌部门在 AI 驱动的在线服务新时代能否蓬勃发展？这些股票目前的交易估值是否合理？最重要的是——这些强大的 AI 股票中，今天哪一只更值得购买？</p>
</div><p>Let's take a look.</p>
<div class="lb-trans"><p>让我们来看看。</p>
</div><h2>Is Nvidia too expensive?</h2>
<div class="lb-trans"><h2>英伟达是否太贵？</h2>
</div><p>At first glance, Nvidia's stock looks too hot to handle. The stock price has multiplied by 8 in about 30 months. Nvidia's business may be booming, but those shares are changing hands at the lofty valuation of 25 times sales and 54 times free cash flows. Many investors will look no further, walking away from these deal-breaking valuation multiples.</p>
<div class="lb-trans"><p>乍一看，英伟达的股票似乎过于火热。股价在大约 30 个月内翻了 8 倍。英伟达的业务可能正在蓬勃发展，但这些股票的交易价格却以 25 倍的销售额和 54 倍的自由现金流的高估值在变动。许多投资者不会再深入研究，直接放弃了这些令人失望的估值倍数。</p>
</div><p>At the same time, lots of investors absolutely love Nvidia's stock at these prices. It comes with one of the lowest short-seller interests on the market. An overwhelming majority of analysts tracking this stock call it a &#34;buy&#34; and the average one-year price target is about 24% above the current value.</p>
<div class="lb-trans"><p>与此同时，许多投资者在这个价格下绝对喜欢英伟达的股票。它在市场上拥有最低的空头头寸之一。绝大多数跟踪该股票的分析师将其评为 “买入”，平均一年目标价约比当前价值高出 24%。</p>
</div><p>And the Nvidia bulls have their reasons. The company's sales more than doubled in 2023, doubled again in 2024, and are poised to continue soaring as the generative AI market evolves. Furthermore, Nvidia can charge very high prices for its AI accelerator chips and be more limited by manufacturing capacity than by customer demand. As such, Nvidia's profits have skyrocketed much faster than the plain top-line sales.</p>
<div class="lb-trans"><p>而英伟达的支持者有他们的理由。该公司的销售在 2023 年翻了一番，2024 年再次翻倍，并且随着生成 AI 市场的发展，预计将继续飙升。此外，英伟达可以对其 AI 加速器芯片收取非常高的价格，受限于生产能力而非客户需求。因此，英伟达的利润增长速度远远超过了普通的销售额。</p>
</div><p>So if you expect Nvidia to stay on its AI hardware throne throughout the mega-growth portion of this generative AI revolution, the stock could definitely be a good buy today. It's not every investor's favorite cup of wealth-building tea, but Nvidia's stock appeals to a certain type of growth-oriented stock buyer.</p>
<div class="lb-trans"><p>所以，如果你预计英伟达将在这场生成 AI 革命的巨大增长阶段中继续保持其 AI 硬件的王座，那么今天这只股票绝对可能是一个不错的买入选择。虽然这不是每位投资者最喜欢的财富增值之道，但英伟达的股票吸引了某种类型的成长型股票买家。</p>
</div><h2>Is Alphabet undervalued?</h2>
<div class="lb-trans"><h2>谷歌母公司是否被低估？</h2>
</div><p>Here's a fun fact. Alphabet makes more money than Nvidia, even after the chip guru's massive growth spurt.</p>
<div class="lb-trans"><p>这里有一个有趣的事实。谷歌母公司的收入比英伟达更多，即使在这位芯片大师的巨大增长之后。</p>
</div><p>The Google parent's annual revenues are about three times the size of Nvidia's. The difference grows smaller when you look at different types of profit, but Alphabet is still consistently larger:</p>
<div class="lb-trans"><p>谷歌母公司的年收入约为英伟达的三倍。虽然在不同类型的利润上差距缩小，但谷歌母公司仍然始终较大：</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/0b8a02aeead07fee93b210edb2b45120.png" alt="" original-src="https://media.ycharts.com/charts/0b8a02aeead07fee93b210edb2b45120.png"/></p>
<p>GOOGL Revenue (TTM) data by YCharts</p>
<div class="lb-trans"><p>GOOGL 收入（TTM）数据来源于 YCharts</p>
</div><p>Now, Alphabet's huge financial figures are paired with significantly slower growth rates. Hence, the stock doesn't come with growth-inspired price premiums. Trading at 5.9 times sales and 28 times free cash flows, Alphabet's ratios are in the same ballpark as the average <strong>S&amp;P 500</strong>(^GSPC -0.24%) component.</p>
<div class="lb-trans"><p>现在，谷歌母公司的巨大财务数字伴随着显著较慢的增长率。因此，该股票并没有带来因增长而产生的价格溢价。以 5.9 倍的销售额和 28 倍的自由现金流交易，谷歌母公司的比率与平均 <strong>标准普尔 500</strong>（^GSPC -0.24%）成分股相当。</p>
</div><p>That makes Alphabet a value-oriented bet on the generative AI boom. It's also a solid long-term holding, with or without the AI-focused opportunity. This company was built to thrive in pretty much any economy. The Google-based Alphabet you see today could look very different 10 or 20 years from now, but it should still be an innovative winner.</p>
<div class="lb-trans"><p>这使得谷歌母公司成为对生成 AI 热潮的价值导向投资。无论是否有 AI 相关机会，它也是一个稳健的长期持有。该公司在几乎任何经济环境中都能蓬勃发展。你今天看到的基于谷歌的谷歌母公司在 10 年或 20 年后可能会看起来非常不同，但它仍然应该是一个创新的赢家。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MTk4MzMvcm9ib3QtaW4tZGVlcC10aG91Z2h0LWZsaXBwZWQuanBnJnc9NzAw" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F819833%2Frobot-in-deep-thought-flipped.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>Final thoughts: Which AI stock would I buy today?</h2>
<div class="lb-trans"><h2>最后的想法：今天我会买哪只 AI 股票？</h2>
</div><p>I don't want to throw Nvidia under Wall Street's heaviest bus. The company just might be able to stave off AI chip rivals for years to come, until the ballooning valuation finally makes sense. I'm certainly not closing out my own Nvidia position today, hoping to catch a bit more of its AI-driven gains.</p>
<div class="lb-trans"><p>我不想把英伟达推到华尔街最重的公交车下。该公司可能能够在未来几年内抵御 AI 芯片竞争对手，直到膨胀的估值最终变得合理。我今天当然不会结束我在英伟达的持仓，希望能再抓住一些由 AI 驱动的收益。</p>
</div><p>But I'm not buying more Nvidia stock today, either. Alphabet is a much more tempting idea, pairing the company's ultimate longevity with a very reasonable share price. It's one of my favorite investments of all time, and a particularly strong buy at today's modest valuation.</p>
<div class="lb-trans"><p>但我今天也不会再买入更多英伟达的股票。谷歌母公司是一个更具吸引力的选择，将公司的长期生存能力与非常合理的股价结合在一起。这是我最喜欢的投资之一，今天在这个适度的估值下尤其值得买入。</p>
</div>

Better AI Stock: Alphabet vs. Nvidia

- 人工智能领域的 “七大巨头” 股票表现分化，Nvidia 涨幅达 701%。  
- Alphabet 的收入是 Nvidia 的三倍，但增长速度较慢，估值合理。  
- 投资者对 Nvidia 和 Alphabet 的前景看法不一，选择各有侧重。  

哪只 AI 股票更好：Alphabet 与 NVIDIA