<p><strong>Alphabet</strong>（GOOG -0.35%）（GOOGL -0.31%）似乎迎来了转机。谷歌的母公司在今年四月因关税、美国和欧洲的反垄断案件以及人工智能（AI）初创公司对在线搜索市场份额的竞争加剧，股价一度跌至 140 美元以上。但自那时以来，股价一路飙升，在最近的交易中创下 238.13 美元的历史新高（上涨了 70%）。</p>
<p>尽管关税可能会削弱全球经济，但 Alphabet 在 2025 年凭借其新的 AI 工具展现了强劲的实力，成为一个不受关税影响的行业领导者。上周，Alphabet 的谷歌搜索这项摇钱树在反垄断法庭规定的救济措施中逃过一劫，这些措施预计将比一些分析师预测的要繁重得多。</p>
<p>在谷歌获得重大反垄断胜利之后，尽管股价接近历史高点，你还应该购买 Alphabet 的股票吗？</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzIyMjIvY291cnQuanBnJnc9NzAw?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" width="700" height="420" original-src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzIyMjIvY291cnQuanBnJnc9NzAw"/></p>
<p>图片来源：Getty Images。</p>
<h2>谷歌得以保留其生态系统</h2>
<p>在 2024 年，美国法院裁定谷歌搜索为垄断后，投资者不得不耐心等待法官确定未来业务所需的救济措施。检方提出的救济措施包括迫使 Alphabet 出售其市场份额占主导地位的 Chrome 浏览器和 Android 移动操作系统，这些产品帮助用户留在谷歌搜索而不是转向竞争对手。</p>
<p>谷歌保持用户使用谷歌搜索的战略之一是围绕该产品构建一个平台生态系统，使竞争对手几乎无法进入。Chrome 浏览器在浏览器市场的份额估计为 70%，这使得用户在搜索查询时默认使用谷歌。Android 在移动搜索市场也采用了同样的策略。</p>
<p>本周，法院最终没有强迫 Alphabet 出售这两个平台，而是命令谷歌与合格的竞争对手共享某些搜索数据。法院还禁止独占的搜索分发协议，尽管谷歌仍然可以支付合作伙伴以推广其服务。此外，谷歌还必须接受一个监督委员会在接下来的六年内的合规监测。对于 Alphabet 的股东来说，这相当于逃过一劫。保持用户使用谷歌搜索的产品生态系统（包括 Chrome 和 Android）将继续存在。</p>
<p>为什么法院没有采取更严厉的救济措施？显然，它考虑到了近年来 AI 服务对传统搜索引擎市场的日益威胁。实际上，它认为 AI 提供了一种竞争水平，应该阻止谷歌采取垄断行为。</p>
<p>奇怪的是，AI 现在是 Alphabet 业务面临的主要威胁，但它也是公司潜在的机会。</p>
<h2>AI 和云计算的未来增长</h2>
<p>随着反垄断压力的减轻，Alphabet 现在可以更加专注于 AI。聊天机器人市场的新兴竞争者包括 OpenAI、Anthropic 和 Perplexity，这些企业的服务旨在从谷歌手中抢夺搜索查询的份额。除了宏观经济担忧或反垄断问题外，这些竞争者是过去一年中压制 Alphabet 股价的主要担忧。</p>
<p>在 2025 年，Alphabet 迎接了这一 AI 挑战。其 Gemini 聊天机器人正在快速增长，并逐渐赶上 ChatGPT，基准性能在行业中处于领先地位。除了聊天机器人，Alphabet 还在谷歌搜索、YouTube 和其他消费服务中部署了数十种新的 AI 工具。由于其内部数据中心基础设施的支持，它能够以如此大规模进行这些部署。竞争对手需要依赖第三方云服务提供商来训练和部署其 AI 工具，这一关键差异应该为 Alphabet 在 AI 领域提供长期的竞争优势。</p>
<p>谈到云计算，Alphabet 是这些初创企业的主要基础设施提供商之一，这也是公司应从 AI 中受益的另一种方式。上个季度，谷歌云成为 Alphabet 增长最快的业务，收入同比增长 32%，达到 136 亿美元。现在它的盈利能力很高，运营利润率为 20%。</p>
<p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/04e500b484b356b0c35863ba6efd75c6.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" width="720" height="441" original-src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/04e500b484b356b0c35863ba6efd75c6.png"/></p>
<p>数据来源：YCharts。</p>
<h2>你应该在历史高点购买 Alphabet 股票吗？</h2>
<p>Alphabet 的股票交易接近历史高点。尽管如此，由于其盈利增长速度很快，股票看起来并不昂贵。过去五年净收入累计增长 224%，使其市盈率（P/E）保持在合理的 25 水平。尽管面临这些 AI 威胁，谷歌搜索的收入目前同比增长 12%，整个谷歌服务部门的运营利润率为 40%。</p>
<p>Alphabet 在云计算、Gemini 聊天机器人甚至 YouTube 方面有着丰富的增长机会。不要忘记快速增长的月球计划投资——例如 Waymo。价值投资者可能认为在股价刚创下历史高点时购买股票是个坏主意，但在这一里程碑式的反垄断裁决后，Alphabet 持续的业务势头仍然使其成为一个值得买入和持有的投资。</p>

