<p>目前许多投资者对 <strong>Alphabet</strong>(GOOGL -0.01%)(GOOG 0.06%) 的看法存在分歧。一些投资者对该公司的看法悲观，主要原因是他们认为人工智能（AI）将会扰乱其高利润的搜索业务。虽然这确实是一个风险，但我认为这种情况不会发生。</p>
<p>让我们来看一下我看好这只股票的四个理由，以至于我会推荐像没有明天一样购买它。</p>
<h2>1. Alphabet 在搜索方面具有优势和机会</h2>
<p>人工智能可能是我们这一代最大的技术进步之一。然而，尽管它在许多方面表现出色，但有充分理由相信 AI 聊天机器人不会取代搜索。成本是一个主要问题。运行 AI 查询的成本远高于搜索查询，这就是为什么通常会对某人可以运行的查询数量施加限制，并设置付费层级。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MTk2NTQvZ2V0dHlpbWFnZXMtMTIwNTE5MzY0Mi5qcGcmdz03MDA?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-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MTk2NTQvZ2V0dHlpbWFnZXMtMTIwNTE5MzY0Mi5qcGcmdz03MDA"/></p>
<p>图片来源：Getty Images。</p>
<p>投资者最近了解到 AI 搜索初创公司 Perplexity AI 在试用用户和免费用户身上亏损的金额，因为该公司在第三方 AI 模型和云计算服务上投入巨大。同时，OpenAI 表示其每月 200 美元的 ChatGPT Pro 计划也在亏损。此外，仍然会有大量用户不愿意为 AI 付费，而更倾向于使用免费的广告支持搜索。</p>
<p>在广告支持的搜索方面，无论是由 AI 驱动还是常规搜索，谷歌通过其分发和广告网络优势建立了广泛的护城河。该公司的搜索引擎在数十亿设备上预装，并且是默认引擎。其 Android 操作系统在智能手机市场的市场份额约为 70%，而其 Chrome 浏览器的市场份额为 66%。两者都将谷歌作为默认搜索引擎。</p>
<p>与此同时，它与 <strong>Apple</strong> 达成了收入分成协议，成为其设备上 Safari 的默认搜索引擎，这帮助它捕获了市场的很大一部分。它甚至与其他浏览器（如 <strong>Opera</strong>）达成了收入分成协议，成为它们的搜索引擎。</p>
<p>与此同时，Alphabet 创建了全球最大的广告网络之一。早期，该公司通过基于位置的广告定位和让当地企业创建免费列表来提高其在搜索中的存在感，从而增强了服务地方市场的能力。同时，其自助服务平台使当地企业能够轻松自行运行广告活动。凭借庞大的用户基础，Alphabet 能够将广告商与消费者在全球和地方层面连接起来。</p>
<p>通常，要使搜索查询实现货币化，必须存在某种商业意图，这就是为什么谷歌历史上仅在约 20% 的搜索中显示广告。这也突显了 Alphabet 最新的 AI 驱动搜索更新的重要性。随着其新 AI 模式的推出，该公司增加了几个以商业为中心的功能，旨在增强货币化。</p>
<p>一个突出的功能是 “通过 AI 购物”，允许用户仅通过描述找到产品，使用照片虚拟试穿衣服，甚至跟踪价格。谷歌还引入了生成性 AI 功能，可以执行诸如在 Ticketmaster 和 StubHub 等平台上寻找最佳票务交易等任务。这些创新可能会随着时间的推移推动新的广告机会。</p>
<p>在谷歌无与伦比的分发能力、庞大的广告网络、强大的数据优势以及其 Gemini AI 模型日益增强的实力之间——更不用说其对商业的重新关注——我认为 AI 对 Alphabet 来说更多的是一个长期机会，而不是威胁。</p>
<h2>2. 谷歌云正在推动 Alphabet 的增长</h2>
<p>尽管投资者的关注大多集中在谷歌搜索上，但 Alphabet 的云计算部门谷歌云一直是公司强劲的增长动力。云计算是一个高固定成本的业务，而谷歌云最近获得了足够的规模来覆盖其固定成本，达到了盈利的拐点。这在 2025 年第一季度的业绩中得到了体现，该部门的收入同比增长 28%，达到 123 亿美元，而其部门营业收入飙升 142%，达到 22 亿美元。</p>
<p>谷歌云正在获得动力，因为客户使用其 Gemini 基础模型来构建和定制自己的 AI 工具，然后在其基础设施上运行这些工作负载。与此同时，其 Vertex AI 平台使组织能够在一个地方更轻松地构建、部署和管理模型。</p>
<p>与此同时，谷歌云继续利用其在数据分析方面的优势，提供 BigQuery 等工具，并在 Kubernetes 方面保持领先地位，这些软件包将应用程序与其运行所需的一切打包在一起。</p>
<p>Alphabet 正在大力投资数据中心基础设施，以跟上需求，这应该在未来一年成为一个强劲的增长业务。同时，该公司通过开发自己的定制 AI 芯片来降低功耗，从而在长期内降低拥有成本，获得了成本优势。</p>
<h2>3. Waymo 拥有先发优势</h2>
<p>另一个不容忽视的 Alphabet 潜在增长动力是其 Waymo 机器人出租车业务。该公司在美国获得了巨大的先发优势，并开始在扩展到更多城市时看到快速增长。同时，它最近与 <strong>Uber Technologies</strong> 在几个城市合作，以获得其大型分发平台的访问权限，并帮助进行车队管理服务，如清洁、维护和充电。</p>
<p>Waymo 现在每周提供超过 250,000 次付费机器人出租车服务，Uber 报告称，在德克萨斯州奥斯丁，Waymo 车辆的使用频率超过该市 99% 的人工驾驶员，基于每日出行次数。随着技术的普及，预计在新城市的采用速度将会加快。</p>
<p>Alphabet 仍然可能需要降低其技术成本，以使该业务实现盈利，但这是一个巨大的机会。</p>
<h2>4. Alphabet 目前的估值非常便宜</h2>
