<p><strong>字母表</strong>(GOOG 0.34%)(GOOGL 0.35%) 目前在市场上不受欢迎。投资者对生成性人工智能技术对字母表核心业务的影响表示担忧，这从其股价的下跌中可见一斑。</p>
<p>然而，我认为有一个被忽视的原因可能会导致字母表的股票在 2025 年下半年飙升，投资者现在就应该抓住机会，趁股价真正起飞之前入场。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjQ0MDkvcGVyc29uLW92ZXJsb29raW5nLWEtZGF0YWNlbnRlci5qcGcmdz03MDA?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-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjQ0MDkvcGVyc29uLW92ZXJsb29raW5nLWEtZGF0YWNlbnRlci5qcGcmdz03MDA"/></p>
<p>图片来源：Getty Images。</p>
<h2>谷歌搜索受到投资者的关注</h2>
<p>字母表最大的业务板块是谷歌搜索引擎。这个传统业务使字母表发展成为今天的公司，并使其能够资助过去十年中各种商业机会。</p>
<p>市场担心，随着越来越多的人开始使用生成性人工智能模型，谷歌搜索会迅速消失。这将对字母表最大的收入来源造成重大影响，并导致股价下跌。</p>
<p>然而，投资者忘记了，仍有很大一部分人群可能会因为习惯而继续使用谷歌。此外，谷歌实施了人工智能搜索概述，将生成性人工智能与搜索无缝集成，这种集成对于绝大多数人来说可能已经足够。</p>
<p>我们将在 7 月 23 日的第二季度财报中听到字母表关于谷歌搜索引擎健康状况的更多信息，但在此之前，我们必须查看第一季度的结果。在第一季度，谷歌搜索引擎的收入同比增长了 10%。这并不表明这个业务单元正在失败，但市场却对此深信不疑。这个增长率将在第二季度的结果中受到审视，但如果它保持在同样的低双位数增长率，股价可能会有更多上涨的空间。</p>
<p>但我认为还有另一个业务板块，投资者可能忽视了，它可能是字母表未来的关键。</p>
<h2>谷歌云是字母表的关键业务板块</h2>
<p>在我看来，字母表最引人注目的业务单元是谷歌云。云计算行业正在经历巨大的繁荣，受益于两个顺风因素。首先，新的人工智能工作负载每天都在增加，而谷歌云已成为运行这些工作负载的首选，特别是因为其内部模型 Gemini 在行业中表现优异。其次，企业正在将一般工作负载（如网站托管和商业数据）迁移到云端，因为本地设备逐渐老化。这两个因素都是推动更广泛云计算行业增长的巨大动力，而谷歌云的第三名位置使其在捕获更多业务方面处于良好位置。</p>
<p>在第一季度，谷歌云的收入同比增长了 28%，运营利润率为 18%。在追赶 <strong>亚马逊</strong> 网络服务（其运营利润率约为 40%）之前，它还有很长的路要走，但这突显了该部门为字母表提供的巨大上行空间。</p>
<p>虽然大多数市场将关注第二季度结果中谷歌搜索的增长，我也是如此，但不要忘记查看谷歌云的增长。</p>
<p>字母表需要这两个业务板块表现良好，以防市场对该股票变得更加悲观。我认为它可以做到，这可能是该股票在 2025 年剩余时间内扭转命运所需的因素。</p>

谷歌-A

谷歌-C

<p>Alphabet 的股票目前受到压力，原因是对生成性人工智能对其核心 Google 搜索业务影响的担忧。然而，该公司展现出韧性，第一季度 Google 搜索收入同比增长 10%。此外，Google Cloud 也在经历显著增长，收入增长 28%，在蓬勃发展的云计算市场中占据了良好位置。投资者应密切关注这两个业务板块，因为强劲的表现可能会导致股票在 2025 年下半年反弹</p>

