<p>TradingKey - 自 2019 年以来，谷歌的母公司 Alphabet 的市值一直低于苹果，但这种多年的市值排名现在正受到冲击。</p><p><strong>最新数据显示，该公司的股价在本周三上涨超过 2%，市值攀升至约 3.89 万亿美元，首次超过苹果，时隔七年再现这一局面。</strong></p><p>在周三收盘时，谷歌的股价上涨至 322.03 美元，而苹果的股价继续承压，略微下跌，使其总市值降至约 3.85 万亿美元。这使谷歌成为美国第二大最有价值的公司，仅次于市值最高的英伟达。</p><figure class="image"><img src="https://pub.pbkrs.com/uploads/2026/7c4996169a8ec03296eca5260e01568d?x-oss-process=style/lg" alt="" width="684" height="459" original-src="https://pub.pbkrs.com/uploads/2026/7c4996169a8ec03296eca5260e01568d"/></figure><h2 id="bdf63oik">Alphabet 积极追求 AI 生态系统</h2><p>市场观察人士指出，<strong>谷歌市值超过苹果源于两家公司在人工智能战略上的日益明显的分歧</strong>。</p><p>在 OpenAI 推出 ChatGPT 并引起行业广泛关注后，一些声音质疑谷歌长期以来对搜索广告模式的依赖是否可持续，认为生成式 AI 可能会颠覆传统搜索逻辑。然而，谷歌通过加速推出其专有的大型语言模型、算法平台和定制芯片系统，有效应对了竞争压力，同时提升了多个产品线的市场表现。</p><p><strong>去年 11 月，该公司推出了第七代张量处理单元（TPU），Ironwood</strong>，旨在与主流 GPU 解决方案进行基准测试，并为训练大型模型提供基础计算能力。这款定制的 AI 芯片已成为英伟达产品的潜在替代品。</p><p><strong>在 12 月发布的 Gemini 3</strong> 是继 PaLM 系列之后的新一代核心模型，其发布引起了广泛关注。行业反馈表明，该模型在信息处理速度、多模态交互能力和长文本生成效率方面有所提升，在各项评估指标上具有竞争优势。</p><p>与此同时，其自动驾驶公司 Waymo 已建立稳定的运营结构，并努力扩大商业服务范围。根据知情人士的披露，该项目正在寻求新一轮融资，预计总金额将超过 150 亿美元，可能使其整体估值超过 1100 亿美元。</p><p>BNP Paribas 的股票研究分析师 Nick Jones 在周二晚间的报告中表示，谷歌&#34;可能有望成为主导的 AI 平台。&#34;</p><p><strong>仅在 2025 年前三个季度，谷歌签署的大型客户合同超过 10 个，金额均超过 10 亿美元，超过了前两年的总和。</strong> Alphabet 和谷歌的首席执行官 Sundar Pichai 强调，公司正在积极应对日益增长的市场需求。</p><h2 id="re53r1cqd">苹果缺席核心战场</h2><p>相比之下，苹果尚未制定统一且全面的生成式人工智能战略框架，<strong>在这一波由生成式 AI 驱动的技术创新中明显滞后。</strong></p><p><strong>原定于去年发布的下一代 Siri AI 助手因各种原因推迟</strong>，公司承诺将在 2026 年推出更个性化的版本，尽管其具体功能路线图仍不明确，引发投资者担忧。</p><p>许多分析师认为，像 iPhone 这样的硬件产品的创新被过度期待。再加上升级周期延长，缺乏新的亮点或突破性的应用软件，将很难继续吸引大量资本流入。</p><p>人工智能带来的技术变革与以往的移动互联网浪潮不同。苹果以前有时间观察竞争对手，然后赶上。然而，AI 领域的发展速度要快得多，领导者可以利用数据优势、人才积累和技术基础不断扩大领先优势。每个季度的延迟都会加剧落后的风险。</p><p>此外，AI 具有一个显著特征：&#34;规模经济&#34;。这意味着拥有庞大用户基础和强大计算资源的公司可以更有效地摊销高额的研发成本。</p><p>这解释了为什么像英伟达、AMD、微软和谷歌这样的公司敢于不断增加投资，并获得投资者的支持。</p><p>另一方面，苹果始终坚持仅在产品完全成熟时才发布新产品。这种谨慎而非迅速的做法可能会限制其在一个重视速度和扩张规模的时代的竞争力。</p><h2 id="rteh5f1f4">谷歌在 2025 年引领&#34;七大巨头&#34;</h2><p><strong>谷歌的股价在 2025 年持续上涨，年累计涨幅达到 65%，在&#34;七大巨头&#34;科技公司中排名第一。</strong> 分析师指出，在经历早期市场不确定性后，该公司在业绩和估值上实现了双重复苏，得益于其 AI 业务的进展和多款产品的推出。</p><p>年初，谷歌（GOOGL）因持续的反垄断诉讼、搜索广告业务转型挑战以及 AI 相关支出扩大而面临压力。其股价在 4 月 8 日创下 52 周收盘低点 144.70 美元，引发外界对其增长轨迹稳定性的担忧。</p><p>然而，从第二季度开始，该公司迅速恢复了投资者的信心。谷歌任命了一位高级管理人员负责 Gemini 产品线，集中资源加强生成式 AI 模型在实际应用中的整合和部署。</p><p>同年八月，其团队发布了图像生成功能 “纳米香蕉”，使用户能够创建 AI 风格的图像并生成个性化的数字头像。该功能迅速在社交平台上获得关注；到九月底，Gemini 平台累计生成超过 50 亿张图像，并在苹果 App Store 的免费榜单上名列前茅，下载量超过了 ChatGPT 应用。</p><p>在第三季度，谷歌完成了对 AI 初创公司 Windsurf 的人才收购，关键研发领导者，包括其联合创始人兼首席执行官 Varun Mohan，加入了团队。</p><p>为了应对竞争对手不断提升其专有搜索体验——例如 OpenAI 推出的 Perplexity 聊天功能和微软整合的 Bing AI 助手工具——谷歌同时更新了其界面。