谷歌-A

谷歌-C

1 倍做空谷歌 ETF - Direxion

2 倍做多谷歌 ETF - Direxion

<p>在一项有利的反垄断裁决之后，Alphabet 的股票飙升了 70%，达到 238.13 美元的历史新高。这项裁决允许 Alphabet 保留其 Chrome 浏览器和 Android 操作系统，这对维持其搜索市场的主导地位至关重要。法院决定施加较轻的救济措施，反映出 AI 服务所带来的竞争威胁。随着 Alphabet 专注于 AI 进展，包括其 Gemini 聊天机器人，以及快速增长的 Google Cloud 业务，分析师表示，尽管股票价格较高，但由于强劲的盈利增长和合理的市盈率 25，它仍然是一个可行的投资</p>

<p>The tide seems to have turned for <strong>Alphabet</strong>(GOOG -0.35%)(GOOGL -0.31%). The parent company of Google saw its stock dip above $140 in April of this year over concerns about tariffs, antitrust cases both in the U.S. and in Europe, and rising competition for a share of the online search market from artificial intelligence (AI) startups. But since then, the stock has been on an absolute tear, hitting an all-time high of $238.13 in recent trading (a 70% jump).</p>
<div class="lb-trans"><p><strong>Alphabet</strong>（GOOG -0.35%）（GOOGL -0.31%）似乎迎来了转机。谷歌的母公司在今年四月因关税、美国和欧洲的反垄断案件以及人工智能（AI）初创公司对在线搜索市场份额的竞争加剧，股价一度跌至 140 美元以上。但自那时以来，股价一路飙升，在最近的交易中创下 238.13 美元的历史新高（上涨了 70%）。</p>
</div><p>While there is still the risk that tariffs cripple the global economy, Alphabet has shown strength with its new AI tools in 2025 as a leader in an industry not as affected by tariff actions. Last week, Alphabet's Google Search cash cow dodged a bullet when antitrust court-enforced remedies were outlined that are expected to be much burdensome than some analysts predicted.</p>
<div class="lb-trans"><p>尽管关税可能会削弱全球经济，但 Alphabet 在 2025 年凭借其新的 AI 工具展现了强劲的实力，成为一个不受关税影响的行业领导者。上周，Alphabet 的谷歌搜索这项摇钱树在反垄断法庭规定的救济措施中逃过一劫，这些措施预计将比一些分析师预测的要繁重得多。</p>
</div><p>After what ended up being a big antitrust win for Google, should you buy Alphabet stock, even though it is trading near all-time highs?</p>
<div class="lb-trans"><p>在谷歌获得重大反垄断胜利之后，尽管股价接近历史高点，你还应该购买 Alphabet 的股票吗？</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzIyMjIvY291cnQuanBnJnc9NzAw" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F832222%2Fcourt.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>Google gets to retain its ecosystem</h2>
<div class="lb-trans"><h2>谷歌得以保留其生态系统</h2>
</div><p>After Google Search was ruled by a U.S. court in 2024 to be a monopoly, investors had to wait patiently to see what remedies the judge would determine were needed for the business going forward. Proposed remedies from prosecutors included forcing Alphabet to sell off its Chrome browser and Android mobile operating system, which have dominant market shares and help retain users on Google Search instead of switching to competitors.</p>
<div class="lb-trans"><p>在 2024 年，美国法院裁定谷歌搜索为垄断后，投资者不得不耐心等待法官确定未来业务所需的救济措施。检方提出的救济措施包括迫使 Alphabet 出售其市场份额占主导地位的 Chrome 浏览器和 Android 移动操作系统，这些产品帮助用户留在谷歌搜索而不是转向竞争对手。</p>
