<h2>关键要点</h2>
<ul>
<li>AWS 刚刚交出了三年来最佳季度业绩。</li>
<li>Google Cloud 在第四季度的增长接近 50%。</li>
<li>这两只股票的估值都高于同行。</li>
<li>我们更看好的 10 只股票超过 Alphabet ›</li>
</ul>
<p>几只大型科技股看起来很有前景，尤其是在过去几周这一群体稍微回调之后。</p>
<p>一些投资者正在考虑的两只回调股票是 <strong>Alphabet</strong>(NASDAQ: GOOG)(NASDAQ: GOOGL) 和 <strong>Amazon</strong>(NASDAQ: AMZN)。Alphabet 从历史高点下跌了约 10%，而 Amazon 下跌了约 16%。</p>
<p><em><strong>人工智能会创造出世界上第一个万亿富翁吗？</strong> 我们的团队刚刚发布了一份关于一家鲜为人知的公司报告，该公司被称为 “不可或缺的垄断”，提供 Nvidia 和 Intel 都需要的关键技术。<strong>继续 »</strong></em></p>
<p>这对于两家通常被认为是全球最具主导地位的公司的折扣来说相当不错，但现在它们是否值得购买？</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-dXJsPWh0dHBzOi8vZy5mb29sY2RuLmNvbS9lZGl0b3JpYWwvaW1hZ2VzLzg1OTI0My9wZXJzb24tYW5hbHlpemluZy1maW5hbmNpYWwtZGF0YS1vbi1tdWx0aXBsZS1zY3JlZW5zLmpwZyZ3PTcwMA?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://g.foolcdn.com/image//query-dXJsPWh0dHBzOi8vZy5mb29sY2RuLmNvbS9lZGl0b3JpYWwvaW1hZ2VzLzg1OTI0My9wZXJzb24tYW5hbHlpemluZy1maW5hbmNpYWwtZGF0YS1vbi1tdWx0aXBsZS1zY3JlZW5zLmpwZyZ3PTcwMA"/></p>
<p>图片来源：Getty Images。</p>
<h2>两家公司在云计算领域面临巨大的需求</h2>
<p>Amazon 和 Alphabet 比人们想象的更为相似。每家公司都有一个主要业务，但同时也在云计算领域蓬勃发展。</p>
<p>对于 Amazon 来说，其电商业务是公司最知名的部分。在美国，几乎找不到没有使用过 Amazon 服务的人，而 Prime 会员已成为许多家庭的必需品。</p>
<p>Alphabet 是 Google 的母公司，还拥有 Android 操作系统和 YouTube 等其他资产。Alphabet 业务的核心是广告，过去一年表现相当不错。</p>
<p>尽管这两家公司都有家喻户晓的主要业务，但我投资它们的首要原因是云计算，这一领域的受欢迎程度远不及每只股票的核心业务。</p>
<p>亚马逊网络服务 (AWS) 实际上是亚马逊整体业务中比人们想象的更为关键的部分。在第四季度，亚马逊 50% 的运营利润来自 AWS。第四季度被认为是零售商最盈利的季度，而像第三季度这样不那么偏向的季度，AWS 贡献了亚马逊 66% 的运营利润。</p>
<p>投资者需要转变思维，理解为什么亚马逊的股票是一个买入机会，因为 AWS 似乎是主要的利润驱动因素。它也是一个巨大的增长驱动因素，因为 AWS 是亚马逊增长最快的部门，在第四季度同比增长了 24%。这是三年来最佳的季度表现，显然人工智能需求开始推动 AWS 的增长率。</p>
<p>Google Cloud 的重要性不如 AWS，因为它是一个已经拥有惊人运营利润的公司的组成部分。尽管如此，Google Cloud 的增长令人瞩目。在第四季度，Google Cloud 实现了 48% 的同比增长，运营利润率达到了令人印象深刻的 30%。Google Cloud 是 Alphabet 的一个重要增长来源，随着每个季度越来越多的人工智能能力上线，未来几年这一惊人的增长率可能会持续。</p>
<p>这两家公司都有蓬勃发展的云计算业务，推动着它们的基础业务，但现在是否值得购买？</p>
<h2>Amazon 和 Alphabet 的估值溢价</h2>
<p>Amazon 和 Alphabet 的估值相似。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-dXJsPWh0dHBzOi8vbWVkaWEueWNoYXJ0cy5jb20vY2hhcnRzLzk1NjI5ZTFkZWYyZTljOGNlODQwMzQxMzVjNjdhNTdkLnBuZyZ3PTcwMA?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://g.foolcdn.com/image//query-dXJsPWh0dHBzOi8vbWVkaWEueWNoYXJ0cy5jb20vY2hhcnRzLzk1NjI5ZTFkZWYyZTljOGNlODQwMzQxMzVjNjdhNTdkLnBuZyZ3PTcwMA"/></p>
<p>AMZN 市盈率（前瞻性）数据来自 YCharts</p>
<p>目前，<strong>标普 500</strong>(SNPINDEX: ^GSPC) 的交易价格约为前瞻性收益的 21.7 倍，使这两只股票的估值相对市场有一定溢价。此外，<strong>微软</strong> 和 <strong>Nvidia</strong> 的前瞻性收益分别为 24.2 倍和 22.6 倍。Nvidia 的增长速度远快于这两者，而微软也有一个蓬勃发展的云计算业务部门，类似于 Alphabet 和 Amazon。</p>
<p>我认为微软和 Nvidia 现在是更具吸引力的投资，但这并不意味着你需要出售你的 Alphabet 和 Amazon 股票。这两项投资正如预期般发展，但我认为目前股市中有更好的价值。</p>
<h2>现在应该购买 Alphabet 的股票吗？</h2>
<p>在你购买 Alphabet 的股票之前，请考虑以下几点：</p>
