<p>如果以市盈率（P/E）作为指标，华尔街目前最不喜欢的 “七大奇迹” 股票可能是 <strong>Alphabet</strong>（GOOG 3.02%）（GOOGL 3.24%）。这家大型科技公司——谷歌的母公司——正全力投入人工智能（AI）革命，收入以两位数的速度增长，并且其云部门的盈利出现了拐点。然而，它的市盈率在所有大型科技股中是最低的。</p>
<p>让我们深入分析谷歌的母公司、Gemini、YouTube 和 Google Cloud，看看这个折扣的盈利比率是否使得该股票现在值得购买。</p>
<h2>强劲的基本面增长</h2>
<p>关于 Alphabet 和谷歌在人工智能领域输给 OpenAI 等公司的说法有很多。然而，到目前为止，这并没有在 Alphabet 的财务表现中显现出来。上个季度，Alphabet 的收入在恒定货币下同比增长 14%，达到 902 亿美元，谷歌搜索收入也增长了 10%，尽管据说受到 AI 初创公司的冲击。但到目前为止，Alphabet 并没有受到影响。</p>
<p>随着 Gemini 语言升级、视频工具以及一系列生产力和消费者购物功能等新 AI 产品的推出，Alphabet 保持在前沿，同时仍从谷歌搜索中产生大量收入。在过去的 12 个月中，Alphabet 的收入为 3600 亿美元，在过去五年中累计增长了 117%。</p>
<p>这不仅仅来自谷歌搜索。YouTube 广告、订阅和 Google Cloud 每季度各自产生约 100 亿美元的收入，并且收入以两位数的速度增长。这种收入多样化应该有助于 Alphabet 保持其财务势头，即使谷歌搜索如一些投资者所担心的那样受到冲击。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjA4MDUvZmluZ2Vycy1vbi1jaGluLWxvb2tpbmctdXAtdGhpbmtpbmctY29uc2lkZXJpbmctd29uZGVyaW5nLmpwZyZ3PTcwMA?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" width="700" height="467" original-src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjA4MDUvZmluZ2Vycy1vbi1jaGluLWxvb2tpbmctdXAtdGhpbmtpbmctY29uc2lkZXJpbmctd29uZGVyaW5nLmpwZyZ3PTcwMA"/></p>
<p>图片来源：Getty Images。</p>
<h2>来自 Google Cloud 的盈利支持</h2>
<p>目前，Alphabet 业务的皇冠明珠是 Google Cloud。该部门的收入同比增长 28%，受益于 AI 初创公司对云计算的需求不断上升。作为该领域的领导者，Google Cloud 的年度经常性收入接近 500 亿美元，未来还有很大的增长空间。</p>
<p>多年来，Google Cloud 的运营收益为负。现在，它正经历巨大的盈利拐点，这对 Alphabet 的综合底线将产生重要影响。2025 年第一季度，Google Cloud 的运营收入为 22 亿美元，利润率为 18%。如果云收入在几年内达到每年 1000 亿美元，同时利润率扩大到 25%，那么这将为 Alphabet 带来 250 亿美元的年度运营收入。</p>
<p>作为参考，Alphabet 在过去 12 个月的总运营收入为 1175 亿美元，这意味着 Google Cloud 在公司的增长故事中变得越来越重要。只要 AI 支出热潮持续，Google Cloud 的收入可能也会继续增长。</p>
<p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/c34d9bd54a8363e25bdc5bf1a8778608.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" width="720" height="473" original-src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/c34d9bd54a8363e25bdc5bf1a8778608.png"/></p>
<p>GOOG 市盈率数据来源于 YCharts</p>
<h2>为什么 Alphabet 是最便宜的七大奇迹股票</h2>
<p>Alphabet 看起来是最便宜的七大奇迹股票，原因有多个。首先，从收入的角度来看，它的增长速度超过了 <strong>Apple</strong> 和 <strong>Tesla</strong> 等一些同行。其次，Alphabet 的市盈率远低于那些快速增长收入的七大奇迹同行。Alphabet 的市盈率为 18.9，而 <strong>Meta Platforms</strong> 为 26.7，<strong>Microsoft</strong> 为 36，尽管 Alphabet 的收入增长速度相似。这些竞争对手中没有一个像 Google Cloud 那样目前正在经历如此快速的盈利拐点。</p>
<p>更重要的是，Alphabet 的管理团队在向股东回报资本方面是七大奇迹中最优秀的之一。该股票目前的股息收益率为 0.5%，公司不断将现金投入股票回购，即使在快速增加人工智能基础设施和未来 Google Cloud 增长的资本支出时也是如此。</p>
<p>在公开市场上，这是一种罕见的组合：便宜的股票、快速的增长以及通过回购和股息向股东提供强劲的资本回报。这样的组合使得 Alphabet 成为目前最值得购买的股票之一，也是今天最便宜的七大奇迹。</p>

