<p>在过去三年中，人工智能（AI）已成为一个如此有影响力的主题，以至于整个市场似乎都在围绕这一单一叙事起伏。<strong>标准普尔 500 指数</strong> 和 <strong>纳斯达克综合指数</strong> 均徘徊在历史高点附近，巨型科技股是 市场持续反弹 的主要贡献者。</p>
<p>尽管华尔街几乎所有主要投资基金似乎都对 AI 情有独钟，但 <strong>伯克希尔哈撒韦</strong> 的沃伦·巴菲特——刚刚退休的首席执行官——主要坚持他的 逆向投资 方法。在 AI 革命期间，伯克希尔一直是股票的净卖方——在其资产负债表上囤积现金，并通过 国债 获得被动收入。</p>
<p>在上个季度，伯克希尔终于开始利用其多余的资本，并对其投资组合进行了重大增持。让我们深入探讨该基金近年来的一些举动，并试图理解这些决策背后的驱动因素。接下来，我们将看看估值，并评估现在是否是追随巴菲特脚步的好机会。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-dXJsPWh0dHBzOi8vZy5mb29sY2RuLmNvbS9lZGl0b3JpYWwvaW1hZ2VzLzg0ODgzNy9idWZmZXR0MS10bWYtMi5qcGcWdz0zODQwFm9wPXJlc2l6ZQ?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" original-src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-dXJsPWh0dHBzOi8vZy5mb29sY2RuLmNvbS9lZGl0b3JpYWwvaW1hZ2VzLzg0ODgzNy9idWZmZXR0MS10bWYtMi5qcGcWdz0zODQwFm9wPXJlc2l6ZQ"/></p>
<p>图片来源：The Motley Fool。</p>
<h2>不再是巴菲特心中的苹果</h2>
<p>伯克希尔哈撒韦长期以来一直是消费业务和金融服务的支持者。几十年来，该公司的许多最大持仓包括保险公司和银行，以及一系列 消费品 和 非必需品 品牌。</p>
<p>早在 2016 年，巴菲特因伯克希尔购买 <strong>苹果</strong>（AAPL 0.45%）股票而登上头条。许多投资者将此视为巴菲特在科技领域投资的罕见实例。然而，考虑到苹果的 品牌护城河、消费者忠诚度、强大的硬件生态系统和稳定的现金流生成，该公司实际上符合许多 巴菲特的投资标准。</p>
<p>广告</p>
<p>过去十年中，价格的显著上涨和随后的购买最终使苹果成为伯克希尔最大的持仓。然而，在 AI 革命期间，巴菲特一直在减少对这家 iPhone 制造商的持股。</p>
<table>
<thead>
<tr>
<th>持仓</th>
<th>2023 年第四季度</th>
<th>2024 年第一季度</th>
<th>2024 年第二季度</th>
<th>2024 年第三季度</th>
<th>2024 年第四季度</th>
<th>2025 年第一季度</th>
<th>2025 年第二季度</th>
<th>2025 年第三季度</th>
</tr>
</thead>
<tbody>
<tr>
<td>苹果股票（百万股）</td>
<td>906</td>
<td>789</td>
<td>400</td>
<td>300</td>
<td>300</td>
<td>300</td>
<td>280</td>
<td>238</td>
</tr>
</tbody>
</table>
<p>数据来源：13f.info</p>
<p>自 2023 年底以来，伯克希尔已将其对苹果的持股减少了约 73%。华尔街的许多评论员批评苹果在 AI 市场上反应迟缓。虽然我个人同意这一点，但我认为这并不一定在巴菲特的卖出决策中起了多大作用。</p>
<p>在我看来，这些出售的理由更具宏观导向。自 2023 年 10 月以来，<strong>标准普尔 500 指数</strong> 和苹果股票均上涨了约 60%——在相对短的时间内实现了 异常高的回报。巴菲特一直保持谨慎的判断。我认为，利用泡沫市场并将资本转向更被动的投资工具，在巴菲特眼中似乎是更好的选择。</p>
<p>展开</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-dXJsPWh0dHBzOi8vZy5mb29sY2RuLmNvbS9hcnQvY29tcGFueWxvZ29zL21hcmsvQUFQTC5wbmcWdz0xMjgWb3A9cmVzaXpl?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="苹果股票报价" original-src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-dXJsPWh0dHBzOi8vZy5mb29sY2RuLmNvbS9hcnQvY29tcGFueWxvZ29zL21hcmsvQUFQTC5wbmcWdz0xMjgWb3A9cmVzaXpl"/></p>
<h2>NASDAQ: AAPL</h2>
<p>苹果</p>
<p>今日变动</p>
