<p>2022 年底 OpenAI 推出的 ChatGPT 引发了行业和市场的诸多变化，包括投资者和分析师对 <strong>Alphabet</strong>（GOOG -2.14%）（GOOGL -2.04%）及其现金牛 Google 搜索未来的某种恐慌。</p>
<p>因此，这家科技巨头在过去两年中仍然表现良好，但其表现不及&#34;七大巨头&#34;的同行，如 <strong>Microsoft</strong>、<strong>Meta Platforms</strong> 和 <strong>Amazon</strong>（见下图）。</p>
<p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/1c5715c059abb9731745a24f4fa8edde.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/1c5715c059abb9731745a24f4fa8edde.png"/></p>
<p>数据来源：YCharts。</p>
<p>这种表现不佳的部分原因似乎与对 Google 搜索的潜在 AI 挑战有关。尽管存在这些担忧，Alphabet 仍然保持稳定增长，这一模式在其第二季度财报中再次得以体现。</p>
<h2>Alphabet 再次令人印象深刻</h2>
<p>这家科技巨头在第二季度报告了 14% 的年收入增长，达到 964 亿美元，轻松超过市场共识的 940 亿美元，显示其平台上的广告需求依然强劲。增长分布良好，Google 搜索收入增长 11.7%，达到 542 亿美元，总体广告收入增长 10.4%，达到 713 亿美元。</p>
<p>云业务保持强劲，年收入增长 32%，达到 136 亿美元。在底线方面，营业收入增长 14%，达到 313 亿美元，每股收益从 1.89 美元提高到 2.31 美元，超出预期的 2.19 美元。</p>
<p>Alphabet 不提供指导，但结果显示，尽管对其商业模式的可持续性存在担忧，该业务仍在持续执行。</p>
<p>然而，有一个财报之外的指标显示，投资者可能有理由担心该公司的长期未来。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjY5NTQvc2VhcmNoLWVuZ2luZS1nb29nbGUuanBnJnc9NzAw?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-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjY5NTQvc2VhcmNoLWVuZ2luZS1nb29nbGUuanBnJnc9NzAw"/></p>
<p>图片来源：Getty Images。</p>
<h2>搜索帝国是否陷入困境？</h2>
<p>根据一些第三方测量，Google 在搜索领域的市场份额在过去两年中缓慢而稳定地下降，因为像 ChatGPT 和 Perplexity AI 这样的替代品进入市场。</p>
<p>StatCounter 报告称，Google 的市场份额从 2024 年 6 月的 91.1% 下降到 2025 年 6 月的 89.6%。这似乎并不令人担忧，因为这仅代表 150 个基点，而 Google 仍然占据主导地位。但从另一个角度来看，Google 竞争对手的市场份额在过去一年中上升了约 15%，这并非微不足道。</p>
<p>还有其他风险并未在数字中显现。随着替代品的出现，对其主导地位及帮助其维持搜索优势的关系构成了巨大挑战。</p>
<p>例如，当 <strong>Apple</strong> 在法庭上承认考虑在其 Safari 浏览器中引入像 ChatGPT、Perplexity 和 Claude 这样的 AI 搜索引擎时，Alphabet 的股票大幅下跌，这可能危及 Google 作为默认搜索引擎的地位。Apple 还考虑收购 Perplexity，这可能使其完全取代 Google 成为默认搜索引擎。</p>
<p>Google 非常重视其在 Safari 中的默认地位，甚至每年支付 Apple200 亿美元，但这种付费关系也可能面临终结，因为一名法官裁定该公司正在运营非法垄断，这可能导致停止对 Apple 的支付。</p>
<p>总体而言，Google 市场份额和 Alphabet 在反垄断裁决面前的地位所面临的风险不应被忽视。</p>
<h2>Alphabet 值得购买吗？</h2>
<p>对 Alphabet 投资者来说，好消息是这些风险似乎已经反映在股票价格中。当前的市盈率为 20.5，低于约 27.5 的 <strong>S&amp;P 500</strong>。</p>
<p>Alphabet 还通过新功能如 AI 概览和 AI 模式来应对 AI 搜索引擎的威胁，这些功能使用其 Gemini 大型语言模型，为用户提供类似于 Perplexity 或 ChatGPT 的体验。</p>
<p>在当前的股价下，Alphabet 看起来是一个值得购买的选择。投资者不应忽视其市场份额或监管方面的威胁，但它似乎有能力继续实现两位数的增长。这应该使该股票在未来几年成为赢家，尽管在 AI 时代竞争格局不断演变。</p>