</div><p>A huge part of Google's strategy to keep people using Google Search is building an ecosystem of platforms around the product, making it nearly impossible for competitors to budge their way in. The Chrome browser has an estimated 70% share of the browser market, which keeps people defaulting to Google for search queries. The same strategy is employed with Android for the mobile search market.</p>
<div class="lb-trans"><p>谷歌保持用户使用谷歌搜索的战略之一是围绕该产品构建一个平台生态系统，使竞争对手几乎无法进入。Chrome 浏览器在浏览器市场的份额估计为 70%，这使得用户在搜索查询时默认使用谷歌。Android 在移动搜索市场也采用了同样的策略。</p>
</div><p>This week, the court ultimately did not force Alphabet to sell either of these platforms, instead ordering that Google share certain search data with qualified competitors. The court also prohibited exclusive search distribution agreements, though Google can still pay partners to feature its services. Additionally, it will have to submit to compliance monitoring for the next six years by an oversight committee. For Alphabet shareholders, it was the equivalent of dodging a bullet. The ecosystem of products (including Chrome and Android) that keep people using Google Search will remain in place.</p>
<div class="lb-trans"><p>本周，法院最终没有强迫 Alphabet 出售这两个平台，而是命令谷歌与合格的竞争对手共享某些搜索数据。法院还禁止独占的搜索分发协议，尽管谷歌仍然可以支付合作伙伴以推广其服务。此外，谷歌还必须接受一个监督委员会在接下来的六年内的合规监测。对于 Alphabet 的股东来说，这相当于逃过一劫。保持用户使用谷歌搜索的产品生态系统（包括 Chrome 和 Android）将继续存在。</p>
</div><p>Why did the court not resort to harsher remedies? Apparently, it factored in the rising threat that AI services pose to the traditional search engine market in the past few years. Effectively, it thinks AI provides a level of competition that should hamper Google from enacting monopolistic actions.</p>
<div class="lb-trans"><p>为什么法院没有采取更严厉的救济措施？显然，它考虑到了近年来 AI 服务对传统搜索引擎市场的日益威胁。实际上，它认为 AI 提供了一种竞争水平，应该阻止谷歌采取垄断行为。</p>
</div><p>Oddly enough, AI is now the main threat facing Alphabet's business today, but it is also a potential opportunity for the company.</p>
<div class="lb-trans"><p>奇怪的是，AI 现在是 Alphabet 业务面临的主要威胁，但它也是公司潜在的机会。</p>
</div><h2>Future growth in AI and cloud computing</h2>
<div class="lb-trans"><h2>AI 和云计算的未来增长</h2>
</div><p>With the antitrust pressures easing for Alphabet, it can now sharpen its focus on AI. Rising competitors in the chatbot market include OpenAI, Anthropic, and Perplexity, businesses with services that are looking to steal a share of search queries from Google. Outside of macroeconomic fears or antitrust concerns, these competitors are the main worry that held down Alphabet stock in the past year.</p>
<div class="lb-trans"><p>随着反垄断压力的减轻，Alphabet 现在可以更加专注于 AI。聊天机器人市场的新兴竞争者包括 OpenAI、Anthropic 和 Perplexity，这些企业的服务旨在从谷歌手中抢夺搜索查询的份额。除了宏观经济担忧或反垄断问题外，这些竞争者是过去一年中压制 Alphabet 股价的主要担忧。</p>
</div><p>In 2025, Alphabet has risen to this AI challenge. Its Gemini chatbot is growing rapidly and catching up to ChatGPT, with benchmark performance that leads the industry. Along with chatbots, Alphabet has deployed dozens of new AI tools across Google Search, YouTube, and other consumer services it owns. It is able to do so at such a large scale because of its internal data center infrastructure. The competition needs to go to third-party cloud providers to train and deploy its AI tools, a key difference that should give Alphabet a competitive advantage in AI over the long haul.</p>
