<p>每当一家上市公司面临重大风险或未知因素时，这可能会影响其估值。对于拥有谷歌和 YouTube 的科技巨头 <strong>Alphabet</strong>（GOOG 0.21%）（GOOGL 0.28%）来说，最近最大的担忧是反垄断诉讼可能导致其被迫出售业务的关键部分。</p>
<p>尽管法官阿米特·P·梅赫塔（Amit P. Mehta）本月早些时候裁定该公司在搜索领域存在垄断行为，但他并没有施加联邦监管机构所要求的最严厉后果。Alphabet 仍面临与其广告技术相关的另一项反垄断案件，但投资者最担心的是它可能不得不出售其 Chrome 浏览器或 Android 操作系统。随着这些补救措施显然不再考虑，股票在过去几周内反弹。但这仅仅是开始吗？它能否进一步飙升？</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzQwOTYvaW52ZXN0b3ItbG9va2luZy1hdC1hLWNoYXJ0LmpwZyZ3PTcwMA?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" width="700" height="442" original-src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzQwOTYvaW52ZXN0b3ItbG9va2luZy1hdC1hLWNoYXJ0LmpwZyZ3PTcwMA"/></p>
<p>图片来源：Getty Images。</p>
<h2>Alphabet 是 “七大奇迹” 中最便宜的股票之一</h2>
<p>一段时间以来，Alphabet 的估值相对于其收益一直处于折扣状态。考虑到 <strong>标准普尔 500 指数</strong> 的平均股票交易价格超过其过去收益的 25 倍，Alphabet 以低于 20 的市盈率（P/E）倍数交易并不罕见，这在历史上是较低的。</p>
<p>Alphabet 一直是 “七大奇迹” 中被低估的股票之一，尽管最近有所反弹，但基于其市盈率倍数，它仍然是最便宜的股票，目前市盈率约为 27。</p>
<p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/cde20d337e4a881b658eb4ec488b9b4c.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" width="720" height="541" original-src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/cde20d337e4a881b658eb4ec488b9b4c.png"/></p>
<p>七大奇迹的市盈率数据来自 YCharts。</p>
<p>Alphabet 相对温和的估值可能会吸引那些寻找潜在被低估的人工智能（AI）股票的投资者，尤其是考虑到其增长潜力。</p>
<h2>一家出色的公司，拥有卓越的增长前景</h2>
<p>许多投资者对 Alphabet 的增长前景感到担忧，担心 AI 聊天机器人可能会分流网站和搜索产品的流量，从而削减其广告收入。然而，尽管这种新技术崛起，其业务仍然持续产生稳健的业绩。在 2025 年上半年，Alphabet 的收入达到 1867 亿美元，比去年同期增长了 13%。其净收入也增长了 33%，达 627 亿美元。</p>
<p>然而，最令人兴奋的是业务的未来。其自有的 AI 聊天机器人 Gemini 每月拥有约 4 亿用户。该公司在 AI 领域的巨大优势在于可以在 YouTube 视频上训练其模型。其视频生成模型 Veo 3 具备尖端能力，使得制作与真实视频几乎无法区分的 AI 驱动视频变得简单。对 Alphabet 来说，AI 不是风险，而是巨大的机会。</p>
<p>此外，还有其自动驾驶的 Waymo 车辆。Alphabet 继续将其自动驾驶出租车业务扩展到新市场。今年早些时候，Waymo 达成了 1000 万次机器人出租车出行，未来还有更多增长空间。我乘坐过几次 Waymo 的出租车，看到这个业务有着巨大的潜力。</p>
<p>Alphabet 拥有丰富的增长机会，这就是为什么我认为即使它不得不出售部分业务，对股东来说也不一定是坏事。这种结果可能有助于释放大量价值，并可能导致投资者更仔细地审视其各个业务单元的真实价值。</p>
<p>Alphabet 的市值最近达到了 3 万亿美元，今年迄今为止，其股价上涨超过 30%。但考虑到其增长机会的丰富性以及相对被低估的状态，这家科技公司在长期内可能还有更大的上行空间。对于长期投资者来说，Alphabet 现在应该是一个毫无疑问的增长股票。</p>

