<p><strong>字母表</strong>(GOOG -1.51%)(GOOGL -1.45%) 是少数几只没有获得市场高额溢价的大型科技股之一。因此，许多投资者可能会被其吸引。</p>
<p>然而，仅仅因为股票便宜就买入并不是明智的选择。许多股票之所以便宜是有充分理由的。尽管如此，我认为在这个价格点上，字母表是一个极好的买入机会，我有五个理由支持这一观点。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjY4MzkvcGVyc29uLWJ1eWluZy1hLXN0b2NrLXdoaWxlLXVzaW5nLWEtY29tcHV0ZXItYW5kLWEtdGFibGV0LmpwZyZ3PTcwMA?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-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjY4MzkvcGVyc29uLWJ1eWluZy1hLXN0b2NrLXdoaWxlLXVzaW5nLWEtY29tcHV0ZXItYW5kLWEtdGFibGV0LmpwZyZ3PTcwMA"/></p>
<p>图片来源：Getty Images。</p>
<h2>1. 谷歌搜索收入正在上升</h2>
<p>字母表股票以折扣交易的最大原因是市场担心其基础业务会崩溃。虽然其旗下有多个品牌，但最大的品牌是谷歌搜索。</p>
<p>理论上，谷歌搜索将无法与各种生成性人工智能服务竞争。如果更多人使用生成性人工智能而不是搜索，字母表的收入将会暴跌，并拖累其利润。</p>
<p>虽然似乎有很多人持有这种观点，并且有一些证据表明谷歌正在非常缓慢地失去一些用户给生成性人工智能，但这并没有影响其业绩。在第二季度，搜索的收入同比增长了 12%。这是比上一季度 10% 的增长加速。</p>
<p>显然，谷歌搜索表现相当不错，而熊市论点的核心论据并未得到财务结果的支持。</p>
<h2>2. 人工智能搜索概述弥补了差距</h2>
<p>仅仅因为生成性人工智能对谷歌构成挑战，并不意味着谷歌在忽视它。相反，它已经拥抱生成性人工智能，并在搜索结果的顶部提供人工智能搜索概述。管理层表示，这已成为一个非常受欢迎的功能，已有超过 20 亿人使用，支持 40 种语言。</p>
<p>虽然字母表可能会看到一些用户转向生成性人工智能平台，但其人工智能搜索概述可能提供足够的生成性人工智能体验，以维持其绝大多数用户群。</p>
<p>此外，管理层表示，搜索概述的货币化水平与常规谷歌搜索大致相同，因此在这一整合中也没有失去大量收入。</p>
<h2>3. 谷歌云正在获得动力</h2>
<p>字母表投资论点的另一个关键部分是谷歌云的增长，它是其云计算部门，允许客户通过互联网租用高性能计算设备来运行工作负载。谷歌云最近获得了动力，甚至赢得了全球最重要的客户之一：OpenAI，ChatGPT 的制造商，ChatGPT 是领先的生成性人工智能模型之一。</p>
<p>尽管谷歌有一个竞争模型 Gemini，但它在云计算市场保持中立，允许使用其他模型。这种中立性对 OpenAI 具有吸引力，OpenAI 信任谷歌，选择在其服务器上运行工作负载。这是谷歌云的一次重大客户胜利，展示了其整体实力。</p>
<h2>4. 谷歌云的财务状况正在改善</h2>
<p>谷歌云在第一季度表现出色，收入同比增长 32%。此外，该部门的运营利润率正在迅速改善，第二季度的利润率为 21%，同比上升了 11%。</p>
<p>随着谷歌云的增长速度超过公司其他部分，运营利润率的改善，该部门将成为字母表投资论点中更大的一部分。云计算有强劲的顺风，包括传统工作负载迁移和人工智能工作负载增长。</p>
<p>该部门将继续快速增长，在未来十年内，将成为整体公司财务的关键部分。</p>
<h2>5. 股票极其便宜</h2>
<p>回到开头，字母表的股票现在极其便宜。其前瞻性市盈率不到 20 倍，显著低于更广泛市场的水平，后者的前瞻性市盈率为 24 倍。</p>
<p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/f1a415d9ca1f261d17266f618fd6f4cc.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/f1a415d9ca1f261d17266f618fd6f4cc.png"/></p>
<p>GOOGL 市盈率（前瞻性）数据来源于 YCharts；市盈率=价格与收益比。</p>
<p>大多数大型科技股的前瞻性市盈率在 20 多倍到 30 多倍之间。这要么使字母表被低估，要么使另一组被高估。无论如何，现在都是一个极好的买入机会，是确保你不会为大型科技股支付过高价格的好方法。</p>