<p>(-0.45%) $-1.22</p>
<p>当前价格</p>
<p>$271.86</p>
<h3>关键数据点</h3>
<p>市值</p>
<p>$4.0T</p>
<p>日内区间</p>
<p>$271.75 - $273.68</p>
<p>52 周区间</p>
<p>$169.21 - $288.62</p>
<p>成交量</p>
<p>27M</p>
<p>平均成交量</p>
<p>45M</p>
<p>毛利率</p>
<p>46.91%</p>
<p>股息收益率</p>
<p>0.38%</p>
<h2>亿万富翁们正在涌入 Alphabet 股票</h2>
<p>在 AI 革命的大部分时间里，<strong>英伟达</strong> 和 <strong>Palantir Technologies</strong> 一直是主要的吸引力。谈到传统互联网公司，<strong>亚马逊</strong> 和 <strong>微软</strong> 也在更广泛的 AI 讨论中占据了重要位置。</p>
<p>然而，有一家公司的声音在过去几年中相对较为低调，那就是 <strong>Alphabet</strong>（GOOGL 0.16%）（GOOG 0.24%）。一段时间以来，大型语言模型（LLMs）如 ChatGPT 的崛起被视为对传统搜索引擎——尤其是谷歌的致命一击。</p>
<p>但在过去几年中，Alphabet 默默地推进并建立了其 AI 路线图。现在，亿万富翁们终于开始关注。在第三季度，包括 斯坦利·德鲁肯米勒、以色列·英格兰德、肯·格里芬、菲利普·拉丰特 在内的知名投资者，以及现在的沃伦·巴菲特，纷纷涌入 Alphabet 股票。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-dXJsPWh0dHBzOi8vZy5mb29sY2RuLmNvbS9lZGl0b3JpYWwvaW1hZ2VzLzg0ODgzNy9nb29nLTEzLmpwZxZ3PTM4NDAWb3A9cmVzaXpl?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" original-src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-dXJsPWh0dHBzOi8vZy5mb29sY2RuLmNvbS9lZGl0b3JpYWwvaW1hZ2VzLzg0ODgzNy9nb29nLTEzLmpwZxZ3PTM4NDAWb3A9cmVzaXpl"/></p>
<p>图片来源：Getty Images。</p>
<h2>Alphabet 股票现在值得购买吗？</h2>
<p>Alphabet 目前的 前瞻市盈率 为 29。虽然以低价购买股票的时机可能已经过去，但仍然有很多上行空间。</p>
<p></p>
<p>谷歌市盈率（前瞻） 数据来自 YCharts</p>
<p>今天，Alphabet 已将其自有的 LLM Gemini 集成到其业务的核心方面——从全面改版的谷歌搜索主页到公司的 Android 消费电子设备。</p>
<p>此外，Alphabet 还在其自有硬件上进行了大量投资，采用名为 张量处理单元 (TPUs) 的定制应用特定集成电路 (ASIC)——将这项技术整合到其新兴的云计算平台中。最近，Alphabet 宣布以 $47 亿收购 Intersect -- 一家为数据中心提供清洁能源电源的公司。</p>
<p>展开</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vYXJ0L2NvbXBhbnlsb2dvcy9tYXJrL0dPT0cucG5nJnc9MTI4?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="Alphabet 股票报价" width="80" height="80" original-src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vYXJ0L2NvbXBhbnlsb2dvcy9tYXJrL0dPT0cucG5nJnc9MTI4"/></p>
<h2>NASDAQ: GOOG</h2>
<p>Alphabet</p>
<p>今日变动</p>
<p>(-0.24%) $-0.75</p>
<p>当前价格</p>
<p>$313.80</p>
<h3>关键数据点</h3>
<p>市值</p>
<p>$3.8T</p>
<p>日内区间</p>
<p>$312.20 - $315.39</p>
<p>52 周区间</p>
<p>$142.66 - $328.67</p>
<p>成交量</p>
<p>11M</p>
<p>平均成交量</p>
<p>23M</p>
<p>毛利率</p>
<p>59.18%</p>
<p>股息收益率</p>
<p>0.26%</p>
<p>通过 垂直整合 AI 价值链的各个方面，Alphabet 正在为自己在下一个技术超级周期中成为持久领导者做好准备。在这种背景下，我认为 Alphabet 在未来几年有望实现显著的 估值扩张，并将其视为一个对耐心投资者而言具有吸引力的买入和持有机会——就像伯克希尔哈撒韦一样。</p>