谷歌-A

谷歌-C

1 倍做空谷歌 ETF - Direxion

2 倍做多谷歌 ETF - Direxion

<p>Alphabet 的股票近期上涨，因一名法官对反垄断问题的裁决缓解了对关键业务部门被迫出售的担忧。尽管面临持续的反垄断挑战，Alphabet 仍然是 “七大巨头” 中最便宜的股票之一，市盈率约为 27。该公司在 2025 年上半年报告了 13% 的收入增长，达到 1867 亿美元，净收入增长 33%，达到 627 亿美元。随着在人工智能和自动驾驶汽车领域的增长机会，长期投资者可能会发现 Alphabet 是一只具有吸引力的成长股</p>

<p>Whenever a publicly traded business faces a big risk or unknown, that can weigh on its valuation. For <strong>Alphabet</strong>(GOOG 0.21%) (GOOGL 0.28%), the tech giant that owns Google and YouTube, the big concern recently was that antitrust lawsuits would result in it being forced to sell off key parts of its business.</p>
<div class="lb-trans"><p>每当一家上市公司面临重大风险或未知因素时，这可能会影响其估值。对于拥有谷歌和 YouTube 的科技巨头 <strong>Alphabet</strong>（GOOG 0.21%）（GOOGL 0.28%）来说，最近最大的担忧是反垄断诉讼可能导致其被迫出售业务的关键部分。</p>
</div><p>Although Judge Amit P. Mehta did rule earlier this month that the company has operated a monopoly in search, he did not impose the most severe consequences that federal regulators had asked for. Alphabet still faces a different antitrust case involving its ad tech, but investors were most worried about the possibility of it having to sell its Chrome browser or Android operating system. With those remedies apparently off the table, the stock rallied over the past few weeks. But was that just the start? Can it soar even higher?</p>
<div class="lb-trans"><p>尽管法官阿米特·P·梅赫塔（Amit P. Mehta）本月早些时候裁定该公司在搜索领域存在垄断行为，但他并没有施加联邦监管机构所要求的最严厉后果。Alphabet 仍面临与其广告技术相关的另一项反垄断案件，但投资者最担心的是它可能不得不出售其 Chrome 浏览器或 Android 操作系统。随着这些补救措施显然不再考虑，股票在过去几周内反弹。但这仅仅是开始吗？它能否进一步飙升？</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzQwOTYvaW52ZXN0b3ItbG9va2luZy1hdC1hLWNoYXJ0LmpwZyZ3PTcwMA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F834096%2Finvestor-looking-at-a-chart.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 is among the cheapest stocks in the &#34;Magnificent Seven&#34;</h2>
<div class="lb-trans"><h2>Alphabet 是 “七大奇迹” 中最便宜的股票之一</h2>
</div><p>For a while now, Alphabet has been trading at a discounted valuation relative to its earnings. It hasn't been uncommon for it to trade at a price-to-earnings (P/E) multiple below 20, which is low when you consider the average stock on the <strong>S&amp;P 500</strong> trades at more than 25 times its trailing earnings.</p>
<div class="lb-trans"><p>一段时间以来，Alphabet 的估值相对于其收益一直处于折扣状态。考虑到 <strong>标准普尔 500 指数</strong> 的平均股票交易价格超过其过去收益的 25 倍，Alphabet 以低于 20 的市盈率（P/E）倍数交易并不罕见，这在历史上是较低的。</p>
</div><p>Alphabet has routinely been one of the most undervalued &#34;Magnificent Seven&#34; stocks, and although it has been rallying recently, it's still the cheapest stock based on its P/E multiple, which currently sits at around 27.</p>
<div class="lb-trans"><p>Alphabet 一直是 “七大奇迹” 中被低估的股票之一，尽管最近有所反弹，但基于其市盈率倍数，它仍然是最便宜的股票，目前市盈率约为 27。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/cde20d337e4a881b658eb4ec488b9b4c.png" alt="" original-src="https://media.ycharts.com/charts/cde20d337e4a881b658eb4ec488b9b4c.png"/></p>
<p>PE Ratio of Magnificent Seven data by YCharts.</p>
<div class="lb-trans"><p>七大奇迹的市盈率数据来自 YCharts。</p>
</div><p>Alphabet's relatively modest valuation could attract interest from investors who are looking for potentially underrated artificial intelligence (AI) stocks, especially when you consider its growth potential.</p>
