<p><strong>字母表</strong>(GOOG 1.04%)(GOOGL 1.13%) 多年来一直是投资者的绝佳投资机会。该公司拥有全球第一的搜索引擎 Google Search，并通过其不断增长的云计算部门 Google Cloud 以及智能手机等设备的销售来产生收入。这帮助这家科技巨头创造了数十亿美元的收益——在过去十年中，股价上涨超过 600%，为长期持有的股东带来了丰厚的回报。</p>
<p>但有一件事促使一些投资者暂缓购买该股票，那就是美国的反垄断诉讼。去年，在司法部对该公司的案件中，一名美国地区法官裁定字母表运营着非法的互联网搜索垄断。为了解决这一问题，司法部建议拆分 Google——其中一个可能性是出售 Google Chrome。</p>
<p>尽管字母表的股票有所上涨，但该案件仍然对股票的潜力造成了压力，因为一些投资者担心公司的宝贵搜索业务会被拆分。不过，上周，最坏的情况被避免了。事实上，字母表获得了 “巨大的胜利”，根据 Wedbush 分析师 Dan Ives 的说法。尽管如此，在字母表今年的双位数增长之后，现在是否已经太晚而无法投资这只顶级科技股？让我们来看看。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzIxNDEvZ2V0dHlpbWFnZXMtMTI3OTM5NTM2Ny5qcGcmdz03MDA?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-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzIxNDEvZ2V0dHlpbWFnZXMtMTI3OTM5NTM2Ny5qcGcmdz03MDA"/></p>
<p>图片来源：Getty Images。</p>
<h2>字母表的反垄断问题</h2>
<p>首先快速回顾一下字母表在几天前面临的困境。如前所述，投资者担心这家科技巨头将不得不拆分其 Google 部门，从而损害其市场地位和增长前景。字母表拥有整个产品和服务生态系统，使其能够更高效地运营，并在这些平台之间共享资源，例如从 Google Chrome 到 YouTube。</p>
<p>此外，拆分的想法还危及了字母表与 <strong>苹果</strong> 的交易，使 Google 成为 iPhone 上的首选搜索引擎。重要的是要记住，字母表的 Google 服务业务占其收入的 85%——这得益于在 Google 平台上的广告——因此，任何对其当前形式的潜在干扰都可能是非常破坏性的。</p>
<p>这就是为什么上周的法院裁决对字母表股东来说是个好消息：法院表示字母表不必剥离 Google Chrome 或其 Android 操作系统，并且 “原告在寻求强制剥离这些关键资产时过于激进。” 相反，字母表必须与竞争对手共享搜索数据，以平衡竞争环境。</p>
<h2>Ives 提高了字母表的目标股价</h2>
<p>Wedbush 的 Ives，一位科技乐观者表示，这是一个 “巨大的胜利”，并且 “消除了对股票的巨大压力”，根据 CNBC 的报道。Ives 还将他对该股票的目标股价从目前约 232 美元提高到 245 美元。</p>
<p>那么现在让我们回到我们的问题：这对字母表股东来说是个好消息——但如果你还没有购买该股票，或者如果你打算增加持仓，现在是否已经太晚了？毕竟，尽管反垄断案件可能对股价表现产生了制约，但该股票在过去一年中仍上涨了近 50%。</p>
<p>在这里，考虑估值是很重要的。尽管有所上涨，字母表的股票仅以 23 倍的未来收益预期交易，使其成为 “七大奇迹” 股票中最便宜的。</p>
<p>“七大奇迹” 是一组以科技为导向的股票，过去几年推动了整体股市的上涨。</p>
<p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/eacc3fede95afdef9ac1be6a5f18ac80.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/eacc3fede95afdef9ac1be6a5f18ac80.png"/></p>
<p>GOOG 市盈率（前瞻性）数据来源于 YCharts</p>
<h2>估值所暗示的</h2>
<p>这一估值表明，字母表在短期内仍有很大的上涨空间。从长远来看，更有理由对这家公司感到兴奋。由于法院裁决，字母表现在可以继续发展其搜索业务，此外，该公司还展示了它在人工智能革命中可能成为赢家的潜力。Google Cloud 是人工智能工具和服务的主要提供商，这帮助该部门的收入在最近几个季度实现了两位数的增长。随着人工智能市场预计在几年内达到数万亿美元，字母表在未来有望实现更多增长。</p>
<p>所有这些意味着，即使在字母表股票最近的上涨之后，它仍然是一个绝佳的科技投资选择——而现在你可以在不担心反垄断案件可能带来的任何潜在干扰的情况下进行投资。</p>