伯克希尔哈撒韦-B

谷歌-A

谷歌-C

伯克希尔哈撒韦-A

1 倍做空谷歌 ETF - Direxion

2 倍做多谷歌 ETF - Direxion

南方两倍做多伯克希尔

<p>伯克希尔哈撒韦在沃伦·巴菲特的领导下正在出售其苹果股票，自 2023 年底以来减少了 73% 的持仓，并将资金重新分配到谷歌（Alphabet）股票中。这一转变发生在人工智能行业获得动力之际，巴菲特的策略反映了对泡沫市场的谨慎态度。谷歌正在增强其人工智能能力，整合其大型语言模型 Gemini，并投资于云计算硬件。越来越多的知名投资者支持谷歌，表明未来几年其估值有显著增长的潜力</p>

<p>Over the last three years, artificial intelligence (AI) has become a theme so influential that the broader market seems to ebb and flow based on this singular narrative. The <strong>S&amp;P 500</strong> and <strong>Nasdaq Composite</strong> indices are both hovering near record highs, with megacap technology stocks being some of the largest contributors to the market's ongoing rally.</p>
<div class="lb-trans"><p>在过去三年中，人工智能（AI）已成为一个如此有影响力的主题，以至于整个市场似乎都在围绕这一单一叙事起伏。<strong>标准普尔 500 指数</strong> 和 <strong>纳斯达克综合指数</strong> 均徘徊在历史高点附近，巨型科技股是 市场持续反弹 的主要贡献者。</p>
</div><p>While just about every major investment fund on Wall Street can't seem to get enough of AI, <strong>Berkshire Hathaway</strong>'s Warren Buffett -- who just retired as CEO -- has primarily stuck to his contrarian methods. Throughout the AI revolution, Berkshire has been a net seller of stocks -- hoarding cash on its balance sheet and collecting passive income through Treasury bills.</p>
<div class="lb-trans"><p>尽管华尔街几乎所有主要投资基金似乎都对 AI 情有独钟，但 <strong>伯克希尔哈撒韦</strong> 的沃伦·巴菲特——刚刚退休的首席执行官——主要坚持他的 逆向投资 方法。在 AI 革命期间，伯克希尔一直是股票的净卖方——在其资产负债表上囤积现金，并通过 国债 获得被动收入。</p>
</div><p>Last quarter, Berkshire finally put some of its excess capital to use and made a significant addition to its portfolio. Let's dig into some of the fund's moves in recent years and try to make sense of what drove these decisions. From there, we'll take a look at valuation and assess if now is a good opportunity to follow in Buffett's footsteps.</p>
<div class="lb-trans"><p>在上个季度，伯克希尔终于开始利用其多余的资本，并对其投资组合进行了重大增持。让我们深入探讨该基金近年来的一些举动，并试图理解这些决策背后的驱动因素。接下来，我们将看看估值，并评估现在是否是追随巴菲特脚步的好机会。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84NDg4MzcvYnVmZmV0dDEtdG1mLTIuanBnJnc9Mzg0MA" alt="Warren Buffett smiling." original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F848837%2Fbuffett1-tmf-2.jpg&amp;w=3840&amp;op=resize"/></p>
<p>Image source: The Motley Fool.</p>
<div class="lb-trans"><p>图片来源：The Motley Fool。</p>
</div><h2>No longer the apple of Buffett's eye</h2>
<div class="lb-trans"><h2>不再是巴菲特心中的苹果</h2>
</div><p>Berkshire Hathaway has long been a fan of consumer businesses and financial services. For decades, many of the firm's largest positions have included insurance companies and banks, as well as a mix of consumer staples and discretionary brands.</p>
<div class="lb-trans"><p>伯克希尔哈撒韦长期以来一直是消费业务和金融服务的支持者。几十年来，该公司的许多最大持仓包括保险公司和银行，以及一系列 消费品 和 非必需品 品牌。</p>
</div><p>Back in 2016, Buffett made headlines following Berkshire's purchase of <strong>Apple</strong>( AAPL 0.45%) stock. Many investors viewed this as a rare instance of Buffett investing in the technology sector. However, given Apple's brand moat, consumer loyalty, robust hardware ecosystem, and steady cash flow generation, the company actually checks off many of Buffett's investment criteria.</p>