</p><p>例如，“AI 概述” 可以直接生成显示在搜索主页顶部的摘要内容，而 “AI 模式” 则提供更长、更具上下文相关性的查询响应。这些新功能改善了互动细节，显著增强了用户粘性，提升了服务活跃度，并支持了关键广告位的稳定价值。</p><p>尽管在更广泛的科技行业中有声音警告，行业资本支出的上升可能会延长回报周期，但作为关键基础设施提供者的谷歌对实际资本利用效率保持积极反馈。</p><p>Laffer Tengler Investments 的首席执行官兼首席投资官 Nancy Tengler 指出，资本支出的快速增长进一步加强了 AI 需求交易。随着 Gemini 应用的持续扩展和 AI 生产力在各个业务线上的显现，谷歌正在将其规模优势转化为长期竞争力。</p><p><strong>华尔街机构普遍维持积极评级。截至发布日期，根据</strong> <strong>TradingKey 股票评级</strong> <strong>，大多数分析师对该股票发布了 “买入” 评级，平均目标价为 317.85 美元，超过当前收盘价。</strong></p><p>了解更多</p>

谷歌-A

谷歌-C

1 倍做空谷歌 ETF - Direxion

2 倍做多谷歌 ETF - Direxion

<p>谷歌的母公司 Alphabet 首次在七年内超越苹果，市值达到约 3.89 万亿美元。这一变化归因于谷歌积极的人工智能战略，包括推出新的人工智能模型和定制芯片。相比之下，苹果在人工智能创新方面落后，下一代 Siri 助手的推出延迟，以及对其硬件产品创新的担忧。分析师认为，谷歌在人工智能方面的进展可能使其成为主导平台，而苹果的谨慎态度可能会阻碍其在快速发展的科技领域的竞争力</p>

<p>TradingKey - Since 2019, Google's parent company Alphabet has consistently had a market capitalization lower than Apple, but this multi-year market cap ranking is now being disrupted.</p>
<div class="lb-trans"><p>TradingKey - 自 2019 年以来，谷歌的母公司 Alphabet 的市值一直低于苹果，但这种多年的市值排名现在正受到冲击。</p>
</div><p><strong>The latest data shows that the company's stock price rose by over 2% this Wednesday, with its market capitalization climbing to approximately $3.89 trillion, surpassing Apple for the first time in seven years.</strong></p>
<div class="lb-trans"><p><strong>最新数据显示，该公司的股价在本周三上涨超过 2%，市值攀升至约 3.89 万亿美元，首次超过苹果，时隔七年再现这一局面。</strong></p>
</div><p>At Wednesday's close, Google's stock price rose to $322.03, while Apple's stock continued to face pressure, declining slightly, bringing its total market capitalization down to approximately $3.85 trillion. This positioned Google as the second most valuable company in the U.S., trailing only Nvidia, which holds the top spot.</p>
<div class="lb-trans"><p>在周三收盘时，谷歌的股价上涨至 322.03 美元，而苹果的股价继续承压，略微下跌，使其总市值降至约 3.85 万亿美元。这使谷歌成为美国第二大最有价值的公司，仅次于市值最高的英伟达。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://resource.tradingkey.com/uploads/20260108/googl-6032699d7de94bedaff403c4009f86f4.jpg" alt="" original-src="https://resource.tradingkey.com/uploads/20260108/googl-6032699d7de94bedaff403c4009f86f4.jpg"/></p>
<h2>Alphabet Aggressively Pursues AI Ecosystem</h2>
<div class="lb-trans"><h2>Alphabet 积极追求 AI 生态系统</h2>
</div><p>Market observers note that <strong>Google's market cap surpassing Apple stems from the increasingly apparent divergence in the two companies' artificial intelligence strategies</strong> .</p>
<div class="lb-trans"><p>市场观察人士指出，<strong>谷歌市值超过苹果源于两家公司在人工智能战略上的日益明显的分歧</strong>。</p>
