<p><strong>英伟达</strong>（ NVDA +1.09%）是过去几年大家关注的人工智能（AI）股票。该公司已确立自己作为领先的 AI 芯片设计师，并推出了一个完整的产品生态系统，使其成为任何与 AI 相关事务的首选。这一切导致了收入的爆炸性增长——股价也随之上涨。在过去五年中，英伟达的股价飙升了惊人的 1300%。</p>
<p>这家科技巨头在 2025 年继续保持这种势头，报告了创纪录的收入水平和对其产品的高需求。股价也在上涨，双位数增长——但距离今年最大的股市赢家还有很远。事实上，以下这只不起眼的 AI 股票在 2025 年悄然超越了英伟达。让我们进一步了解。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84NDY3NDYvZ2V0dHlpbWFnZXMtaW52ZXN0b3ItY29tcHV0ZXIuanBnJnc9Mzg0MA?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" width="2135" height="1404" original-src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84NDY3NDYvZ2V0dHlpbWFnZXMtaW52ZXN0b3ItY29tcHV0ZXIuanBnJnc9Mzg0MA"/></p>
<p>图片来源：Getty Images。</p>
<h2>收益强劲的时间</h2>
<p>英伟达今年有望实现 40% 的增长，但同行科技公司 <strong>字母表</strong>（ GOOG 0.23%)( GOOGL 0.20%）的增幅将超过 65%。字母表在最近几个月获得了显著的势头，得益于其整体收益的强劲、在 AI 领域的 地位 以及反垄断诉讼的结果。</p>
<p>我们先来谈谈字母表。你可能对这家公司非常熟悉，因为它是我们大多数人经常使用的东西的拥有者：谷歌搜索。作为全球第一大搜索引擎，市场份额超过 90%，字母表凭借此平台实现了数十亿美元的收入和年复一年的稳定增长。广告商们争相涌向谷歌平台，以便在他们知道能找到我们的地方投放广告——这些广告为字母表带来了大部分收入。</p>
<p>但字母表还有另一个重要且不断增长的收入来源，那就是谷歌云。该业务向客户销售各种 云服务，而这正是 AI 发挥作用的地方。谷歌云为那些希望开发和使用 AI 的客户提供 AI 工具和平台，这在最近几个季度大大推动了收入。例如，在最近的一个季度，谷歌云的收入在对 AI 基础设施和生成性 AI 服务的需求中增长了 34%。字母表还构建了自己的 大型语言模型，Gemini，并将其提供给客户——该公司还利用 Gemini 来改善自己的业务，例如，使广告体验对广告商来说更好、更高效。</p>
<p>广告</p>
<p>展开</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vYXJ0L2NvbXBhbnlsb2dvcy9tYXJrL0dPT0dMLnBuZyZ3PTEyOA?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="字母表股票报价" width="80" height="80" original-src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vYXJ0L2NvbXBhbnlsb2dvcy9tYXJrL0dPT0dMLnBuZyZ3PTEyOA"/></p>
<h2>NASDAQ: GOOGL</h2>
<p>字母表</p>
<p>今日变动</p>
<p>(-0.20%) $-0.62</p>
<p>当前价格</p>
<p>$313.47</p>
<h3>关键数据点</h3>
<p>市值</p>
<p>$3.8 万亿</p>
<p>日内区间</p>
<p>$312.27 - $315.10</p>
<p>52 周区间</p>
<p>$140.53 - $328.83</p>
<p>成交量</p>
<p>475K</p>
<p>平均成交量</p>
<p>36M</p>
<p>毛利率</p>
<p>59.18%</p>
<p>股息收益率</p>
<p>0.26%</p>
<h2>第一个 1000 亿美元的季度</h2>
<p>字母表广告业务的强劲以及谷歌云的增长，帮助公司在最新的季度实现了首次 1000 亿美元的收入。这表明字母表不仅提供了良好的业绩记录，还有随着 AI 故事的发展而潜在的增长机会。需要记住的是，分析师预测 AI 市场在短短几年内可能达到数万亿美元。像字母表这样的公司在客户转向谷歌云以满足各种 AI 需求时，处于良好的受益位置。</p>
<p>最后，字母表最近在美国对该公司的反垄断案件中收到了法官的好消息。联邦法官排除了最坏的情况：谷歌可能被拆分。他表示，字母表不需要出售 Chrome 或 Android 操作系统。相反，该公司面临其他处罚，这些处罚对业务的影响应该小得多。这一消息在九月初显然给股价带来了提振，因为它消除了字母表及其投资者面临的最大风险。</p>
<h2>估值分析</h2>
<p>现在，当我们展望新的一年时，你可能会想：字母表是否具备继续超越 AI 市场明星英伟达的能力？我认为这是可能的。字母表的交易价格为 29 倍 未来收益预期，远低于英伟达。</p>
<p></p>
<p>NVDA 市盈率（前瞻） 数据来源于 YCharts</p>
<p>这可能吸引那些寻找合理价格的 AI 股票的买家，并且这只股票可能正朝着新的增长阶段迈进。字母表不仅提供对英伟达系统的访问，还为其客户提供多种替代方案——因此，正如我之前提到的，随着 AI 市场的增长，它可能会受益。</p>
<p>我还喜欢该公司的主要利润引擎——广告——无论 AI 支出环境如何，都可能继续带来收入增长。这为那些担心 AI 增长速度的投资者提供了一定的安全感。</p>
<p>所有这些都意味着，对于字母表明年的表现，有理由持乐观态度——它甚至可能继续超越英伟达。</p>

