<p>沃伦·巴菲特不再是 <strong>伯克希尔·哈撒韦</strong> 的首席执行官（BRKA +0.85%）（BRKB +1.00%）。然而，在他领导这家公司并建立了数十年的最后一年，这位奥马哈的先知做出了一些引人注目的投资决策（或者也许是他团队中的某些成员做的）。其中之一是在 2025 年第三季度购买了 <strong>Alphabet</strong> 的股票（GOOG 0.19%）（GOOGL 0.13%）。</p>
<p>我们不知道伯克希尔·哈撒韦投资 Alphabet 的确切日期，但如果我们假设是在该期间的中点，即 8 月 15 日，自那时以来，股票上涨了约 97%（在第三季度选择不同的日期会产生非常不同的表现，尽管都相对强劲）。好消息是，有充分的理由认为 Alphabet 仍然有很大的上升空间。</p>
<h2>巴菲特的投资哲学</h2>
<p>巴菲特在建立和领导伯克希尔·哈撒韦时，心中有着 特定的投资哲学。他的策略是以合理的价格购买具有强大竞争优势的优秀公司的股票，并尽可能长时间持有。该集团投资组合中的几只股票已经持有很长时间：<strong>可口可乐</strong> 就是一个显著的例子。在伯克希尔·哈撒韦购买 Alphabet 时，这家 科技领袖 自 2004 年上市以来已经交出了优异的回报。然而，巴菲特和他的团队显然认为，这只股票在他们支付的价格下仍然可以长期表现良好。投资者应该认真对待这位历史上最优秀投资者之一的认可。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84NzA3NjgvYWxwaGFiZXQtbG9nby5wbmcmdz0zODQw?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="Alphabet logo." original-src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84NzA3NjgvYWxwaGFiZXQtbG9nby5wbmcmdz0zODQw"/></p>
<p>图片来源：The Motley Fool。</p>
<h2>4600 亿美元的顺风</h2>
<p>同样重要的是要深入了解 Alphabet 的业务，并自行决定这是否是一只值得投资的股票。让我们考虑一下公司的最新财务结果。虽然我们不应该过于关注单个季度，但 Alphabet 的表现的几个方面表明，它至少在中期内具有出色的前景。在此期间，Alphabet 的营收增长环比加速，从 18% 上升到 22%。公司的云业务无疑是最重要的原因。谷歌云的收入为 200 亿美元，同比增长 63%。在第四季度，谷歌云的增长相对不那么令人印象深刻，为 48%。</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="Alphabet Stock Quote" original-src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vYXJ0L2NvbXBhbnlsb2dvcy9tYXJrL0dPT0dMLnBuZyZ3PTEyOA"/></p>
<h2>NASDAQ: GOOGL</h2>
<p>Alphabet</p>
<p>今日变动</p>
<p>(-0.13%) $-0.50</p>
<p>当前价格</p>
<p>$396.28</p>
<h3>关键数据点</h3>
<p>市值</p>
<p>$4.8 万亿</p>
<p>日内区间</p>
<p>$394.61 - $408.60</p>
<p>52 周区间</p>
<p>$162.00 - $408.61</p>
<p>成交量</p>
<p>6.8K</p>
<p>平均成交量</p>
<p>2900 万</p>
<p>毛利率</p>
<p>60.43%</p>
<p>股息收益率</p>
<p>0.21%</p>
<p>此外，公司在此期间注册的云服务积压达 4600 亿美元，几乎是第四季度末水平的两倍。由于持续采用与 人工智能 相关的产品，公司的云服务需求正在加速增长。考虑到谷歌云去年产生的收入远低于 1000 亿美元，这一巨大的积压表明，未来至少有两年的强劲需求。这也有助于证明 Alphabet 的大规模投资是合理的。</p>
<p>公司计划在今年花费 1800 亿到 1900 亿美元用于资本支出，管理层表示这一数字将在 2027 年显著加速。虽然一些科技领袖因在支持其与 AI 相关的雄心上花费巨额资金而受到惩罚，但 Alphabet 强劲的收入增长和出色的积压表明，这种重投资是合理的，并可能解锁更多机会。</p>
<h2>价格仍然合适吗？</h2>
<p>Alphabet 的股票目前以 28.2 倍的预期市盈率交易，而通信服务类股票的平均市盈率为 21.4 倍。公司在当前水平上是否被高估？考虑到这家科技巨头出色的财务结果以及其品牌名称、网络效应和转换成本带来的广泛护城河，我认为该股票的估值是合理的。尤其是当我们考虑到 Alphabet 还有其他几个有吸引力的长期增长机会时。例如，我们可以提到公司在流媒体或自动驾驶汽车方面的工作。因此，在巴菲特和他的团队首次投资该股票以来，Alphabet 的出色表现后，现在仍然是购买 Alphabet 股票的时机。Alphabet 可以在长期内实现强劲回报。</p>