</div><p>Following OpenAI's launch of ChatGPT, which garnered significant industry attention, some voices questioned the sustainability of Google's long-standing reliance on its search advertising model, suggesting that generative AI could disrupt traditional search logic. However, Google effectively countered competitive pressures by accelerating the release of its proprietary large language models, algorithm platforms, and custom chip systems, simultaneously enhancing market performance across multiple product lines.</p>
<div class="lb-trans"><p>在 OpenAI 推出 ChatGPT 并引起行业广泛关注后，一些声音质疑谷歌长期以来对搜索广告模式的依赖是否可持续，认为生成式 AI 可能会颠覆传统搜索逻辑。然而，谷歌通过加速推出其专有的大型语言模型、算法平台和定制芯片系统，有效应对了竞争压力，同时提升了多个产品线的市场表现。</p>
</div><p><strong>Last November, the company unveiled its seventh-generation Tensor Processing Unit (TPU), Ironwood</strong>, designed to benchmark against mainstream GPU solutions and provide foundational computing power for training large models. This custom AI chip has emerged as a potential alternative to Nvidia's products.</p>
<div class="lb-trans"><p><strong>去年 11 月，该公司推出了第七代张量处理单元（TPU），Ironwood</strong>，旨在与主流 GPU 解决方案进行基准测试，并为训练大型模型提供基础计算能力。这款定制的 AI 芯片已成为英伟达产品的潜在替代品。</p>
</div><p><strong>Gemini 3, released in December</strong>, is the new generation core model following the PaLM series, and its launch garnered significant attention. Industry feedback indicates that the model demonstrates improved information processing speed, multimodal interaction capabilities, and long-text generation efficiency, possessing a competitive edge across various evaluation metrics.</p>
<div class="lb-trans"><p><strong>在 12 月发布的 Gemini 3</strong> 是继 PaLM 系列之后的新一代核心模型，其发布引起了广泛关注。行业反馈表明，该模型在信息处理速度、多模态交互能力和长文本生成效率方面有所提升，在各项评估指标上具有竞争优势。</p>
</div><p>Concurrently, its autonomous driving company Waymo has established a stable operating structure and is endeavoring to expand its commercial service scope. According to informed disclosures, the project is seeking a new funding round, with the total amount expected to exceed $15 billion, potentially pushing its overall valuation past $110 billion</p>
<div class="lb-trans"><p>与此同时，其自动驾驶公司 Waymo 已建立稳定的运营结构，并努力扩大商业服务范围。根据知情人士的披露，该项目正在寻求新一轮融资，预计总金额将超过 150 亿美元，可能使其整体估值超过 1100 亿美元。</p>
</div><p>Nick Jones, an equity research analyst at BNP Paribas, stated in a report on Tuesday evening that Google &#34;could be poised to become the dominant AI platform.&#34;</p>
<div class="lb-trans"><p>BNP Paribas 的股票研究分析师 Nick Jones 在周二晚间的报告中表示，谷歌&#34;可能有望成为主导的 AI 平台。&#34;</p>
</div><p><strong>Within the first three quarters of 2025 alone, Google signed more large client contracts exceeding $1 billion than the total combined for the preceding two years.</strong> Sundar Pichai, CEO of Alphabet and Google, emphasized that the company is actively addressing growing market demand.</p>
