<p>从整体来看，<strong>Alphabet</strong>（GOOGL -0.01%）（GOOG 0.06%）对投资者来说是一个巨大的赢家。过去五年，股价上涨了 144%，而在过去十年中更是上涨了令人印象深刻的 525%。成为一家主导的互联网企业使得股东们非常满意。</p>
<p>但截至 5 月 28 日，这只顶级科技股的交易价格比 2 月 4 日创下的高点低了 16%。你是否应该利用市场的悲观情绪，趁机在 Alphabet 上买入？</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MTk4MTkvcGVyc29uLWJpa2luZy1vbi1nb29nbGUtY2FtcHVzLXdpdGgtZ29vZ2xlLWxvZ28tcmVmbGVjdGlvbi1pbi1iYWNrZ3JvdW5kX2FscGhhYmV0X2dvb2dsZS5qcGcmdz03MDA?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-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MTk4MTkvcGVyc29uLWJpa2luZy1vbi1nb29nbGUtY2FtcHVzLXdpdGgtZ29vZ2xlLWxvZ28tcmVmbGVjdGlvbi1pbi1iYWNrZ3JvdW5kX2FscGhhYmV0X2dvb2dsZS5qcGcmdz03MDA"/></p>
<p>图片来源：Alphabet。</p>
<h2>人工智能是风险还是机会？</h2>
<p>随着近年来生成性人工智能（AI）工具的普及，投资者合理地担心 Alphabet 的瑰宝——谷歌搜索（在第一季度占销售额的 56%）会受到冲击。这是因为人们认为用户在寻找各种主题的信息时会更多地转向 AI，从而减少对谷歌搜索的流量。这可能会对广告收入产生负面影响。</p>
<p>到目前为止，这些担忧似乎被夸大了。首先，谷歌搜索在搜索引擎市场中仍然占据惊人的 90% 的全球市场份额。此外，谷歌搜索在第一季度的收入同比增长了 10%。而 507 亿美元的销售额比三年前的同期增长了 28%。</p>
<p>最后，值得指出的是，Alphabet 并没有止步不前。该公司显然将人工智能作为首要任务。在 5 月的年度谷歌 I/O 开发者大会上，Alphabet 没有让人失望。宣布了 100 项显著的更新，新的 AI 功能将全面推出。</p>
<p>Alphabet 已经在寻找从 AI 中获利的方法。首席商务官 Philipp Schindler 在 2025 年第一季度的财报电话会议上表示：“对于 AI 概述来说，我们继续看到的货币化率大致与传统搜索相同。”</p>
<p>在广告客户方面，AI 正在帮助他们创建更有效的营销活动，从而提高投资回报率并增强目标定位能力。</p>
<p>在第一季度，Alphabet 实现了 345 亿美元的净收入。这使得它处于一个令人羡慕的位置，可以继续将大量财务资源投入到 AI 项目中，以增强其竞争地位。</p>
<h2>Alphabet 的经济护城河</h2>
<p>Alphabet 广泛的经济护城河是突显其业务卓越性的关键因素。该公司在搜索和 YouTube 中受益于强大的网络效应。还有一些无形的、宝贵的资产在起作用，比如 Alphabet 和谷歌品牌、无与伦比的技术专长，以及收集大量数据的能力，这些数据可以直接影响战略决策。</p>
<p>此外，特别是在谷歌云方面，Alphabet 还具有成本优势。该平台需要巨额的固定成本来建设基础设施。这解释了为什么这一部门长期以来一直处于亏损状态。然而，随着第一季度收入达到 490 亿美元的年化水平，谷歌云正在提升底线。2025 年头三个月的营业收入总计 22 亿美元。</p>
<p>谷歌云的客户也面临高昂的转换成本。一旦他们开始依赖 Alphabet 作为其关键的 IT 合作伙伴，留在原地就显得合情合理，除非他们想造成潜在的运营中断。</p>
<h2>以低于市场的价格交易</h2>
<p>投资者会注意到，Alphabet 的估值实在难以忽视。其股票的市盈率（P/E）为 19.2。这一估值低于 <strong>标准普尔 500 指数</strong>，考虑到该业务的质量，这似乎并不合理。在所有 “七大奇迹” 股票中，Alphabet 是最便宜的。</p>
<p>在股市中找到如此划算的交易可能会让投资者觉得他们忽略了什么。然而，最好不要过度分析这种情况。在下跌时，Alphabet 是一个明智的买入选择。</p>

