<p>在过去两年多的时间里，ChatGPT 开发者 OpenAI 一直处于人工智能（AI）革命的中心。该公司从 <strong>微软</strong> 获得了数十亿美元的融资，并与 <strong>CoreWeave</strong> 等领先的 AI 云服务提供商紧密合作，是推动名为 Project Stargate 的 5000 亿美元国内 AI 基础设施计划的关键参与者之一。</p>
<p>最近，OpenAI 再次成为头条新闻，因其与 <strong>Alphabet</strong>（GOOG -3.68%）（GOOGL -3.89%）达成了一项重大合作关系。</p>
<p>让我们探讨一下 OpenAI 和 Alphabet 是如何合作的，并评估这项交易为何可能成为游戏规则的改变者。</p>
<h2>为什么 OpenAI 与 Alphabet 合作？</h2>
<p>微软对 OpenAI 的投资不仅仅是为了筹集资金。作为合作的一部分，OpenAI 与微软的云服务 Azure 紧密集成。</p>
<p>虽然 Azure 的基础设施在过去两年中对 OpenAI 的爆炸性增长至关重要，但 ChatGPT 制造商最近的举动表明，它希望避免与微软的供应商锁定。</p>
<p>例如，作为 Project Stargate 的一部分，<strong>Oracle</strong> 据报道正在探索购买数十亿美元的 <strong>Nvidia</strong> 最新 Blackwell GPU 架构，并将这些芯片租赁给 OpenAI。</p>
<p>根据最近的报道，OpenAI 与 Alphabet 的合作围绕着与 Oracle 交易相同的使用案例：通过 Google Cloud Platform 访问计算能力。随着数据工作负载的不断增加，训练和推理 AI 模型变得越来越复杂和昂贵。因此，扩大其云计算基础设施以超越 Azure 对 OpenAI 来说至关重要。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjIxMjYvZ2V0dHlpbWFnZXMtMTQ4MzgzOTM0MS0xLmpwZyZ3PTcwMA?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-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjIxMjYvZ2V0dHlpbWFnZXMtMTQ4MzgzOTM0MS0xLmpwZyZ3PTcwMA"/></p>
<p>图片来源：Getty Images。</p>
<h2>为什么这项合作可能会成为 Alphabet 的游戏规则改变者</h2>
<p>虽然云计算已成为 Alphabet 快速增长的业务，但 Google Cloud 的规模远小于微软 Azure 和 <strong>亚马逊</strong> 网络服务（AWS）。尽管如此，与 OpenAI 的合作从外部看可能显得奇怪，因为该平台可能被视为 Google 搜索业务和 AI 努力的技术竞争对手和生存威胁。</p>
<p>然而，我认为这段关系有一个更有趣的方面，即 Alphabet 正在对其各个平台的经济状况进行对冲。</p>
<p>自从 ChatGPT 出现以来，怀疑者一直在对 Alphabet 的互联网搜索业务（Google）发出警报。悲观的说法是，输入查询到像 ChatGPT 这样的聊天机器人并立即获得详细回复将使人们远离传统的搜索过程。</p>
<p>尽管 Alphabet 仍然拥有 Google 和 YouTube 等重要的互联网资产，但一些搜索趋势开始表明，ChatGPT 和其他大型语言模型可能正在侵蚀 Google 的主导地位。反过来，Alphabet 的搜索广告帝国可能即将崩溃。</p>
<p>虽然关于 OpenAI 和 Google Cloud 关系的确切细节仍然保密，但我有一些想法，为什么这项交易对 Alphabet 实际上可能具有很大的战略意义。</p>
<p>在 OpenAI 和其同行开始侵蚀 Google 搜索的情况下——从而对 Alphabet 的广告收入造成影响——Alphabet 仍然能够捕获一些下游的货币化。我的意思是，Alphabet 的云基础设施业务捕获了原本在 Google 搜索的面向消费者的广告部分中损失的收入。反过来，这一新的云收入流可以帮助缩小与 AWS 和 Azure 的差距。</p>
<p>此外，Alphabet 还有一个更有利可图的机会，那就是通过了解 OpenAI 的工作负载来提升 Google 自身的 AI 能力。诚然，这最后一点目前可能是异想天开，因为尚不清楚 Alphabet 将在访问 OpenAI 的数据流方面获得什么信息。</p>
<h2>Alphabet 股票现在值得购买吗？</h2>
<p>在下面的图表中，投资者可以看到，Alphabet 的股票在前瞻性收益基础上与其云计算同行相比，交易价格相当折扣。</p>
<p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/bc2b285954626b7bca9df546589ad306.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/bc2b285954626b7bca9df546589ad306.png"/></p>
<p>GOOGL PE 比率（前瞻性）数据来源于 YCharts</p>
<p>Alphabet 与其同行之间的估值差异可能表明一种过于悲观的叙述，根植于两个主要领域。首先，一些投资者可能认为 Alphabet 进入云计算竞争的时间太晚，永远无法赶上亚马逊或微软。其次，OpenAI 的崛起多年来被视为对 Google 的生存威胁——我认为 Alphabet 相对于其同行的巨大折扣正在反映这种叙述。</p>
<p>正如我上面所概述的，Alphabet 与 OpenAI 的交易的讽刺在于，该公司可能实际上已经解锁了一条后门渠道，即使在其核心搜索业务面临越来越大的压力时，仍能继续蓬勃发展。</p>
<p>对我来说，与 OpenAI 的交易在长期内对 Alphabet 来说是一个变革性的游戏规则改变者，我认为现在购买该股票是毫无疑问的选择。</p>

