<p>TradingKey - &#34;购买谷歌&#34;已成为美国机构投资者在之前发布的 2025 年第三季度 13F 文件中一个明显的投资信号。即使是沃伦·巴菲特通常谨慎的公司伯克希尔·哈撒韦，也投资超过 43 亿美元以建立在谷歌的新头寸，使其成为其十大持股之一。这一重大 “聪明资金” 流入谷歌引发了一个问题：谷歌是否赢得了人工智能竞赛？</p>
<p>在 “奥马哈的先知” 沃伦·巴菲特计划于年底退休之际，伯克希尔做出了一个令人惊讶的举动：花费 43.38 亿美元购买约 1785 万股谷歌母公司 Alphabet 的股票。</p>
<p><strong>这不仅标志着伯克希尔首次投资谷歌股票，也是其在第三季度唯一的新头寸和最大股票购买量。</strong> 考虑到巴菲特的价值投资理念以及他对高增长科技股一贯的保守立场，购买谷歌可能并不是他的个人决定。</p>
<p>然而，建立在 Alphabet 股票上的新头寸并立即使其成为伯克希尔十大持股之一，标志着这一大型买家在人工智能科技股上的重大押注，该买家拥有超过 3800 亿美元的现金储备。</p>
<p>截至九月底，伯克希尔的十大持股包括苹果、美国运通、美国银行、可口可乐、雪佛龙、 Occidental Petroleum、穆迪、查布、卡夫亨氏和谷歌。</p>
<p>值得注意的是，这些股票中只有两只与科技相关。此外，在第二季度恢复 “削减苹果” 后，伯克希尔在第三季度加大了卖出力度，季度环比减少了近 15% 的苹果持股。</p>
<p><img src="https://imageproxy.pbkrs.com/https://resource.tradingkey.com/uploads/20251118/berkshire-hathaway-buffett-13f-2025-google-stock-be7692c000134cf486504eb5538bd6e9.jpg?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://resource.tradingkey.com/uploads/20251118/berkshire-hathaway-buffett-13f-2025-google-stock-be7692c000134cf486504eb5538bd6e9.jpg"/></p>
<h2><strong>谷歌受到机构投资者的青睐</strong></h2>
<p>虽然伯克希尔首次直接投资谷歌股票，但该公司之前曾对其表示过一定的认可。巴菲特的 60 年盟友查理·芒格在 2019 年表示，他未能更早认识到谷歌的价值让他感觉 “像个马屁股”，他认为巴菲特也有同样的感受。</p>
<p>芒格当时表示，他们在自己的运营中见证了谷歌广告的有效性，但遗憾的是没有采取行动。他补充说，<strong>购买苹果可能是 “弥补” 错过谷歌的机会。</strong></p>
<p>虽然伯克希尔购买谷歌的确切入场点尚不清楚，但该股票在第三季度的表现确实令人印象深刻。谷歌股票在上个季度上涨了 38%，显著超过了英伟达（+18.1%）、微软（4.3%）、亚马逊（+0.08%）和标准普尔 500 指数（+7.8%）。</p>
<p>除了保持在网络搜索中的不可动摇的领导地位外，谷歌还成为了领先的人工智能参与者，利用其 Gemini 聊天机器人等 AI 工具，拥有 6.5 亿月活跃用户。其云业务也在快速追赶竞争对手亚马逊，增长速度更快。</p>
<p>上个月底发布的第三季度财报显示，谷歌的收入和每股收益超出分析师预期，所有主要业务部门均实现了两位数的增长。这是其历史上首次季度收入超过 1000 亿美元。</p>
<p>在截至九月的三个月中，<strong>Coatue、Greenwoods Asset Management 和 Perseverance Asset Management 等机构也增加了对谷歌的投资。</strong></p>
<p>Coatue 的谷歌 A 类股票持有量季度环比激增 259.14%；Greenwoods Asset Management 的谷歌持仓从 1.13% 飙升至 9.64%；而 Perseverance 的谷歌持股从第二季度的不到 1% 上升至 12.55%，成为该公司的第三大持股。</p>
<p>相比之下，像 Coatue 和 Tiger Global Management 这样的投资大公司则大幅减持了几家科技同行。Tiger Global 在本季度削减了约 63% 的 Meta 股票，而 Coatue 则减少了在 AMD（19%）、特斯拉（15%）、亚马逊（14%）和英伟达（14%）等公司的持股。</p>
<h2><strong>谷歌的基础：全栈技术模型</strong></h2>
<p>根据 TradingKey 的股票评级工具，华尔街对谷歌股票的平均目标价为 303.084 美元，高于收盘价 285.02 美元，而后者在伯克希尔部分减持的背景下上涨。在覆盖谷歌股票的 66 位分析师中，没有一位发出 “卖出” 评级。</p>
<p>自十月底以来，人工智能估值泡沫等因素导致美国股票从历史高位回落。谷歌首席执行官桑达尔·皮查伊最近在接受 BBC 采访时承认，尽管人工智能投资的增长代表了一个非凡的时刻，但当前的人工智能狂热确实存在一些非理性。</p>
<p>皮查伊表示，如果人工智能泡沫破裂，没有公司会幸免。然而，他强调，<strong>谷歌拥有独特的全栈技术模型——涵盖从芯片到 YouTube 数据，从基础模型到前沿科学的全面战略，这为其在应对人工智能市场波动时提供了更大的韧性。</strong></p>
<p>了解更多</p>