谷歌-A

谷歌-C

<p>Wedbush 的 Dan Ives 强调了 Alphabet 最近的法律胜利，这缓解了人们对其 Google 业务因反垄断问题可能解散的担忧。法院裁定 Alphabet 不需要剥离 Google Chrome 等关键资产，使公司能够保持其市场地位。随后，Ives 将 Alphabet 的目标股价从 232 美元上调至 245 美元。尽管过去一年股价上涨近 50%，但 Alphabet 的估值仍然具有吸引力，前瞻市盈率为 23 倍，暗示出进一步的增长潜力，尤其是在人工智能领域</p>

<p><strong>Alphabet</strong>(GOOG 1.04%)(GOOGL 1.13%) has been a fantastic investment opportunity for investors over the years. The company owns the world's No. 1 search engine, Google Search, and generates revenue from its growing cloud computing unit Google Cloud as well as through the sales of equipment such as smartphones. This has helped the tech giant generate billions of dollars in earnings -- and the stock price has advanced more than 600% over the past decade, scoring a win for shareholders who have held on for the long haul.</p>
<div class="lb-trans"><p><strong>字母表</strong>(GOOG 1.04%)(GOOGL 1.13%) 多年来一直是投资者的绝佳投资机会。该公司拥有全球第一的搜索引擎 Google Search，并通过其不断增长的云计算部门 Google Cloud 以及智能手机等设备的销售来产生收入。这帮助这家科技巨头创造了数十亿美元的收益——在过去十年中，股价上涨超过 600%，为长期持有的股东带来了丰厚的回报。</p>
</div><p>But one thing in particular has prompted some investors to hold back on buying the stock, and that's a U.S. antitrust lawsuit. Last year, in the Justice Department's case against the company, a U.S. district judge ruled that Alphabet operates an illegal Internet search monopoly. To remedy the situation, the department recommended a breakup of Google -- and one of the possibilities was the sale of Google Chrome.</p>
<div class="lb-trans"><p>但有一件事促使一些投资者暂缓购买该股票，那就是美国的反垄断诉讼。去年，在司法部对该公司的案件中，一名美国地区法官裁定字母表运营着非法的互联网搜索垄断。为了解决这一问题，司法部建议拆分 Google——其中一个可能性是出售 Google Chrome。</p>
</div><p>Though Alphabet stock has advanced, the case still weighed on the stock's potential as some investors worried about a dismantling of the company's valuable search business. Last week, though, that worst-case scenario was avoided. In fact, Alphabet scored a &#34;monster win,&#34; according to Wedbush analyst Dan Ives. Still, after Alphabet's double-digit gain this year, is it too late to get in on this top tech stock? Let's find out.</p>
<div class="lb-trans"><p>尽管字母表的股票有所上涨，但该案件仍然对股票的潜力造成了压力，因为一些投资者担心公司的宝贵搜索业务会被拆分。不过，上周，最坏的情况被避免了。事实上，字母表获得了 “巨大的胜利”，根据 Wedbush 分析师 Dan Ives 的说法。尽管如此，在字母表今年的双位数增长之后，现在是否已经太晚而无法投资这只顶级科技股？让我们来看看。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzIxNDEvZ2V0dHlpbWFnZXMtMTI3OTM5NTM2Ny5qcGcmdz03MDA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F832141%2Fgettyimages-1279395367.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>Alphabet's antitrust troubles</h2>
<div class="lb-trans"><h2>字母表的反垄断问题</h2>
</div><p>So, first a quick look at the troubles Alphabet faced up until a few days ago. As mentioned, investors feared the technology powerhouse would have to break apart its Google unit, damaging its market position and growth prospects. Alphabet's ownership of an entire ecosystem of products and services allows it to operate more efficiently and share resources across these platforms, from Google Chrome to YouTube, for example.</p>
<div class="lb-trans"><p>首先快速回顾一下字母表在几天前面临的困境。如前所述，投资者担心这家科技巨头将不得不拆分其 Google 部门，从而损害其市场地位和增长前景。字母表拥有整个产品和服务生态系统，使其能够更高效地运营，并在这些平台之间共享资源，例如从 Google Chrome 到 YouTube。</p>
</div><p>On top of this, the idea of a breakup put into jeopardy Alphabet's deal with <strong>Apple</strong> that's allowed Google to be the search engine of choice on the iPhone. It's important to remember that Alphabet's Google Services business represents 85% of revenue -- this is thanks to advertising across Google platforms -- so any potential disruption of its current form could be highly destructive.</p>
<div class="lb-trans"><p>此外，拆分的想法还危及了字母表与 <strong>苹果</strong> 的交易，使 Google 成为 iPhone 上的首选搜索引擎。重要的是要记住，字母表的 Google 服务业务占其收入的 85%——这得益于在 Google 平台上的广告——因此，任何对其当前形式的潜在干扰都可能是非常破坏性的。</p>