谷歌-A

谷歌-C

<p>Alphabet 公布了强劲的第二季度财报，营收增长 14%，达到 964 亿美元，超出预期。然而，令人担忧的是，谷歌的搜索市场份额在过去一年中从 91.1% 下降至 89.6%，竞争对手正在逐渐占据市场。风险包括与苹果的关系可能发生变化，这可能影响其默认搜索引擎的地位。尽管面临这些挑战，Alphabet 的股票似乎被低估，市盈率为 20.5，公司正在适应人工智能竞争。总体而言，对于投资者来说，它仍然是一个潜在的买入选择，但在市场份额和监管风险方面需保持谨慎</p>

<p>The launch of OpenAI's ChatGPT in late 2022 sparked a lot of changes in the industry and the market, including the start of some panic among investors and analysts about the future of <strong>Alphabet</strong>(GOOG -2.14%)(GOOGL -2.04%) and its cash cow, Google Search.</p>
<div class="lb-trans"><p>2022 年底 OpenAI 推出的 ChatGPT 引发了行业和市场的诸多变化，包括投资者和分析师对 <strong>Alphabet</strong>（GOOG -2.14%）（GOOGL -2.04%）及其现金牛 Google 搜索未来的某种恐慌。</p>
</div><p>As a result, the giant tech stock has still managed to do well in the last two years, but it has underperformed &#34;Magnificent Seven&#34; peers like <strong>Microsoft</strong>, <strong>Meta Platforms</strong>, and <strong>Amazon</strong> (see chart below).</p>
<div class="lb-trans"><p>因此，这家科技巨头在过去两年中仍然表现良好，但其表现不及&#34;七大巨头&#34;的同行，如 <strong>Microsoft</strong>、<strong>Meta Platforms</strong> 和 <strong>Amazon</strong>（见下图）。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/1c5715c059abb9731745a24f4fa8edde.png" alt="" original-src="https://media.ycharts.com/charts/1c5715c059abb9731745a24f4fa8edde.png"/></p>
<p>Data by YCharts.</p>
<div class="lb-trans"><p>数据来源：YCharts。</p>
</div><p>At least part of the reason for that underperformance seems to be related to potential AI-based challenges to Google Search. Despite those concerns, Alphabet continues to deliver steady growth, and that pattern was on display again in its second-quarter earnings report.</p>
<div class="lb-trans"><p>这种表现不佳的部分原因似乎与对 Google 搜索的潜在 AI 挑战有关。尽管存在这些担忧，Alphabet 仍然保持稳定增长，这一模式在其第二季度财报中再次得以体现。</p>
</div><h2>Alphabet impresses again</h2>
<div class="lb-trans"><h2>Alphabet 再次令人印象深刻</h2>
</div><p>The tech giant reported 14% revenue growth year over year in the second quarter to $96.4 billion, easily beating the consensus at $94 billion and showing that advertising demand on its platform is alive and well. Growth was well distributed with Google Search revenue up 11.7% to $54.2 billion, and overall advertising revenue up 10.4% to $71.3 billion.</p>
<div class="lb-trans"><p>这家科技巨头在第二季度报告了 14% 的年收入增长，达到 964 亿美元，轻松超过市场共识的 940 亿美元，显示其平台上的广告需求依然强劲。增长分布良好，Google 搜索收入增长 11.7%，达到 542 亿美元，总体广告收入增长 10.4%，达到 713 亿美元。</p>
</div><p>The cloud business remained strong with revenue up 32% year over year to $13.6 billion. On the bottom line, operating income increased 14% to $31.3 billion and earnings per share improved from $1.89 to $2.31, ahead of estimates at $2.19.</p>
<div class="lb-trans"><p>云业务保持强劲，年收入增长 32%，达到 136 亿美元。在底线方面，营业收入增长 14%，达到 313 亿美元，每股收益从 1.89 美元提高到 2.31 美元，超出预期的 2.19 美元。</p>
</div><p>Alphabet doesn't give guidance, but the results showed that the business continues to execute despite fears about the sustainability of its business model.</p>
<div class="lb-trans"><p>Alphabet 不提供指导，但结果显示，尽管对其商业模式的可持续性存在担忧，该业务仍在持续执行。</p>
</div><p>However, there is one metric outside of the earnings report that shows why investors may be right to worry about the company's long-term future.</p>
<div class="lb-trans"><p>然而，有一个财报之外的指标显示，投资者可能有理由担心该公司的长期未来。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjY5NTQvc2VhcmNoLWVuZ2luZS1nb29nbGUuanBnJnc9NzAw" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F826954%2Fsearch-engine-google.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>Is the search empire in trouble?</h2>
<div class="lb-trans"><h2>搜索帝国是否陷入困境？</h2>
</div><p>According to some third-party measurements, Google's market share in search has declined slowly but steadily over the last two years as alternatives like ChatGPT and Perplexity AI have hit the market.</p>