<p><em>Motley Fool Stock Advisor</em> 分析团队刚刚确定了他们认为的 <strong>10 只最佳股票</strong> 供投资者现在购买……而 Alphabet 并不在其中。入选的 10 只股票在未来几年可能会产生巨额回报。</p>
<p>考虑一下 <strong>Netflix</strong> 在 2004 年 12 月 17 日进入这个名单时……如果你在我们推荐时投资了 1,000 美元，<strong>你现在将拥有 508,607 美元</strong>！* 或者 <strong>Nvidia</strong> 在 2005 年 4 月 15 日进入这个名单时……如果你在我们推荐时投资了 1,000 美元，<strong>你现在将拥有 1,122,746 美元</strong>！*</p>
<p>现在值得注意的是，<em>Stock Advisor</em> 的总平均回报率为 933%——相比于标普 500 的 188% 超出市场表现。<strong>不要错过最新的前 10 名名单，加入由个人投资者为个人投资者建立的投资社区，获取 <em>Stock Advisor</em>。</strong></p>
<p><strong>查看这 10 只股票 »</strong></p>
<p><em>*Stock Advisor 回报截至 2026 年 3 月 14 日。</em></p>
<p><em>Keithen Drury 持有 Alphabet、Amazon、Microsoft 和 Nvidia 的股份。Motley Fool 持有并推荐 Alphabet、Amazon、Microsoft 和 Nvidia 的股份。Motley Fool 有披露政策。</em></p>
<p>此处表达的观点和意见是作者的观点和意见，并不一定反映 Nasdaq, Inc. 的观点。</p>

AMZW

标普零售指数 ETF - SPDR

云计算 ETF - GlobalX

<p>亚马逊和字母表公司被视为潜在的股票购买对象，尽管它们的交易价格相较于同行处于溢价状态。亚马逊的 AWS 对其利润贡献显著，而谷歌云则展现了令人印象深刻的增长。然而，分析师建议，像微软和英伟达这样的股票目前可能提供更好的价值。《傻瓜投资者》的股票顾问已识别出 10 只潜在回报高于字母表公司的股票。投资者在做出决策之前，建议仔细权衡这些选项</p>

<h2>Key Points</h2>
<div class="lb-trans"><h2>关键要点</h2>
</div><ul>
<li>AWS just delivered its best quarter in more than three years.</li>
<li>Google Cloud grew at nearly a 50% pace in Q4.</li>
<li>Both stocks trade at a premium to their peers.</li>
<li>10 stocks we like better than Alphabet ›</li>
</ul>
<div class="lb-trans"><ul>
<li>AWS 刚刚交出了三年来最佳季度业绩。</li>
<li>Google Cloud 在第四季度的增长接近 50%。</li>
<li>这两只股票的估值都高于同行。</li>
<li>我们更看好的 10 只股票超过 Alphabet ›</li>
</ul>
</div><p>Several big tech stocks look promising, especially after this cohort has sold off a bit over the past few weeks.</p>
<div class="lb-trans"><p>几只大型科技股看起来很有前景，尤其是在过去几周这一群体稍微回调之后。</p>
</div><p>Two stocks that have sold off that some investors are considering are <strong>Alphabet</strong>(NASDAQ: GOOG)(NASDAQ: GOOGL) and <strong>Amazon</strong>(NASDAQ: AMZN). Alphabet is down around 10% from its all-time high, while Amazon is down around 16%.</p>
<div class="lb-trans"><p>一些投资者正在考虑的两只回调股票是 <strong>Alphabet</strong>(NASDAQ: GOOG)(NASDAQ: GOOGL) 和 <strong>Amazon</strong>(NASDAQ: AMZN)。Alphabet 从历史高点下跌了约 10%，而 Amazon 下跌了约 16%。</p>
</div><p><em><strong>Will AI create the world's first trillionaire?</strong> Our team just released a report on the one little-known company, called an &#34;Indispensable Monopoly&#34; providing the critical technology Nvidia and Intel both need. <strong>Continue »</strong></em></p>
<div class="lb-trans"><p><em><strong>人工智能会创造出世界上第一个万亿富翁吗？</strong> 我们的团队刚刚发布了一份关于一家鲜为人知的公司报告，该公司被称为 “不可或缺的垄断”，提供 Nvidia 和 Intel 都需要的关键技术。<strong>继续 »</strong></em></p>
</div><p>That's a decent discount on two companies often recognized as some of the more dominant businesses in the world, but are they solid buys now?</p>