<div class="lb-trans"><p>早在 2016 年，巴菲特因伯克希尔购买 <strong>苹果</strong>（AAPL 0.45%）股票而登上头条。许多投资者将此视为巴菲特在科技领域投资的罕见实例。然而，考虑到苹果的 品牌护城河、消费者忠诚度、强大的硬件生态系统和稳定的现金流生成，该公司实际上符合许多 巴菲特的投资标准。</p>
</div><p>Advertisement</p>
<div class="lb-trans"><p>广告</p>
</div><p>A combination of meaningful price appreciation and subsequent buying over the last decade ultimately turned Apple into Berkshire's largest position. Throughout the AI revolution, however, Buffett has been trimming exposure to the iPhone maker.</p>
<div class="lb-trans"><p>过去十年中，价格的显著上涨和随后的购买最终使苹果成为伯克希尔最大的持仓。然而，在 AI 革命期间，巴菲特一直在减少对这家 iPhone 制造商的持股。</p>
</div><table>
<thead>
<tr>
<th>Position</th>
<th>Q4 2023</th>
<th>Q1 2024</th>
<th>Q2 2024</th>
<th>Q3 2024</th>
<th>Q4 2024</th>
<th>Q1 2025</th>
<th>Q2 2025</th>
<th>Q3 2025</th>
</tr>
</thead>
<tbody>
<tr>
<td>Apple shares (in millions)</td>
<td>906</td>
<td>789</td>
<td>400</td>
<td>300</td>
<td>300</td>
<td>300</td>
<td>280</td>
<td>238</td>
</tr>
</tbody>
</table>
<div class="lb-trans"><table>
<thead>
<tr>
<th>持仓</th>
<th>2023 年第四季度</th>
<th>2024 年第一季度</th>
<th>2024 年第二季度</th>
<th>2024 年第三季度</th>
<th>2024 年第四季度</th>
<th>2025 年第一季度</th>
<th>2025 年第二季度</th>
<th>2025 年第三季度</th>
</tr>
</thead>
<tbody>
<tr>
<td>苹果股票（百万股）</td>
<td>906</td>
<td>789</td>
<td>400</td>
<td>300</td>
<td>300</td>
<td>300</td>
<td>280</td>
<td>238</td>
</tr>
</tbody>
</table>
</div><p>Data Source: 13f.info</p>
<div class="lb-trans"><p>数据来源：13f.info</p>
</div><p>Since the end of 2023, Berkshire has reduced its exposure to Apple by roughly 73%. Many pundits on Wall Street have criticized Apple for being late to the AI market. While I personally agree, I do not think this necessarily played much of a role in Buffett's decision to sell the stock.</p>
<div class="lb-trans"><p>自 2023 年底以来，伯克希尔已将其对苹果的持股减少了约 73%。华尔街的许多评论员批评苹果在 AI 市场上反应迟缓。虽然我个人同意这一点，但我认为这并不一定在巴菲特的卖出决策中起了多大作用。</p>
</div><p>To me, the rationale behind these sales was more macro-oriented. Since October 2023, both the S&amp;P 500 and Apple stock have risen by about 60% -- an abnormally high return in a rather short period. Buffett has always exercised prudent judgment. I think taking advantage of a frothy market and rotating capital into more passive vehicles seemed like a better deal in the eyes of Buffett.</p>
<div class="lb-trans"><p>在我看来，这些出售的理由更具宏观导向。自 2023 年 10 月以来，<strong>标准普尔 500 指数</strong> 和苹果股票均上涨了约 60%——在相对短的时间内实现了 异常高的回报。巴菲特一直保持谨慎的判断。我认为，利用泡沫市场并将资本转向更被动的投资工具，在巴菲特眼中似乎是更好的选择。</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-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vYXJ0L2NvbXBhbnlsb2dvcy9tYXJrL0FBUEwucG5nJnc9MTI4" alt="Apple Stock Quote" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Fart%2Fcompanylogos%2Fmark%2FAAPL.png&amp;w=128&amp;op=resize"/></p>
<h2>NASDAQ: AAPL</h2>
<div class="lb-trans"><h2>NASDAQ: AAPL</h2>
</div><p>Apple</p>
<div class="lb-trans"><p>苹果</p>
</div><p>Today's Change</p>
<div class="lb-trans"><p>今日变动</p>
</div><p>(-0.45%) $-1.22</p>
<div class="lb-trans"><p>(-0.45%) $-1.22</p>
</div><p>Current Price</p>
<div class="lb-trans"><p>当前价格</p>
</div><p>$271.86</p>