<div class="lb-trans"><p><strong>仅在 2025 年前三个季度，谷歌签署的大型客户合同超过 10 个，金额均超过 10 亿美元，超过了前两年的总和。</strong> Alphabet 和谷歌的首席执行官 Sundar Pichai 强调，公司正在积极应对日益增长的市场需求。</p>
</div><h2>Apple Absent from the Core Battlefield</h2>
<div class="lb-trans"><h2>苹果缺席核心战场</h2>
</div><p>In comparison, Apple has yet to formulate a unified and comprehensive generative artificial intelligence strategic framework, <strong>and is noticeably lagging in this new wave of technological innovation driven by generative AI.</strong></p>
<div class="lb-trans"><p>相比之下，苹果尚未制定统一且全面的生成式人工智能战略框架，<strong>在这一波由生成式 AI 驱动的技术创新中明显滞后。</strong></p>
</div><p><strong>The next-generation Siri AI assistant, originally scheduled for release last year, was postponed due to various reasons</strong>, with the company promising a more personalized version in 2026, though its specific functional roadmap remains unclear, raising investor concerns.</p>
<div class="lb-trans"><p><strong>原定于去年发布的下一代 Siri AI 助手因各种原因推迟</strong>，公司承诺将在 2026 年推出更个性化的版本，尽管其具体功能路线图仍不明确，引发投资者担忧。</p>
</div><p>Many analysts believe that innovation in hardware products like the iPhone has been overly anticipated. Coupled with extended upgrade cycles, without new highlights or groundbreaking software applications, it will be challenging to continue attracting substantial capital inflows.</p>
<div class="lb-trans"><p>许多分析师认为，像 iPhone 这样的硬件产品的创新被过度期待。再加上升级周期延长，缺乏新的亮点或突破性的应用软件，将很难继续吸引大量资本流入。</p>
</div><p>The technological transformation brought about by artificial intelligence differs from previous mobile internet waves. Apple previously had time to observe competitors and then catch up. However, the pace of development in the AI sector is much faster, and leaders can leverage data advantages, talent accumulation, and technological foundations to continuously widen their lead. Every quarter of delay exacerbates the risk of falling behind.</p>
<div class="lb-trans"><p>人工智能带来的技术变革与以往的移动互联网浪潮不同。苹果以前有时间观察竞争对手，然后赶上。然而，AI 领域的发展速度要快得多，领导者可以利用数据优势、人才积累和技术基础不断扩大领先优势。每个季度的延迟都会加剧落后的风险。</p>
</div><p>Furthermore, AI possesses a significant characteristic: &#34;economies of scale.&#34; This means companies with vast user bases and powerful computing resources can more effectively amortize high research and development costs.</p>
<div class="lb-trans"><p>此外，AI 具有一个显著特征：&#34;规模经济&#34;。这意味着拥有庞大用户基础和强大计算资源的公司可以更有效地摊销高额的研发成本。</p>
</div><p>This explains why companies like Nvidia, AMD, Microsoft, and Google dare to continuously increase their investments and have garnered investor support.</p>
<div class="lb-trans"><p>这解释了为什么像英伟达、AMD、微软和谷歌这样的公司敢于不断增加投资，并获得投资者的支持。</p>
