<p><strong>字母表</strong>(GOOG 1.74%)(GOOGL 1.69%) 可能是所有&#34;七大奇迹&#34;股票中最不受欢迎的一只。许多投资者担心其基础业务会受到生成式人工智能产品的干扰，但这种弱点尚未显现。此外，字母表还有其他一些业务部门正在利用人工智能军备竞赛获利，并推动整体增长。</p>
<p>字母表的股票目前看起来极其便宜，愿意逆势而行的投资者可以在其股票中找到巨大的价值。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjI0OTEvcGVyc29uLXVzaW5nLXRoZWlyLXBob25lLW9uLWEtY291Y2guanBnJnc9NzAw?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-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjI0OTEvcGVyc29uLXVzaW5nLXRoZWlyLXBob25lLW9uLWEtY291Y2guanBnJnc9NzAw"/></p>
<p>图片来源：Getty Images。</p>
<h2>字母表的基础业务仍然表现良好</h2>
<p>字母表是谷歌、YouTube、Android 操作系统及许多其他产品线的母公司。然而，谷歌搜索引擎是该业务的摇钱树，使公司能够资助其他项目。如果没有谷歌搜索产生的现金，字母表今天的样子将大相径庭。</p>
<p>许多投资者担心生成式人工智能模型会完全取代谷歌搜索，但我们尚未看到这种情况发生。字母表的管理团队推出了一款新产品，可以弥补全面使用生成式人工智能与传统搜索引擎之间的差距。其人工智能提供了一个生成式人工智能驱动的概述，能够总结搜索内容。</p>
<p>虽然这个功能有一些小缺陷，但它非常有效且受欢迎。许多投资者忘记了谷歌的广泛性和受欢迎程度。存在一个庞大的消费者基础，他们只知道谷歌，并且可能永远不会使用人工智能模型，这些用户可能会保持忠诚，除非推出了某种大幅改进的产品，而这种情况尚未发生。</p>
<p>此外，投资者担心的弱点在字母表的业绩中并未显现。在第一季度，谷歌搜索的收入同比增长了 10%。这与多年来的增长没有太大不同，质疑了谷歌搜索在人工智能驱动的世界中无法成功的假设。</p>
<p>此外，其他部门，如谷歌云，也从人工智能军备竞赛中受益。谷歌云是字母表的云计算部门，为客户构建大量计算能力供其租用。大多数客户不需要专用的人工智能计算集群，因此从像谷歌云这样的提供商那里租用更为合理。谷歌云在第一季度实现了惊人的增长，收入同比增长 28%。此外，其盈利能力也在不断提高，运营利润率从去年的 9.4% 几乎翻倍至今年的 17.8%。</p>
<p>这一切加在一起，使得公司（以及其他部门）在第一季度的收入和稀释每股收益分别以 12% 和 49% 的速度增长。这听起来不像是一家正在衰退的公司，尽管市场可能让你相信相反的情况。通常，这样的增长水平会使股票获得较高的溢价，但在字母表身上并没有。</p>
<h2>字母表的股票看起来极其便宜</h2>
<p>我将 <strong>标准普尔 500 指数</strong> 作为字母表的基准比较工具。广泛的市场指数是投资者判断股票是否便宜或昂贵的最佳比较工具之一。标准普尔 500 目前的前瞻市盈率为 22.8 倍，这在历史上是相当昂贵的。</p>
<p>字母表的股票远比这便宜，仅以 17.4 倍的前瞻市盈率交易。</p>
<p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/85e99343f2a89a63da5ee6555503d9b3.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/85e99343f2a89a63da5ee6555503d9b3.png"/></p>
<p>GOOGL 前瞻市盈率数据来自 YCharts</p>
<p>因此，无论广泛市场是否昂贵，字母表的股票是否便宜都无关紧要（我认为这两者因素的结合）。字母表的股票相对于市场被低估，因为它以低于市场的价格实现了超越市场的增长。</p>
<p>找到同时具备这两个因素的股票是罕见的，而不属于高度周期性的业务，这使得字母表在今天的股价下成为一个显而易见的买入选择。</p>