<div class="lb-trans"><p>这对于两家通常被认为是全球最具主导地位的公司的折扣来说相当不错，但现在它们是否值得购买？</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-dXJsPWh0dHBzOi8vZy5mb29sY2RuLmNvbS9lZGl0b3JpYWwvaW1hZ2VzLzg1OTI0My9wZXJzb24tYW5hbHlpemluZy1maW5hbmNpYWwtZGF0YS1vbi1tdWx0aXBsZS1zY3JlZW5zLmpwZyZ3PTcwMA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F859243%2Fperson-analyizing-financial-data-on-multiple-screens.jpg&amp;w=700"/></p>
<p>Image source: Getty Images.</p>
<div class="lb-trans"><p>图片来源：Getty Images。</p>
</div><h2>Both companies are feeling huge demand in the cloud sector</h2>
<div class="lb-trans"><h2>两家公司在云计算领域面临巨大的需求</h2>
</div><p>Amazon and Alphabet are more similar than one may think. Each company operates a primary business, but also has a thriving cloud computing business on the side.</p>
<div class="lb-trans"><p>Amazon 和 Alphabet 比人们想象的更为相似。每家公司都有一个主要业务，但同时也在云计算领域蓬勃发展。</p>
</div><p>For Amazon, its commerce business is the most well-known part of its company. You'd be hard-pressed to find someone in the U.S. who hasn't used Amazon's services, and the Prime membership has become a staple in many households.</p>
<div class="lb-trans"><p>对于 Amazon 来说，其电商业务是公司最知名的部分。在美国，几乎找不到没有使用过 Amazon 服务的人，而 Prime 会员已成为许多家庭的必需品。</p>
</div><p>Alphabet is the parent company of Google, and also has other properties like the Android operating system and YouTube, among many others. At the core of Alphabet's business is its advertising, which has done quite well over the past year.</p>
<div class="lb-trans"><p>Alphabet 是 Google 的母公司，还拥有 Android 操作系统和 YouTube 等其他资产。Alphabet 业务的核心是广告，过去一年表现相当不错。</p>
</div><p>Despite both of these having household-name primary businesses, my top reason to invest in each of them is cloud computing, which isn't nearly as popular as each stock's core business.</p>
<div class="lb-trans"><p>尽管这两家公司都有家喻户晓的主要业务，但我投资它们的首要原因是云计算，这一领域的受欢迎程度远不及每只股票的核心业务。</p>
</div><p>Amazon Web Services (AWS) is actually a more critical part of Amazon's whole business than one may think. During the fourth quarter, 50% of Amazon's operating profits came from AWS. Q4 is known to be the most profitable quarter for retailers, and a less skewed quarter like Q3 saw AWS deliver 66% of Amazon's operating profits.</p>
<div class="lb-trans"><p>亚马逊网络服务 (AWS) 实际上是亚马逊整体业务中比人们想象的更为关键的部分。在第四季度，亚马逊 50% 的运营利润来自 AWS。第四季度被认为是零售商最盈利的季度，而像第三季度这样不那么偏向的季度，AWS 贡献了亚马逊 66% 的运营利润。</p>
</div><p>Investors need to flip their minds on why Amazon's stock is a buy, as AWS seems to be the main profit driver. It's also a huge growth driver, as AWS was Amazon's fastest-growing segment, rising at a 24% year over year pace in Q4. That's the best quarter in more than three years, and it's becoming clear that AI demand is starting to boost AWS's growth rate.</p>
