<p>科技公司的崛起无疑是过去几十年主要的经济故事之一。其中一个在这一趋势中扮演关键角色的企业就是 <strong>Alphabet</strong>（GOOGL）（GOOG 0.21%），谷歌和 YouTube 的母公司。自 2004 年首次公开募股以来，其股价飙升了 6560%，为早期投资者创造了可观的财富。</p>
<p>如今，Alphabet 是一家主导的互联网企业，市值高达 2 万亿美元。那么，这只顶尖科技股在 2025 年仍然是个明智的投资选择吗？投资者需要了解以下信息。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjA0MzAvcGVyc29uLWJpa2luZy1vbi1nb29nbGUtY2FtcHVzLXdpdGgtZ29vZ2xlLWxvZ28tcmVmbGVjdGlvbi1pbi1iYWNrZ3JvdW5kX2FscGhhYmV0X2dvb2dsZS5qcGcmdz03MDA?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-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjA0MzAvcGVyc29uLWJpa2luZy1vbi1nb29nbGUtY2FtcHVzLXdpdGgtZ29vZ2xlLWxvZ28tcmVmbGVjdGlvbi1pbi1iYWNrZ3JvdW5kX2FscGhhYmV0X2dvb2dsZS5qcGcmdz03MDA"/></p>
<p>图片来源：Alphabet。</p>
<h2>数字广告的领导者</h2>
<p>在 2025 年第一季度，Alphabet 通过其数字广告业务创造了 670 亿美元的收入。这一数字占公司总收入的 74%，显示出这一活动对企业的重要性。广告销售在第一季度同比增长了 8.4%，主要得益于谷歌搜索和 YouTube 的增长。</p>
<p>关于人工智能（AI）聊天机器人将如何扰乱谷歌搜索的担忧是可以理解的。但这些担忧可能被夸大了。该领域在全球搜索引擎市场中占据近 90% 的份额。而 AI 概述目前拥有 15 亿月活跃用户，其变现速度与传统搜索查询相同。</p>
<p>Alphabet 有充足的增长空间可供捕捉。Grand View Research 估计，全球数字广告市场将在本十年剩余时间内以 15.4% 的复合年增长率增长。</p>
<h2>谷歌云的崛起</h2>
<p>谷歌云在企业成功中变得越来越重要，因为它为企业客户提供按需 IT 服务。名单上有一些显著的客户。例如，谷歌云为 <strong>Home Depot</strong>、<strong>Charles Schwab</strong> 和 <strong>Alaska Airlines</strong> 提供服务，突显了该平台与强大客户群体的良好契合。</p>
<p>该领域在第一季度的收入增长达到了 28.1%。并且它正在快速扩大利润，营业收入达到 22 亿美元，营业利润率为 17.9%。随着谷歌云收入基础的扩大，预计盈利能力将显著改善，因为可以利用的大额固定成本。这将提升公司的整体底线。</p>
<h2>乘着 AI 的浪潮</h2>
<p>人工智能现在已成为 Alphabet 战略的重要组成部分。上个月，该公司举行了年度开发者大会，AI 在 100 项新公告中占据了重要位置。这种视角并不新鲜，因为 Alphabet 已经专注于 AI 项目达二十年之久。</p>
<p>广告客户显然对公司的财务成功至关重要。Alphabet 利用 AI 帮助他们改善广告活动，通过更好地定位特定受众和推动效率来提高投资回报率。</p>
<p>谷歌云正在成为希望使用 AI 的客户的关键合作伙伴。例如，其 Vertex AI 产品允许客户构建原生应用程序。</p>
<p>Waymo，Alphabet 的自动驾驶部门，刚刚完成了 1000 万次无驾驶员乘车，也在利用 AI。这在导航路线或执行行程时发挥作用。</p>
<p>毫不奇怪，几乎每个企业都在思考如何在 AI 世界中为成功做好准备。Alphabet 无疑是在以更宏大的规模进行这样的运作。不过，要实现这一目标，需要大量资金。今年，该公司计划在资本支出上花费 750 亿美元，主要用于增强技术基础设施。</p>
<p>但投资者不必担心。是的，对于这些巨额投资的最终回报存在担忧。然而，Alphabet 在第一季度的运营现金流达到了 360 亿美元。截至 3 月 31 日，其资产负债表上有高达 950 亿美元的现金、现金等价物和可交易证券，而长期债务仅为 110 亿美元。</p>
<p>没有多少公司能够承担 Alphabet 正在做的事情。这应该在未来几年 AI 进步中为其提供显著优势。</p>
<h2>投资者面临良好的交易机会</h2>
<p>欣赏这家企业的理由不胜枚举。即使在 2025 年，经过多年的惊人股价表现，Alphabet 看起来仍然是一个不错的交易。这是因为其估值看起来过于吸引人，无法错过。当前，股票的前瞻市盈率为 17.5。这对投资者来说是一个显而易见的买入机会。</p>