<div class="lb-trans"><p>$271.86</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>$4.0T</p>
<div class="lb-trans"><p>$4.0T</p>
</div><p>Day's Range</p>
<div class="lb-trans"><p>日内区间</p>
</div><p>$271.75 - $273.68</p>
<div class="lb-trans"><p>$271.75 - $273.68</p>
</div><p>52wk Range</p>
<div class="lb-trans"><p>52 周区间</p>
</div><p>$169.21 - $288.62</p>
<div class="lb-trans"><p>$169.21 - $288.62</p>
</div><p>Volume</p>
<div class="lb-trans"><p>成交量</p>
</div><p>27M</p>
<div class="lb-trans"><p>27M</p>
</div><p>Avg Vol</p>
<div class="lb-trans"><p>平均成交量</p>
</div><p>45M</p>
<div class="lb-trans"><p>45M</p>
</div><p>Gross Margin</p>
<div class="lb-trans"><p>毛利率</p>
</div><p>46.91%</p>
<div class="lb-trans"><p>46.91%</p>
</div><p>Dividend Yield</p>
<div class="lb-trans"><p>股息收益率</p>
</div><p>0.38%</p>
<div class="lb-trans"><p>0.38%</p>
</div><h2>Billionaires are plowing into Alphabet stock</h2>
<div class="lb-trans"><h2>亿万富翁们正在涌入 Alphabet 股票</h2>
</div><p>For much of the AI revolution, companies such as <strong>Nvidia</strong> and <strong>Palantir Technologies</strong> have been the main attractions. When it comes to legacy internet companies, both <strong>Amazon</strong> and <strong>Microsoft</strong> have also become heavily featured in the broader AI discussion.</p>
<div class="lb-trans"><p>在 AI 革命的大部分时间里，<strong>英伟达</strong> 和 <strong>Palantir Technologies</strong> 一直是主要的吸引力。谈到传统互联网公司，<strong>亚马逊</strong> 和 <strong>微软</strong> 也在更广泛的 AI 讨论中占据了重要位置。</p>
</div><p>One company that has been relatively quiet for the last few years, however, is <strong>Alphabet</strong>( GOOGL 0.16%)( GOOG 0.24%). For a while, the rise of large language models (LLMs) such as ChatGPT were viewed as a knockout punch for traditional search engines -- namely, Google.</p>
<div class="lb-trans"><p>然而，有一家公司的声音在过去几年中相对较为低调，那就是 <strong>Alphabet</strong>（GOOGL 0.16%）（GOOG 0.24%）。一段时间以来，大型语言模型（LLMs）如 ChatGPT 的崛起被视为对传统搜索引擎——尤其是谷歌的致命一击。</p>
</div><p>But over the last few years, Alphabet quietly trudged along and built out its AI roadmap. Now, billionaires are finally catching on. During the third quarter, notable investors, including Stanley Druckenmiller, Israel Englander, Ken Griffin, Philippe Laffont, and now Warren Buffett, all poured into Alphabet stock.</p>
<div class="lb-trans"><p>但在过去几年中，Alphabet 默默地推进并建立了其 AI 路线图。现在，亿万富翁们终于开始关注。在第三季度，包括 斯坦利·德鲁肯米勒、以色列·英格兰德、肯·格里芬、菲利普·拉丰特 在内的知名投资者，以及现在的沃伦·巴菲特，纷纷涌入 Alphabet 股票。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84NDg4MzcvZ29vZy0xMy5qcGcmdz0zODQw" alt="Google logo on a cell phone's wallpaper." original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F848837%2Fgoog-13.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>Is Alphabet stock a good buy right now?</h2>
<div class="lb-trans"><h2>Alphabet 股票现在值得购买吗？</h2>
</div><p>Alphabet currently boasts a forward price-to-earnings (P/E) multiple of 29. While the time to buy the stock at bargain prices may have passed, there are still plenty of upsides.</p>
<div class="lb-trans"><p>Alphabet 目前的 前瞻市盈率 为 29。虽然以低价购买股票的时机可能已经过去，但仍然有很多上行空间。</p>
</div><p></p>
<div class="lb-trans"><p></p>
</div><p>GOOGL PE Ratio (Forward) data by YCharts</p>
