<p>谷歌母公司 <strong>Alphabet</strong>(GOOGL 3.10%)(GOOG 2.98%) 和 <strong>Meta Platforms</strong>(META 2.04%) 的股票在周五交易中大幅上涨。尽管大多数股票上涨是因为美联储强烈暗示将在九月降息，但另一个因素可能是 Meta 与谷歌达成云服务协议的公告，正如《信息》所报道的那样。</p>
<p>考虑到这笔交易的规模为 100 亿美元，可以认为这对 Alphabet 至关重要。尽管如此，考虑到人工智能（AI）股票的现状，这可能为公司的投资者提供了急需的催化剂。原因如下。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzA2MzEvZ29vZy5qcGcmdz03MDA?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-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzA2MzEvZ29vZy5qcGcmdz03MDA"/></p>
<p>图片来源：Getty Images。</p>
<h2>合作条款</h2>
<p>根据协议条款，Meta 将在六年内向谷歌支付 100 亿美元。作为交换，Meta 将获得谷歌云的存储、服务器和网络服务以及其他产品的访问权限。</p>
<p>Meta 之前依赖于 <strong>Amazon</strong> 的亚马逊网络服务（AWS）和 <strong>Microsoft</strong> 的 Azure 提供此类服务。这笔交易并不一定意味着它将减少与这些公司的合作。更可能的是，这反映了 Meta 对云基础设施的巨大需求，因为它希望成为人工智能领域的主要参与者。</p>
<p>此外，Meta 和 Alphabet 在数字广告市场上是彼此最大的竞争对手。在 2025 年上半年，Meta 的 98% 收入来自数字广告。因此，从某种意义上说，这两家公司在不同业务上成为合作伙伴是相当显著的。</p>
<h2>这对 Alphabet 的帮助</h2>
<p>然而，从另一个角度来看，这对 Alphabet 的未来是一个巨大的进步。在今年上半年，Alphabet 的 74% 收入来自数字广告市场，低于 2024 年同期的 76%。这也是有意为之，因为 Alphabet 在努力转型为一个更加多元化的科技企业时，收购了数十家与数字广告市场无关的企业。</p>
<p>到目前为止，谷歌云是这些企业中唯一出现在 Alphabet 财务报表中的。它在 2025 年上半年的收入占 Alphabet 总收入的 14%，高于去年同期的 12%。</p>
<p>此外，谷歌云在过去 12 个月内产生了超过 490 亿美元的收入，这意味着 Meta 在六年内的 100 亿美元将占谷歌云业务的相对小部分。</p>
<p>尽管如此，这笔交易为 Alphabet 的云业务提供了信心的投票，而该业务在市场份额上仍然落后于 AWS 和 Azure。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzA2MzEvY2xvdWQtaW5mcmFzdHJ1Y3R1cmUtbWFya2V0LXNoYXJlLXEyMjUucG5nJnc9NzAw?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-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzA2MzEvY2xvdWQtaW5mcmFzdHJ1Y3R1cmUtbWFya2V0LXNoYXJlLXEyMjUucG5nJnc9NzAw"/></p>
<p>图片来源：Statista。同比 = 年同比。</p>
<p>投资者的视角也至关重要。在过去一年中，Alphabet 的股票回报显著超过了 <strong>S&amp;P 500</strong> 的总回报，但幅度并不惊人。然而，Alphabet 的市盈率（P/E）为 22，是 “七大巨头” 股票中最低的。因此，Meta 的交易可能促使投资者对该收益倍数持更积极的看法。</p>
<p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/9cf8e7d0338daef3a0d5561e8b02fb34.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/9cf8e7d0338daef3a0d5561e8b02fb34.png"/></p>
<p>GOOGL 总回报水平数据来自 YCharts。</p>
<p>此外，如果 Meta 的交易促使其他公司与谷歌云进行更多业务，这可能会提升其市场份额，并进一步推动 Alphabet 的股票。</p>
<h2>Meta 交易与 Alphabet 股票</h2>
<p>最终，Meta 与谷歌云的交易很可能会使 Alphabet 的股票上涨，但投资者应该预期其影响会更间接。确实，这笔交易的显著之处在于它为第三名的谷歌云提供了支持，并且值得注意的是这两家公司在各自最大的企业中是直接竞争对手。</p>
<p>尽管在六年内增加的 100 亿美元业务是可观的，但谷歌云在过去 12 个月内产生了 490 亿美元的收入。因此，这对企业来说是一个重要但并非改变游戏规则的提升。</p>
<p>然而，这笔交易可能会使谷歌云对潜在客户更具吸引力，而低市盈率可能会吸引更多投资者关注 Alphabet。最终，这些可能成为交易的更重要的好处。</p>