谷歌-A

谷歌-C

<p>Alphabet 的股价自 2 月份的高点下跌了 16%，尽管在过去五年中上涨了 144%。对人工智能可能扰乱谷歌搜索的担忧似乎被夸大，因为第一季度的收入同比增长了 10%。Alphabet 强劲的财务状况，包括 345 亿美元的净收入，支持其持续的人工智能投资。以 19.2 的市盈率来看，Alphabet 的交易价格相较于标准普尔 500 指数处于折扣状态，使其成为希望利用这一下跌机会的投资者的一个有吸引力的买入选择</p>

<p>By zooming out, it becomes obvious that <strong>Alphabet</strong>(GOOGL -0.01%)(GOOG 0.06%) has been a huge winner for investors. Shares have surged 144% in the past five years, and they're up an impressive 525% just in the last decade. Becoming a dominant internet enterprise has resulted in some very happy shareholders.</p>
<div class="lb-trans"><p>从整体来看，<strong>Alphabet</strong>（GOOGL -0.01%）（GOOG 0.06%）对投资者来说是一个巨大的赢家。过去五年，股价上涨了 144%，而在过去十年中更是上涨了令人印象深刻的 525%。成为一家主导的互联网企业使得股东们非常满意。</p>
</div><p>But as of this writing on May 28, this top technology stock trades 16% below its high, which was reached on Feb. 4. Should you take advantage of the market's pessimism and buy the dip on Alphabet right now?</p>
<div class="lb-trans"><p>但截至 5 月 28 日，这只顶级科技股的交易价格比 2 月 4 日创下的高点低了 16%。你是否应该利用市场的悲观情绪，趁机在 Alphabet 上买入？</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MTk4MTkvcGVyc29uLWJpa2luZy1vbi1nb29nbGUtY2FtcHVzLXdpdGgtZ29vZ2xlLWxvZ28tcmVmbGVjdGlvbi1pbi1iYWNrZ3JvdW5kX2FscGhhYmV0X2dvb2dsZS5qcGcmdz03MDA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F819819%2Fperson-biking-on-google-campus-with-google-logo-reflection-in-background_alphabet_google.jpg&amp;op=resize&amp;w=700"/></p>
<p>Image source: Alphabet.</p>
<div class="lb-trans"><p>图片来源：Alphabet。</p>
</div><h2>Is AI a risk or an opportunity?</h2>
<div class="lb-trans"><h2>人工智能是风险还是机会？</h2>
</div><p>With the proliferation of generative artificial intelligence (AI) tools in recent years, investors have rightfully been concerned that Alphabet's crown jewel, Google Search, that represented 56% of sales in the first quarter, would be disrupted. That's because it's believed that users would turn more to AI when seeking out information on a variety of topics, pulling traffic away from Google Search. In turn, this could negatively impact advertising revenue.</p>
<div class="lb-trans"><p>随着近年来生成性人工智能（AI）工具的普及，投资者合理地担心 Alphabet 的瑰宝——谷歌搜索（在第一季度占销售额的 56%）会受到冲击。这是因为人们认为用户在寻找各种主题的信息时会更多地转向 AI，从而减少对谷歌搜索的流量。这可能会对广告收入产生负面影响。</p>
</div><p>So far, it appears these fears are overblown. First off, Google Search still commands a whopping 90% of global market share when it comes to search engines. Additionally, Google Search saw revenue increase 10% year over year in Q1. And that $50.7 billion sales figure is up 28% from the same period three years ago.</p>
<div class="lb-trans"><p>到目前为止，这些担忧似乎被夸大了。首先，谷歌搜索在搜索引擎市场中仍然占据惊人的 90% 的全球市场份额。此外，谷歌搜索在第一季度的收入同比增长了 10%。而 507 亿美元的销售额比三年前的同期增长了 28%。</p>
</div><p>Lastly, it's worth pointing out that Alphabet isn't resting on its laurels. The company has clearly made AI a top priority. At its annual Google I/O developer conference in May, Alphabet did not disappoint. A notable 100 updates were announced, with new AI features coming across the board.</p>
<div class="lb-trans"><p>最后，值得指出的是，Alphabet 并没有止步不前。该公司显然将人工智能作为首要任务。在 5 月的年度谷歌 I/O 开发者大会上，Alphabet 没有让人失望。宣布了 100 项显著的更新，新的 AI 功能将全面推出。</p>
</div><p>Alphabet is already finding ways to make money from AI. &#34;For AI Overviews, overall, we continue to see monetization at approximately the same rate,&#34; Chief Business Officer Philipp Schindler said on the Q1 2025 earnings call when comparing Overviews to traditional search.</p>