<p>由于投资者似乎无法从细节中看到全局，Alphabet 的估值非常便宜。根据分析师对 2025 年的预估，该股票目前的前瞻市盈率为 18 倍。</p>
<p>对于一家拥有强大市场领先和新兴增长业务的公司来说，这个估值实在是太便宜了。Alphabet 是与人工智能相关的最便宜的大型科技股之一，现在是以低价购买股票的好时机。</p>

谷歌-A

谷歌-C

<p>推荐购买 Alphabet (GOOGL)，因为其在搜索领域具有强大的优势，包括广泛的广告网络和分销渠道。尽管对人工智能可能扰乱其搜索业务存在担忧，但该公司正在利用人工智能通过 “AI 购物” 等新功能来增强变现能力。此外，谷歌云是一个重要的增长驱动力，年同比收入增长 28%，实现了盈利。云业务的成功归功于其 Gemini 模型和数据分析工具，使 Alphabet 在科技领域处于有利位置</p>

<p>One stock that divides many investors at this time is <strong>Alphabet</strong>(GOOGL -0.01%)(GOOG 0.06%). A big reason some investors are bearish on the name is that they believe artificial intelligence (AI) will disrupt its highly profitable search business. While certainly a risk, I don't think that is going to happen.</p>
<div class="lb-trans"><p>目前许多投资者对 <strong>Alphabet</strong>(GOOGL -0.01%)(GOOG 0.06%) 的看法存在分歧。一些投资者对该公司的看法悲观，主要原因是他们认为人工智能（AI）将会扰乱其高利润的搜索业务。虽然这确实是一个风险，但我认为这种情况不会发生。</p>
</div><p>Let's look at four reasons why I'm bullish on the stock to the point where I would recommend buying it like there is no tomorrow.</p>
<div class="lb-trans"><p>让我们来看一下我看好这只股票的四个理由，以至于我会推荐像没有明天一样购买它。</p>
</div><h2>1. Alphabet has search advantages and opportunities</h2>
<div class="lb-trans"><h2>1. Alphabet 在搜索方面具有优势和机会</h2>
</div><p>AI is potentially one of the biggest technological advancements of our generation. However, while it is very good at many things, there is good reason to believe that AI chatbots won't replace search. Cost is one main issue. Running AI queries is much more costly than search queries, which is why there are often limits placed on the number of queries someone can run, and paid tiers.</p>
<div class="lb-trans"><p>人工智能可能是我们这一代最大的技术进步之一。然而，尽管它在许多方面表现出色，但有充分理由相信 AI 聊天机器人不会取代搜索。成本是一个主要问题。运行 AI 查询的成本远高于搜索查询，这就是为什么通常会对某人可以运行的查询数量施加限制，并设置付费层级。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MTk2NTQvZ2V0dHlpbWFnZXMtMTIwNTE5MzY0Mi5qcGcmdz03MDA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F819654%2Fgettyimages-1205193642.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><p>Investors recently got a peek into the amount of money that AI search start-up Perplexity AI is losing for trial users and users on its free tier, as the company spends heavily on third-party AI models and cloud computing services. Meanwhile, OpenAI said that it loses money on its $200-per-month ChatGPT Pro plan. In addition, there will continue to be a large number of people who will not spend money on AI and prefer free, ad-supported search.</p>
<div class="lb-trans"><p>投资者最近了解到 AI 搜索初创公司 Perplexity AI 在试用用户和免费用户身上亏损的金额，因为该公司在第三方 AI 模型和云计算服务上投入巨大。同时，OpenAI 表示其每月 200 美元的 ChatGPT Pro 计划也在亏损。此外，仍然会有大量用户不愿意为 AI 付费，而更倾向于使用免费的广告支持搜索。</p>