谷歌-C

谷歌-A

1 倍做空谷歌 ETF - Direxion

2 倍做多谷歌 ETF - Direxion

<p>在 2025 年，Alphabet 在人工智能股票市场上表现优于 Nvidia。尽管 Nvidia 经历了显著增长，但 Alphabet 的盈利实力得益于 Google Cloud 和有利的反垄断裁决，使其收益增长达到 65%，而 Nvidia 则为 40%。Alphabet 多样化的人工智能产品和较低的估值使其成为投资者的一个有吸引力的选择，具有持续增长的潜力</p>

<p><strong>Nvidia</strong>( NVDA +1.09%) is the artificial intelligence (AI) stock everyone has been watching over the past few years. The company has established itself as the leading AI chip designer and launched an entire ecosystem of products that make it the one to turn to for anything AI. All of this has resulted in revenue exploding higher -- and the stock price has followed. Nvidia shares have soared a mind-blowing 1,300% over the past five years.</p>
<div class="lb-trans"><p><strong>英伟达</strong>（ NVDA +1.09%）是过去几年大家关注的人工智能（AI）股票。该公司已确立自己作为领先的 AI 芯片设计师，并推出了一个完整的产品生态系统，使其成为任何与 AI 相关事务的首选。这一切导致了收入的爆炸性增长——股价也随之上涨。在过去五年中，英伟达的股价飙升了惊人的 1300%。</p>
</div><p>The tech giant has continued with this momentum in 2025, reporting record levels of revenue and high demand for its products. The stock also has climbed, advancing in the double digits -- but it's far from being this year's biggest stock market winner. In fact, the following unassuming AI stock is quietly outperforming Nvidia in 2025. Let's find out more.</p>
<div class="lb-trans"><p>这家科技巨头在 2025 年继续保持这种势头，报告了创纪录的收入水平和对其产品的高需求。股价也在上涨，双位数增长——但距离今年最大的股市赢家还有很远。事实上，以下这只不起眼的 AI 股票在 2025 年悄然超越了英伟达。让我们进一步了解。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84NDY3NDYvZ2V0dHlpbWFnZXMtaW52ZXN0b3ItY29tcHV0ZXIuanBnJnc9Mzg0MA" alt="An investor smiles while working on a laptop." original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F846746%2Fgettyimages-investor-computer.jpg&amp;w=3840&amp;op=resize"/></p>
<p>Image source: Getty Images.</p>
<div class="lb-trans"><p>图片来源：Getty Images。</p>
</div><h2>Earnings strength over time</h2>
<div class="lb-trans"><h2>收益强劲的时间</h2>
</div><p>Nvidia is on track for a 40% increase this year, but fellow tech player <strong>Alphabet</strong>( GOOG 0.23%)( GOOGL 0.20%) is heading for a gain of more than 65%. Alphabet picked up significant momentum in recent months, buoyed by its overall earnings strength, its position in AI, and the outcome of an antitrust suit.</p>
<div class="lb-trans"><p>英伟达今年有望实现 40% 的增长，但同行科技公司 <strong>字母表</strong>（ GOOG 0.23%)( GOOGL 0.20%）的增幅将超过 65%。字母表在最近几个月获得了显著的势头，得益于其整体收益的强劲、在 AI 领域的 地位 以及反垄断诉讼的结果。</p>
</div><p>We'll start out by talking about Alphabet in general. You may know this company very well, as it's the owner of something most of us use pretty regularly: Google Search. The world's No. 1 search engine, with more than 90% market share, has been Alphabet's ticket to billion-dollar revenue and steady growth year after year. This is as advertisers rush to the Google platform to catch us where they know they can find us -- and these ads generate the lion's share of Alphabet's revenue.</p>
<div class="lb-trans"><p>我们先来谈谈字母表。你可能对这家公司非常熟悉，因为它是我们大多数人经常使用的东西的拥有者：谷歌搜索。作为全球第一大搜索引擎，市场份额超过 90%，字母表凭借此平台实现了数十亿美元的收入和年复一年的稳定增长。广告商们争相涌向谷歌平台，以便在他们知道能找到我们的地方投放广告——这些广告为字母表带来了大部分收入。</p>
