<p><strong>字母表</strong>(GOOG -0.53%)(GOOGL -1.06%) 的股票在周一早晨表现得有些不稳定，最初在早盘交易中上涨近 2%，随后又回吐所有涨幅，跌入负值。截至东部时间上午 11:05，谷歌母公司股价下跌 0.3%。</p>
<p>这是为什么呢？</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjMzNzkvY2hhbGtib2FyZC1kcmF3aW5nLW9mLXN0b2NrLWNoYXJ0LWFycm93LWdvaW5nLXVwLWJlaW5nLWVyYXNlZC1hbmQtcG9pbnRpbmctYmFjay1kb3duLmpwZyZ3PTcwMA?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-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjMzNzkvY2hhbGtib2FyZC1kcmF3aW5nLW9mLXN0b2NrLWNoYXJ0LWFycm93LWdvaW5nLXVwLWJlaW5nLWVyYXNlZC1hbmQtcG9pbnRpbmctYmFjay1kb3duLmpwZyZ3PTcwMA"/></p>
<p>图片来源：Getty Images。</p>
<h2>来自加拿大的好消息</h2>
<p>这个故事的 “上涨” 部分比 “下跌” 部分更容易解释。周日，加拿大宣布将撤销一项拟议的数字服务税（DST），该税可能会对谷歌等科技公司造成高额成本。该数字服务税旨在从提供社交媒体、广告和数据服务的公司（基本上就是_谷歌_）中提取收入。</p>
<p>但特朗普总统特别指出，数字服务税是与加拿大达成新贸易协议的障碍。因此，昨天，加拿大撤销了数字服务税，希望这能推动贸易谈判的进展。</p>
<p>这对谷歌母公司字母表来说是个好消息，也解释了为什么今天早盘股价上涨。</p>
<h2>字母表股票值得出售吗？</h2>
<p>然而，投资者为何如此迅速放弃对数字服务税撤销的乐观态度，并转向抛售字母表股票则不太清楚。</p>
<p>估值可能是一个问题。尽管字母表报告的根据公认会计原则（GAAP）计算的收益在过去 12 个月超过 1100 亿美元，但该公司仍在人工智能（AI）方面大量支出。这些投资可能会奏效，也可能不会。然而，有一点是确定的，那就是这些工作使字母表的资本支出巨大，导致其自由现金流减少到不足 750 亿美元。</p>
<p>这意味着字母表报告的每 1 美元 GAAP“利润”，实际上只产生 0.67 美元的真实自由现金流。在接近 29 的自由现金流估值比率下，字母表的股票在我看来更像是 “卖出” 而不是 “买入”。</p>

谷歌-C

谷歌-A

<p>Alphabet 的股票在周一经历了波动，最初因加拿大宣布撤回拟议的数字服务税而上涨近 2%，这一消息被视为对谷歌等科技公司有利。然而，股票随后下跌了 0.3%，这可能是由于对其高估值和在人工智能项目上巨额资本支出的担忧，这些因素减少了其自由现金流。分析师建议，考虑到接近 29 的市盈率，Alphabet 的股票可能更倾向于 “卖出” 而非 “买入”</p>