<div class="lb-trans"><p>根据一些第三方测量，Google 在搜索领域的市场份额在过去两年中缓慢而稳定地下降，因为像 ChatGPT 和 Perplexity AI 这样的替代品进入市场。</p>
</div><p>StatCounter reports that Google's market share has fallen from 91.1% in June 2024 to 89.6% in June 2025. That might not seem alarming as it represents just 150 basis points, and Google still dominates. But viewed another way, market share for Google's competitors has risen about 15% over the last year, which is not inconsequential.</p>
<div class="lb-trans"><p>StatCounter 报告称，Google 的市场份额从 2024 年 6 月的 91.1% 下降到 2025 年 6 月的 89.6%。这似乎并不令人担忧，因为这仅代表 150 个基点，而 Google 仍然占据主导地位。但从另一个角度来看，Google 竞争对手的市场份额在过去一年中上升了约 15%，这并非微不足道。</p>
</div><p>There are other risks to Google not seen in the numbers. As alternatives emerge in the area, there are great challenges to its supremacy and the relationships that help it maintain its dominance in search.</p>
<div class="lb-trans"><p>还有其他风险并未在数字中显现。随着替代品的出现，对其主导地位及帮助其维持搜索优势的关系构成了巨大挑战。</p>
</div><p>For example, Alphabet stock tumbled when <strong>Apple</strong> acknowledged in court that it is considering making AI search engines like ChatGPT, Perplexity, and Claude options in its Safari browser, potentially jeopardizing Google's status as the default search engine. Apple has also considered acquiring Perplexity, which could lead it to displace Google entirely as the default search engine.</p>
<div class="lb-trans"><p>例如，当 <strong>Apple</strong> 在法庭上承认考虑在其 Safari 浏览器中引入像 ChatGPT、Perplexity 和 Claude 这样的 AI 搜索引擎时，Alphabet 的股票大幅下跌，这可能危及 Google 作为默认搜索引擎的地位。Apple 还考虑收购 Perplexity，这可能使其完全取代 Google 成为默认搜索引擎。</p>
</div><p>Google prizes its default status in Safari enough to pay Apple $20 billion a year, but that pay-to-play relationship could also be coming to an end after a judge ruled the company was operating an illegal monopoly, which could lead to the end of the payments to Apple.</p>
<div class="lb-trans"><p>Google 非常重视其在 Safari 中的默认地位，甚至每年支付 Apple200 亿美元，但这种付费关系也可能面临终结，因为一名法官裁定该公司正在运营非法垄断，这可能导致停止对 Apple 的支付。</p>
</div><p>Overall, the risks to both Google's market share and Alphabet's status in the face of antitrust rulings shouldn't be ignored.</p>
<div class="lb-trans"><p>总体而言，Google 市场份额和 Alphabet 在反垄断裁决面前的地位所面临的风险不应被忽视。</p>
</div><h2>Is Alphabet a buy?</h2>
<div class="lb-trans"><h2>Alphabet 值得购买吗？</h2>
</div><p>The good news for Alphabet investors is that those risks seem priced into the stock. It currently trades at a price-to-earnings ratio of 20.5, which is less than the <strong>S&amp;P 500</strong> at around 27.5.</p>
<div class="lb-trans"><p>对 Alphabet 投资者来说，好消息是这些风险似乎已经反映在股票价格中。当前的市盈率为 20.5，低于约 27.5 的 <strong>S&amp;P 500</strong>。</p>
</div><p>Alphabet has also responded to the threat from AI search engines with new features like AI Overview and AI Mode, which uses its Gemini large language model, to give users a similar experience to what they'd get from Perplexity or ChatGPT.</p>
<div class="lb-trans"><p>Alphabet 还通过新功能如 AI 概览和 AI 模式来应对 AI 搜索引擎的威胁，这些功能使用其 Gemini 大型语言模型，为用户提供类似于 Perplexity 或 ChatGPT 的体验。</p>
</div><p>At the current stock price, Alphabet looks like a buy. Investors shouldn't ignore the threats to its market share or on the regulatory front, but it seems capable of continuing to deliver double-digit growth. That should make the stock a winner over the coming years, despite the evolving competitive landscape in the AI era.</p>
<div class="lb-trans"><p>在当前的股价下，Alphabet 看起来是一个值得购买的选择。投资者不应忽视其市场份额或监管方面的威胁，但它似乎有能力继续实现两位数的增长。这应该使该股票在未来几年成为赢家，尽管在 AI 时代竞争格局不断演变。</p>
</div>

Alphabet's Recent Numbers Were Strong, but This Metric Could be a Red Flag

- Alphabet 在 2025 年第二季度实现 14% 收入增长，达到 964 亿美元。  
- Google 搜索收入增长 11.7%，云业务收入增长 32%。  
- 然而，Google 市场份额逐渐下降，面临 AI 搜索引擎的竞争风险。  

Alphabet 最近的业绩表现强劲，但某个指标可能预示着风险