<p><strong>字母表</strong>(GOOG 0.51%)(GOOGL 0.50%) 目前是华尔街上最大的投资机会之一。其估值在过去十年中很少达到这个水平，这应该促使投资者开始询问为什么它变得如此便宜。</p>
<p>我认为这种估值下跌主要是由于对生成性人工智能的过度担忧，投资者需要理解生成性人工智能对更广泛人群的真实影响，而不仅仅是一些小众案例。如果你能做到这一点，那么很明显，字母表的股票现在具有相当大的价值。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjMyNzgvcGVyc29uLXVzaW5nLXRoZWlyLXBob25lLWluLWJlZC5qcGcmdz03MDA?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-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjMyNzgvcGVyc29uLXVzaW5nLXRoZWlyLXBob25lLWluLWJlZC5qcGcmdz03MDA"/></p>
<p>图片来源：Getty Images。</p>
<h2>谷歌搜索引擎仍在实现出色的增长</h2>
<p>字母表是谷歌的母公司，其最有价值的资产是谷歌搜索引擎。字母表超过一半的收入来自这个部门，因此确保其成功对整个公司的长期成功至关重要。</p>
<p>然而，许多投资者相信生成性人工智能技术的崛起可能会使谷歌搜索变得过时。许多投资者指出，谷歌的搜索引擎市场份额首次跌破 90% 是一个警告信号，但他们忽视了一些明显的事实。</p>
<p>首先，其市场份额仍然相当强劲，截至 6 月仍保持在 87%。如果你对美国的任何公司进行调查，询问他们是否对 87% 的市场份额感到满意，你很难找到一个回答 “否” 的受访者。谷歌搜索仍然是主导搜索引擎，几乎与使用互联网同义。</p>
<p>其次，谷歌推出了其 AI 搜索概述，能够无缝集成生成性人工智能技术与熟悉的搜索界面。虽然这个功能有一些小问题，但总体来说是一个很好的补充。目前，这可能是绝大多数用户群体继续使用谷歌而不是其他搜索引擎或生成性人工智能工具所需的所有改进。会有一些用户流失，但考虑到生成性人工智能工具已经存在很长时间，许多将替代其互联网搜索习惯的人可能已经做出了切换。</p>
<p>最后，这一市场份额的下降尚未在字母表的业绩中显现出来。在第一季度，谷歌搜索的收入同比增长了 10%。这听起来不像是一家正在遭受观众缩减的公司，这让我相信对字母表衰退的担忧被过度夸大。因此，我认为现在是将这只股票视为潜在买入机会的时候。</p>
<h2>字母表的估值历史上便宜</h2>
<p>字母表的股票交易价格为 19.9 倍的过去收益，这是过去十年中仅交易过一次的水平。</p>
<p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/97793d4010c1e617cc7703f95482b187.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/97793d4010c1e617cc7703f95482b187.png"/></p>
<p>GOOGL 市盈率数据来源于 YCharts</p>
<p>上一次达到这个点是在 2022 年底和 2023 年初，当时市场相信经济正走向衰退，几乎所有股票都以相当便宜的估值被抛售。然而，目前市场处于高估值点，字母表却被抛在了后面。</p>
<p>因此，这是过去十年中字母表相对于更广泛市场如此便宜的唯一时刻。<strong>标准普尔 500</strong> 指数的交易价格为 24.1 倍的过去收益，表明字母表的交易价格相对于更广泛市场有很大的折扣。</p>
<p>由于字母表在如此长时间内没有以如此深的折扣交易，我相信现在是十年来以极具吸引力的价格购买字母表股票的机会。</p>

谷歌-C

谷歌-A

<p>Alphabet 的股票目前被视为一个重要的买入机会，因为其历史估值处于低位，交易价格为 19.9 倍的过去收益，而标准普尔 500 指数为 24.1 倍。人们对生成式人工智能影响谷歌搜索的担忧被认为是过度的，因为该搜索引擎仍然占据 87% 的市场份额，并且年同比收入增长了 10%。这种独特的估值下跌为投资者提供了以折扣价购买 Alphabet 股票的罕见机会，使其成为一个引人注目的投资选择</p>