</div><p>And when it comes to ad-supported search, whether it be powered by AI or regular search, Google has established a wide moat through its distribution and ad network advantages. The company's search engine is preinstalled and the default engine for billions of devices. Its Android operating system has about a 70% market share in the smartphone market, while its Chrome browser has a 66% market share. Both use Google as their default search engine.</p>
<div class="lb-trans"><p>在广告支持的搜索方面，无论是由 AI 驱动还是常规搜索，谷歌通过其分发和广告网络优势建立了广泛的护城河。该公司的搜索引擎在数十亿设备上预装，并且是默认引擎。其 Android 操作系统在智能手机市场的市场份额约为 70%，而其 Chrome 浏览器的市场份额为 66%。两者都将谷歌作为默认搜索引擎。</p>
</div><p>Meanwhile, it has a revenue-sharing deal with <strong>Apple</strong> to be the default search engine on its devices through Safari, which helps it capture much of the rest of the market. It even has revenue-share deals with other browsers, such as <strong>Opera</strong>, to be their search engine.</p>
<div class="lb-trans"><p>与此同时，它与 <strong>Apple</strong> 达成了收入分成协议，成为其设备上 Safari 的默认搜索引擎，这帮助它捕获了市场的很大一部分。它甚至与其他浏览器（如 <strong>Opera</strong>）达成了收入分成协议，成为它们的搜索引擎。</p>
</div><p>At the same time, Alphabet has created one of the largest ad networks on the planet. Early on, the company built up its ability to serve local markets through location-based ad targeting and letting local businesses create free listings to improve their presence on search. Meanwhile, its self-service platform makes it easy for local businesses to run campaigns themselves. With a huge user base, Alphabet can connect advertisers with consumers on everything from a global to a local level.</p>
<div class="lb-trans"><p>与此同时，Alphabet 创建了全球最大的广告网络之一。早期，该公司通过基于位置的广告定位和让当地企业创建免费列表来提高其在搜索中的存在感，从而增强了服务地方市场的能力。同时，其自助服务平台使当地企业能够轻松自行运行广告活动。凭借庞大的用户基础，Alphabet 能够将广告商与消费者在全球和地方层面连接起来。</p>
</div><p>Typically, for a search query to be monetized, there must be some form of commercial intent, which is why Google has historically only displayed ads on about 20% of searches. This also highlights the significance of Alphabet's latest AI-powered search updates. With the launch of its new AI mode, the company added several commerce-focused features aimed at enhancing monetization.</p>
<div class="lb-trans"><p>通常，要使搜索查询实现货币化，必须存在某种商业意图，这就是为什么谷歌历史上仅在约 20% 的搜索中显示广告。这也突显了 Alphabet 最新的 AI 驱动搜索更新的重要性。随着其新 AI 模式的推出，该公司增加了几个以商业为中心的功能，旨在增强货币化。</p>
</div><p>One standout is &#34;Shop by AI,&#34; which allows users to find products simply by describing them, virtually try on clothes using a photo, and even track prices. Google also introduced generative AI capabilities that can perform tasks like finding the best ticket deals across platforms from sites such as Ticketmaster and StubHub. These innovations could help drive new ad opportunities over time.</p>
