<p>凯西·伍德在华尔街赢得了声誉，以对寻求颠覆各行业传统企业的新兴业务进行高信念投资，涉及技术、金融服务和制药等领域。</p>
<p>话虽如此，伍德偶尔会用一些成熟的蓝筹股机会来补充阿克投资组合中更具投机性的头寸。</p>
<p>在人工智能（AI）股票方面，阿克的投资组合中包括一些高飞成长股，如 <strong>Palantir Technologies</strong>、<strong>CrowdStrike</strong> 和 <strong>CoreWeave</strong>，这并不令人惊讶。然而，组合中还有几个&#34;七大奇迹&#34;的成员。</p>
<p>在七月底，阿克增加了对 <strong>Alphabet</strong>（GOOGL 2.48%）（GOOG 2.44%）的现有持仓，购买了 181,640 股 <strong>ARK 下一代互联网 ETF</strong>。</p>
<p>让我们探讨一下 Alphabet 如何投资于人工智能以转型其业务。接下来，我将分析一些财务和估值趋势，以帮助说明为什么 Alphabet 的股票现在看起来是个明智的选择。</p>
<h2>Alphabet 的业务状况良好</h2>
<p>Alphabet 最近公布了截至 6 月 30 日的第二季度运营结果。</p>
<p>公司的最大收入来源——广告——产生了 713 亿美元的收入，同比增长 10%。来自 Google 搜索和 YouTube 的广告增长更为强劲，分别为 12% 和 13%。</p>
<p>在过去几年中，华尔街的怀疑者一直在重复一个悲观的叙述，认为 ChatGPT 和其他竞争的大型语言模型（LLMs）的崛起将削弱 Google 在搜索中的主导地位。然而，Google 搜索和 YouTube 之间的加速增长表明，尽管人们在互联网上消费内容的方式发生了一些变化，广告商仍然认为这些平台的投资回报率（ROI）很高。</p>
<p>投资者可能对 Alphabet 的利润率状况挑剔。广告部门属于 Alphabet 业务的一个更大类别，称为 Google 服务。在第二季度，Google 服务的收入同比增长 12%，达到 825 亿美元。然而，服务业务的营业利润率同比保持平稳，维持在 40%。</p>
<p>当费用与收入同步增长时，利润率会受到限制。从表面上看，这可能看起来像 Alphabet 并没有高效运营，尽管其收入在加速增长。不过，我不会急于得出这样的结论。</p>
<p>在过去几年中，Alphabet 进行了多项战略投资，以增强其人工智能地位。首先，该公司通过收购网络安全初创公司 Wiz，增强了其云基础设施业务，收购金额达 320 亿美元。</p>
<p>此外，Alphabet 在人工智能数据中心的数十亿美元投资往往被低估——而正是这种基础设施吸引了被视为竞争对手的 OpenAI，成为 Google Cloud 的新主要合作伙伴之一。</p>
<p>最后，Alphabet 还在悄然建立自己的量子计算业务，通过开发自己的定制芯片，称为 Willow。尽管将量子计算应用货币化可能还需要很多年，但我认为 Alphabet 在多个人工智能领域分配资本，以建立一个多元化的生态系统，这有助于增强核心业务，同时为新机会打开大门，这一点令人鼓舞。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjgyNjcvZ2V0dHlpbWFnZXMtMTQ3ODQ4MzAzNy5qcGcmdz03MDA?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-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjgyNjcvZ2V0dHlpbWFnZXMtMTQ3ODQ4MzAzNy5qcGcmdz03MDA"/></p>
<p>图片来源：Getty Images。</p>
<h2>现在 Alphabet 的股票值得买吗？</h2>
<p>下图将 Alphabet 与许多大型科技同行在市盈率（P/E）基础上进行了基准比较。最终，我认为 Alphabet 的股票受到投资者的惩罚，因为该公司的增长并没有像一些同行那样强劲。</p>
<p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/e6f7bf24776750da635396c1457bcbdb.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/e6f7bf24776750da635396c1457bcbdb.png"/></p>
<p>GOOGL 市盈率数据来源于 YCharts</p>
<p>在我看来，该公司继续从核心业务中增长收入，同时与竞争对手达成丰厚交易，并在激进投资的情况下保持利润率状况，显示出 Alphabet 的高度韧性。考虑到上述估值倍数的差异，我认为悲观的叙述似乎已经完全反映在 Alphabet 的股票中。</p>
<p>在我看来，Alphabet 在未来几年有望实现显著的估值扩张，因为其基础设施投资将继续结出硕果。我认为伍德在主要人工智能参与者中识别出了一个罕见的机会，发现了这样一只在泡沫估值海洋中漂浮的便宜股票。我认为 Alphabet 的股票在当前价格点对长期投资者来说是一个不容错过的买入机会。</p>