谷歌-C

谷歌-A

<p>Alphabet 的股票被认为被低估，当前的前瞻市盈率为 17.4 倍，而标准普尔 500 指数为 22.8 倍。尽管对生成性人工智能带来的干扰存在担忧，Alphabet 的核心业务依然强劲，谷歌搜索收入同比增长 10%，谷歌云业务增长 28%。该公司在第一季度的整体收入和每股收益也显示出显著增长。投资者可能会在 Alphabet 的股票中发现可观的价值，因为它结合了强劲的增长和低估值</p>

<p><strong>Alphabet</strong>(GOOG 1.74%)(GOOGL 1.69%) is perhaps the least-loved &#34;Magnificent Seven&#34; stock of all. Many investors are fearful of its base business being disrupted by generative AI products, but that weakness hasn't surfaced yet. Additionally, Alphabet has some other business units that are cashing in on the AI arms race and boosting its overall growth.</p>
<div class="lb-trans"><p><strong>字母表</strong>(GOOG 1.74%)(GOOGL 1.69%) 可能是所有&#34;七大奇迹&#34;股票中最不受欢迎的一只。许多投资者担心其基础业务会受到生成式人工智能产品的干扰，但这种弱点尚未显现。此外，字母表还有其他一些业务部门正在利用人工智能军备竞赛获利，并推动整体增长。</p>
</div><p>Alphabet's stock appears absurdly cheap right now, and investors willing to buck the trend can find huge value in its shares.</p>
<div class="lb-trans"><p>字母表的股票目前看起来极其便宜，愿意逆势而行的投资者可以在其股票中找到巨大的价值。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjI0OTEvcGVyc29uLXVzaW5nLXRoZWlyLXBob25lLW9uLWEtY291Y2guanBnJnc9NzAw" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F822491%2Fperson-using-their-phone-on-a-couch.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>Alphabet's base business is still doing just fine</h2>
<div class="lb-trans"><h2>字母表的基础业务仍然表现良好</h2>
</div><p>Alphabet is the parent company of Google, YouTube, the Android operating system, and many other product lines. However, the Google search engine is the business's cash cow and allows the company to fund other projects. Without the cash generated by Google search, Alphabet wouldn't look the same way it does today.</p>
<div class="lb-trans"><p>字母表是谷歌、YouTube、Android 操作系统及许多其他产品线的母公司。然而，谷歌搜索引擎是该业务的摇钱树，使公司能够资助其他项目。如果没有谷歌搜索产生的现金，字母表今天的样子将大相径庭。</p>
</div><p>Many investors are fearful that generative AI models will completely replace Google search, but we haven't seen that occur. Alphabet's management team has launched a new product that could bridge the gap between full-on generative AI usage and a traditional search engine. Its AI offers a generative AI-powered overview that summarizes the search.</p>
<div class="lb-trans"><p>许多投资者担心生成式人工智能模型会完全取代谷歌搜索，但我们尚未看到这种情况发生。字母表的管理团队推出了一款新产品，可以弥补全面使用生成式人工智能与传统搜索引擎之间的差距。其人工智能提供了一个生成式人工智能驱动的概述，能够总结搜索内容。</p>
</div><p>While this feature has some quirks, it's incredibly effective and popular. Many investors are forgetting about how widespread and popular Google is. There is a massive consumer base that only knows Google and will likely never use an AI model, and these users will likely remain loyal customers unless something vastly improved is launched, which hasn't been the case.</p>
<div class="lb-trans"><p>虽然这个功能有一些小缺陷，但它非常有效且受欢迎。许多投资者忘记了谷歌的广泛性和受欢迎程度。存在一个庞大的消费者基础，他们只知道谷歌，并且可能永远不会使用人工智能模型，这些用户可能会保持忠诚，除非推出了某种大幅改进的产品，而这种情况尚未发生。</p>
</div><p>Furthermore, the weakness investors are worried about hasn't materialized in Alphabet's results. During the first quarter, Google search's revenue rose 10% year over year. That's not much different than the growth it has delivered for many years, casting doubt on the hypothesis that Google search can't succeed in an AI-driven world.</p>
<div class="lb-trans"><p>此外，投资者担心的弱点在字母表的业绩中并未显现。在第一季度，谷歌搜索的收入同比增长了 10%。这与多年来的增长没有太大不同，质疑了谷歌搜索在人工智能驱动的世界中无法成功的假设。</p>