<div class="lb-trans"><p>谷歌市盈率（前瞻） 数据来自 YCharts</p>
</div><p>Today, Alphabet has integrated its own LLM, Gemini, into core aspects of its business -- from an overhauled Google search landing page to the company's Android consumer electronics devices.</p>
<div class="lb-trans"><p>今天，Alphabet 已将其自有的 LLM Gemini 集成到其业务的核心方面——从全面改版的谷歌搜索主页到公司的 Android 消费电子设备。</p>
</div><p>In addition, Alphabet has also invested heavily into its own hardware in the form of custom application-specific integrated circuits (ASICs) called Tensor Processing Units (TPUs) -- integrating this technology into its budding cloud computing platform. Most recently, Alphabet announced a $4.7 billion acquisition of Intersect -- a provider of clean energy power sources for data centers.</p>
<div class="lb-trans"><p>此外，Alphabet 还在其自有硬件上进行了大量投资，采用名为 张量处理单元 (TPUs) 的定制应用特定集成电路 (ASIC)——将这项技术整合到其新兴的云计算平台中。最近，Alphabet 宣布以 $47 亿收购 Intersect -- 一家为数据中心提供清洁能源电源的公司。</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-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vYXJ0L2NvbXBhbnlsb2dvcy9tYXJrL0dPT0cucG5nJnc9MTI4" alt="Alphabet Stock Quote" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Fart%2Fcompanylogos%2Fmark%2FGOOG.png&amp;w=128&amp;op=resize"/></p>
<h2>NASDAQ: GOOG</h2>
<div class="lb-trans"><h2>NASDAQ: GOOG</h2>
</div><p>Alphabet</p>
<div class="lb-trans"><p>Alphabet</p>
</div><p>Today's Change</p>
<div class="lb-trans"><p>今日变动</p>
</div><p>(-0.24%) $-0.75</p>
<div class="lb-trans"><p>(-0.24%) $-0.75</p>
</div><p>Current Price</p>
<div class="lb-trans"><p>当前价格</p>
</div><p>$313.80</p>
<div class="lb-trans"><p>$313.80</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>$3.8T</p>
</div><p>Day's Range</p>
<div class="lb-trans"><p>日内区间</p>
</div><p>$312.20 - $315.39</p>
<div class="lb-trans"><p>$312.20 - $315.39</p>
</div><p>52wk Range</p>
<div class="lb-trans"><p>52 周区间</p>
</div><p>$142.66 - $328.67</p>
<div class="lb-trans"><p>$142.66 - $328.67</p>
</div><p>Volume</p>
<div class="lb-trans"><p>成交量</p>
</div><p>11M</p>
<div class="lb-trans"><p>11M</p>
</div><p>Avg Vol</p>
<div class="lb-trans"><p>平均成交量</p>
</div><p>23M</p>
<div class="lb-trans"><p>23M</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><p>By vertically integrating all aspects of the AI value chain across its ecosystem, Alphabet is positioning itself to emerge as a durable leader of the next technological supercycle. Against this backdrop, I think Alphabet is poised for meaningful valuation expansion over the next several years and see the company as a compelling opportunity to buy and hold for patient investors with a long-term time horizon -- just like Berkshire Hathaway.</p>
<div class="lb-trans"><p>通过 垂直整合 AI 价值链的各个方面，Alphabet 正在为自己在下一个技术超级周期中成为持久领导者做好准备。在这种背景下，我认为 Alphabet 在未来几年有望实现显著的 估值扩张，并将其视为一个对耐心投资者而言具有吸引力的买入和持有机会——就像伯克希尔哈撒韦一样。</p>
</div>

Berkshire Is Selling Apple Stock and Buying This Other Magnificent Artificial Intelligence (AI) Stock Instead

- 人工智能已成为市场主导主题，推动 S&P 500 和纳斯达克指数接近历史高点。  
- 伯克希尔·哈撒韦在 AI 革命中却选择减持苹果，转向更安全的投资。  
- 字母表（Alphabet）通过整合 AI 技术和收购，正积极布局未来科技趋势。

伯克希尔正在出售苹果股票，并转而购买另一只出色的人工智能（AI）股票