谷歌-A

谷歌-C

<p>在 Meta 与谷歌云达成 100 亿美元的云服务协议后，Alphabet 的股票上涨。该协议将使 Meta 在六年内获得谷歌云服务的访问权限。这一合作关系具有重要意义，因为两家公司在数字广告领域是主要竞争对手。预计该交易将增强 Alphabet 的云业务，后者在 2025 年初占其收入的 14%。虽然这笔交易并不是颠覆性的，但考虑到 Alphabet 相较于同行的低市盈率，它可能会吸引更多客户使用谷歌云，并改善投资者对 Alphabet 的情绪</p>

<p>The stocks of Google parent <strong>Alphabet</strong>(GOOGL 3.10%)(GOOG 2.98%) and <strong>Meta Platforms</strong>(META 2.04%) shot higher in Friday trading. Although most stocks rose because the Federal Reserve strongly hinted at a September cut in interest rates, another factor was likely the announcement of Meta's cloud deal with Google, as reported by The Information.</p>
<div class="lb-trans"><p>谷歌母公司 <strong>Alphabet</strong>(GOOGL 3.10%)(GOOG 2.98%) 和 <strong>Meta Platforms</strong>(META 2.04%) 的股票在周五交易中大幅上涨。尽管大多数股票上涨是因为美联储强烈暗示将在九月降息，但另一个因素可能是 Meta 与谷歌达成云服务协议的公告，正如《信息》所报道的那样。</p>
</div><p>Considering the $10 billion size of the deal, one has to assume it is critical, particularly to Alphabet. Still, considering the state of the artificial intelligence (AI) stock, it could serve as a much-needed catalyst for the company's investors. Here's why.</p>
<div class="lb-trans"><p>考虑到这笔交易的规模为 100 亿美元，可以认为这对 Alphabet 至关重要。尽管如此，考虑到人工智能（AI）股票的现状，这可能为公司的投资者提供了急需的催化剂。原因如下。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzA2MzEvZ29vZy5qcGcmdz03MDA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F830631%2Fgoog.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>Terms of the partnership</h2>
<div class="lb-trans"><h2>合作条款</h2>
</div><p>Under the terms of the deal, Meta will pay Google $10 billion over six years. In exchange, it will receive access to Google Cloud's storage, server, and networking services, along with other products.</p>
<div class="lb-trans"><p>根据协议条款，Meta 将在六年内向谷歌支付 100 亿美元。作为交换，Meta 将获得谷歌云的存储、服务器和网络服务以及其他产品的访问权限。</p>
</div><p>Meta has previously relied on <strong>Amazon</strong>'s Amazon Web Services (AWS) and <strong>Microsoft</strong>'s Azure for such services. The deal does not necessarily mean it will deal less with these companies. More likely, it speaks to Meta's insatiable demand for cloud infrastructure as it seeks to become a major player in the AI space.</p>
<div class="lb-trans"><p>Meta 之前依赖于 <strong>Amazon</strong> 的亚马逊网络服务（AWS）和 <strong>Microsoft</strong> 的 Azure 提供此类服务。这笔交易并不一定意味着它将减少与这些公司的合作。更可能的是，这反映了 Meta 对云基础设施的巨大需求，因为它希望成为人工智能领域的主要参与者。</p>
</div><p>Additionally, Meta and Alphabet are each other's largest competitors in the digital advertising market. And in the first half of 2025, 98% of Meta's revenue came from digital ads. Hence, in a sense, it is remarkable that these two would become partners in a different business.</p>
<div class="lb-trans"><p>此外，Meta 和 Alphabet 在数字广告市场上是彼此最大的竞争对手。在 2025 年上半年，Meta 的 98% 收入来自数字广告。因此，从某种意义上说，这两家公司在不同业务上成为合作伙伴是相当显著的。</p>
</div><h2>How it helps Alphabet</h2>
<div class="lb-trans"><h2>这对 Alphabet 的帮助</h2>
</div><p>However, in another sense, this is a huge step forward for Alphabet's future. In the first half of this year, Alphabet earned 74% of its revenue from the digital ad market, down from 76% in the same period in 2024. This is also by design, as Alphabet has purchased dozens of businesses unrelated to the digital ad market in its efforts to transition into a more diversified technology enterprise.</p>
<div class="lb-trans"><p>然而，从另一个角度来看，这对 Alphabet 的未来是一个巨大的进步。在今年上半年，Alphabet 的 74% 收入来自数字广告市场，低于 2024 年同期的 76%。这也是有意为之，因为 Alphabet 在努力转型为一个更加多元化的科技企业时，收购了数十家与数字广告市场无关的企业。</p>
</div><p>So far, Google Cloud is the only one of these enterprises to appear in Alphabet's financials. It accounted for 14% of Alphabet's revenue in the first two quarters of 2025, up from 12% in the same year-ago period.</p>
