<p><strong>谷歌</strong>(GOOG 1.04%)(GOOGL 1.13%) 在 9 月 3 日星期三表现出色。股票上涨了 9%，考虑到谷歌的庞大规模，这实在令人印象深刻。这一涨幅帮助谷歌创下了新的历史高点，这可能让一些投资者对现在投资谷歌产生犹豫。</p>
<p>然而，我认为这是一个错误。尽管你必须多支付 9% 的股票价格，但谷歌有很多值得投资的地方。我仍然认为谷歌是现在最值得购买的股票之一，我认为在未来几年它可以成为表现最好的大型科技股之一。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzE5NTcvcGVyc29uLWNlbGVicmF0aW5nLXdoaWxlLWxvb2tpbmctYXQtdGhlaXItcGhvbmUuanBnJnc9NzAw?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-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzE5NTcvcGVyc29uLWNlbGVicmF0aW5nLXdoaWxlLWxvb2tpbmctYXQtdGhlaXItcGhvbmUuanBnJnc9NzAw"/></p>
<p>图片来源：Getty Images。</p>
<h2>为什么谷歌的股票上涨如此迅速？</h2>
<p>谷歌在 9 月 2 日星期二晚间收到了来自法院的积极消息，关于其反垄断案件，这导致股票在第二天大幅上涨。虽然美国司法部试图通过强迫出售谷歌浏览器来拆分谷歌，但法官认为这是一个过于极端的补救措施，而是要求谷歌不与其浏览器签订独占合同。谷歌仍然可以支付费用以在某些平台（如 iPhone）上将其浏览器设置为默认，这保持了其标准操作惯例。</p>
<p>这一好消息导致股票大幅上涨，但裁决中有一个有趣的说明。法官还提到，这可能是谷歌面临新挑战的困难时期，例如来自生成性人工智能公司的挑战，如 OpenAI 的 ChatGPT。这是对谷歌的主要看空理由，因为许多人担心，随着生成性人工智能技术的普及，谷歌可能会成为过去。</p>
<p>然而，我认为管理层已经抵御了这一威胁。</p>
<h2>谷歌搜索仍然占据主导地位</h2>
<p>尽管一些用户已经从谷歌转向生成性人工智能模型，但谷歌仍然是全球数十亿人使用的主导搜索引擎。谷歌在创建一个混合平台方面也做得非常出色，该平台在每个搜索结果的顶部整合了生成性人工智能驱动的摘要，这可能会弥补防止用户转向其他平台所需的差距。</p>
<p>这一成功在第二季度的业绩中得到了体现，当时谷歌搜索部门报告销售增长 12%，这并不是一个衰退业务的迹象。总体而言，谷歌的收入增长了 14%，稀释后每股收益增长了 22%。</p>
<p>谷歌的执行水平很高，随着公司赢得了法院案件，这可能使谷歌的估值更接近其大型科技同行。</p>
<h2>尽管上涨，谷歌的股票仍然便宜</h2>
<p><strong>标准普尔 500 指数</strong>(^GSPC -0.32%) 的前瞻性市盈率为 24 倍，这在历史上相当昂贵。谷歌的一些主要科技同行甚至更贵，交易在 20 多到 30 多的范围内，尽管它们的增长速度与谷歌大致相同。</p>
<p>即使在股票价格上涨之后，谷歌的股票仍然以低于市场和同行的价格交易。</p>
<p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/00327197bb0c7eeaf14db6858533c148.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/00327197bb0c7eeaf14db6858533c148.png"/></p>
<p>GOOGL 市盈率（前瞻性）数据来自 YCharts</p>
<p>23.2 的前瞻性市盈率并不是一个便宜的股票价格，但如果市场愿意为其他大型科技公司支付类似的溢价，我也不会感到惊讶，这为股票在未来几年提供了充足的上涨空间。</p>
<p>谷歌在人工智能军备竞赛中并未完全摆脱困境，但其在这一行业的近期成功让我相信，它将成为这场战斗中的主要赢家之一。谷歌仍然是今天最值得购买的股票之一，我相信投资者通过现在购买股票将在未来五年享受超越市场的回报。</p>