<p><strong>Alphabet</strong>(GOOG -0.53%)(GOOGL -1.06%) stock is acting a bit erratic Monday morning, first rising nearly 2% in early trading, and then giving up all its gains and falling into the red. As of 11:05 a.m. ET, the Google parent company is down 0.3%.</p>
<div class="lb-trans"><p><strong>字母表</strong>(GOOG -0.53%)(GOOGL -1.06%) 的股票在周一早晨表现得有些不稳定，最初在早盘交易中上涨近 2%，随后又回吐所有涨幅，跌入负值。截至东部时间上午 11:05，谷歌母公司股价下跌 0.3%。</p>
</div><p>And why?</p>
<div class="lb-trans"><p>这是为什么呢？</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjMzNzkvY2hhbGtib2FyZC1kcmF3aW5nLW9mLXN0b2NrLWNoYXJ0LWFycm93LWdvaW5nLXVwLWJlaW5nLWVyYXNlZC1hbmQtcG9pbnRpbmctYmFjay1kb3duLmpwZyZ3PTcwMA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F823379%2Fchalkboard-drawing-of-stock-chart-arrow-going-up-being-erased-and-pointing-back-down.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>Good news from Canada</h2>
<div class="lb-trans"><h2>来自加拿大的好消息</h2>
</div><p>The &#34;up&#34; part of this story is easier to explain than the &#34;down.&#34; On Sunday, Canada announced it will rescind a proposed Digital Services Tax (DST) that threatened to impose high costs on tech companies like Google. The DST was designed to extract revenue from companies providing social media, advertising, and data services (so basically, <em>Google</em>).</p>
<div class="lb-trans"><p>这个故事的 “上涨” 部分比 “下跌” 部分更容易解释。周日，加拿大宣布将撤销一项拟议的数字服务税（DST），该税可能会对谷歌等科技公司造成高额成本。该数字服务税旨在从提供社交媒体、广告和数据服务的公司（基本上就是_谷歌_）中提取收入。</p>
</div><p>But President Trump specifically called out the DST as an obstacle to reaching a new trade agreement with Canada. So yesterday, Canada rescinded the DST, hoping this will help move along the trade talks.</p>
<div class="lb-trans"><p>但特朗普总统特别指出，数字服务税是与加拿大达成新贸易协议的障碍。因此，昨天，加拿大撤销了数字服务税，希望这能推动贸易谈判的进展。</p>
</div><p>That's good news for Google parent Alphabet, and explains why the stock popped early today.</p>
<div class="lb-trans"><p>这对谷歌母公司字母表来说是个好消息，也解释了为什么今天早盘股价上涨。</p>
</div><h2>Is Alphabet stock a sell?</h2>
<div class="lb-trans"><h2>字母表股票值得出售吗？</h2>
</div><p>It's less clear why investors have so quickly abandoned their optimism about the DST repeal, however, and have turned to selling Alphabet stock.</p>
<div class="lb-trans"><p>然而，投资者为何如此迅速放弃对数字服务税撤销的乐观态度，并转向抛售字母表股票则不太清楚。</p>
</div><p>Valuation might be a concern. Although Alphabet reported earnings as calculated according to generally accepted accounting principles (GAAP) of more than $110 billion over the last 12 months, the company's still spending heavily on its artificial intelligence (AI) efforts. Those may work out, they may not. One thing that's certain though is that the work is costing Alphabet massive amounts of capital expenditure that reduce its free cash flow to less than $75 billion.</p>
<div class="lb-trans"><p>估值可能是一个问题。尽管字母表报告的根据公认会计原则（GAAP）计算的收益在过去 12 个月超过 1100 亿美元，但该公司仍在人工智能（AI）方面大量支出。这些投资可能会奏效，也可能不会。然而，有一点是确定的，那就是这些工作使字母表的资本支出巨大，导致其自由现金流减少到不足 750 亿美元。</p>
</div><p>That means for every $1 Alphabet reports as GAAP &#34;profit,&#34; it's actually making just $0.67 in real free cash flow. At a price-to-free cash flow valuation of nearly 29, Alphabet stock looks more like a &#34;sell&#34; than a &#34;buy&#34; to me.</p>
<div class="lb-trans"><p>这意味着字母表报告的每 1 美元 GAAP“利润”，实际上只产生 0.67 美元的真实自由现金流。在接近 29 的自由现金流估值比率下，字母表的股票在我看来更像是 “卖出” 而不是 “买入”。</p>
</div>

Why Did Alphabet Stock Pop Today, Then Drop?

- Alphabet 股票早盘上涨近 2%，随后回落至下跌 0.3%。  
- 加拿大宣布撤销数字服务税，利好 Alphabet。  
- 投资者对估值和人工智能支出感到担忧，转向抛售。  

为什么 Alphabet 的股票今天先上涨后又下跌？