<div class="lb-trans"><p>到目前为止，谷歌云是这些企业中唯一出现在 Alphabet 财务报表中的。它在 2025 年上半年的收入占 Alphabet 总收入的 14%，高于去年同期的 12%。</p>
</div><p>Additionally, Google Cloud generated over $49 billion in revenue over the trailing 12 months, implying the $10 billion from Meta over six years will make up a relatively small portion of Google Cloud's business.</p>
<div class="lb-trans"><p>此外，谷歌云在过去 12 个月内产生了超过 490 亿美元的收入，这意味着 Meta 在六年内的 100 亿美元将占谷歌云业务的相对小部分。</p>
</div><p>Nonetheless, the deal serves as a vote of confidence for Alphabet's cloud business, one that continues to lag AWS and Azure in terms of market share.</p>
<div class="lb-trans"><p>尽管如此，这笔交易为 Alphabet 的云业务提供了信心的投票，而该业务在市场份额上仍然落后于 AWS 和 Azure。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzA2MzEvY2xvdWQtaW5mcmFzdHJ1Y3R1cmUtbWFya2V0LXNoYXJlLXEyMjUucG5nJnc9NzAw" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F830631%2Fcloud-infrastructure-market-share-q225.png&amp;op=resize&amp;w=700"/></p>
<p>Image source: Statista. Y-o-y = year over year.</p>
<div class="lb-trans"><p>图片来源：Statista。同比 = 年同比。</p>
</div><p>The investor perspective is also crucial. Over the last year, Alphabet stock has outpaced the total returns of the <strong>S&amp;P 500</strong> by a significant but not eye-popping margin. However, it may help that Alphabet's price-to-earnings (P/E) ratio of 22 is the lowest among &#34;Magnificent Seven&#34; stocks. Hence, the Meta deal could prompt investors to look more favorably upon that earnings multiple.</p>
<div class="lb-trans"><p>投资者的视角也至关重要。在过去一年中，Alphabet 的股票回报显著超过了 <strong>S&amp;P 500</strong> 的总回报，但幅度并不惊人。然而，Alphabet 的市盈率（P/E）为 22，是 “七大巨头” 股票中最低的。因此，Meta 的交易可能促使投资者对该收益倍数持更积极的看法。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/9cf8e7d0338daef3a0d5561e8b02fb34.png" alt="" original-src="https://media.ycharts.com/charts/9cf8e7d0338daef3a0d5561e8b02fb34.png"/></p>
<p>GOOGL Total Return Level data by YCharts.</p>
<div class="lb-trans"><p>GOOGL 总回报水平数据来自 YCharts。</p>
</div><p>Furthermore, if the Meta deal prompts other companies to do more business with Google Cloud, it could provide a boost to its market share and, by extension, Alphabet stock.</p>
<div class="lb-trans"><p>此外，如果 Meta 的交易促使其他公司与谷歌云进行更多业务，这可能会提升其市场份额，并进一步推动 Alphabet 的股票。</p>
</div><h2>The Meta deal and Alphabet stock</h2>
<div class="lb-trans"><h2>Meta 交易与 Alphabet 股票</h2>
</div><p>Ultimately, Meta's deal with Google Cloud will more than likely take Alphabet stock a leg higher, but investors should expect the effects to be more indirect. Indeed, the deal is remarkable in that it serves as a boost for third-place Google Cloud and is notable since the two companies are direct competitors in each other's largest enterprises.</p>
<div class="lb-trans"><p>最终，Meta 与谷歌云的交易很可能会使 Alphabet 的股票上涨，但投资者应该预期其影响会更间接。确实，这笔交易的显著之处在于它为第三名的谷歌云提供了支持，并且值得注意的是这两家公司在各自最大的企业中是直接竞争对手。</p>
</div><p>Although $10 billion in added business over six years is substantial, Google Cloud generated $49 billion over the last 12 months. Thus, it is a significant but not game-changing boost to the enterprise.</p>
<div class="lb-trans"><p>尽管在六年内增加的 100 亿美元业务是可观的，但谷歌云在过去 12 个月内产生了 490 亿美元的收入。因此，这对企业来说是一个重要但并非改变游戏规则的提升。</p>
</div><p>However, the deal may make Google Cloud more attractive to prospective customers, and the low P/E ratio could attract more investors to Alphabet. In the end, those could become the more significant benefits of the deal.</p>
<div class="lb-trans"><p>然而，这笔交易可能会使谷歌云对潜在客户更具吸引力，而低市盈率可能会吸引更多投资者关注 Alphabet。最终，这些可能成为交易的更重要的好处。</p>
</div>

Alphabet Just Scored Big With Meta: Is GOOGL Stock Poised for Another Leg Higher?

- 谷歌母公司 Alphabet 与 Meta 达成 100 亿美元的云服务合作协议。  
- 此协议将帮助 Alphabet 提升云业务的市场份额，尽管影响有限。  
- 投资者可能因低市盈率而对 Alphabet 股票更为看好。  

Alphabet 刚刚与 Meta 达成重大合作：GOOGL 股票是否有望再度上涨？