<div class="lb-trans"><p>一个突出的功能是 “通过 AI 购物”，允许用户仅通过描述找到产品，使用照片虚拟试穿衣服，甚至跟踪价格。谷歌还引入了生成性 AI 功能，可以执行诸如在 Ticketmaster 和 StubHub 等平台上寻找最佳票务交易等任务。这些创新可能会随着时间的推移推动新的广告机会。</p>
</div><p>Between Google's unmatched distribution, massive ad network, strong data advantage, and the growing strength of its Gemini AI model -- not to mention its renewed focus on commerce -- I see AI as more of a long-term opportunity for Alphabet than a threat.</p>
<div class="lb-trans"><p>在谷歌无与伦比的分发能力、庞大的广告网络、强大的数据优势以及其 Gemini AI 模型日益增强的实力之间——更不用说其对商业的重新关注——我认为 AI 对 Alphabet 来说更多的是一个长期机会，而不是威胁。</p>
</div><h2>2. Google Cloud is driving Alphabet's growth these days</h2>
<div class="lb-trans"><h2>2. 谷歌云正在推动 Alphabet 的增长</h2>
</div><p>While much of the investor focus has been on Google search, Alphabet's cloud computing unit, Google Cloud, has been a strong growth driver for the company. Cloud computing is a high-fixed-cost business, and Google Cloud has recently gained enough scale to cover its fixed costs, hitting a profitability inflection point. This was seen in its results in the first quarter of 2025, where the unit grew its revenue 28% year over year to $12.3 billion, while its segment operating income soared 142% to $2.2 billion.</p>
<div class="lb-trans"><p>尽管投资者的关注大多集中在谷歌搜索上，但 Alphabet 的云计算部门谷歌云一直是公司强劲的增长动力。云计算是一个高固定成本的业务，而谷歌云最近获得了足够的规模来覆盖其固定成本，达到了盈利的拐点。这在 2025 年第一季度的业绩中得到了体现，该部门的收入同比增长 28%，达到 123 亿美元，而其部门营业收入飙升 142%，达到 22 亿美元。</p>
</div><p>Google Cloud is seeing momentum as customers use its Gemini foundational models to build and customize their own AI tools, then run those workloads on its infrastructure. Its Vertex AI platform, meanwhile, makes it easier for organizations to build, deploy, and manage models all in one place.</p>
<div class="lb-trans"><p>谷歌云正在获得动力，因为客户使用其 Gemini 基础模型来构建和定制自己的 AI 工具，然后在其基础设施上运行这些工作负载。与此同时，其 Vertex AI 平台使组织能够在一个地方更轻松地构建、部署和管理模型。</p>
</div><p>At the same time, Google Cloud continues to lean into its strengths in data analytics with tools like BigQuery and its leadership in Kubernetes, which are software packages that bundle apps with everything they need to run.</p>
<div class="lb-trans"><p>与此同时，谷歌云继续利用其在数据分析方面的优势，提供 BigQuery 等工具，并在 Kubernetes 方面保持领先地位，这些软件包将应用程序与其运行所需的一切打包在一起。</p>
</div><p>Alphabet is investing heavily in data center infrastructure to keep up with demand, and this should be a strong, growing business in the year ahead. Meanwhile, the company has a cost advantage through the development of its own custom AI chips that consume less power, lowering its cost of ownership over time.</p>