谷歌-A

谷歌-C

<p>在 9 月 3 日，Alphabet 的股票上涨了 9%，创下新高，此次上涨是由于其反垄断案件的积极法院消息。法官裁定不采取极端措施，允许 Alphabet 维持其标准做法。尽管对生成性人工智能的竞争存在担忧，谷歌仍然是主导搜索引擎，第二季度的收入增长为 14%。Alphabet 的股票以 23.2 的前瞻市盈率交易，相较于同行仍被认为是低估的。分析师认为 Alphabet 将继续表现良好，成为寻求超越市场回报的投资者的强力买入选择</p>

<p><strong>Alphabet</strong>(GOOG 1.04%)(GOOGL 1.13%) had an excellent day on Wednesday, Sept. 3. The stock rocketed 9% higher, which is quite impressive considering Alphabet's monstrous size. This pop helped Alphabet establish a new all-time high, which may give some investors pause about investing in Alphabet right now.</p>
<div class="lb-trans"><p><strong>谷歌</strong>(GOOG 1.04%)(GOOGL 1.13%) 在 9 月 3 日星期三表现出色。股票上涨了 9%，考虑到谷歌的庞大规模，这实在令人印象深刻。这一涨幅帮助谷歌创下了新的历史高点，这可能让一些投资者对现在投资谷歌产生犹豫。</p>
</div><p>However, I think that's a mistake. There's a lot to like about Alphabet, even if you must pay 9% more for the stock. I still think Alphabet is among the best stocks to buy right now, and I think it can be one of the top-performing big tech stocks over the next few years.</p>
<div class="lb-trans"><p>然而，我认为这是一个错误。尽管你必须多支付 9% 的股票价格，但谷歌有很多值得投资的地方。我仍然认为谷歌是现在最值得购买的股票之一，我认为在未来几年它可以成为表现最好的大型科技股之一。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzE5NTcvcGVyc29uLWNlbGVicmF0aW5nLXdoaWxlLWxvb2tpbmctYXQtdGhlaXItcGhvbmUuanBnJnc9NzAw" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F831957%2Fperson-celebrating-while-looking-at-their-phone.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>Why did Alphabet's stock rise so fast?</h2>
<div class="lb-trans"><h2>为什么谷歌的股票上涨如此迅速？</h2>
</div><p>Alphabet received positive news from the courts regarding its antitrust case late Tuesday, Sept. 2, which caused the stock to rocket higher the next day. While the DOJ was seeking to break up Alphabet by forcing the sale of its Google Chrome browser, the judge decided that this was too extreme a remedy and instead required Alphabet not to have exclusive contracts for using its browser. Alphabet will still be able to pay to have its browser set as the default on some platforms (like the iPhone), which maintains its standard operating practices.</p>
<div class="lb-trans"><p>谷歌在 9 月 2 日星期二晚间收到了来自法院的积极消息，关于其反垄断案件，这导致股票在第二天大幅上涨。虽然美国司法部试图通过强迫出售谷歌浏览器来拆分谷歌，但法官认为这是一个过于极端的补救措施，而是要求谷歌不与其浏览器签订独占合同。谷歌仍然可以支付费用以在某些平台（如 iPhone）上将其浏览器设置为默认，这保持了其标准操作惯例。</p>
</div><p>This fantastic news caused the stock to rocket higher, but there was one interesting note in the ruling. The judge also mentioned that this could be a difficult time for Alphabet, as it faces new challenges from generative AI companies, such as OpenAI's ChatGPT. This is the primary remaining bear case against Alphabet, as many are worried that Google could become a thing of the past as generative AI technologies become more widespread.</p>
<div class="lb-trans"><p>这一好消息导致股票大幅上涨，但裁决中有一个有趣的说明。法官还提到，这可能是谷歌面临新挑战的困难时期，例如来自生成性人工智能公司的挑战，如 OpenAI 的 ChatGPT。这是对谷歌的主要看空理由，因为许多人担心，随着生成性人工智能技术的普及，谷歌可能会成为过去。</p>
</div><p>However, I think management has already fended off that threat.</p>
<div class="lb-trans"><p>然而，我认为管理层已经抵御了这一威胁。</p>
</div><h2>Google Search is still dominant</h2>
<div class="lb-trans"><h2>谷歌搜索仍然占据主导地位</h2>