谷歌-A

伯克希尔哈撒韦-A

谷歌-C

伯克希尔哈撒韦-B

<p>伯克希尔哈撒韦的 2025 年第三季度 13F 文件显示其对谷歌的投资达到 43 亿美元，标志着其首次在这家科技巨头的持仓。这一举动发生在沃伦·巴菲特退休之前，表明了对人工智能科技股的重大机构投资。谷歌的股价在第三季度上涨了 38%，表现优于同行。像 Coatue 和 Greenwoods 这样的机构投资者增加了对谷歌的持股，而其他投资者则从科技同行中撤资。尽管对人工智能估值泡沫的担忧存在，谷歌强劲的第三季度财报和在人工智能领域的领导地位增强了其吸引力</p>

<p>TradingKey - &#34;Buying Google&#34; has emerged as a distinct investment signal in previously released Q3 2025 13F filings from U.S. institutional investors. Even Berkshire Hathaway, Warren Buffett's typically cautious firm, invested over $4.3 billion to initiate a new position in Google, making it one of its top ten holdings. This significant &#34;smart money&#34; move into Google raises the question: Has Google won the AI race?</p>
<div class="lb-trans"><p>TradingKey - &#34;购买谷歌&#34;已成为美国机构投资者在之前发布的 2025 年第三季度 13F 文件中一个明显的投资信号。即使是沃伦·巴菲特通常谨慎的公司伯克希尔·哈撒韦，也投资超过 43 亿美元以建立在谷歌的新头寸，使其成为其十大持股之一。这一重大 “聪明资金” 流入谷歌引发了一个问题：谷歌是否赢得了人工智能竞赛？</p>
</div><p>Ahead of the &#34;Oracle of Omaha&#34; Warren Buffett's planned retirement as CEO at the end of the year, Berkshire made a surprising move: spending $4.338 billion to purchase approximately 17.85 million shares of Google's parent company, Alphabet.</p>
<div class="lb-trans"><p>在 “奥马哈的先知” 沃伦·巴菲特计划于年底退休之际，伯克希尔做出了一个令人惊讶的举动：花费 43.38 亿美元购买约 1785 万股谷歌母公司 Alphabet 的股票。</p>
</div><p><strong>This marks not only Berkshire's first-ever investment in Google stock but also its sole new position and largest stock purchase by volume in the third quarter</strong>. Given Buffett's value investing philosophy and his consistently conservative stance on high-growth tech stocks, the Google purchase may not have been his personal decision.</p>
<div class="lb-trans"><p><strong>这不仅标志着伯克希尔首次投资谷歌股票，也是其在第三季度唯一的新头寸和最大股票购买量。</strong> 考虑到巴菲特的价值投资理念以及他对高增长科技股一贯的保守立场，购买谷歌可能并不是他的个人决定。</p>
</div><p>Nevertheless, initiating a new position in Alphabet stock and immediately making it one of Berkshire's top ten holdings signifies a major bet in AI tech stocks by this large buyer, which commands over $380 billion in cash reserves.</p>
<div class="lb-trans"><p>然而，建立在 Alphabet 股票上的新头寸并立即使其成为伯克希尔十大持股之一，标志着这一大型买家在人工智能科技股上的重大押注，该买家拥有超过 3800 亿美元的现金储备。</p>
</div><p>As of the end of September, Berkshire's top ten holdings included Apple, American Express, Bank of America, Coca-Cola, Chevron, Occidental Petroleum, Moody's, Chubb, Kraft Heinz, and Google.</p>
<div class="lb-trans"><p>截至九月底，伯克希尔的十大持股包括苹果、美国运通、美国银行、可口可乐、雪佛龙、 Occidental Petroleum、穆迪、查布、卡夫亨氏和谷歌。</p>
</div><p>Notably, only two of these are technology-related stocks. Furthermore, after resuming its &#34;trimming of Apple&#34; in Q2, Berkshire intensified its selling in Q3, reducing its Apple holdings by nearly 15% quarter-over-quarter.</p>