OpenAI

谷歌-A

谷歌-C

<p>OpenAI 与 Alphabet 建立了重要的合作关系，旨在将其云计算基础设施多样化，超越微软 Azure。这一合作对 Alphabet 来说可能具有变革性，因为它希望在面临来自像 ChatGPT 这样的 AI 模型竞争而导致搜索广告收入担忧的情况下，增强其云业务。该交易可能为 Alphabet 提供新的收入来源和对 AI 能力的洞察，可能减轻搜索主导地位下降的影响。分析师建议，Alphabet 的股票被低估，使其成为一个有吸引力的投资机会</p>

<p>For more than two years now, ChatGPT developer OpenAI has been at the center of the artificial intelligence (AI) revolution. The company has raised billions in funding from <strong>Microsoft</strong>, works closely with leading AI-focused cloud providers such as <strong>CoreWeave</strong>, and is among the key players pushing a $500 billion domestic AI infrastructure initiative called Project Stargate.</p>
<div class="lb-trans"><p>在过去两年多的时间里，ChatGPT 开发者 OpenAI 一直处于人工智能（AI）革命的中心。该公司从 <strong>微软</strong> 获得了数十亿美元的融资，并与 <strong>CoreWeave</strong> 等领先的 AI 云服务提供商紧密合作，是推动名为 Project Stargate 的 5000 亿美元国内 AI 基础设施计划的关键参与者之一。</p>
</div><p>Recently, OpenAI found itself in the headlines yet again following news of a major partnership with <strong>Alphabet</strong>(GOOG -3.68%)(GOOGL -3.89%).</p>
<div class="lb-trans"><p>最近，OpenAI 再次成为头条新闻，因其与 <strong>Alphabet</strong>（GOOG -3.68%）（GOOGL -3.89%）达成了一项重大合作关系。</p>
</div><p>Let's explore how OpenAI and Alphabet are teaming up, and assess why this deal could be a game changer.</p>
<div class="lb-trans"><p>让我们探讨一下 OpenAI 和 Alphabet 是如何合作的，并评估这项交易为何可能成为游戏规则的改变者。</p>
</div><h2>Why is OpenAI teaming up with Alphabet?</h2>
<div class="lb-trans"><h2>为什么 OpenAI 与 Alphabet 合作？</h2>
</div><p>Microsoft's investment in OpenAI wasn't just about raising capital. As part of their partnership, OpenAI became tightly integrated into Microsoft's cloud service, Azure.</p>
<div class="lb-trans"><p>微软对 OpenAI 的投资不仅仅是为了筹集资金。作为合作的一部分，OpenAI 与微软的云服务 Azure 紧密集成。</p>
</div><p>While Azure's infrastructure has been key to OpenAI maintaining explosive growth over the last two years, recent moves from the ChatGPT maker suggest it's looking to avoid vendor lock-in with Microsoft.</p>
<div class="lb-trans"><p>虽然 Azure 的基础设施在过去两年中对 OpenAI 的爆炸性增长至关重要，但 ChatGPT 制造商最近的举动表明，它希望避免与微软的供应商锁定。</p>
</div><p>For instance, as part of Project Stargate, <strong>Oracle</strong> is reportedly exploring purchasing several billion dollars worth of <strong>Nvidia</strong>'s newest Blackwell GPU architecture and leasing access to these chips to OpenAI.</p>
<div class="lb-trans"><p>例如，作为 Project Stargate 的一部分，<strong>Oracle</strong> 据报道正在探索购买数十亿美元的 <strong>Nvidia</strong> 最新 Blackwell GPU 架构，并将这些芯片租赁给 OpenAI。</p>
</div><p>According to recent reporting, OpenAI's partnership with Alphabet revolves around the same use case as the Oracle deal: accessing compute power through the Google Cloud Platform. As data workloads continue to rise, training and inferencing AI models becomes increasingly sophisticated and costly. Hence, broadening its cloud compute infrastructure beyond Azure is critical for OpenAI.</p>