<div class="lb-trans"><p>投资者需要转变思维，理解为什么亚马逊的股票是一个买入机会，因为 AWS 似乎是主要的利润驱动因素。它也是一个巨大的增长驱动因素，因为 AWS 是亚马逊增长最快的部门，在第四季度同比增长了 24%。这是三年来最佳的季度表现，显然人工智能需求开始推动 AWS 的增长率。</p>
</div><p>Google Cloud is less critical than AWS, as it's a part of a company that already has incredible operating margins. Still, the growth that Google Cloud is putting up is jaw-dropping. In Q4, Google Cloud delivered 48% year over year growth, and its operating margin was an impressive 30%. Google Cloud is a huge source of growth for Alphabet, and with more and more AI capacity coming online each quarter, don't be surprised to see this incredible growth rate continue for years down the road.</p>
<div class="lb-trans"><p>Google Cloud 的重要性不如 AWS，因为它是一个已经拥有惊人运营利润的公司的组成部分。尽管如此，Google Cloud 的增长令人瞩目。在第四季度，Google Cloud 实现了 48% 的同比增长，运营利润率达到了令人印象深刻的 30%。Google Cloud 是 Alphabet 的一个重要增长来源，随着每个季度越来越多的人工智能能力上线，未来几年这一惊人的增长率可能会持续。</p>
</div><p>Both companies have thriving cloud computing businesses that boost their base business, but are they buys now?</p>
<div class="lb-trans"><p>这两家公司都有蓬勃发展的云计算业务，推动着它们的基础业务，但现在是否值得购买？</p>
</div><h2>Amazon and Alphabet have a premium valuation</h2>
<div class="lb-trans"><h2>Amazon 和 Alphabet 的估值溢价</h2>
</div><p>Both Amazon and Alphabet trade at similar valuations.</p>
<div class="lb-trans"><p>Amazon 和 Alphabet 的估值相似。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-dXJsPWh0dHBzOi8vbWVkaWEueWNoYXJ0cy5jb20vY2hhcnRzLzk1NjI5ZTFkZWYyZTljOGNlODQwMzQxMzVjNjdhNTdkLnBuZyZ3PTcwMA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fmedia.ycharts.com%2Fcharts%2F95629e1def2e9c8ce84034135c67a57d.png&amp;w=700"/></p>
<p>AMZN PE Ratio (Forward) data by YCharts</p>
<div class="lb-trans"><p>AMZN 市盈率（前瞻性）数据来自 YCharts</p>
</div><p>Currently, the <strong>S&amp;P 500</strong>(SNPINDEX: ^GSPC) trades for about 21.7 times forward earnings, making these two trade at a decent premium to that market. Additionally, peers like <strong>Microsoft</strong> and <strong>Nvidia</strong> trade at 24.2 and 22.6 times forward earnings, respectively. Nvidia is growing at a much faster pace than both of these two, and Microsoft has a thriving cloud computing business unit similar to both Alphabet and Amazon.</p>
<div class="lb-trans"><p>目前，<strong>标普 500</strong>(SNPINDEX: ^GSPC) 的交易价格约为前瞻性收益的 21.7 倍，使这两只股票的估值相对市场有一定溢价。此外，<strong>微软</strong> 和 <strong>Nvidia</strong> 的前瞻性收益分别为 24.2 倍和 22.6 倍。Nvidia 的增长速度远快于这两者，而微软也有一个蓬勃发展的云计算业务部门，类似于 Alphabet 和 Amazon。</p>
</div><p>I think Microsoft and Nvidia are a bit more compelling investments right now, but that doesn't mean you need to sell your Alphabet and Amazon shares. These two investments are panning out just as planned, but I think there are better values in the stock market right now.</p>