</div><p>That's why last week's court ruling was fantastic news for Alphabet shareholders: The court said Alphabet wouldn't have to divest Google Chrome or its Android operating system, and that &#34;plaintiffs overreached in seeking forced divestiture of these key assets.&#34; Instead, Alphabet must share search data with its competitors to level the playing field.</p>
<div class="lb-trans"><p>这就是为什么上周的法院裁决对字母表股东来说是个好消息：法院表示字母表不必剥离 Google Chrome 或其 Android 操作系统，并且 “原告在寻求强制剥离这些关键资产时过于激进。” 相反，字母表必须与竞争对手共享搜索数据，以平衡竞争环境。</p>
</div><h2>Ives raises his Alphabet price target</h2>
<div class="lb-trans"><h2>Ives 提高了字母表的目标股价</h2>
</div><p>Wedbush's Ives, a technology bull, said this is a &#34;monster win&#34; and &#34;removes a huge overhang on the stock,&#34; according to a CNBC report. Ives also increased his price target on the stock, which currently trades for about $232, to $245.</p>
<div class="lb-trans"><p>Wedbush 的 Ives，一位科技乐观者表示，这是一个 “巨大的胜利”，并且 “消除了对股票的巨大压力”，根据 CNBC 的报道。Ives 还将他对该股票的目标股价从目前约 232 美元提高到 245 美元。</p>
</div><p>So now let's return to our question: This is great news for Alphabet shareholders -- but if you haven't yet bought the stock or if you aim to add to your position, is it too late to buy? After all, even though the antitrust case might have put the brakes on share performance, the stock still has advanced nearly 50% over the past year.</p>
<div class="lb-trans"><p>那么现在让我们回到我们的问题：这对字母表股东来说是个好消息——但如果你还没有购买该股票，或者如果你打算增加持仓，现在是否已经太晚了？毕竟，尽管反垄断案件可能对股价表现产生了制约，但该股票在过去一年中仍上涨了近 50%。</p>
</div><p>Here, it's important to consider valuation. In spite of the gains, Alphabet trades for only 23x forward earnings estimates, making it the cheapest of the Magnificent Seven stocks.</p>
<div class="lb-trans"><p>在这里，考虑估值是很重要的。尽管有所上涨，字母表的股票仅以 23 倍的未来收益预期交易，使其成为 “七大奇迹” 股票中最便宜的。</p>
</div><p>The Magnificent Seven are a group of technology-oriented stocks that have driven overall stock market gains over the past couple of years.</p>
<div class="lb-trans"><p>“七大奇迹” 是一组以科技为导向的股票，过去几年推动了整体股市的上涨。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/eacc3fede95afdef9ac1be6a5f18ac80.png" alt="" original-src="https://media.ycharts.com/charts/eacc3fede95afdef9ac1be6a5f18ac80.png"/></p>
<p>GOOG PE Ratio (Forward) data by YCharts</p>
<div class="lb-trans"><p>GOOG 市盈率（前瞻性）数据来源于 YCharts</p>
</div><h2>What valuation suggests</h2>
<div class="lb-trans"><h2>估值所暗示的</h2>
</div><p>This valuation suggests Alphabet still has plenty of room to run, even in the near term. And in the long term, there's even more reason to get excited about this company. Alphabet, thanks to the court ruling, now can continue to grow its search business, and on top of this, the company has demonstrated that it could be a winner in the AI revolution. Google Cloud is a major provider of AI tools and services, and this has helped the unit's revenue climb in the double digits in recent quarters. And with an AI market forecast to reach into the trillions in a few years, Alphabet is well positioned to see more growth.</p>
<div class="lb-trans"><p>这一估值表明，字母表在短期内仍有很大的上涨空间。从长远来看，更有理由对这家公司感到兴奋。由于法院裁决，字母表现在可以继续发展其搜索业务，此外，该公司还展示了它在人工智能革命中可能成为赢家的潜力。Google Cloud 是人工智能工具和服务的主要提供商，这帮助该部门的收入在最近几个季度实现了两位数的增长。随着人工智能市场预计在几年内达到数万亿美元，字母表在未来有望实现更多增长。</p>
</div><p>All of this means that even after Alphabet stock's recent climb, it still remains a fantastic tech player to buy and hold -- and now you can do so without worrying about any potential upset from the antitrust case.</p>
<div class="lb-trans"><p>所有这些意味着，即使在字母表股票最近的上涨之后，它仍然是一个绝佳的科技投资选择——而现在你可以在不担心反垄断案件可能带来的任何潜在干扰的情况下进行投资。</p>
</div>

Dan Ives Says Alphabet Just Scored a "Monster Win." But, After Double-Digit Gains, is it Too Late to Buy the Stock?

- Alphabet 近期面临反垄断诉讼，但法院裁定不需拆分其核心业务。  
- 该公司股价过去十年上涨超过 600%，并在 AI 领域展现增长潜力。  
- Wedbush 分析师将目标价从 232 美元上调至 245 美元，认为仍有投资机会。  

Dan Ives 称 Alphabet 刚刚获得了一个 “巨大胜利”。然而，在经历了两位数的涨幅后，现在买入这只股票是否已经太晚了？