谷歌-A

谷歌-C

<p>Alphabet（谷歌）(GOOGL) 仍然是 2025 年的一个强劲投资选择，市值达到 2 万亿美元，自首次公开募股以来增长了 6560%。在 2025 年第一季度，它的数字广告收入达到了 670 亿美元，占总收入的 74%，而谷歌云的收入增长率为 28.1%。该公司正在大力投资人工智能，今年计划投入 750 亿美元用于资本支出。以 17.5 的前瞻市盈率，Alphabet 为投资者提供了一个具有吸引力的买入机会</p>

<p>The rise of technology companies has truly been the main economic story over the past couple of decades. One business that has been a key part of this trend is none other than <strong>Alphabet</strong>(GOOGL)(GOOG 0.21%), parent of Google and Youtube. Since the initial public offering in 2004, its shares have skyrocketed 6,560%, generating some serious wealth for early investors.</p>
<div class="lb-trans"><p>科技公司的崛起无疑是过去几十年主要的经济故事之一。其中一个在这一趋势中扮演关键角色的企业就是 <strong>Alphabet</strong>（GOOGL）（GOOG 0.21%），谷歌和 YouTube 的母公司。自 2004 年首次公开募股以来，其股价飙升了 6560%，为早期投资者创造了可观的财富。</p>
</div><p>Today, Alphabet is a dominant internet enterprise that carries a colossal market capitalization of $2 trillion. So, is this top tech stock still a no-brainer buy in 2025? Here's what investors need to know.</p>
<div class="lb-trans"><p>如今，Alphabet 是一家主导的互联网企业，市值高达 2 万亿美元。那么，这只顶尖科技股在 2025 年仍然是个明智的投资选择吗？投资者需要了解以下信息。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjA0MzAvcGVyc29uLWJpa2luZy1vbi1nb29nbGUtY2FtcHVzLXdpdGgtZ29vZ2xlLWxvZ28tcmVmbGVjdGlvbi1pbi1iYWNrZ3JvdW5kX2FscGhhYmV0X2dvb2dsZS5qcGcmdz03MDA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F820430%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>A leader in digital advertising</h2>
<div class="lb-trans"><h2>数字广告的领导者</h2>
</div><p>During the first quarter of 2025, Alphabet generated $67 billion in revenue from its digital advertising efforts. This number represented 74% of the company's total, showcasing just how important this activity remains for the business. Ad sales were up 8.4% in Q1 on a year-over-year basis, driven by growth in Google Search and YouTube.</p>
<div class="lb-trans"><p>在 2025 年第一季度，Alphabet 通过其数字广告业务创造了 670 亿美元的收入。这一数字占公司总收入的 74%，显示出这一活动对企业的重要性。广告销售在第一季度同比增长了 8.4%，主要得益于谷歌搜索和 YouTube 的增长。</p>
</div><p>The fears about how artificial intelligence (AI) chatbots will disrupt Google Search are understandable. But they might be overblown. This segment has nearly 90% global share of the search engine industry. And AI Overviews, now with 1.5 billion monthly users, is monetizing at the same rate as traditional search queries.</p>
<div class="lb-trans"><p>关于人工智能（AI）聊天机器人将如何扰乱谷歌搜索的担忧是可以理解的。但这些担忧可能被夸大了。该领域在全球搜索引擎市场中占据近 90% 的份额。而 AI 概述目前拥有 15 亿月活跃用户，其变现速度与传统搜索查询相同。</p>
</div><p>There should be plenty of growth for Alphabet to capture. Grand View Research estimates the worldwide digital advertising market will grow at a compound annual rate of 15.4% through the rest of the decade.</p>
<div class="lb-trans"><p>Alphabet 有充足的增长空间可供捕捉。Grand View Research 估计，全球数字广告市场将在本十年剩余时间内以 15.4% 的复合年增长率增长。</p>
</div><h2>The rise of Google Cloud</h2>
<div class="lb-trans"><h2>谷歌云的崛起</h2>
</div><p>Google Cloud is becoming more important to the success of the business, as it provides enterprise clients with on-demand IT services. There are some notable customers on the roster. Google Cloud serves <strong>Home Depot</strong>, <strong>Charles Schwab</strong>, and <strong>Alaska Airlines</strong>, for example, highlighting how well the platform is resonating with a powerful clientele.</p>
<div class="lb-trans"><p>谷歌云在企业成功中变得越来越重要，因为它为企业客户提供按需 IT 服务。名单上有一些显著的客户。例如，谷歌云为 <strong>Home Depot</strong>、<strong>Charles Schwab</strong> 和 <strong>Alaska Airlines</strong> 提供服务，突显了该平台与强大客户群体的良好契合。</p>
</div><p>This segment posted revenue growth of 28.1% in the first quarter. And it's producing quickly expanding profits, with operating income coming in at $2.2 billion, good for a 17.9% operating margin. It's reasonable to expect profitability to improve dramatically as Google Cloud's revenue base scales up, thanks to large fixed costs that can be leveraged. This should boost the company's overall bottom line.</p>