谷歌财报，一站看懂！

谷歌-A

谷歌-C

<p>Alphabet（GOOG，GOOGL）被认为是一只值得购买的优质股票，原因在于其吸引人的估值和强劲的基本面。主要原因包括：1）谷歌搜索收入增长 12%，抵消了对生成性人工智能竞争的担忧。2）成功整合了人工智能搜索概览，保持了用户参与度和货币化。3）谷歌云的增长，成功获得 OpenAI 作为客户。4）谷歌云的财务状况改善，收入增长 32%，运营利润率上升。5）Alphabet 的股票交易价格不到 20 倍的未来收益，相较于同行显得被低估</p>

<p><strong>Alphabet</strong>(GOOG -1.51%)(GOOGL -1.45%) is one of the few big tech stocks that doesn't fetch a massive premium to the market. As a result, many investors may be attracted to it.</p>
<div class="lb-trans"><p><strong>字母表</strong>(GOOG -1.51%)(GOOGL -1.45%) 是少数几只没有获得市场高额溢价的大型科技股之一。因此，许多投资者可能会被其吸引。</p>
</div><p>However, buying a stock just because it's cheap isn't a smart idea. Plenty of stocks are cheap for good reasons. Still, I think Alphabet is an excellent buy at this price point, and I have five reasons to support this view.</p>
<div class="lb-trans"><p>然而，仅仅因为股票便宜就买入并不是明智的选择。许多股票之所以便宜是有充分理由的。尽管如此，我认为在这个价格点上，字母表是一个极好的买入机会，我有五个理由支持这一观点。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjY4MzkvcGVyc29uLWJ1eWluZy1hLXN0b2NrLXdoaWxlLXVzaW5nLWEtY29tcHV0ZXItYW5kLWEtdGFibGV0LmpwZyZ3PTcwMA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F826839%2Fperson-buying-a-stock-while-using-a-computer-and-a-tablet.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>1. Google Search revenue is rising</h2>
<div class="lb-trans"><h2>1. 谷歌搜索收入正在上升</h2>
</div><p>The biggest reason why shares of Alphabet trade at a discount to its peers is that the market is worried about its base business collapsing. While there are several brands underneath its umbrella, the biggest is Google Search.</p>
<div class="lb-trans"><p>字母表股票以折扣交易的最大原因是市场担心其基础业务会崩溃。虽然其旗下有多个品牌，但最大的品牌是谷歌搜索。</p>
</div><p>The theory is that Google Search won't be able to compete against various generative AI services. If more people use generative AI than Search, Alphabet's revenue will tumble and drag its profits down with it.</p>
<div class="lb-trans"><p>理论上，谷歌搜索将无法与各种生成性人工智能服务竞争。如果更多人使用生成性人工智能而不是搜索，字母表的收入将会暴跌，并拖累其利润。</p>
</div><p>While several people seem to hold that opinion, and there is some evidence Google is very slowly losing some users to generative AI, it hasn't affected its results. In the second quarter, Search's revenue rose 12% year over year. That's an acceleration from the previous quarter's 10% growth.</p>
<div class="lb-trans"><p>虽然似乎有很多人持有这种观点，并且有一些证据表明谷歌正在非常缓慢地失去一些用户给生成性人工智能，但这并没有影响其业绩。在第二季度，搜索的收入同比增长了 12%。这是比上一季度 10% 的增长加速。</p>
</div><p>Clearly, Google Search is doing quite well, and the central argument to the bear case isn't supported by the financial results.</p>
<div class="lb-trans"><p>显然，谷歌搜索表现相当不错，而熊市论点的核心论据并未得到财务结果的支持。</p>
</div><h2>2. AI Search Overviews bridge the gap</h2>
<div class="lb-trans"><h2>2. 人工智能搜索概述弥补了差距</h2>
</div><p>Just because generative AI challenges Google doesn't mean that it's ignoring it. Instead, it has embraced generative AI and offers AI Search Overviews at the top of its results. Management says that this has become a very popular feature and has been used by over 2 billion people in 40 languages.</p>
<div class="lb-trans"><p>仅仅因为生成性人工智能对谷歌构成挑战，并不意味着谷歌在忽视它。相反，它已经拥抱生成性人工智能，并在搜索结果的顶部提供人工智能搜索概述。管理层表示，这已成为一个非常受欢迎的功能，已有超过 20 亿人使用，支持 40 种语言。</p>
</div><p>While Alphabet may see some defectors to generative AI platforms, its AI Search Overviews could provide enough of a generative AI experience to maintain the vast majority of its user base.</p>
<div class="lb-trans"><p>虽然字母表可能会看到一些用户转向生成性人工智能平台，但其人工智能搜索概述可能提供足够的生成性人工智能体验，以维持其绝大多数用户群。</p>
</div><p>Furthermore, management has stated that Overviews has around the same monetization as a regular Google Search, so it isn't losing out on a ton of revenue, either, with this integration.</p>
