<p>没有哪家公司能与 <strong>Alphabet</strong>(GOOG 1.47%) (GOOGL 1.46%) 相提并论。这家科技巨头长期以来主导着在线搜索，吸引了大量数字广告支出，因为企业争相获取点击量。YouTube 也是一个重要的盈利来源，占美国电视观众的近 10%。我们也不能忘记 Android，它为全球大多数智能手机提供动力，并帮助推动公司的其他业务。此外，还有 Google Cloud，现在已经盈利，年收入运行率接近 500 亿美元。</p>
<p>尽管收入和利润增长稳健，但 Alphabet 的股票最近表现不佳。在过去三年中，Alphabet 的股票表现不及 <strong>标准普尔 500 指数</strong>，也落后于其他科技巨头如 <strong>微软</strong>。这导致 Alphabet 的股票看起来相当便宜。根据分析师的估计，Alphabet 的前瞻性市盈率不到 19 倍，而微软和 <strong>苹果</strong> 的市盈率约为 30 倍。</p>
<p>投资者谨慎是有正当理由的。然而，这只股票很少会如此便宜，而巨额的现金储备和丰厚的利润为公司适应变化中的行业争取了时间。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjQ3ODYvZ2V0dHlpbWFnZXMtMTUwMzIyMzMxOS5qcGcmdz03MDA?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" width="700" height="440" original-src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjQ3ODYvZ2V0dHlpbWFnZXMtMTUwMzIyMzMxOS5qcGcmdz03MDA"/></p>
<p>图片来源：Getty Images。</p>
<h2>反垄断与人工智能</h2>
<p>目前，Alphabet 面临两个重大威胁。首先，该公司在全球范围内面临反垄断诉讼。今年四月，一名联邦法官支持美国司法部，称谷歌非法主导了在线广告技术市场。司法部希望谷歌出售部分业务，可能包括 Chrome 网络浏览器和 Android 移动操作系统。</p>
<p>虽然 Alphabet 被迫采取行动还需要一段时间，但最坏的情况对投资者来说并不愉快。Chrome 和 Android 直接与广告业务相关，失去其中任何一个都会造成重大打击。Alphabet 还可能被迫停止向苹果支付费用，以使谷歌搜索成为苹果设备的默认搜索，这可能会侵蚀公司的广告收入。</p>
<p>第二个主要威胁是人工智能（AI），特别是 AI 搜索。Vox Media 最近的一项调查发现，42% 的消费者认为像谷歌这样的搜索引擎变得不那么有用了。这并不令人惊讶。Alphabet 一直在将谷歌搜索填满广告，优化广告收入而非用户体验。</p>
<p>当没有可行的替代方案时，这种做法还算可以，但人工智能的出现打开了洪水闸。包括 OpenAI 和 Perplexity 在内的公司推出了 AI 驱动的搜索产品，将传统的网站索引与大型语言模型结合，以快速生成答案，并附上引用列表。人工智能远非完美，仍然容易出错或产生错误信息，但它为陈旧的在线搜索行业注入了新鲜空气。Perplexity 目前拥有 2200 万活跃用户，该公司最近推出了 Comet 网络浏览器，以挑战 Chrome。</p>
<p>Alphabet 正在通过 AI 概述进行反击，这些是出现在谷歌搜索结果顶部的 AI 生成摘要。但在很长一段时间以来，公司在其核心搜索市场上首次处于防守状态。</p>
<h2>是时候理清思路了</h2>
<p>人工智能可能会改变 Alphabet 的核心搜索业务，因为网络用户越来越倾向于使用 AI 工具。Alphabet 需要愿意自我颠覆，以避免落后。目前，AI 概述的推出是公司认真对待 AI 威胁的强烈信号。然而，公司的搜索主导地位随着时间的推移可能会面临真实风险。</p>
<p>Alphabet 的资产负债表上有约 960 亿美元的现金和可交易证券，负债不到 110 亿美元。该公司在 2025 年第一季度创造了 345 亿美元的净收入。谷歌搜索仍然占总收入的一半以上，但其他业务正在快速增长。YouTube 广告在第一季度产生了近 90 亿美元的收入，Google Cloud 超过 120 亿美元，而公司的订阅和设备总收入达到了 100 亿美元。</p>
<p>人工智能对 Alphabet 的核心业务构成了真正的风险，但公司拥有大量现金可用于投资人工智能或进行收购。Alphabet 自身已经成为人工智能领域的领导者，其 Gemini AI 模型为令人印象深刻的 Veo 3 AI 视频生成器提供动力。在人工智能竞赛中低估 Alphabet 是一个错误。随着股票交易处于历史低估值，耐心的投资者可能会考虑这家在线搜索巨头。</p>