</div><p>Apple, on the other hand, has always insisted on releasing new products only when they are fully mature. This cautious rather than swift approach might limit its competitiveness in an era that prioritizes speed and scale of expansion.</p>
<div class="lb-trans"><p>另一方面，苹果始终坚持仅在产品完全成熟时才发布新产品。这种谨慎而非迅速的做法可能会限制其在一个重视速度和扩张规模的时代的竞争力。</p>
</div><h2>Google Leads &#34;Magnificent Seven&#34; in 2025</h2>
<div class="lb-trans"><h2>谷歌在 2025 年引领&#34;七大巨头&#34;</h2>
</div><p><strong>Google's stock price continued its upward trend throughout 2025, with a cumulative annual gain of 65%, ranking first among the &#34;Magnificent Seven&#34; tech giants.</strong> Analysts point out that after facing early market uncertainties, the company achieved a dual recovery in performance and valuation, driven by advancements in its AI business and the launch of multiple products.</p>
<div class="lb-trans"><p><strong>谷歌的股价在 2025 年持续上涨，年累计涨幅达到 65%，在&#34;七大巨头&#34;科技公司中排名第一。</strong> 分析师指出，在经历早期市场不确定性后，该公司在业绩和估值上实现了双重复苏，得益于其 AI 业务的进展和多款产品的推出。</p>
</div><p>In the early part of the year, Google (GOOGL) experienced pressure due to ongoing antitrust lawsuits, transformation challenges in its search advertising business, and expanding AI-related expenditures. Its stock price hit a 52-week closing low of $144.70 on April 8th, sparking external concerns about the stability of its growth trajectory.</p>
<div class="lb-trans"><p>年初，谷歌（GOOGL）因持续的反垄断诉讼、搜索广告业务转型挑战以及 AI 相关支出扩大而面临压力。其股价在 4 月 8 日创下 52 周收盘低点 144.70 美元，引发外界对其增长轨迹稳定性的担忧。</p>
</div><p>However, starting from the second quarter, the company rapidly regained investor confidence. Google appointed a senior management executive to oversee the Gemini product line, centralizing resources to strengthen the integration and deployment of generative AI models in practical applications.</p>
<div class="lb-trans"><p>然而，从第二季度开始，该公司迅速恢复了投资者的信心。谷歌任命了一位高级管理人员负责 Gemini 产品线，集中资源加强生成式 AI 模型在实际应用中的整合和部署。</p>
</div><p>In August of the same year, its team released the image generation feature &#34;Nano Banana,&#34; enabling users to create AI-styled images and produce personalized digital avatars. This feature quickly gained traction on social platforms; by the end of September, the Gemini platform had cumulatively generated over 5 billion images and topped the Apple App Store's free chart, surpassing the ChatGPT application in downloads.</p>
<div class="lb-trans"><p>同年八月，其团队发布了图像生成功能 “纳米香蕉”，使用户能够创建 AI 风格的图像并生成个性化的数字头像。该功能迅速在社交平台上获得关注；到九月底，Gemini 平台累计生成超过 50 亿张图像，并在苹果 App Store 的免费榜单上名列前茅，下载量超过了 ChatGPT 应用。</p>
</div><p>In the third quarter, Google completed the acquisition of talent from AI startup Windsurf, with key R&amp;D leaders, including its co-founder and CEO Varun Mohan, joining the team.</p>