<div class="lb-trans"><p>此外，管理层表示，搜索概述的货币化水平与常规谷歌搜索大致相同，因此在这一整合中也没有失去大量收入。</p>
</div><h2>3. Google Cloud is gaining momentum</h2>
<div class="lb-trans"><h2>3. 谷歌云正在获得动力</h2>
</div><p>Another key part of the Alphabet investment thesis is the growth of Google Cloud, its cloud computing wing that allows its clients to rent high-powered computing devices over the internet to run workloads. Google Cloud has been gaining momentum recently, and even captured one of the most important clients in the world: OpenAI, the maker of ChatGPT, one of the leading generative AI models.</p>
<div class="lb-trans"><p>字母表投资论点的另一个关键部分是谷歌云的增长，它是其云计算部门，允许客户通过互联网租用高性能计算设备来运行工作负载。谷歌云最近获得了动力，甚至赢得了全球最重要的客户之一：OpenAI，ChatGPT 的制造商，ChatGPT 是领先的生成性人工智能模型之一。</p>
</div><p>Although Google has a competing model, Gemini, it remains neutral in the cloud computing market and allows other models to be used. This neutrality was attractive to OpenAI, and it trusts Google enough to run its workloads on its servers. This is a huge client win for Google Cloud and showcases its overall strength</p>
<div class="lb-trans"><p>尽管谷歌有一个竞争模型 Gemini，但它在云计算市场保持中立，允许使用其他模型。这种中立性对 OpenAI 具有吸引力，OpenAI 信任谷歌，选择在其服务器上运行工作负载。这是谷歌云的一次重大客户胜利，展示了其整体实力。</p>
</div><h2>4. Google Cloud's finances are improving</h2>
<div class="lb-trans"><h2>4. 谷歌云的财务状况正在改善</h2>
</div><p>Google Cloud had an excellent first quarter, with revenue rising 32% year over year. Furthermore, the segment's operating margins are rapidly improving, with a 21% margin in the second quarter, up from 11% year over year.</p>
<div class="lb-trans"><p>谷歌云在第一季度表现出色，收入同比增长 32%。此外，该部门的运营利润率正在迅速改善，第二季度的利润率为 21%，同比上升了 11%。</p>
</div><p>As Google Cloud continues to grow faster than the rest of the company and operating margins improve, this segment will become a much larger part of the Alphabet investment thesis. Cloud computing has powerful tailwinds, including traditional workload migration and AI workload growth.</p>
<div class="lb-trans"><p>随着谷歌云的增长速度超过公司其他部分，运营利润率的改善，该部门将成为字母表投资论点中更大的一部分。云计算有强劲的顺风，包括传统工作负载迁移和人工智能工作负载增长。</p>
</div><p>This segment will continue growing rapidly, and over the next decade, will become a key part of the overall company's finances.</p>
<div class="lb-trans"><p>该部门将继续快速增长，在未来十年内，将成为整体公司财务的关键部分。</p>
</div><h2>5. The stock is dirt cheap</h2>
<div class="lb-trans"><h2>5. 股票极其便宜</h2>
</div><p>Circling back to the top, Alphabet's stock is unbelievably cheap right now. It trades at less than 20 times forward earnings, which is significantly cheaper than the broader market, as measured by the <strong>S&amp;P 500</strong>, which trades for 24 times forward earnings.</p>
<div class="lb-trans"><p>回到开头，字母表的股票现在极其便宜。其前瞻性市盈率不到 20 倍，显著低于更广泛市场的水平，后者的前瞻性市盈率为 24 倍。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/f1a415d9ca1f261d17266f618fd6f4cc.png" alt="" original-src="https://media.ycharts.com/charts/f1a415d9ca1f261d17266f618fd6f4cc.png"/></p>
<p>GOOGL PE Ratio (Forward) data by YCharts; PE = price to earnings.</p>
<div class="lb-trans"><p>GOOGL 市盈率（前瞻性）数据来源于 YCharts；市盈率=价格与收益比。</p>
</div><p>Most of the big tech stocks trade in the high 20s range of forward price-to-earnings (P/E), all the way up to the high 30s. This either makes Alphabet undervalued or the other group overvalued. Regardless, it's an excellent buy now and is a great way to ensure that you're not overpaying for a big tech stock.</p>
<div class="lb-trans"><p>大多数大型科技股的前瞻性市盈率在 20 多倍到 30 多倍之间。这要么使字母表被低估，要么使另一组被高估。无论如何，现在都是一个极好的买入机会，是确保你不会为大型科技股支付过高价格的好方法。</p>
</div>

5 Reasons Alphabet Is the Smartest Stock to Buy Right Now

- Alphabet 股票目前交易价格低于市场平均水平，吸引投资者关注。  
- Google Search 收入在第二季度同比增长 12%，显示出强劲表现。  
- Google Cloud 收入增长 32%，并获得 OpenAI 作为重要客户，财务状况持续改善。

5 个理由表明 Alphabet 是当前最明智的股票购买选择