</div><p>But Alphabet also has another significant, and growing, revenue source, and that's Google Cloud. This business sells a variety of cloud services to customers -- and here's where AI comes in. Google Cloud offers AI tools and platforms to those aiming to develop and use AI, and this has supercharged revenue in recent quarters. In the most recent period, for example, Google Cloud's revenue advanced 34% amid demand for AI infrastructure and generative AI services. Alphabet also has built its own large language model, Gemini, which it offers to customers -- and the company uses Gemini to improve its own business, for instance, making the advertising experience better and more productive for advertisers.</p>
<div class="lb-trans"><p>但字母表还有另一个重要且不断增长的收入来源，那就是谷歌云。该业务向客户销售各种 云服务，而这正是 AI 发挥作用的地方。谷歌云为那些希望开发和使用 AI 的客户提供 AI 工具和平台，这在最近几个季度大大推动了收入。例如，在最近的一个季度，谷歌云的收入在对 AI 基础设施和生成性 AI 服务的需求中增长了 34%。字母表还构建了自己的 大型语言模型，Gemini，并将其提供给客户——该公司还利用 Gemini 来改善自己的业务，例如，使广告体验对广告商来说更好、更高效。</p>
</div><p>Advertisement</p>
<div class="lb-trans"><p>广告</p>
</div><p>Expand</p>
<div class="lb-trans"><p>展开</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vYXJ0L2NvbXBhbnlsb2dvcy9tYXJrL0dPT0dMLnBuZyZ3PTEyOA" alt="Alphabet Stock Quote" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Fart%2Fcompanylogos%2Fmark%2FGOOGL.png&amp;w=128&amp;op=resize"/></p>
<h2>NASDAQ: GOOGL</h2>
<div class="lb-trans"><h2>NASDAQ: GOOGL</h2>
</div><p>Alphabet</p>
<div class="lb-trans"><p>字母表</p>
</div><p>Today's Change</p>
<div class="lb-trans"><p>今日变动</p>
</div><p>(-0.20%) $-0.62</p>
<div class="lb-trans"><p>(-0.20%) $-0.62</p>
</div><p>Current Price</p>
<div class="lb-trans"><p>当前价格</p>
</div><p>$313.47</p>
<div class="lb-trans"><p>$313.47</p>
</div><h3>Key Data Points</h3>
<div class="lb-trans"><h3>关键数据点</h3>
</div><p>Market Cap</p>
<div class="lb-trans"><p>市值</p>
</div><p>$3.8T</p>
<div class="lb-trans"><p>$3.8 万亿</p>
</div><p>Day's Range</p>
<div class="lb-trans"><p>日内区间</p>
</div><p>$312.27 - $315.10</p>
<div class="lb-trans"><p>$312.27 - $315.10</p>
</div><p>52wk Range</p>
<div class="lb-trans"><p>52 周区间</p>
</div><p>$140.53 - $328.83</p>
<div class="lb-trans"><p>$140.53 - $328.83</p>
</div><p>Volume</p>
<div class="lb-trans"><p>成交量</p>
</div><p>475K</p>
<div class="lb-trans"><p>475K</p>
</div><p>Avg Vol</p>
<div class="lb-trans"><p>平均成交量</p>
</div><p>36M</p>
<div class="lb-trans"><p>36M</p>
</div><p>Gross Margin</p>
<div class="lb-trans"><p>毛利率</p>
</div><p>59.18%</p>
<div class="lb-trans"><p>59.18%</p>
</div><p>Dividend Yield</p>
<div class="lb-trans"><p>股息收益率</p>
</div><p>0.26%</p>
<div class="lb-trans"><p>0.26%</p>
</div><h2>A first $100 billion quarter</h2>
<div class="lb-trans"><h2>第一个 1000 亿美元的季度</h2>
</div><p>The strength of Alphabet's ad business, as well as growth in Google Cloud, helped the company reach its first-ever $100 billion quarter in the latest period. This shows that Alphabet not only offers you a solid track record but also potential for growth as this AI story develops. It's important to keep in mind that analysts predict the AI market may reach into the trillions of dollars in just a few years. A company like Alphabet is well-positioned to benefit as customers turn to Google Cloud for various AI needs.</p>