<div class="lb-trans"><p>Alphabet 相对温和的估值可能会吸引那些寻找潜在被低估的人工智能（AI）股票的投资者，尤其是考虑到其增长潜力。</p>
</div><h2>A terrific company with stellar growth prospects</h2>
<div class="lb-trans"><h2>一家出色的公司，拥有卓越的增长前景</h2>
</div><p>Many investors have been worried about Alphabet's growth outlook, fearing the potential of AI chatbots to divert traffic away from websites and search products, which would cut into its ad revenue. Yet despite the rise of this new tech, its business has continued to generate solid results. Through the first half of 2025, Alphabet generated revenue of $186.7 billion, an increase of 13% from the same period last year. And its net income rose by 33% to $62.7 billion.</p>
<div class="lb-trans"><p>许多投资者对 Alphabet 的增长前景感到担忧，担心 AI 聊天机器人可能会分流网站和搜索产品的流量，从而削减其广告收入。然而，尽管这种新技术崛起，其业务仍然持续产生稳健的业绩。在 2025 年上半年，Alphabet 的收入达到 1867 亿美元，比去年同期增长了 13%。其净收入也增长了 33%，达 627 亿美元。</p>
</div><p>What's most exciting about the business, however, is what lies ahead. Its own AI chatbot, Gemini, has around 400 million monthly users. The huge advantage the company has over others in the AI space is that it can train its models on YouTube videos. Its video-generation model, Veo 3, features cutting-edge capabilities that make it easy to make AI-powered videos that are virtually indistinguishable from real videos. AI isn't a risk for Alphabet -- it's a massive opportunity.</p>
<div class="lb-trans"><p>然而，最令人兴奋的是业务的未来。其自有的 AI 聊天机器人 Gemini 每月拥有约 4 亿用户。该公司在 AI 领域的巨大优势在于可以在 YouTube 视频上训练其模型。其视频生成模型 Veo 3 具备尖端能力，使得制作与真实视频几乎无法区分的 AI 驱动视频变得简单。对 Alphabet 来说，AI 不是风险，而是巨大的机会。</p>
</div><p>And then there are its self-driving Waymo vehicles. Alphabet continues to expand its autonomous taxi business into new markets. Earlier this year, Waymo hit 10 million robotaxi trips, and there's a lot more growth to come. I've taken a couple of Waymo rides and can see that there's tremendous potential for this business.</p>
<div class="lb-trans"><p>此外，还有其自动驾驶的 Waymo 车辆。Alphabet 继续将其自动驾驶出租车业务扩展到新市场。今年早些时候，Waymo 达成了 1000 万次机器人出租车出行，未来还有更多增长空间。我乘坐过几次 Waymo 的出租车，看到这个业务有着巨大的潜力。</p>
</div><p>Alphabet has a wealth of growth opportunities, which is why I believe that even if it had to sell off some parts of its business, that wouldn't necessarily be a bad thing for shareholders. Such a result could help it unlock a lot of value, and might result in investors looking more closely at the true worth of its individual business units.</p>
<div class="lb-trans"><p>Alphabet 拥有丰富的增长机会，这就是为什么我认为即使它不得不出售部分业务，对股东来说也不一定是坏事。这种结果可能有助于释放大量价值，并可能导致投资者更仔细地审视其各个业务单元的真实价值。</p>
</div><p>Alphabet's market cap recently hit $3 trillion, and year to date, its shares are up over 30%. But there could be far more upside for the tech company in the long run, given how plentiful its growth opportunities are and how relatively undervalued it still is. For long-term investors, Alphabet should be a no-brainer growth stock to load up on right now.</p>
<div class="lb-trans"><p>Alphabet 的市值最近达到了 3 万亿美元，今年迄今为止，其股价上涨超过 30%。但考虑到其增长机会的丰富性以及相对被低估的状态，这家科技公司在长期内可能还有更大的上行空间。对于长期投资者来说，Alphabet 现在应该是一个毫无疑问的增长股票。</p>
</div>

With Alphabet's Biggest Fear Relieved, Is Its Stock Due for a Big Rally?

- Alphabet 面临反垄断诉讼，但未被要求出售关键业务。  
- 2025 年上半年，Alphabet 收入达 1867 亿美元，净利润增长 33%。  
- 该公司在 AI 和自动驾驶领域有巨大增长潜力，市值已达 3 万亿美元。  

随着 Alphabet 最大的担忧得到缓解，其股票是否会迎来大幅上涨？