<div class="lb-trans"><p>值得注意的是，这些股票中只有两只与科技相关。此外，在第二季度恢复 “削减苹果” 后，伯克希尔在第三季度加大了卖出力度，季度环比减少了近 15% 的苹果持股。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://resource.tradingkey.com/uploads/20251118/berkshire-hathaway-buffett-13f-2025-google-stock-be7692c000134cf486504eb5538bd6e9.jpg" alt="" original-src="https://resource.tradingkey.com/uploads/20251118/berkshire-hathaway-buffett-13f-2025-google-stock-be7692c000134cf486504eb5538bd6e9.jpg"/></p>
<h2><strong>Google Gains Favor with Institutional Investors</strong></h2>
<div class="lb-trans"><h2><strong>谷歌受到机构投资者的青睐</strong></h2>
</div><p>While Berkshire's direct investment in Google stock is a first, the company had previously expressed some appreciation for it. Charlie Munger, Buffett's 60-year ally, stated in 2019 that his failure to recognize Google's value sooner made him feel &#34;like a horse’s ass,&#34; a sentiment he believed Buffett shared.</p>
<div class="lb-trans"><p>虽然伯克希尔首次直接投资谷歌股票，但该公司之前曾对其表示过一定的认可。巴菲特的 60 年盟友查理·芒格在 2019 年表示，他未能更早认识到谷歌的价值让他感觉 “像个马屁股”，他认为巴菲特也有同样的感受。</p>
</div><p>Munger said at the time that they had witnessed the effectiveness of Google ads in their own operations but regretted not acting on it. He added that <strong>buying Apple might have been &#34;atonement&#34; for missing out on Google.</strong></p>
<div class="lb-trans"><p>芒格当时表示，他们在自己的运营中见证了谷歌广告的有效性，但遗憾的是没有采取行动。他补充说，<strong>购买苹果可能是 “弥补” 错过谷歌的机会。</strong></p>
</div><p>While the exact entry point for Berkshire's Google purchase remains unknown, the stock's performance in Q3 was indeed impressive. Google shares surged 38% last quarter, significantly outperforming Nvidia (+18.1%), Microsoft (4.3%), Amazon (+0.08%), and the S&amp;P 500 index (+7.8%) over the same period.</p>
<div class="lb-trans"><p>虽然伯克希尔购买谷歌的确切入场点尚不清楚，但该股票在第三季度的表现确实令人印象深刻。谷歌股票在上个季度上涨了 38%，显著超过了英伟达（+18.1%）、微软（4.3%）、亚马逊（+0.08%）和标准普尔 500 指数（+7.8%）。</p>
</div><p>Beyond maintaining its unshakeable leadership in web search, Google has become a leading AI player, leveraging AI tools such as its Gemini chatbot with 650 million monthly active users. Its cloud business is also rapidly catching up to competitor Amazon with faster growth rates.</p>
<div class="lb-trans"><p>除了保持在网络搜索中的不可动摇的领导地位外，谷歌还成为了领先的人工智能参与者，利用其 Gemini 聊天机器人等 AI 工具，拥有 6.5 亿月活跃用户。其云业务也在快速追赶竞争对手亚马逊，增长速度更快。</p>
</div><p>The Q3 earnings report, released late last month, revealed that Google's revenue and earnings per share exceeded analyst expectations, with all major business segments achieving double-digit growth. This marked the first time in its history that quarterly revenue surpassed $100 billion.</p>
<div class="lb-trans"><p>上个月底发布的第三季度财报显示，谷歌的收入和每股收益超出分析师预期，所有主要业务部门均实现了两位数的增长。这是其历史上首次季度收入超过 1000 亿美元。</p>
</div><p>In the three months ending September, <strong>institutions such as Coatue, Greenwoods Asset Management and Perseverance Asset Management also increased their exposure to Google.</strong></p>
<div class="lb-trans"><p>在截至九月的三个月中，<strong>Coatue、Greenwoods Asset Management 和 Perseverance Asset Management 等机构也增加了对谷歌的投资。</strong></p>