谷歌-A

谷歌-C

1 倍做空谷歌 ETF - Direxion

2 倍做多谷歌 ETF - Direxion

<p>Alphabet（谷歌）目前被认为是 “七大巨头” 中最便宜的股票，原因是其市盈率（P/E）仅为 18.9，尽管其年收入增长率达到了 14%。该公司在人工智能领域蓬勃发展，谷歌云的收入增长了 28%，对利润贡献显著。Alphabet 的多元化收入来源，包括 YouTube 和谷歌云，使其在未来增长中具备良好的定位。此外，该公司致力于通过分红和股票回购向股东返还资本，使其成为一个具有吸引力的投资机会</p>

<p>Wall Street's least favorite &#34;Magnificent Seven&#34; stock may be <strong>Alphabet</strong>(GOOG 3.02%)(GOOGL 3.24%) right now if its price-to-earnings (P/E) ratio is any indicator. The large technology company -- and parent of Google -- is leaping forward into the artificial intelligence (AI) revolution with open arms, growing revenue at a double-digit rate, and seeing an earnings inflection at its cloud division. And yet, it trades at the cheapest P/E ratio of all of its large-cap technology stocks brethren.</p>
<div class="lb-trans"><p>如果以市盈率（P/E）作为指标，华尔街目前最不喜欢的 “七大奇迹” 股票可能是 <strong>Alphabet</strong>（GOOG 3.02%）（GOOGL 3.24%）。这家大型科技公司——谷歌的母公司——正全力投入人工智能（AI）革命，收入以两位数的速度增长，并且其云部门的盈利出现了拐点。然而，它的市盈率在所有大型科技股中是最低的。</p>
</div><p>Let's dive in and analyze the parent company of Google, Gemini, YouTube, and Google Cloud and see whether this discounted earnings ratio makes the stock a buy right now.</p>
<div class="lb-trans"><p>让我们深入分析谷歌的母公司、Gemini、YouTube 和 Google Cloud，看看这个折扣的盈利比率是否使得该股票现在值得购买。</p>
</div><h2>Strong fundamental growth</h2>
<div class="lb-trans"><h2>强劲的基本面增长</h2>
</div><p>There is a huge narrative around Alphabet and Google losing in AI to the likes of OpenAI. So far, this has not shown up in Alphabet's financial performance. Last quarter, Alphabet's revenue grew 14% year over year in constant currency to $90.2 billion, with 10% growth from Google Search revenue that is supposedly being disrupted by AI start-ups. So far, that hasn't been the case with Alphabet.</p>
<div class="lb-trans"><p>关于 Alphabet 和谷歌在人工智能领域输给 OpenAI 等公司的说法有很多。然而，到目前为止，这并没有在 Alphabet 的财务表现中显现出来。上个季度，Alphabet 的收入在恒定货币下同比增长 14%，达到 902 亿美元，谷歌搜索收入也增长了 10%，尽管据说受到 AI 初创公司的冲击。但到目前为止，Alphabet 并没有受到影响。</p>
</div><p>With a plethora of new AI products hitting the market including Gemini language upgrades, video tools, and a host of productivity and consumer shopping functions, Alphabet is staying on the cutting edge while still generating tons of revenue from Google Search. Over the last 12 months, Alphabet's revenue was $360 billion, up 117% cumulatively in the last five years.</p>
<div class="lb-trans"><p>随着 Gemini 语言升级、视频工具以及一系列生产力和消费者购物功能等新 AI 产品的推出，Alphabet 保持在前沿，同时仍从谷歌搜索中产生大量收入。在过去的 12 个月中，Alphabet 的收入为 3600 亿美元，在过去五年中累计增长了 117%。</p>
</div><p>This is not just from Google Search, either. YouTube advertising, subscriptions, and Google Cloud each generate around $10 billion in quarterly revenue and are growing revenue at a double-digit rate. This diversification of revenue should help Alphabet maintain its financial momentum even if Google Search does get disrupted as some investors fear.</p>
<div class="lb-trans"><p>这不仅仅来自谷歌搜索。YouTube 广告、订阅和 Google Cloud 每季度各自产生约 100 亿美元的收入，并且收入以两位数的速度增长。这种收入多样化应该有助于 Alphabet 保持其财务势头，即使谷歌搜索如一些投资者所担心的那样受到冲击。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjA4MDUvZmluZ2Vycy1vbi1jaGluLWxvb2tpbmctdXAtdGhpbmtpbmctY29uc2lkZXJpbmctd29uZGVyaW5nLmpwZyZ3PTcwMA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F820805%2Ffingers-on-chin-looking-up-thinking-considering-wondering.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>Earnings help from Google Cloud</h2>
<div class="lb-trans"><h2>来自 Google Cloud 的盈利支持</h2>
</div><p>The crown jewel of Alphabet's business right now is Google Cloud. Growing revenue at 28% year over year, the division is benefiting greatly from the rising demand from AI start-ups to host their computing in the cloud. A leader in the space, Google Cloud is closing in on $50 billion in annual recurring revenue with a long runway to grow.</p>