<div class="lb-trans"><p>该领域在第一季度的收入增长达到了 28.1%。并且它正在快速扩大利润，营业收入达到 22 亿美元，营业利润率为 17.9%。随着谷歌云收入基础的扩大，预计盈利能力将显著改善，因为可以利用的大额固定成本。这将提升公司的整体底线。</p>
</div><h2>Riding the AI wave</h2>
<div class="lb-trans"><h2>乘着 AI 的浪潮</h2>
</div><p>Artificial intelligence has now become a vital part of Alphabet's strategy. The company had its annual developer conference last month, and AI featured prominently among 100 new announcements that were made. This perspective isn't new, as Alphabet has been focused on AI initiatives for two decades.</p>
<div class="lb-trans"><p>人工智能现在已成为 Alphabet 战略的重要组成部分。上个月，该公司举行了年度开发者大会，AI 在 100 项新公告中占据了重要位置。这种视角并不新鲜，因为 Alphabet 已经专注于 AI 项目达二十年之久。</p>
</div><p>Advertising customers are obviously critical to the company's financial success. Alphabet uses AI to help them improve their ad campaigns by better targeting specific audiences and by driving efficiencies that can increase return on investment.</p>
<div class="lb-trans"><p>广告客户显然对公司的财务成功至关重要。Alphabet 利用 AI 帮助他们改善广告活动，通过更好地定位特定受众和推动效率来提高投资回报率。</p>
</div><p>Google Cloud is becoming a mission-critical partner for customers that want to use AI. For example, its Vertex AI product allows them to build native applications.</p>
<div class="lb-trans"><p>谷歌云正在成为希望使用 AI 的客户的关键合作伙伴。例如，其 Vertex AI 产品允许客户构建原生应用程序。</p>
</div><p>Waymo, Alphabet's autonomous driving division, which just completed 10 million driverless rides, is also leveraging AI. This comes into play when navigating routes or executing a trip.</p>
<div class="lb-trans"><p>Waymo，Alphabet 的自动驾驶部门，刚刚完成了 1000 万次无驾驶员乘车，也在利用 AI。这在导航路线或执行行程时发挥作用。</p>
</div><p>It's not a shock that perhaps every single business out there is thinking about ways to position themselves for success in an AI world. Alphabet is surely operating like this, just on a much grander scale. To get there, though, will require a lot of money. Just this year, the company plans to spend $75 billion on capital expenditures, mainly to bolster technical infrastructure.</p>
<div class="lb-trans"><p>毫不奇怪，几乎每个企业都在思考如何在 AI 世界中为成功做好准备。Alphabet 无疑是在以更宏大的规模进行这样的运作。不过，要实现这一目标，需要大量资金。今年，该公司计划在资本支出上花费 750 亿美元，主要用于增强技术基础设施。</p>
</div><p>But investors shouldn't worry. Yes, there are concerns about the ultimate payoff of these sizable investments. However, Alphabet brought in $36 billion in operating cash flow just in Q1. And as of March 31, it had a whopping $95 billion in cash, cash equivalents, and marketable securities on the balance sheet, compared to just $11 billion of long-term debt.</p>
<div class="lb-trans"><p>但投资者不必担心。是的，对于这些巨额投资的最终回报存在担忧。然而，Alphabet 在第一季度的运营现金流达到了 360 亿美元。截至 3 月 31 日，其资产负债表上有高达 950 亿美元的现金、现金等价物和可交易证券，而长期债务仅为 110 亿美元。</p>
</div><p>There aren't many companies out there that can afford what Alphabet is doing. This should give it a notable advantage as AI progresses in the years ahead.</p>
<div class="lb-trans"><p>没有多少公司能够承担 Alphabet 正在做的事情。这应该在未来几年 AI 进步中为其提供显著优势。</p>
</div><h2>Investors are staring at a good deal</h2>
<div class="lb-trans"><h2>投资者面临良好的交易机会</h2>
</div><p>There is no shortage of reasons to appreciate this business. Even in 2025, after an incredible run for the stock over the years, Alphabet looks like a good deal. That's because the valuation looks too attractive to pass up. Shares trade at a forward P/E ratio of 17.5 right now. This is a no-brainer buying opportunity for investors.</p>
<div class="lb-trans"><p>欣赏这家企业的理由不胜枚举。即使在 2025 年，经过多年的惊人股价表现，Alphabet 看起来仍然是一个不错的交易。这是因为其估值看起来过于吸引人，无法错过。当前，股票的前瞻市盈率为 17.5。这对投资者来说是一个显而易见的买入机会。</p>
</div>

Alphabet Stock: Still a No-Brainer Buy in 2025?

- Alphabet 2025 年第一季度数字广告收入达 670 亿美元，占总收入的 74%。  
- Google Cloud 收入增长 28.1%，运营利润为 22 亿美元，显示出强劲的盈利能力。  
- 公司计划投资 750 亿美元于技术基础设施，现金流充足，未来前景乐观。  

Alphabet 股票：在 2025 年仍然是一个显而易见的买入选择吗？