</div><p>Additionally, other divisions, like Google Cloud, benefit from the AI arms race. Google Cloud is Alphabet's cloud computing division, building massive amounts of computing power for customers to rent. Most clients don't need a dedicated AI computing cluster, so renting it from a provider like Google Cloud makes more sense. Google Cloud saw phenomenal growth in Q1, with revenue rising 28% year over year. Additionally, it's becoming increasingly profitable, with its operating margin nearly doubling from 9.4% last year to 17.8% this year.</p>
<div class="lb-trans"><p>此外，其他部门，如谷歌云，也从人工智能军备竞赛中受益。谷歌云是字母表的云计算部门，为客户构建大量计算能力供其租用。大多数客户不需要专用的人工智能计算集群，因此从像谷歌云这样的提供商那里租用更为合理。谷歌云在第一季度实现了惊人的增长，收入同比增长 28%。此外，其盈利能力也在不断提高，运营利润率从去年的 9.4% 几乎翻倍至今年的 17.8%。</p>
</div><p>This all adds up to a company (alongside other divisions) that grew revenue and diluted earnings per share at a 12% and 49% pace, respectively, during the first quarter. That doesn't sound like a dying company, and Alphabet is succeeding even if the market would have you believe otherwise. Normally, those growth levels would earn a stock a large premium, but it doesn't with Alphabet.</p>
<div class="lb-trans"><p>这一切加在一起，使得公司（以及其他部门）在第一季度的收入和稀释每股收益分别以 12% 和 49% 的速度增长。这听起来不像是一家正在衰退的公司，尽管市场可能让你相信相反的情况。通常，这样的增长水平会使股票获得较高的溢价，但在字母表身上并没有。</p>
</div><h2>Alphabet's stock looks absurdly cheap</h2>
<div class="lb-trans"><h2>字母表的股票看起来极其便宜</h2>
</div><p>I'm using the <strong>S&amp;P 500</strong> index as the baseline comparison for Alphabet. The broad market index is one of the best comparison tools investors have to determine whether a stock is cheap or expensive. The S&amp;P 500 currently trades at 22.8 times forward earnings, which is historically quite expensive.</p>
<div class="lb-trans"><p>我将 <strong>标准普尔 500 指数</strong> 作为字母表的基准比较工具。广泛的市场指数是投资者判断股票是否便宜或昂贵的最佳比较工具之一。标准普尔 500 目前的前瞻市盈率为 22.8 倍，这在历史上是相当昂贵的。</p>
</div><p>Alphabet's stock is much cheaper than that, trading for a mere 17.4 times forward earnings.</p>
<div class="lb-trans"><p>字母表的股票远比这便宜，仅以 17.4 倍的前瞻市盈率交易。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/85e99343f2a89a63da5ee6555503d9b3.png" alt="" original-src="https://media.ycharts.com/charts/85e99343f2a89a63da5ee6555503d9b3.png"/></p>
<p>GOOGL PE Ratio (Forward) data by YCharts</p>
<div class="lb-trans"><p>GOOGL 前瞻市盈率数据来自 YCharts</p>
</div><p>So, whether the broader market is expensive or Alphabet's stock is cheap doesn't matter (I think it's a combination of those two factors). Alphabet's stock is undervalued compared to the market, as it's delivering market-beating growth at a below-market price.</p>
<div class="lb-trans"><p>因此，无论广泛市场是否昂贵，字母表的股票是否便宜都无关紧要（我认为这两者因素的结合）。字母表的股票相对于市场被低估，因为它以低于市场的价格实现了超越市场的增长。</p>
</div><p>It's rare to find a stock that combines these two factors without being a highly cyclical business, which makes Alphabet a no-brainer buy at today's stock price.</p>
<div class="lb-trans"><p>找到同时具备这两个因素的股票是罕见的，而不属于高度周期性的业务，这使得字母表在今天的股价下成为一个显而易见的买入选择。</p>
</div>

Is Alphabet's Stock Absurdly Cheap?

- Alphabet 的核心业务仍然表现良好，第一季度 Google 搜索收入同比增长 10%。  
- Google Cloud 在 AI 竞争中受益，第一季度收入增长 28%，运营利润率接近翻倍。  
- Alphabet 股票相较于市场显得极为便宜，当前市盈率为 17.4，低于 S&P 500 的 22.8。  

Alphabet 的股票是否异常便宜？