<div class="lb-trans"><p>在第三季度，谷歌完成了对 AI 初创公司 Windsurf 的人才收购，关键研发领导者，包括其联合创始人兼首席执行官 Varun Mohan，加入了团队。</p>
</div><p>In response to competitors continually enhancing their proprietary search experiences—such as OpenAI launching the Perplexity chat feature and Microsoft integrating Bing AI assistant tools—Google simultaneously updated its interface.</p>
<div class="lb-trans"><p>为了应对竞争对手不断提升其专有搜索体验——例如 OpenAI 推出的 Perplexity 聊天功能和微软整合的 Bing AI 助手工具——谷歌同时更新了其界面。</p>
</div><p>For example, &#34;AI Overviews&#34; can directly generate summary content displayed at the top of the search homepage, while &#34;AI Mode&#34; provides longer, more contextually relevant responses to queries. These new features, improving interactive details, significantly enhanced user stickiness, boosted service activity, and supported the stable value of key advertising placements.</p>
<div class="lb-trans"><p>例如，“AI 概述” 可以直接生成显示在搜索主页顶部的摘要内容，而 “AI 模式” 则提供更长、更具上下文相关性的查询响应。这些新功能改善了互动细节，显著增强了用户粘性，提升了服务活跃度，并支持了关键广告位的稳定价值。</p>
</div><p>Although there are voices within the broader tech sector cautioning that rising industry capital expenditures could prolong return cycles, Google, as a crucial infrastructure provider, maintained positive feedback on actual capital utilization efficiency.</p>
<div class="lb-trans"><p>尽管在更广泛的科技行业中有声音警告，行业资本支出的上升可能会延长回报周期，但作为关键基础设施提供者的谷歌对实际资本利用效率保持积极反馈。</p>
</div><p>Nancy Tengler, CEO and CIO of Laffer Tengler Investments, noted that rapid growth in capital expenditures is further strengthening AI demand transactions. As Gemini applications continue to expand and AI productivity becomes evident across various business lines, Google is converting its scale advantage into long-term competitiveness.</p>
<div class="lb-trans"><p>Laffer Tengler Investments 的首席执行官兼首席投资官 Nancy Tengler 指出，资本支出的快速增长进一步加强了 AI 需求交易。随着 Gemini 应用的持续扩展和 AI 生产力在各个业务线上的显现，谷歌正在将其规模优势转化为长期竞争力。</p>
</div><p><strong>Wall Street institutions generally maintain positive ratings. As of the publication date, according to</strong> <strong>TradingKey Stock Rating</strong> <strong>, most analysts have issued a &#34;Buy&#34; rating for the stock, with an average target price of $317.85, exceeding the current closing price.</strong></p>
<div class="lb-trans"><p><strong>华尔街机构普遍维持积极评级。截至发布日期，根据</strong> <strong>TradingKey 股票评级</strong> <strong>，大多数分析师对该股票发布了 “买入” 评级，平均目标价为 317.85 美元，超过当前收盘价。</strong></p>
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How Google Used AI to Break a Seven-Year Deadlock and Overtake Apple as the World’s Second Most Valuable Company

- 谷歌的市值首次在七年内超过苹果，达约 $3.89 万亿。
- 调查显示，谷歌加速 AI 发展，使其市场表现增强，预计将成主导 AI 平台。
- 苹果在生成 AI 战略上滞后，且对市场吸引力加大了投资者的担忧。

谷歌如何利用人工智能打破七年僵局，超越苹果成为全球第二大最有价值公司