</div><p>Coatue's holdings of Google Class A shares surged 259.14% quarter-over-quarter; Greenwoods Asset Management's Google position soared from 1.13% to 9.64%; and Perseverance's Google holdings rose from less than 1% in Q2 to 12.55%, making it the firm's third-largest holding.</p>
<div class="lb-trans"><p>Coatue 的谷歌 A 类股票持有量季度环比激增 259.14%；Greenwoods Asset Management 的谷歌持仓从 1.13% 飙升至 9.64%；而 Perseverance 的谷歌持股从第二季度的不到 1% 上升至 12.55%，成为该公司的第三大持股。</p>
</div><p>In stark contrast, large investment firms like Coatue and Tiger Global Management significantly divested from several tech peers. Tiger Global trimmed approximately 63% of its Meta stock during the quarter, while Coatue reduced its holdings by 19% in AMD, 15% in Tesla, 14% in Amazon, and 14% in Nvidia, among others.</p>
<div class="lb-trans"><p>相比之下，像 Coatue 和 Tiger Global Management 这样的投资大公司则大幅减持了几家科技同行。Tiger Global 在本季度削减了约 63% 的 Meta 股票，而 Coatue 则减少了在 AMD（19%）、特斯拉（15%）、亚马逊（14%）和英伟达（14%）等公司的持股。</p>
</div><h2><strong>Google's Foundation: A Full-Stack Technology Model</strong></h2>
<div class="lb-trans"><h2><strong>谷歌的基础：全栈技术模型</strong></h2>
</div><p>According to TradingKey's stock rating tool, Wall Street's average target price for Google stock is $303.084, higher than the closing price of $285.02, which rose against the backdrop of Berkshire's partial divestment. Among the 66 analysts covering Google stock, not a single one has issued a &#34;sell&#34; rating.</p>
<div class="lb-trans"><p>根据 TradingKey 的股票评级工具，华尔街对谷歌股票的平均目标价为 303.084 美元，高于收盘价 285.02 美元，而后者在伯克希尔部分减持的背景下上涨。在覆盖谷歌股票的 66 位分析师中，没有一位发出 “卖出” 评级。</p>
</div><p>Since late October, factors such as the AI valuation bubble have caused U.S. stocks to pull back from historical highs. Google CEO Sundar Pichai recently acknowledged in a BBC interview that while the growth in AI investment represents an extraordinary moment, there is indeed some irrationality in the current AI frenzy.</p>
<div class="lb-trans"><p>自十月底以来，人工智能估值泡沫等因素导致美国股票从历史高位回落。谷歌首席执行官桑达尔·皮查伊最近在接受 BBC 采访时承认，尽管人工智能投资的增长代表了一个非凡的时刻，但当前的人工智能狂热确实存在一些非理性。</p>
</div><p>Pichai stated that if the AI bubble bursts, no company would be spared. However, he emphasized that <strong>Google possesses a unique full-stack technology model—encompassing everything from chips to YouTube data, and from foundational models to cutting-edge science—a comprehensive strategy that provides greater resilience in navigating AI market fluctuations.</strong></p>
<div class="lb-trans"><p>皮查伊表示，如果人工智能泡沫破裂，没有公司会幸免。然而，他强调，<strong>谷歌拥有独特的全栈技术模型——涵盖从芯片到 YouTube 数据，从基础模型到前沿科学的全面战略，这为其在应对人工智能市场波动时提供了更大的韧性。</strong></p>
</div><p>Find out more</p>
<div class="lb-trans"><p>了解更多</p>
</div>

Berkshire's Q3 13F Holdings Shine: Is 'Buy Google' Now the Institutional Tech Play?

- 伯克希尔哈撒韦首次投资谷歌，投入超过 43 亿美元。  
- 谷歌 Q3 收入超 1000 亿美元，股价上涨 38%。  
- 多家机构增加对谷歌的投资，显示其在 AI 领域的领导地位。  

伯克希尔第三季度 13F 持仓表现出色：“买入谷歌” 现在是机构的科技投资策略吗？