</div><p>While some have defected from Google to generative AI models, Google remains the dominant search engine, used by billions worldwide. Google has also done a phenomenal job creating a hybrid platform that incorporates generative AI-powered summaries at the top of each search result, which will likely bridge the gap needed to prevent users from defecting to another platform.</p>
<div class="lb-trans"><p>尽管一些用户已经从谷歌转向生成性人工智能模型，但谷歌仍然是全球数十亿人使用的主导搜索引擎。谷歌在创建一个混合平台方面也做得非常出色，该平台在每个搜索结果的顶部整合了生成性人工智能驱动的摘要，这可能会弥补防止用户转向其他平台所需的差距。</p>
</div><p>This success was on display during second quarter results when the Google Search division reported sales growth of 12%, which isn't the sign of a declining business. Overall, Alphabet's revenue increased by 14% and diluted earnings per share rose by 22%.</p>
<div class="lb-trans"><p>这一成功在第二季度的业绩中得到了体现，当时谷歌搜索部门报告销售增长 12%，这并不是一个衰退业务的迹象。总体而言，谷歌的收入增长了 14%，稀释后每股收益增长了 22%。</p>
</div><p>Alphabet is executing at a high level, and with the company winning the court case, it may allow Alphabet to achieve a valuation that's more in line with its big tech peers.</p>
<div class="lb-trans"><p>谷歌的执行水平很高，随着公司赢得了法院案件，这可能使谷歌的估值更接近其大型科技同行。</p>
</div><h2>Alphabet's stock is still cheap despite the pop</h2>
<div class="lb-trans"><h2>尽管上涨，谷歌的股票仍然便宜</h2>
</div><p>The <strong>S&amp;P 500</strong>(^GSPC -0.32%) trades for 24 times forward earnings, which is quite expensive historically. Some of Alphabet's major tech peers are even more expensive, trading in the high 20s to low 30s range, despite growing at about the same pace as Alphabet.</p>
<div class="lb-trans"><p><strong>标准普尔 500 指数</strong>(^GSPC -0.32%) 的前瞻性市盈率为 24 倍，这在历史上相当昂贵。谷歌的一些主要科技同行甚至更贵，交易在 20 多到 30 多的范围内，尽管它们的增长速度与谷歌大致相同。</p>
</div><p>Even after the stock price pop, Alphabet's stock trades at a discount to the market and its peers.</p>
<div class="lb-trans"><p>即使在股票价格上涨之后，谷歌的股票仍然以低于市场和同行的价格交易。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/00327197bb0c7eeaf14db6858533c148.png" alt="" original-src="https://media.ycharts.com/charts/00327197bb0c7eeaf14db6858533c148.png"/></p>
<p>GOOGL PE Ratio (Forward) data by YCharts</p>
<div class="lb-trans"><p>GOOGL 市盈率（前瞻性）数据来自 YCharts</p>
</div><p>A forward earnings multiple of 23.2 isn't a cheap stock price, but I wouldn't be surprised if the market were willing to pay a similar premium to other big tech companies, which gives the stock plenty of upside over the next few years.</p>
<div class="lb-trans"><p>23.2 的前瞻性市盈率并不是一个便宜的股票价格，但如果市场愿意为其他大型科技公司支付类似的溢价，我也不会感到惊讶，这为股票在未来几年提供了充足的上涨空间。</p>
</div><p>Alphabet isn't out of the woods when it comes to the AI arms race, but its recent successes in this industry lead me to believe that it will be one of the major winners in this battle. Alphabet remains one of the best stocks to buy today, and I believe investors will enjoy market-beating returns over the next five years by purchasing shares now.</p>
<div class="lb-trans"><p>谷歌在人工智能军备竞赛中并未完全摆脱困境，但其在这一行业的近期成功让我相信，它将成为这场战斗中的主要赢家之一。谷歌仍然是今天最值得购买的股票之一，我相信投资者通过现在购买股票将在未来五年享受超越市场的回报。</p>
</div>

Alphabet Stock Is Still a Genius Buy After Setting a New All-Time High

- Alphabet 股票在 9 月 3 日上涨 9%，创下历史新高。  
- 法院对反垄断案的裁决利好，维持了其市场地位。  
- 尽管面临 AI 挑战，Alphabet 仍是值得投资的优质股票。

Alphabet 股票在创下历史新高后仍然是一个明智的投资选择