谷歌-A

谷歌-C

2 倍做多谷歌 ETF - Direxion

云计算 ETF - GlobalX

GOOW

<p>沃伦·巴菲特对谷歌母公司 Alphabet 的投资自 2025 年第三季度购买以来已增长 97%。Alphabet 在财务表现上表现强劲，尤其是在其云计算部门，报告了 63% 的年同比收入增长，这表明其仍有持续的上行潜力。尽管当前市盈率为 28.2 倍，Alphabet 仍然是一个引人注目的投资机会，拥有 4600 亿美元的云计算订单积压和大规模资本支出的计划</p>

<p>Warren Buffett is no longer the CEO of <strong>Berkshire Hathaway</strong>( BRKA +0.85%)( BRKB +1.00%). However, during his last year at the head of the company he spent decades building and leading, the Oracle of Omaha made several eye-catching investment decisions (or perhaps some members of his team did). One of them was to purchase shares of <strong>Alphabet</strong>( GOOG 0.19%)( GOOGL 0.13%) in the third quarter of 2025.</p>
<div class="lb-trans"><p>沃伦·巴菲特不再是 <strong>伯克希尔·哈撒韦</strong> 的首席执行官（BRKA +0.85%）（BRKB +1.00%）。然而，在他领导这家公司并建立了数十年的最后一年，这位奥马哈的先知做出了一些引人注目的投资决策（或者也许是他团队中的某些成员做的）。其中之一是在 2025 年第三季度购买了 <strong>Alphabet</strong> 的股票（GOOG 0.19%）（GOOGL 0.13%）。</p>
</div><p>We don't know the exact date when Berkshire Hathaway invested in Alphabet, but if we assume it did so at the midway point of the period, or Aug. 15, the stock is up about 97% since then (picking different dates throughout the third quarter yields very different performances, although all relatively strong). Here's the good news: There are solid reasons to think Alphabet still has plenty of upside.</p>
<div class="lb-trans"><p>我们不知道伯克希尔·哈撒韦投资 Alphabet 的确切日期，但如果我们假设是在该期间的中点，即 8 月 15 日，自那时以来，股票上涨了约 97%（在第三季度选择不同的日期会产生非常不同的表现，尽管都相对强劲）。好消息是，有充分的理由认为 Alphabet 仍然有很大的上升空间。</p>
</div><h2>Buffett's investing philosophy</h2>
<div class="lb-trans"><h2>巴菲特的投资哲学</h2>
</div><p>Buffett built and led Berkshire Hathaway with a specific investing philosophy in mind. His strategy has been to buy shares in great companies with strong competitive advantages at fair prices, and hold them for as long as possible. Several of the stocks in the conglomerate's portfolio have been there for a long time: <strong>Coca-Cola</strong> is a notable example. By the time Berkshire Hathaway bought Alphabet, the tech leader had already delivered excellent returns since its 2004 IPO. However, Buffett and his team clearly think the stock can still perform well over the long run, at least at the price they paid. Investors should take this endorsement from one of the best investors who has ever existed seriously.</p>
<div class="lb-trans"><p>巴菲特在建立和领导伯克希尔·哈撒韦时，心中有着 特定的投资哲学。他的策略是以合理的价格购买具有强大竞争优势的优秀公司的股票，并尽可能长时间持有。该集团投资组合中的几只股票已经持有很长时间：<strong>可口可乐</strong> 就是一个显著的例子。在伯克希尔·哈撒韦购买 Alphabet 时，这家 科技领袖 自 2004 年上市以来已经交出了优异的回报。然而，巴菲特和他的团队显然认为，这只股票在他们支付的价格下仍然可以长期表现良好。投资者应该认真对待这位历史上最优秀投资者之一的认可。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84NzA3NjgvYWxwaGFiZXQtbG9nby5wbmcmdz0zODQw" alt="Alphabet logo." original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F870768%2Falphabet-logo.png&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>The $460 billion tailwind</h2>
<div class="lb-trans"><h2>4600 亿美元的顺风</h2>
</div><p>It's also important to look under the hood of Alphabet's business and decide for ourselves whether it's a stock worth investing in. Let's consider the company's latest financial results. While we shouldn't make too much of a single quarter, several aspects of Alphabet's performance suggest that it has excellent prospects, at least through the medium term. During the period, Alphabet's top-line growth accelerated quarter over quarter, rising from 18% to 22%. The company's cloud segment was arguably the most important reason why. Google Cloud's revenue was $20 billion, up 63% year over year. In the fourth quarter, Google Cloud growth was a comparatively unimpressive 48%.</p>
<div class="lb-trans"><p>同样重要的是要深入了解 Alphabet 的业务，并自行决定这是否是一只值得投资的股票。让我们考虑一下公司的最新财务结果。虽然我们不应该过于关注单个季度，但 Alphabet 的表现的几个方面表明，它至少在中期内具有出色的前景。在此期间，Alphabet 的营收增长环比加速，从 18% 上升到 22%。公司的云业务无疑是最重要的原因。谷歌云的收入为 200 亿美元，同比增长 63%。在第四季度，谷歌云的增长相对不那么令人印象深刻，为 48%。</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>Alphabet</p>