谷歌-A

谷歌-C

1 倍做空谷歌 ETF - Direxion

2 倍做多谷歌 ETF - Direxion

<p>尽管最近的股票表现不佳，相较于标准普尔 500 指数和微软等竞争对手，Alphabet（GOOG，GOOGL）仍被视为一个有吸引力的投资机会。该公司面临反垄断诉讼以及来自人工智能驱动的搜索引擎的竞争，这可能威胁到其市场主导地位。然而，凭借 960 亿美元的强大现金储备和可观的利润，Alphabet 在适应这些挑战方面处于良好位置。人工智能概述的推出表明了公司对创新的承诺。投资者可能会发现 Alphabet 的股票具有价值，目前的交易价格不到未来收益的 19 倍</p>

<p>There's no company quite like <strong>Alphabet</strong>(GOOG 1.47%) (GOOGL 1.46%). The tech giant has long dominated online search, soaking up a huge chunk of digital ad spending as businesses vie for clicks. YouTube is also a big moneymaker, accounting for nearly 10% of all U.S. TV viewership. And let's not forget about Android, which powers the majority of the world's smartphones and helps fuel the company's other businesses. There's also Google Cloud, which is now profitable and at an annual revenue run rate of nearly $50 billion.</p>
<div class="lb-trans"><p>没有哪家公司能与 <strong>Alphabet</strong>(GOOG 1.47%) (GOOGL 1.46%) 相提并论。这家科技巨头长期以来主导着在线搜索，吸引了大量数字广告支出，因为企业争相获取点击量。YouTube 也是一个重要的盈利来源，占美国电视观众的近 10%。我们也不能忘记 Android，它为全球大多数智能手机提供动力，并帮助推动公司的其他业务。此外，还有 Google Cloud，现在已经盈利，年收入运行率接近 500 亿美元。</p>
</div><p>Despite solid revenue and profit growth, Alphabet stock has been lagging lately. Over the past three years, shares of Alphabet have underperformed the <strong>S&amp;P 500</strong>, and they've also lost out to other tech giants like <strong>Microsoft</strong>. This has created a situation where Alphabet stock looks downright affordable. Based on analyst estimates, Alphabet trades for less than 19 times forward earnings, compared to a P/E ratio of around 30 for both Microsoft and <strong>Apple</strong>.</p>
<div class="lb-trans"><p>尽管收入和利润增长稳健，但 Alphabet 的股票最近表现不佳。在过去三年中，Alphabet 的股票表现不及 <strong>标准普尔 500 指数</strong>，也落后于其他科技巨头如 <strong>微软</strong>。这导致 Alphabet 的股票看起来相当便宜。根据分析师的估计，Alphabet 的前瞻性市盈率不到 19 倍，而微软和 <strong>苹果</strong> 的市盈率约为 30 倍。</p>
</div><p>There are valid reasons for investors to be cautious. However, the stock is rarely this cheap, and a massive cash hoard and hefty profits buy the company time adapt to a changing industry.</p>
<div class="lb-trans"><p>投资者谨慎是有正当理由的。然而，这只股票很少会如此便宜，而巨额的现金储备和丰厚的利润为公司适应变化中的行业争取了时间。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjQ3ODYvZ2V0dHlpbWFnZXMtMTUwMzIyMzMxOS5qcGcmdz03MDA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F824786%2Fgettyimages-1503223319.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>Antitrust and AI</h2>
<div class="lb-trans"><h2>反垄断与人工智能</h2>
</div><p>There are two big threats facing Alphabet right now. First, the company is facing antitrust lawsuits around the world. In April, a federal judge sided with the U.S. Department of Justice, saying that Google illegally dominated the online advertising technology market. The DOJ wants Google to sell off parts of the business, potentially including the Chrome web browser and the Android mobile operating system.</p>
<div class="lb-trans"><p>目前，Alphabet 面临两个重大威胁。首先，该公司在全球范围内面临反垄断诉讼。今年四月，一名联邦法官支持美国司法部，称谷歌非法主导了在线广告技术市场。司法部希望谷歌出售部分业务，可能包括 Chrome 网络浏览器和 Android 移动操作系统。</p>
</div><p>While it will be a while before Alphabet is forced to do anything, the worst-case scenario isn't a pleasant one for investors. Chrome and Android feed into the advertising business, and losing either one would represent a significant hit. Alphabet could also be forced to stop paying Apple to make Google search the default on Apple devices, which would potentially eat into the company's advertising revenue.</p>
<div class="lb-trans"><p>虽然 Alphabet 被迫采取行动还需要一段时间，但最坏的情况对投资者来说并不愉快。Chrome 和 Android 直接与广告业务相关，失去其中任何一个都会造成重大打击。Alphabet 还可能被迫停止向苹果支付费用，以使谷歌搜索成为苹果设备的默认搜索，这可能会侵蚀公司的广告收入。</p>