<div class="lb-trans"><p>根据最近的报道，OpenAI 与 Alphabet 的合作围绕着与 Oracle 交易相同的使用案例：通过 Google Cloud Platform 访问计算能力。随着数据工作负载的不断增加，训练和推理 AI 模型变得越来越复杂和昂贵。因此，扩大其云计算基础设施以超越 Azure 对 OpenAI 来说至关重要。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjIxMjYvZ2V0dHlpbWFnZXMtMTQ4MzgzOTM0MS0xLmpwZyZ3PTcwMA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F822126%2Fgettyimages-1483839341-1.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>Why this partnership could be a game changer for Alphabet</h2>
<div class="lb-trans"><h2>为什么这项合作可能会成为 Alphabet 的游戏规则改变者</h2>
</div><p>While cloud computing has emerged as a fast-growing business for Alphabet, Google Cloud operates at a much smaller scale than Microsoft Azure and <strong>Amazon</strong> Web Services (AWS). That said, working with OpenAI may look odd from the outside as the platform could be seen as both a technical competitor and existential threat to Google's search business and AI efforts.</p>
<div class="lb-trans"><p>虽然云计算已成为 Alphabet 快速增长的业务，但 Google Cloud 的规模远小于微软 Azure 和 <strong>亚马逊</strong> 网络服务（AWS）。尽管如此，与 OpenAI 的合作从外部看可能显得奇怪，因为该平台可能被视为 Google 搜索业务和 AI 努力的技术竞争对手和生存威胁。</p>
</div><p>However, I think there is a more interesting aspect to this relationship whereby Alphabet is hedging the economic profiles of its various platforms.</p>
<div class="lb-trans"><p>然而，我认为这段关系有一个更有趣的方面，即 Alphabet 正在对其各个平台的经济状况进行对冲。</p>
</div><p>Since ChatGPT emerged, skeptics have been sounding the alarm on Alphabet's internet search business (Google). The bear narrative is that inputting a query into a chatbot such as ChatGPT and receiving a detailed response instantly will turn people away from the traditional search process of Googling something.</p>
<div class="lb-trans"><p>自从 ChatGPT 出现以来，怀疑者一直在对 Alphabet 的互联网搜索业务（Google）发出警报。悲观的说法是，输入查询到像 ChatGPT 这样的聊天机器人并立即获得详细回复将使人们远离传统的搜索过程。</p>
</div><p>Although Alphabet continues to own significant surface area on the internet thanks to properties such as Google and YouTube, some search trends are beginning to indicate that ChatGPT and other large language models may be encroaching on Google's dominance. In turn, Alphabet's search advertising empire may be about to crack.</p>
<div class="lb-trans"><p>尽管 Alphabet 仍然拥有 Google 和 YouTube 等重要的互联网资产，但一些搜索趋势开始表明，ChatGPT 和其他大型语言模型可能正在侵蚀 Google 的主导地位。反过来，Alphabet 的搜索广告帝国可能即将崩溃。</p>
</div><p>While the exact details about OpenAI and Google Cloud's relationship are under tight wraps, I have some ideas as to why this deal could actually make a lot of strategic sense for Alphabet.</p>
<div class="lb-trans"><p>虽然关于 OpenAI 和 Google Cloud 关系的确切细节仍然保密，但我有一些想法，为什么这项交易对 Alphabet 实际上可能具有很大的战略意义。</p>
</div><p>In a scenario where OpenAI and its peers begin to erode Google search -- thereby taking a toll on Alphabet's advertising revenue -- Alphabet is still able to capture some downstream monetization. What I mean by that is Alphabet's cloud infrastructure business captures revenue that is otherwise lost from the consumer-facing advertising segment of Google search. In turn, this new stream of cloud revenue can help tighten the gap with AWS and Azure.</p>