<div class="lb-trans"><p>Alphabet 正在大力投资数据中心基础设施，以跟上需求，这应该在未来一年成为一个强劲的增长业务。同时，该公司通过开发自己的定制 AI 芯片来降低功耗，从而在长期内降低拥有成本，获得了成本优势。</p>
</div><h2>3. Waymo has a first-mover advantage</h2>
<div class="lb-trans"><h2>3. Waymo 拥有先发优势</h2>
</div><p>Another big potential growth driver for Alphabet that should not be overlooked is its Waymo robotaxi business. The company has gotten a big first-mover advantage in the U.S. and has started to see rapid growth as it expands to more cities. Meanwhile, it has recently teamed up with <strong>Uber Technologies</strong> in a few cities to gain access to its large distribution platform and for help with fleet management services, such as cleaning, maintenance, and charging its vehicles.</p>
<div class="lb-trans"><p>另一个不容忽视的 Alphabet 潜在增长动力是其 Waymo 机器人出租车业务。该公司在美国获得了巨大的先发优势，并开始在扩展到更多城市时看到快速增长。同时，它最近与 <strong>Uber Technologies</strong> 在几个城市合作，以获得其大型分发平台的访问权限，并帮助进行车队管理服务，如清洁、维护和充电。</p>
</div><p>Waymo is now providing over 250,000 paid robotaxi rides per week, and Uber reported that in Austin, Texas, Waymo vehicles were busier than 99% of its human drivers in the city, based on trips per day. As the technology gains traction, it's likely that adoption in new cities will accelerate even faster.</p>
<div class="lb-trans"><p>Waymo 现在每周提供超过 250,000 次付费机器人出租车服务，Uber 报告称，在德克萨斯州奥斯丁，Waymo 车辆的使用频率超过该市 99% 的人工驾驶员，基于每日出行次数。随着技术的普及，预计在新城市的采用速度将会加快。</p>
</div><p>Alphabet will still likely need to lower the costs of its technology for this business to become profitable, but it is a huge opportunity.</p>
<div class="lb-trans"><p>Alphabet 仍然可能需要降低其技术成本，以使该业务实现盈利，但这是一个巨大的机会。</p>
</div><h2>4. Alphabet currently sports a cheap valuation</h2>
<div class="lb-trans"><h2>4. Alphabet 目前的估值非常便宜</h2>
</div><p>With investors seemingly unable to see the forest for the trees of late, Alphabet has been left with a very cheap valuation. The stock currently trades at a forward price-to-earnings ratio of 18 times based on analysts' estimates for 2025.</p>
<div class="lb-trans"><p>由于投资者似乎无法从细节中看到全局，Alphabet 的估值非常便宜。根据分析师对 2025 年的预估，该股票目前的前瞻市盈率为 18 倍。</p>
</div><p>For a company with a strong collection of market-leading and emerging growth businesses, that valuation is just too cheap. Alphabet is one of the least expensive megacap tech stocks tied to AI, and this is a great time to pick up shares on the cheap.</p>
<div class="lb-trans"><p>对于一家拥有强大市场领先和新兴增长业务的公司来说，这个估值实在是太便宜了。Alphabet 是与人工智能相关的最便宜的大型科技股之一，现在是以低价购买股票的好时机。</p>
</div>

4 Reasons to Buy Alphabet Stock Like There's No Tomorrow

- 投资者对 Alphabet 的看法分歧，部分人担心 AI 会影响其搜索业务。  
- 然而，Alphabet 在搜索、云计算和自动驾驶等领域具备强大优势。  
- 当前股票估值较低，适合投资者考虑买入。

购买 Alphabet 股票的四个理由：抓住机会