<div class="lb-trans"><p>字母表广告业务的强劲以及谷歌云的增长，帮助公司在最新的季度实现了首次 1000 亿美元的收入。这表明字母表不仅提供了良好的业绩记录，还有随着 AI 故事的发展而潜在的增长机会。需要记住的是，分析师预测 AI 市场在短短几年内可能达到数万亿美元。像字母表这样的公司在客户转向谷歌云以满足各种 AI 需求时，处于良好的受益位置。</p>
</div><p>Finally, Alphabet recently received excellent news from the judge in a U.S. antitrust case against the company. The federal judge ruled out the worst-case scenario: the possible breakup of Google. He said Alphabet would not be required to sell Chrome or the Android operating system. Instead, the company faces other penalties that should be much less detrimental to the business. This news, in early September, clearly offered the stock a lift as it removed the biggest risk for Alphabet and its investors.</p>
<div class="lb-trans"><p>最后，字母表最近在美国对该公司的反垄断案件中收到了法官的好消息。联邦法官排除了最坏的情况：谷歌可能被拆分。他表示，字母表不需要出售 Chrome 或 Android 操作系统。相反，该公司面临其他处罚，这些处罚对业务的影响应该小得多。这一消息在九月初显然给股价带来了提振，因为它消除了字母表及其投资者面临的最大风险。</p>
</div><h2>A look at valuation</h2>
<div class="lb-trans"><h2>估值分析</h2>
</div><p>Now, as we look ahead to the new year, you may be wondering: Does Alphabet have what it takes to continue outperforming AI market star, Nvidia? I think it's possible. Alphabet, trading for 29x forward earnings estimates, is considerably cheaper than Nvidia.</p>
<div class="lb-trans"><p>现在，当我们展望新的一年时，你可能会想：字母表是否具备继续超越 AI 市场明星英伟达的能力？我认为这是可能的。字母表的交易价格为 29 倍 未来收益预期，远低于英伟达。</p>
</div><p></p>
<div class="lb-trans"><p></p>
</div><p>NVDA PE Ratio (Forward) data by YCharts</p>
<div class="lb-trans"><p>NVDA 市盈率（前瞻） 数据来源于 YCharts</p>
</div><p>This could attract buyers looking for a reasonably priced AI stock and one that may be heading for a new phase of growth. Alphabet not only offers access to Nvidia systems, but it also offers its customers access to a wide variety of alternatives too -- so, as I mentioned earlier, it's likely to benefit as the AI market grows.</p>
<div class="lb-trans"><p>这可能吸引那些寻找合理价格的 AI 股票的买家，并且这只股票可能正朝着新的增长阶段迈进。字母表不仅提供对英伟达系统的访问，还为其客户提供多种替代方案——因此，正如我之前提到的，随着 AI 市场的增长，它可能会受益。</p>
</div><p>I also like the fact that the company's main profit engine -- advertising -- is likely to keep on delivering revenue increases regardless of the AI spending climate. This offers investors who are worried about the pace of AI growth an element of security.</p>
<div class="lb-trans"><p>我还喜欢该公司的主要利润引擎——广告——无论 AI 支出环境如何，都可能继续带来收入增长。这为那些担心 AI 增长速度的投资者提供了一定的安全感。</p>
</div><p>All of this means that there's reason to be optimistic about Alphabet's performance next year -- and it may even continue to outperform Nvidia.</p>
<div class="lb-trans"><p>所有这些都意味着，对于字母表明年的表现，有理由持乐观态度——它甚至可能继续超越英伟达。</p>
</div>

This AI Stock Is Quietly Outperforming Nvidia in 2025

- Nvidia 股票近期表现强劲，但 Alphabet 股票在 2025 年增长超过 65%。  
- Alphabet 的搜索广告和 Google Cloud 业务推动其首次实现 1000 亿美元季度收入。  
- 法院对反垄断案的有利裁决使 Alphabet 股票风险降低，提升投资者信心。

这只 AI 股票在 2025 年悄然表现优于 Nvidia