<p><strong>Alphabet</strong>(GOOG 0.51%)(GOOGL 0.50%) is one of the biggest bargains on Wall Street right now. Its valuation has seldom reached this level over the past decade, which should prompt investors to start asking questions about why it has become so cheap.</p>
<div class="lb-trans"><p><strong>字母表</strong>(GOOG 0.51%)(GOOGL 0.50%) 目前是华尔街上最大的投资机会之一。其估值在过去十年中很少达到这个水平，这应该促使投资者开始询问为什么它变得如此便宜。</p>
</div><p>I think this valuation drop is largely due to overblown fears regarding generative AI, and investors need to understand the true impacts of generative AI on the broader population, rather than just a few niche cases. If you can do that, then it's clear that Alphabet's stock has substantial value right now.</p>
<div class="lb-trans"><p>我认为这种估值下跌主要是由于对生成性人工智能的过度担忧，投资者需要理解生成性人工智能对更广泛人群的真实影响，而不仅仅是一些小众案例。如果你能做到这一点，那么很明显，字母表的股票现在具有相当大的价值。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjMyNzgvcGVyc29uLXVzaW5nLXRoZWlyLXBob25lLWluLWJlZC5qcGcmdz03MDA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F823278%2Fperson-using-their-phone-in-bed.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>Google Search engine is still putting up excellent growth</h2>
<div class="lb-trans"><h2>谷歌搜索引擎仍在实现出色的增长</h2>
</div><p>Alphabet is the parent company of Google, and its most valuable property is the Google Search engine. More than half of Alphabet's revenue comes from this division, so ensuring its success is critical to the long-term success of the overall company.</p>
<div class="lb-trans"><p>字母表是谷歌的母公司，其最有价值的资产是谷歌搜索引擎。字母表超过一半的收入来自这个部门，因此确保其成功对整个公司的长期成功至关重要。</p>
</div><p>However, many investors are convinced that the rise of generative AI technologies could render Google Search obsolete. Many investors point toward Google's search engine market share dropping below 90% for the first time since 2015 as a warning sign, but they are ignoring some blatant facts.</p>
<div class="lb-trans"><p>然而，许多投资者相信生成性人工智能技术的崛起可能会使谷歌搜索变得过时。许多投资者指出，谷歌的搜索引擎市场份额首次跌破 90% 是一个警告信号，但他们忽视了一些明显的事实。</p>
</div><p>First, its market share remains quite strong, still holding at 87% as of June. If you surveyed any company in America about whether they'd be satisfied with an 87% market share, you'd be hard pressed to find a respondent who said &#34;no.&#34; Google Search remains the dominant search engine, and it has become practically synonymous with using the internet.</p>
<div class="lb-trans"><p>首先，其市场份额仍然相当强劲，截至 6 月仍保持在 87%。如果你对美国的任何公司进行调查，询问他们是否对 87% 的市场份额感到满意，你很难找到一个回答 “否” 的受访者。谷歌搜索仍然是主导搜索引擎，几乎与使用互联网同义。</p>
</div><p>Second, Google has rolled out its AI search overviews, which seamlessly integrate generative AI technology alongside the familiar search interface. While this feature has had some hiccups, it's overall a great addition. For now, it will likely be all the improvement needed for the vast majority of the user base to stick with Google versus another search engine or a generative AI tool. There will be some defectors, but given how long generative AI tools have been around, many of the people who will replace their internet search habits may have already made the switch.</p>
<div class="lb-trans"><p>其次，谷歌推出了其 AI 搜索概述，能够无缝集成生成性人工智能技术与熟悉的搜索界面。虽然这个功能有一些小问题，但总体来说是一个很好的补充。目前，这可能是绝大多数用户群体继续使用谷歌而不是其他搜索引擎或生成性人工智能工具所需的所有改进。会有一些用户流失，但考虑到生成性人工智能工具已经存在很长时间，许多将替代其互联网搜索习惯的人可能已经做出了切换。</p>
</div><p>Lastly, this drop in market share hasn't shown up in Alphabet's results yet. In the first quarter, Google Search's revenue rose 10% year over year. This doesn't sound like a company that's suffering from a shrinking audience, and it leads me to believe that the fears of Alphabet's demise are way overblown. As a result, I believe it's time to view the stock as a potential buying opportunity.</p>
<div class="lb-trans"><p>最后，这一市场份额的下降尚未在字母表的业绩中显现出来。在第一季度，谷歌搜索的收入同比增长了 10%。这听起来不像是一家正在遭受观众缩减的公司，这让我相信对字母表衰退的担忧被过度夸大。因此，我认为现在是将这只股票视为潜在买入机会的时候。</p>
</div><h2>Alphabet's valuation is historically cheap</h2>
<div class="lb-trans"><h2>字母表的估值历史上便宜</h2>
</div><p>Alphabet's stock trades for 19.9 times trailing earnings, a level that it has only traded at once over the past decade.</p>
<div class="lb-trans"><p>字母表的股票交易价格为 19.9 倍的过去收益，这是过去十年中仅交易过一次的水平。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/97793d4010c1e617cc7703f95482b187.png" alt="" original-src="https://media.ycharts.com/charts/97793d4010c1e617cc7703f95482b187.png"/></p>
<p>GOOGL PE Ratio data by YCharts</p>
<div class="lb-trans"><p>GOOGL 市盈率数据来源于 YCharts</p>
</div><p>The last time it reached this point, at the end of 2022 and the start of 2023, the market was convinced that the economy was heading into a recession, and every single stock had sold off to a pretty cheap valuation. However, the market is currently at a high valuation point and has left Alphabet behind.</p>
<div class="lb-trans"><p>上一次达到这个点是在 2022 年底和 2023 年初，当时市场相信经济正走向衰退，几乎所有股票都以相当便宜的估值被抛售。然而，目前市场处于高估值点，字母表却被抛在了后面。</p>
</div><p>As a result, this is the only time in the past decade that Alphabet has been this inexpensive compared to the broader market. The <strong>S&amp;P 500</strong> index trades at 24.1 times trailing earnings, indicating Alphabet is trading at a hefty discount to the broader market.</p>
<div class="lb-trans"><p>因此，这是过去十年中字母表相对于更广泛市场如此便宜的唯一时刻。<strong>标准普尔 500</strong> 指数的交易价格为 24.1 倍的过去收益，表明字母表的交易价格相对于更广泛市场有很大的折扣。</p>
</div><p>Since Alphabet has not traded at such a deep discount to the market for so long, I believe that now is a once-in-a-decade opportunity to pick up Alphabet shares at an extremely attractive price.</p>
<div class="lb-trans"><p>由于字母表在如此长时间内没有以如此深的折扣交易，我相信现在是十年来以极具吸引力的价格购买字母表股票的机会。</p>
</div>

A Once-in-a-Decade Opportunity: Alphabet's Stock Looks Like a Brilliant Buy Right Now

- Alphabet 的估值处于十年来的低点，吸引投资者关注。  
- Google 搜索引擎市场份额仍保持在 87%，收入同比增长 10%。  
- 当前股价相较于标普 500 指数显著折扣，提供买入机会。

十年一遇的机会：Alphabet 的股票目前看起来是一个绝佳的买入时机