谷歌-C

谷歌-A

<p>Cathie Wood 增加了 181,640 股 Alphabet (GOOGL) 到 Ark 的投资组合，认可其在人工智能 (AI) 方面的潜力。Alphabet 第二季度的业绩显示广告收入同比增长 10%，其中 Google 搜索和 YouTube 分别增长了 12% 和 13%。尽管对利润率存在担忧，Alphabet 在人工智能和云基础设施方面的战略投资使其在未来增长中处于良好位置。目前的估值为长期投资者提供了买入机会，因为 Wood 认为 Alphabet 在人工智能领域的高估值中脱颖而出</p>

<p>Cathie Wood has earned a reputation on Wall Street for making high-conviction bets on emerging businesses seeking to disrupt legacy incumbents across industries such as technology, financial services, and pharmaceuticals.</p>
<div class="lb-trans"><p>凯西·伍德在华尔街赢得了声誉，以对寻求颠覆各行业传统企业的新兴业务进行高信念投资，涉及技术、金融服务和制药等领域。</p>
</div><p>With that said, every now and again, Wood complements some of the more speculative positions in Ark's portfolio with well-established blue chip opportunities.</p>
<div class="lb-trans"><p>话虽如此，伍德偶尔会用一些成熟的蓝筹股机会来补充阿克投资组合中更具投机性的头寸。</p>
</div><p>When it comes to artificial intelligence (AI) stocks, it should come as no surprise that Ark's portfolio includes several high-flying growth stocks such as <strong>Palantir Technologies</strong>, <strong>CrowdStrike</strong>, and <strong>CoreWeave</strong>. Also in the mix, however, are several members of the &#34;Magnificent Seven.&#34;</p>
<div class="lb-trans"><p>在人工智能（AI）股票方面，阿克的投资组合中包括一些高飞成长股，如 <strong>Palantir Technologies</strong>、<strong>CrowdStrike</strong> 和 <strong>CoreWeave</strong>，这并不令人惊讶。然而，组合中还有几个&#34;七大奇迹&#34;的成员。</p>
</div><p>In late July, Ark added to an existing position in <strong>Alphabet</strong>(GOOGL 2.48%)(GOOG 2.44%) -- scooping up 181,640 shares in the <strong>ARK Next Generation Internet ETF</strong>.</p>
<div class="lb-trans"><p>在七月底，阿克增加了对 <strong>Alphabet</strong>（GOOGL 2.48%）（GOOG 2.44%）的现有持仓，购买了 181,640 股 <strong>ARK 下一代互联网 ETF</strong>。</p>
</div><p>Let's explore how Alphabet is investing in AI to transform its business. From there, I'll break down some financial and valuation trends to help illustrate why Alphabet stock looks like a no-brainer right now.</p>
<div class="lb-trans"><p>让我们探讨一下 Alphabet 如何投资于人工智能以转型其业务。接下来，我将分析一些财务和估值趋势，以帮助说明为什么 Alphabet 的股票现在看起来是个明智的选择。</p>
</div><h2>Alphabet's business is in great shape</h2>
<div class="lb-trans"><h2>Alphabet 的业务状况良好</h2>
</div><p>Alphabet recently reported operating results for its second quarter, which ended June 30.</p>
<div class="lb-trans"><p>Alphabet 最近公布了截至 6 月 30 日的第二季度运营结果。</p>
</div><p>The company's largest source of revenue -- advertising -- generated $71.3 billion in revenue, growing by 10% year over year. Advertising growth from Google Search and YouTube was even more robust, coming in at 12% and 13%, respectively.</p>
<div class="lb-trans"><p>公司的最大收入来源——广告——产生了 713 亿美元的收入，同比增长 10%。来自 Google 搜索和 YouTube 的广告增长更为强劲，分别为 12% 和 13%。</p>
</div><p>Over the last few years, skeptics on Wall Street have been parroting a bearish narrative that the rise of ChatGPT and other competing large language models (LLMs) will diminish Google's dominance in search. Accelerating growth between Google Search and YouTube suggests that advertisers still see a high return on investment (ROI) from these platforms, despite some shifts in how people are consuming content on the internet.</p>
<div class="lb-trans"><p>在过去几年中，华尔街的怀疑者一直在重复一个悲观的叙述，认为 ChatGPT 和其他竞争的大型语言模型（LLMs）的崛起将削弱 Google 在搜索中的主导地位。然而，Google 搜索和 YouTube 之间的加速增长表明，尽管人们在互联网上消费内容的方式发生了一些变化，广告商仍然认为这些平台的投资回报率（ROI）很高。</p>
</div><p>Where investors may be getting nitpicky is around Alphabet's profit margin profile. The advertising segment sits under a larger category of Alphabet's business, called Google Services. During the second quarter, Google Services grew its revenue 12% year over year to $82.5 billion. However, the operating margin for the Services business remained flat year over year -- coming in at 40%.</p>
<div class="lb-trans"><p>投资者可能对 Alphabet 的利润率状况挑剔。广告部门属于 Alphabet 业务的一个更大类别，称为 Google 服务。在第二季度，Google 服务的收入同比增长 12%，达到 825 亿美元。然而，服务业务的营业利润率同比保持平稳，维持在 40%。</p>