</div><p>The second major threat is artificial intelligence (AI), specifically AI search. A recent survey from Vox Media found that 42% of consumers believe that search engines like Google are becoming less useful. That's not a surprise. Alphabet has been stuffing Google search full of ads, optimizing for ad revenue rather than user experience.</p>
<div class="lb-trans"><p>第二个主要威胁是人工智能（AI），特别是 AI 搜索。Vox Media 最近的一项调查发现，42% 的消费者认为像谷歌这样的搜索引擎变得不那么有用了。这并不令人惊讶。Alphabet 一直在将谷歌搜索填满广告，优化广告收入而非用户体验。</p>
</div><p>While this was fine when there was no viable alternative to Google search, AI has opened the floodgates. Companies including OpenAI and Perplexity have rolled out AI-powered search products that combine the traditional indexing of websites with large language models to produce answers quickly, with a list of citations to boot. AI is far from perfect, still prone to making things up or getting things wrong, but it's injecting a breath of fresh air into the stale online search industry. Perplexity now has 22 million active users, and the company recently launched the Comet web browser to take on Chrome.</p>
<div class="lb-trans"><p>当没有可行的替代方案时，这种做法还算可以，但人工智能的出现打开了洪水闸。包括 OpenAI 和 Perplexity 在内的公司推出了 AI 驱动的搜索产品，将传统的网站索引与大型语言模型结合，以快速生成答案，并附上引用列表。人工智能远非完美，仍然容易出错或产生错误信息，但它为陈旧的在线搜索行业注入了新鲜空气。Perplexity 目前拥有 2200 万活跃用户，该公司最近推出了 Comet 网络浏览器，以挑战 Chrome。</p>
</div><p>Alphabet is fighting back with AI Overviews, which are AI-generated summaries that show up at the top of Google search results. But for the first time in a long time, the company is on the defensive in its core search market.</p>
<div class="lb-trans"><p>Alphabet 正在通过 AI 概述进行反击，这些是出现在谷歌搜索结果顶部的 AI 生成摘要。但在很长一段时间以来，公司在其核心搜索市场上首次处于防守状态。</p>
</div><h2>Time to figure things out</h2>
<div class="lb-trans"><h2>是时候理清思路了</h2>
</div><p>AI could alter Alphabet's core search business as web users gravitate toward AI tools. Alphabet will need to be willing to disrupt itself to avoid falling behind. So far, the introduction of AI Overviews is a strong signal that the company is taking the AI threat seriously. However, there's a real risk that the company's search dominance erodes over time.</p>
<div class="lb-trans"><p>人工智能可能会改变 Alphabet 的核心搜索业务，因为网络用户越来越倾向于使用 AI 工具。Alphabet 需要愿意自我颠覆，以避免落后。目前，AI 概述的推出是公司认真对待 AI 威胁的强烈信号。然而，公司的搜索主导地位随着时间的推移可能会面临真实风险。</p>
</div><p>Alphabet has around $96 billion in cash and marketable securities on its balance sheet, along with less than $11 billion in debt. The company churned out $34.5 billion in net income during the first quarter of 2025 alone. Google search is still responsible for more than half of total revenue, but other businesses are growing quickly. YouTube ads produced nearly $9 billion in revenue during the first quarter, Google Cloud topped $12 billion, and the company's array of subscriptions and devices reached the $10 billion mark.</p>
<div class="lb-trans"><p>Alphabet 的资产负债表上有约 960 亿美元的现金和可交易证券，负债不到 110 亿美元。该公司在 2025 年第一季度创造了 345 亿美元的净收入。谷歌搜索仍然占总收入的一半以上，但其他业务正在快速增长。YouTube 广告在第一季度产生了近 90 亿美元的收入，Google Cloud 超过 120 亿美元，而公司的订阅和设备总收入达到了 100 亿美元。</p>
</div><p>AI is a real risk to Alphabet's core businesses, but the company has a mountain of cash at its disposal to invest in AI or make acquisitions. Alphabet has become an AI leader in its own right with its Gemini AI models, which power the impressive Veo 3 AI video generator. Counting out Alphabet in the AI race would be a mistake. With the stock trading at a historically low valuation, investors with some patience might want to consider the online search giant.</p>
<div class="lb-trans"><p>人工智能对 Alphabet 的核心业务构成了真正的风险，但公司拥有大量现金可用于投资人工智能或进行收购。Alphabet 自身已经成为人工智能领域的领导者，其 Gemini AI 模型为令人印象深刻的 Veo 3 AI 视频生成器提供动力。在人工智能竞赛中低估 Alphabet 是一个错误。随着股票交易处于历史低估值，耐心的投资者可能会考虑这家在线搜索巨头。</p>
</div>

Alphabet Stock Looks Like a Big Tech Bargain

- Alphabet 在在线搜索和数字广告领域占据主导地位。  
- 面临反垄断诉讼和人工智能搜索的双重威胁。  
- 尽管存在风险，Alphabet 仍有充足现金支持其转型。  

Alphabet 的股票似乎是大型科技公司中的一个划算选择