<div class="lb-trans"><p>在 2025 年，Alphabet 迎接了这一 AI 挑战。其 Gemini 聊天机器人正在快速增长，并逐渐赶上 ChatGPT，基准性能在行业中处于领先地位。除了聊天机器人，Alphabet 还在谷歌搜索、YouTube 和其他消费服务中部署了数十种新的 AI 工具。由于其内部数据中心基础设施的支持，它能够以如此大规模进行这些部署。竞争对手需要依赖第三方云服务提供商来训练和部署其 AI 工具，这一关键差异应该为 Alphabet 在 AI 领域提供长期的竞争优势。</p>
</div><p>Speaking of cloud computing, Alphabet is one of these major infrastructure players powering these startups, which is another way the company should benefit from AI. Last quarter, Google Cloud was Alphabet's fastest-growing business with revenue up 32% year over year to $13.6 billion. It is now highly profitable, with 20% operating margins.</p>
<div class="lb-trans"><p>谈到云计算，Alphabet 是这些初创企业的主要基础设施提供商之一，这也是公司应从 AI 中受益的另一种方式。上个季度，谷歌云成为 Alphabet 增长最快的业务，收入同比增长 32%，达到 136 亿美元。现在它的盈利能力很高，运营利润率为 20%。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/04e500b484b356b0c35863ba6efd75c6.png" alt="" original-src="https://media.ycharts.com/charts/04e500b484b356b0c35863ba6efd75c6.png"/></p>
<p>Data by YCharts.</p>
<div class="lb-trans"><p>数据来源：YCharts。</p>
</div><h2>Should you buy Alphabet stock at an all-time high?</h2>
<div class="lb-trans"><h2>你应该在历史高点购买 Alphabet 股票吗？</h2>
</div><p>Alphabet stock trades near an all-time high. Despite this, the stock does not look expensive because of how fast its earnings are growing. Net income is up a cumulative 224% in the last five years, leading its price-to-earnings ratio (P/E) to a reasonable level of 25. Google Search revenue is currently growing 12% year over year despite these AI threats, with the entire Google Services division posting an operating margin of 40%.</p>
<div class="lb-trans"><p>Alphabet 的股票交易接近历史高点。尽管如此，由于其盈利增长速度很快，股票看起来并不昂贵。过去五年净收入累计增长 224%，使其市盈率（P/E）保持在合理的 25 水平。尽管面临这些 AI 威胁，谷歌搜索的收入目前同比增长 12%，整个谷歌服务部门的运营利润率为 40%。</p>
</div><p>Growth opportunities abound for Alphabet in cloud computing, its Gemini chatbot, and even YouTube. Don't forget moonshot bets -- such as Waymo -- that are growing rapidly as well. Value investors might think it's a bad idea to buy a stock that just hit an all-time high, but Alphabet's continued business momentum still makes it a good buy-and-hold investment after this landmark antitrust decision.</p>
<div class="lb-trans"><p>Alphabet 在云计算、Gemini 聊天机器人甚至 YouTube 方面有着丰富的增长机会。不要忘记快速增长的月球计划投资——例如 Waymo。价值投资者可能认为在股价刚创下历史高点时购买股票是个坏主意，但在这一里程碑式的反垄断裁决后，Alphabet 持续的业务势头仍然使其成为一个值得买入和持有的投资。</p>
</div>

Should You Buy Alphabet Stock After Google's Massive Antitrust Win?

- Alphabet 股票在经历波动后，近期达到历史新高 $238.13，涨幅 70%。  
- 法院未强制 Alphabet 出售 Chrome 和 Android，反而要求分享搜索数据。  
- AI 竞争加剧，但 Alphabet 在云计算和 AI 工具方面展现出强劲增长潜力。  

在谷歌取得重大反垄断胜利后，是否应该购买 Alphabet 的股票？