</div><p>When expenses grow in line with revenue, profit margins become capped. On the surface, this may look like Alphabet is not running an efficient business despite an accelerating top line. I wouldn't rush to such a conclusion, though.</p>
<div class="lb-trans"><p>当费用与收入同步增长时，利润率会受到限制。从表面上看，这可能看起来像 Alphabet 并没有高效运营，尽管其收入在加速增长。不过，我不会急于得出这样的结论。</p>
</div><p>Over the last few years, Alphabet has made a number of strategic investments to bolster its AI position. For starters, the company augmented its cloud infrastructure business by acquiring cybersecurity start-up, Wiz, for a reported $32 billion.</p>
<div class="lb-trans"><p>在过去几年中，Alphabet 进行了多项战略投资，以增强其人工智能地位。首先，该公司通过收购网络安全初创公司 Wiz，增强了其云基础设施业务，收购金额达 320 亿美元。</p>
</div><p>On top of that, Alphabet's multibillion-dollar investments in AI data centers are often underappreciated -- and yet it's this infrastructure that attracted OpenAI, a perceived rival, as one of Google Cloud's new major partners.</p>
<div class="lb-trans"><p>此外，Alphabet 在人工智能数据中心的数十亿美元投资往往被低估——而正是这种基础设施吸引了被视为竞争对手的 OpenAI，成为 Google Cloud 的新主要合作伙伴之一。</p>
</div><p>Lastly, Alphabet is also quietly building its own quantum computing operation through the development of its own custom chipsets, called Willow. Although monetizing quantum computing applications is still likely many years away, I find it encouraging that Alphabet is allocating capital across several pockets of the AI realm in an effort to build a diversified ecosystem that strengthens core businesses while opening the door to new opportunities as well.</p>
<div class="lb-trans"><p>最后，Alphabet 还在悄然建立自己的量子计算业务，通过开发自己的定制芯片，称为 Willow。尽管将量子计算应用货币化可能还需要很多年，但我认为 Alphabet 在多个人工智能领域分配资本，以建立一个多元化的生态系统，这有助于增强核心业务，同时为新机会打开大门，这一点令人鼓舞。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjgyNjcvZ2V0dHlpbWFnZXMtMTQ3ODQ4MzAzNy5qcGcmdz03MDA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F828267%2Fgettyimages-1478483037.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 Alphabet stock a buy right now?</h2>
<div class="lb-trans"><h2>现在 Alphabet 的股票值得买吗？</h2>
</div><p>The chart below benchmarks Alphabet against many of its big tech peers on a price-to-earnings (P/E) basis. Ultimately, I think Alphabet stock is being punished by investors because the company isn't posting growth as robust as some of its peers.</p>
<div class="lb-trans"><p>下图将 Alphabet 与许多大型科技同行在市盈率（P/E）基础上进行了基准比较。最终，我认为 Alphabet 的股票受到投资者的惩罚，因为该公司的增长并没有像一些同行那样强劲。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/e6f7bf24776750da635396c1457bcbdb.png" alt="" original-src="https://media.ycharts.com/charts/e6f7bf24776750da635396c1457bcbdb.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>In my eyes, the fact that the company continues to grow revenue from its core businesses while striking lucrative deals with rivals and maintaining its profit margin profile in the face of aggressive investments shows a high degree of resiliency from Alphabet. Given the disparity in valuation multiples illustrated above, I think that the bearish narrative appears to be fully baked into Alphabet stock at this point.</p>
<div class="lb-trans"><p>在我看来，该公司继续从核心业务中增长收入，同时与竞争对手达成丰厚交易，并在激进投资的情况下保持利润率状况，显示出 Alphabet 的高度韧性。考虑到上述估值倍数的差异，我认为悲观的叙述似乎已经完全反映在 Alphabet 的股票中。</p>
</div><p>To me, Alphabet is positioned for significant valuation expansion in the coming years as its infrastructure investments continue to bear fruit. I think Wood identified a rare opportunity among major AI players by identifying such a cheap stock floating around in a sea of frothy valuations. I see Alphabet stock as a no-brainer buying opportunity at its current price point for long-term investors.</p>
<div class="lb-trans"><p>在我看来，Alphabet 在未来几年有望实现显著的估值扩张，因为其基础设施投资将继续结出硕果。我认为伍德在主要人工智能参与者中识别出了一个罕见的机会，发现了这样一只在泡沫估值海洋中漂浮的便宜股票。我认为 Alphabet 的股票在当前价格点对长期投资者来说是一个不容错过的买入机会。</p>
</div>

Cathie Wood Goes Bargain Hunting. 1 Dirt Cheap Artificial Intelligence (AI) Stock With Monster Potential She Just Bought

- Cathie Wood 在人工智能股票中增持 Alphabet，显示其对蓝筹股的信心。  
- Alphabet 第二季度广告收入达 71.3 亿美元，同比增长 10%。  
- 尽管面临竞争，Alphabet 仍保持强劲增长，显示出其业务韧性。  

凯茜·伍德开始寻找便宜货。她刚刚购买了一只具有巨大潜力的廉价人工智能（AI）股票