<div class="lb-trans"><p>Alphabet 已经在寻找从 AI 中获利的方法。首席商务官 Philipp Schindler 在 2025 年第一季度的财报电话会议上表示：“对于 AI 概述来说，我们继续看到的货币化率大致与传统搜索相同。”</p>
</div><p>And when it comes to advertising customers, AI is helping them create more effective marketing campaigns that can increase return on spend and enhance targeting capabilities.</p>
<div class="lb-trans"><p>在广告客户方面，AI 正在帮助他们创建更有效的营销活动，从而提高投资回报率并增强目标定位能力。</p>
</div><p>In Q1, Alphabet generated $34.5 billion in net income. This puts it in an enviable position to keep plowing sizable financial resources into AI initiatives to bolster its competitive standing.</p>
<div class="lb-trans"><p>在第一季度，Alphabet 实现了 345 亿美元的净收入。这使得它处于一个令人羡慕的位置，可以继续将大量财务资源投入到 AI 项目中，以增强其竞争地位。</p>
</div><h2>Alphabet's economic moat</h2>
<div class="lb-trans"><h2>Alphabet 的经济护城河</h2>
</div><p>Alphabet's wide economic moat is a key factor that highlights just how outstanding of a business this really is. The company benefits from powerful network effects within Search and YouTube. There are invaluable, intangible assets at play, like the Alphabet and Google brands, unrivaled technological know-how, and the ability to collect unbelievable amounts of data that can directly impact strategic decisions.</p>
<div class="lb-trans"><p>Alphabet 广泛的经济护城河是突显其业务卓越性的关键因素。该公司在搜索和 YouTube 中受益于强大的网络效应。还有一些无形的、宝贵的资产在起作用，比如 Alphabet 和谷歌品牌、无与伦比的技术专长，以及收集大量数据的能力，这些数据可以直接影响战略决策。</p>
</div><p>There is also a cost advantage, particularly with Google Cloud. The platform requires huge fixed costs to build out the infrastructure. This explains why the segment was unprofitable for a long time. However, now that revenue has scaled up to $49 billion on an annualized run-rate in Q1, Google Cloud is boosting the bottom line. Operating income totaled $2.2 billion in the first three months of 2025.</p>
<div class="lb-trans"><p>此外，特别是在谷歌云方面，Alphabet 还具有成本优势。该平台需要巨额的固定成本来建设基础设施。这解释了为什么这一部门长期以来一直处于亏损状态。然而，随着第一季度收入达到 490 亿美元的年化水平，谷歌云正在提升底线。2025 年头三个月的营业收入总计 22 亿美元。</p>
</div><p>Google Cloud's customers also deal with high switching costs. Once they onboard and start to depend on Alphabet as its mission-critical IT partner, it makes sense why they would be inclined to stay put unless they want to cause potential operational disruptions.</p>
<div class="lb-trans"><p>谷歌云的客户也面临高昂的转换成本。一旦他们开始依赖 Alphabet 作为其关键的 IT 合作伙伴，留在原地就显得合情合理，除非他们想造成潜在的运营中断。</p>
</div><h2>Trading at a discount to the market</h2>
<div class="lb-trans"><h2>以低于市场的价格交易</h2>
</div><p>Investors will notice that Alphabet's valuation is too hard to ignore. Shares trade at a price-to-earnings (P/E) ratio of 19.2. This is a discount to the <strong>S&amp;P 500 Index</strong>, which just doesn't seem warranted given the quality of this business. And of all the &#34;Magnificent Seven&#34; stocks, Alphabet is the cheapest.</p>
<div class="lb-trans"><p>投资者会注意到，Alphabet 的估值实在难以忽视。其股票的市盈率（P/E）为 19.2。这一估值低于 <strong>标准普尔 500 指数</strong>，考虑到该业务的质量，这似乎并不合理。在所有 “七大奇迹” 股票中，Alphabet 是最便宜的。</p>
</div><p>Finding such a great deal in the stock market can make investors think that they're overlooking something. However, it's best not to overanalyze the situation. Alphabet is a smart buy while on the dip.</p>
<div class="lb-trans"><p>在股市中找到如此划算的交易可能会让投资者觉得他们忽略了什么。然而，最好不要过度分析这种情况。在下跌时，Alphabet 是一个明智的买入选择。</p>
</div>

Down 16%, Should You Buy the Dip on Alphabet?

- Alphabet 股价在过去五年上涨 144%，十年上涨 525%。  
- Google Search 仍占全球市场份额的 90%，Q1 收入同比增长 10%。  
- 当前市盈率为 19.2，低于 S&P 500，投资者可考虑买入。  

谷歌-A 股价下跌 16%，你是否应该趁低买入？