</div><p>Today's Change</p>
<div class="lb-trans"><p>今日变动</p>
</div><p>(-0.13%) $-0.50</p>
<div class="lb-trans"><p>(-0.13%) $-0.50</p>
</div><p>Current Price</p>
<div class="lb-trans"><p>当前价格</p>
</div><p>$396.28</p>
<div class="lb-trans"><p>$396.28</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>$4.8T</p>
<div class="lb-trans"><p>$4.8 万亿</p>
</div><p>Day's Range</p>
<div class="lb-trans"><p>日内区间</p>
</div><p>$394.61 - $408.60</p>
<div class="lb-trans"><p>$394.61 - $408.60</p>
</div><p>52wk Range</p>
<div class="lb-trans"><p>52 周区间</p>
</div><p>$162.00 - $408.61</p>
<div class="lb-trans"><p>$162.00 - $408.61</p>
</div><p>Volume</p>
<div class="lb-trans"><p>成交量</p>
</div><p>6.8K</p>
<div class="lb-trans"><p>6.8K</p>
</div><p>Avg Vol</p>
<div class="lb-trans"><p>平均成交量</p>
</div><p>29M</p>
<div class="lb-trans"><p>2900 万</p>
</div><p>Gross Margin</p>
<div class="lb-trans"><p>毛利率</p>
</div><p>60.43%</p>
<div class="lb-trans"><p>60.43%</p>
</div><p>Dividend Yield</p>
<div class="lb-trans"><p>股息收益率</p>
</div><p>0.21%</p>
<div class="lb-trans"><p>0.21%</p>
</div><p>Further, the company registered a cloud backlog of $460 billion during the period, almost double the level at the end of the fourth quarter. There is accelerating demand for the company's cloud services, largely thanks to the continued adoption of artificial intelligence (AI)-related products. The company's massive backlog -- in light of the fact that Google Cloud generated well under $100 billion in revenue last year -- suggests at least two years of sustained strong demand for its cloud services. It also helps justify Alphabet's massive investments.</p>
<div class="lb-trans"><p>此外，公司在此期间注册的云服务积压达 4600 亿美元，几乎是第四季度末水平的两倍。由于持续采用与 人工智能 相关的产品，公司的云服务需求正在加速增长。考虑到谷歌云去年产生的收入远低于 1000 亿美元，这一巨大的积压表明，未来至少有两年的强劲需求。这也有助于证明 Alphabet 的大规模投资是合理的。</p>
</div><p>The company plans to spend between $180 billion and $190 billion on capex this year, and management said this figure would significantly accelerate in 2027. While some tech leaders are being punished for spending small fortunes on capex to support their AI-related ambitions, Alphabet's strong revenue growth and outstanding backlog suggest the heavy spending is warranted and could unlock even more opportunities.</p>
<div class="lb-trans"><p>公司计划在今年花费 1800 亿到 1900 亿美元用于资本支出，管理层表示这一数字将在 2027 年显著加速。虽然一些科技领袖因在支持其与 AI 相关的雄心上花费巨额资金而受到惩罚，但 Alphabet 强劲的收入增长和出色的积压表明，这种重投资是合理的，并可能解锁更多机会。</p>
</div><h2>Is the price still right?</h2>
<div class="lb-trans"><h2>价格仍然合适吗？</h2>
</div><p>Alphabet's shares are currently trading at 28.2x forward earnings, versus an average of 21.4x for communication services stocks. Is the company overvalued at current levels? Given the tech giant's excellent financial results and wide moat from its brand name, network effects, and switching costs, I view the stock as reasonably valued. It's even more the case when we consider that Alphabet has several other attractive long-term growth opportunities. We can name the company's work in streaming or autonomous vehicles, for instance. So, it is still time to purchase Alphabet's shares after the company's outstanding performance since Buffett and his team first invested in the stock. Alphabet can post strong returns over the long run.</p>
<div class="lb-trans"><p>Alphabet 的股票目前以 28.2 倍的预期市盈率交易，而通信服务类股票的平均市盈率为 21.4 倍。公司在当前水平上是否被高估？考虑到这家科技巨头出色的财务结果以及其品牌名称、网络效应和转换成本带来的广泛护城河，我认为该股票的估值是合理的。尤其是当我们考虑到 Alphabet 还有其他几个有吸引力的长期增长机会时。例如，我们可以提到公司在流媒体或自动驾驶汽车方面的工作。因此，在巴菲特和他的团队首次投资该股票以来，Alphabet 的出色表现后，现在仍然是购买 Alphabet 股票的时机。Alphabet 可以在长期内实现强劲回报。</p>
</div>

This Unstoppable AI Stock Is Up 97% Since Warren Buffett Bought It, and There Could Be More Upside Ahead

- 巴菲特在离任伯克希尔哈撒韦时购买了 Alphabet 的股份。  
- Alphabet 的云业务在最新财季表现强劲，收入增长 63%。  
- 公司计划支出 1800 亿至 1900 亿美元用于资本支出，预计将推动未来增长。

这只势不可挡的 AI 股票自沃伦·巴菲特买入以来已经上涨了 97%，并且未来可能还有进一步的上涨空间