<p><strong>Alphabet</strong>(GOOG 0.34%)(GOOGL 0.35%) is currently out of favor with the market. Investors are concerned about the impact of generative AI technologies on Alphabet's core business, as evidenced by the decline in its stock.</p>
<div class="lb-trans"><p><strong>字母表</strong>(GOOG 0.34%)(GOOGL 0.35%) 目前在市场上不受欢迎。投资者对生成性人工智能技术对字母表核心业务的影响表示担忧，这从其股价的下跌中可见一斑。</p>
</div><p>However, I think there's an under-the-radar reason that Alphabet's stock could soar in the second half of 2025, and investors would be wise to get in on it now before the stock really takes off.</p>
<div class="lb-trans"><p>然而，我认为有一个被忽视的原因可能会导致字母表的股票在 2025 年下半年飙升，投资者现在就应该抓住机会，趁股价真正起飞之前入场。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjQ0MDkvcGVyc29uLW92ZXJsb29raW5nLWEtZGF0YWNlbnRlci5qcGcmdz03MDA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F824409%2Fperson-overlooking-a-datacenter.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 is under scrutiny by investors</h2>
<div class="lb-trans"><h2>谷歌搜索受到投资者的关注</h2>
</div><p>Alphabet's biggest business segment is the Google Search engine. This legacy business built Alphabet into the company it is today, and allowed it to fund all of the various business opportunities Alphabet has taken over the past decade.</p>
<div class="lb-trans"><p>字母表最大的业务板块是谷歌搜索引擎。这个传统业务使字母表发展成为今天的公司，并使其能够资助过去十年中各种商业机会。</p>
</div><p>The market is fearful that Google Search will quickly go away as more people start using generative AI models. This would take a significant bite out of Alphabet's largest revenue stream and cause the stock to tumble.</p>
<div class="lb-trans"><p>市场担心，随着越来越多的人开始使用生成性人工智能模型，谷歌搜索会迅速消失。这将对字母表最大的收入来源造成重大影响，并导致股价下跌。</p>
</div><p>However, investors are forgetting that there's a large portion of the population that will likely stay Google users out of habit. Additionally, Google implemented AI search overviews, which integrate generative AI seamlessly with search, and that integration is likely enough AI for the vast majority of the population.</p>
<div class="lb-trans"><p>然而，投资者忘记了，仍有很大一部分人群可能会因为习惯而继续使用谷歌。此外，谷歌实施了人工智能搜索概述，将生成性人工智能与搜索无缝集成，这种集成对于绝大多数人来说可能已经足够。</p>
</div><p>We'll hear more from Alphabet about the Google Search engine's health during its Q2 earnings report on July 23, but until then, we'll have to look at Q1's results. In Q1, the Google Search engine grew revenue by 10% year over year. That's not indicative of a business unit that's failing, yet that is what the market is convinced of. This growth rate will be scrutinized during Q2's results, but if it comes in at the same low-double-digit growth rate, the stock could be primed for more upside.</p>
<div class="lb-trans"><p>我们将在 7 月 23 日的第二季度财报中听到字母表关于谷歌搜索引擎健康状况的更多信息，但在此之前，我们必须查看第一季度的结果。在第一季度，谷歌搜索引擎的收入同比增长了 10%。这并不表明这个业务单元正在失败，但市场却对此深信不疑。这个增长率将在第二季度的结果中受到审视，但如果它保持在同样的低双位数增长率，股价可能会有更多上涨的空间。</p>
</div><p>But there's another business segment that I think investors are forgetting about that could hold the key to Alphabet's future.</p>
<div class="lb-trans"><p>但我认为还有另一个业务板块，投资者可能忽视了，它可能是字母表未来的关键。</p>
</div><h2>Google Cloud is a key segment within Alphabet</h2>
<div class="lb-trans"><h2>谷歌云是字母表的关键业务板块</h2>
</div><p>Alphabet's most intriguing business unit in my eyes is Google Cloud. The cloud computing industry is seeing a massive boom as it's benefiting from two tailwinds. First, new AI workloads are being spun up daily, and Google Cloud has become a top option to run those on, particularly because of its in-house model, Gemini, which scores among the best. Second, businesses are migrating general workloads, like website hosting and business data, onto the cloud as on-premise equipment ages out. Both of these factors are huge growth drivers for the broader cloud computing industry, and with Google Cloud's third-place position, it's in an excellent spot to capture some more business.</p>
<div class="lb-trans"><p>在我看来，字母表最引人注目的业务单元是谷歌云。云计算行业正在经历巨大的繁荣，受益于两个顺风因素。首先，新的人工智能工作负载每天都在增加，而谷歌云已成为运行这些工作负载的首选，特别是因为其内部模型 Gemini 在行业中表现优异。其次，企业正在将一般工作负载（如网站托管和商业数据）迁移到云端，因为本地设备逐渐老化。这两个因素都是推动更广泛云计算行业增长的巨大动力，而谷歌云的第三名位置使其在捕获更多业务方面处于良好位置。</p>
</div><p>In Q1, Google Cloud's revenue rose 28% year over year, and it produced an operating margin of 18%. It has a long way to go before catching <strong>Amazon</strong> Web Services as the industry-leading cloud provider (it posts operating margins of around 40%), but that underscores how much upside this division provides Alphabet.</p>
<div class="lb-trans"><p>在第一季度，谷歌云的收入同比增长了 28%，运营利润率为 18%。在追赶 <strong>亚马逊</strong> 网络服务（其运营利润率约为 40%）之前，它还有很长的路要走，但这突显了该部门为字母表提供的巨大上行空间。</p>
</div><p>While most of the market will be focused on Google Search's growth during Q2's results, which I will be too, don't forget to check Google Cloud's growth.</p>
<div class="lb-trans"><p>虽然大多数市场将关注第二季度结果中谷歌搜索的增长，我也是如此，但不要忘记查看谷歌云的增长。</p>
</div><p>Alphabet needs both of these segments to perform well to keep the market from turning more bearish on the stock. I think it can do that, and it could be what the stock needs to turn its fortunes around for the rest of 2025.</p>
<div class="lb-trans"><p>字母表需要这两个业务板块表现良好，以防市场对该股票变得更加悲观。我认为它可以做到，这可能是该股票在 2025 年剩余时间内扭转命运所需的因素。</p>
</div>

1 Under-the-Radar Factor That Could Cause Alphabet's Stock to Soar in the Back Half of 2025

- 投资者对 Alphabet 的核心业务受生成 AI 技术影响表示担忧。  
- Google Cloud 在云计算行业中增长强劲，Q1 收入同比增长 28%。  
- 如果 Google Search 和 Google Cloud 表现良好，Alphabet 股票有望反弹。  

一个可能在 2025 年下半年推动 Alphabet 股票飙升的隐秘因素