<div class="lb-trans"><p>在 OpenAI 和其同行开始侵蚀 Google 搜索的情况下——从而对 Alphabet 的广告收入造成影响——Alphabet 仍然能够捕获一些下游的货币化。我的意思是，Alphabet 的云基础设施业务捕获了原本在 Google 搜索的面向消费者的广告部分中损失的收入。反过来，这一新的云收入流可以帮助缩小与 AWS 和 Azure 的差距。</p>
</div><p>In addition, a far more lucrative opportunity for Alphabet could be to hone Google's own AI capabilities by gaining visibility into OpenAI's workloads. Granted, this last point may be wishful thinking for the time being, as it's not entirely known what Alphabet will be privy to with regards to accessing OpenAI's data flow.</p>
<div class="lb-trans"><p>此外，Alphabet 还有一个更有利可图的机会，那就是通过了解 OpenAI 的工作负载来提升 Google 自身的 AI 能力。诚然，这最后一点目前可能是异想天开，因为尚不清楚 Alphabet 将在访问 OpenAI 的数据流方面获得什么信息。</p>
</div><h2>Is Alphabet stock a buy right now?</h2>
<div class="lb-trans"><h2>Alphabet 股票现在值得购买吗？</h2>
</div><p>In the chart below, investors can see that Alphabet trades at a considerable discount compared to its cloud hyperscaler peers on a forward earnings basis.</p>
<div class="lb-trans"><p>在下面的图表中，投资者可以看到，Alphabet 的股票在前瞻性收益基础上与其云计算同行相比，交易价格相当折扣。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/bc2b285954626b7bca9df546589ad306.png" alt="" original-src="https://media.ycharts.com/charts/bc2b285954626b7bca9df546589ad306.png"/></p>
<p>GOOGL PE Ratio (Forward) data by YCharts</p>
<div class="lb-trans"><p>GOOGL PE 比率（前瞻性）数据来源于 YCharts</p>
</div><p>The valuation disparity between Alphabet and its cohorts could suggest an overly bearish narrative, rooted in two primary areas. First, some investors may be of the opinion that Alphabet entered the cloud computing race far too late and will never catch up to Amazon or Microsoft. Second, the rise of OpenAI has been labeled an existential threat to Google for years now -- and I think Alphabet's steep discount relative to its peers is pricing in such a narrative.</p>
<div class="lb-trans"><p>Alphabet 与其同行之间的估值差异可能表明一种过于悲观的叙述，根植于两个主要领域。首先，一些投资者可能认为 Alphabet 进入云计算竞争的时间太晚，永远无法赶上亚马逊或微软。其次，OpenAI 的崛起多年来被视为对 Google 的生存威胁——我认为 Alphabet 相对于其同行的巨大折扣正在反映这种叙述。</p>
</div><p>As I outlined above, though, the irony from Alphabet's deal with OpenAI is that the company might actually have unlocked a backdoor channel to continue thriving even as its core search business faces mounting pressure.</p>
<div class="lb-trans"><p>正如我上面所概述的，Alphabet 与 OpenAI 的交易的讽刺在于，该公司可能实际上已经解锁了一条后门渠道，即使在其核心搜索业务面临越来越大的压力时，仍能继续蓬勃发展。</p>
</div><p>To me, the deal with OpenAI is a transformative game changer for Alphabet in the long run and I see the stock as a no-brainer buy right now.</p>
<div class="lb-trans"><p>对我来说，与 OpenAI 的交易在长期内对 Alphabet 来说是一个变革性的游戏规则改变者，我认为现在购买该股票是毫无疑问的选择。</p>
</div>

Is OpenAI's Deal With Alphabet a Game Changer?

- OpenAI 与 Alphabet 达成合作，旨在拓展云计算基础设施。  
- 此合作可能帮助 Alphabet 缓解搜索业务压力，增加云收入。  
- 投资者对 Alphabet 的估值持悲观态度，但合作或为其带来转机。  

OpenAI 与 Alphabet 的交易是否会改变游戏规则？