<div class="lb-trans"><p>我认为微软和 Nvidia 现在是更具吸引力的投资，但这并不意味着你需要出售你的 Alphabet 和 Amazon 股票。这两项投资正如预期般发展，但我认为目前股市中有更好的价值。</p>
</div><h2>Should you buy stock in Alphabet right now?</h2>
<div class="lb-trans"><h2>现在应该购买 Alphabet 的股票吗？</h2>
</div><p>Before you buy stock in Alphabet, consider this:</p>
<div class="lb-trans"><p>在你购买 Alphabet 的股票之前，请考虑以下几点：</p>
</div><p>The <em>Motley Fool Stock Advisor</em> analyst team just identified what they believe are the <strong>10 best stocks</strong> for investors to buy now… and Alphabet wasn’t one of them. The 10 stocks that made the cut could produce monster returns in the coming years.</p>
<div class="lb-trans"><p><em>Motley Fool Stock Advisor</em> 分析团队刚刚确定了他们认为的 <strong>10 只最佳股票</strong> 供投资者现在购买……而 Alphabet 并不在其中。入选的 10 只股票在未来几年可能会产生巨额回报。</p>
</div><p>Consider when <strong>Netflix</strong> made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, <strong>you’d have $508,607</strong>!* Or when <strong>Nvidia</strong> made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, <strong>you’d have $1,122,746</strong>!*</p>
<div class="lb-trans"><p>考虑一下 <strong>Netflix</strong> 在 2004 年 12 月 17 日进入这个名单时……如果你在我们推荐时投资了 1,000 美元，<strong>你现在将拥有 508,607 美元</strong>！* 或者 <strong>Nvidia</strong> 在 2005 年 4 月 15 日进入这个名单时……如果你在我们推荐时投资了 1,000 美元，<strong>你现在将拥有 1,122,746 美元</strong>！*</p>
</div><p>Now, it’s worth noting <em>Stock Advisor’s</em> total average return is 933% — a market-crushing outperformance compared to 188% for the S&amp;P 500. <strong>Don't miss the latest top 10 list, available with <em>Stock Advisor</em>, and join an investing community built by individual investors for individual investors.</strong></p>
<div class="lb-trans"><p>现在值得注意的是，<em>Stock Advisor</em> 的总平均回报率为 933%——相比于标普 500 的 188% 超出市场表现。<strong>不要错过最新的前 10 名名单，加入由个人投资者为个人投资者建立的投资社区，获取 <em>Stock Advisor</em>。</strong></p>
</div><p><strong>See the 10 stocks »</strong></p>
<div class="lb-trans"><p><strong>查看这 10 只股票 »</strong></p>
</div><p><em>*Stock Advisor returns as of March 14, 2026.</em></p>
<div class="lb-trans"><p><em>*Stock Advisor 回报截至 2026 年 3 月 14 日。</em></p>
</div><p><em>Keithen Drury has positions in Alphabet, Amazon, Microsoft, and Nvidia. The Motley Fool has positions in and recommends Alphabet, Amazon, Microsoft, and Nvidia. The Motley Fool has a disclosure policy.</em></p>
<div class="lb-trans"><p><em>Keithen Drury 持有 Alphabet、Amazon、Microsoft 和 Nvidia 的股份。Motley Fool 持有并推荐 Alphabet、Amazon、Microsoft 和 Nvidia 的股份。Motley Fool 有披露政策。</em></p>
</div><p>The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.</p>
<div class="lb-trans"><p>此处表达的观点和意见是作者的观点和意见，并不一定反映 Nasdaq, Inc. 的观点。</p>
</div>

亚马逊和 Alphabet 是否是目前最值得购买的股票？