<div class="lb-trans"><p>目前，Alphabet 业务的皇冠明珠是 Google Cloud。该部门的收入同比增长 28%，受益于 AI 初创公司对云计算的需求不断上升。作为该领域的领导者，Google Cloud 的年度经常性收入接近 500 亿美元，未来还有很大的增长空间。</p>
</div><p>For years, Google Cloud had negative operating earnings. Now, it is seeing a huge profit inflection that will be meaningful to Alphabet's consolidated bottom line. Google Cloud's operating income was $2.2 billion in the first quarter of 2025, giving it a profit margin of 18%. If cloud revenue can hit $100 billion annually within a few years while profit margins expand to 25%, that will equate to $25 billion in annual operating income from the division for Alphabet.</p>
<div class="lb-trans"><p>多年来，Google Cloud 的运营收益为负。现在，它正经历巨大的盈利拐点，这对 Alphabet 的综合底线将产生重要影响。2025 年第一季度，Google Cloud 的运营收入为 22 亿美元，利润率为 18%。如果云收入在几年内达到每年 1000 亿美元，同时利润率扩大到 25%，那么这将为 Alphabet 带来 250 亿美元的年度运营收入。</p>
</div><p>For reference, Alphabet's total operating income was $117.5 billion over the last 12 months, meaning that Google Cloud is an increasingly important part of the company's growth story. As long as the AI spending boom continues, Google Cloud's revenue will likely continue to grow as well.</p>
<div class="lb-trans"><p>作为参考，Alphabet 在过去 12 个月的总运营收入为 1175 亿美元，这意味着 Google Cloud 在公司的增长故事中变得越来越重要。只要 AI 支出热潮持续，Google Cloud 的收入可能也会继续增长。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/c34d9bd54a8363e25bdc5bf1a8778608.png" alt="" original-src="https://media.ycharts.com/charts/c34d9bd54a8363e25bdc5bf1a8778608.png"/></p>
<p>GOOG PE Ratio data by YCharts</p>
<div class="lb-trans"><p>GOOG 市盈率数据来源于 YCharts</p>
</div><h2>Why Alphabet is the cheapest Magnificent Seven stock</h2>
<div class="lb-trans"><h2>为什么 Alphabet 是最便宜的七大奇迹股票</h2>
</div><p>Alphabet looks like the cheapest Magnificent Seven stock to buy for multiple reasons. For one, it is growing faster from a revenue perspective than some of its peers such as <strong>Apple</strong> and <strong>Tesla</strong>. Second, Alphabet's trailing P/E ratio is much lower than the Magnificent Seven peers that are growing revenue at a fast clip. Alphabet has a P/E ratio of 18.9, versus 26.7 for <strong>Meta Platforms</strong> and 36 for <strong>Microsoft</strong>, even though Alphabet's revenue is growing at a similar rate. Neither of these competitors has a division like Google Cloud that is appreciating such a rapid earnings inflection at the moment, either.</p>
<div class="lb-trans"><p>Alphabet 看起来是最便宜的七大奇迹股票，原因有多个。首先，从收入的角度来看，它的增长速度超过了 <strong>Apple</strong> 和 <strong>Tesla</strong> 等一些同行。其次，Alphabet 的市盈率远低于那些快速增长收入的七大奇迹同行。Alphabet 的市盈率为 18.9，而 <strong>Meta Platforms</strong> 为 26.7，<strong>Microsoft</strong> 为 36，尽管 Alphabet 的收入增长速度相似。这些竞争对手中没有一个像 Google Cloud 那样目前正在经历如此快速的盈利拐点。</p>
</div><p>To put the cherry on top, Alphabet's management team has been one of the best among the Magnificent Seven in returning capital to shareholders. The stock now has a dividend yielding 0.5%, and the company keeps plowing cash into share repurchases even as it rapidly lays out capital expenditures for its AI infrastructure and future Google Cloud growth.</p>
<div class="lb-trans"><p>更重要的是，Alphabet 的管理团队在向股东回报资本方面是七大奇迹中最优秀的之一。该股票目前的股息收益率为 0.5%，公司不断将现金投入股票回购，即使在快速增加人工智能基础设施和未来 Google Cloud 增长的资本支出时也是如此。</p>
</div><p>This is a rare combination in public markets: a cheap stock, fast growth, and strong capital returns to shareholders through buybacks and dividends. A recipe like this makes Alphabet one of the best stocks to buy right now and the cheapest Magnificent Seven today.</p>
<div class="lb-trans"><p>在公开市场上，这是一种罕见的组合：便宜的股票、快速的增长以及通过回购和股息向股东提供强劲的资本回报。这样的组合使得 Alphabet 成为目前最值得购买的股票之一，也是今天最便宜的七大奇迹。</p>
</div>

Is Google the Cheapest "Magnificent Seven" Stock You Can Buy Today?

- Alphabet（GOOG）在人工智能领域快速增长，营收同比增长 14%。  
- Google Cloud 的营收增长 28%，对整体利润贡献显著。  
- 其市盈率为 18.9，低于其他大型科技股，具备投资价值。  

谷歌是今天你能买到的最便宜的 “七大杰出” 股票吗？