<p>谈到人工智能（AI）时，似乎只有 <strong>Nvidia</strong>（NVDA +1.70%），而其他公司则相形见绌。该公司的图形处理单元（GPU）已成为处理这些下一代算法的黄金标准，巩固了其作为 AI 革命旗手的地位。这推动了其股价的迅猛上涨，使 Nvidia 的市值达到 5 万亿美元，成为全球最有价值的公司。</p>
<p>Nvidia 作为领先的 AI 芯片制造商的地位稳固，我认为这一点在短期内不会改变。然而，<strong>Alphabet</strong>（GOOGL 1.26%）（GOOG 1.20%）拥有几个独特的优势，这可能会推动谷歌母公司超越 Nvidia，成为市值领导者。</p>
<p>Nvidia 的单一专注使其在数据中心 GPU 领域成为无可争议的领导者。尽管估计有所不同，但该公司控制着市场的 80% 到 92%。</p>
<p>然而，谷歌制定了一个四管齐下的战略，这可能最终帮助其将 Nvidia 从 AI 领域的顶端拉下。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84NzM2MzMvdGhlLWFscGhhYmV0LWxvZ28tc3VwZXJpbXBvc2VkLW92ZXItYW4taW1hZ2Utb2YtZ29vZ2xlLWhlYWRxdWFydGVycy1idWlsZGluZy5wbmcmdz0zODQw?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="Alphabet logo superimposed over an image of the Google headquarters building." width="1200" height="800" original-src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84NzM2MzMvdGhlLWFscGhhYmV0LWxvZ28tc3VwZXJpbXBvc2VkLW92ZXItYW4taW1hZ2Utb2YtZ29vZ2xlLWhlYWRxdWFydGVycy1idWlsZGluZy5wbmcmdz0zODQw"/></p>
<p>图片来源：The Motley Fool。</p>
<h2>你想要芯片吗？</h2>
<p>谷歌已经为其服务器和数据中心开发定制芯片超过十年。这些张量处理单元（TPU）直到最近一直仅用于内部，以支持其云服务和内部 AI 产品。最近，该公司推出了 TPU 8t 和 TPU 8i，分别用于 AI 训练和推理。这些芯片经过定制，更加高效地处理特定的 AI 相关任务。</p>
<p>首席执行官 Sundar Pichai 最近宣布，公司将开始向 “特定客户” 出售这些 TPU，用于他们的数据中心，这标志着其之前战略的重大转变，并开启了一个全新的收入来源。</p>
<p>此外，GPU 和 TPU 的增长表明，投资者可能低估了 AI 机会的广度。</p>
<h2>多云</h2>
<p>谷歌云在过去十多年中一直是顶级云基础设施提供商，但公司的基于 AI 的战略开始见效。该公司为其云客户提供全面的 AI 工具和模型，这重新点燃了其增长。谷歌云的收入在日历第一季度同比增长 63%，超过了 <strong>亚马逊</strong> 网络服务（AWS）和 <strong>微软</strong>Azure，后者分别增长了 28% 和 40%。</p>
<p>这还不是全部。谷歌云的订单积压以惊人的速度增长，季度环比几乎翻倍，达到 4620 亿美元。管理层预计，其中超过 50% 将在未来 24 个月内转化为收入。</p>
<p>这有助于说明公司的整体 AI 战略已经启动了其云增长，推动了谷歌的飞轮效应。</p>
<h2>其模型是顶尖的</h2>
<p>谷歌还拥有一些世界上最先进的 AI 模型——包括 Gemini——这些模型正在推动整体增长。该公司最近宣布了 Gemini 模型套件的演变，从聊天机器人风格的模型到自主工作流。就在上个月，该公司推出了 Gemini 3.5，“我们最新的模型系列，结合了前沿智能与行动。”</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" width="80" height="80" 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>(-1.26%) $-4.64</p>
<p>当前价格</p>
<p>$363.67</p>
<h3>关键数据点</h3>
<p>市值</p>
<p>$4.4T</p>
<p>日内区间</p>
<p>$360.55 - $366.14</p>
<p>52 周区间</p>
<p>$162.00 - $408.61</p>
<p>成交量</p>
<p>875.3K</p>
<p>平均成交量</p>
<p>29.1M</p>
<p>毛利率</p>
<p>60.43%</p>
<p>股息收益率</p>
<p>0.29%</p>
<p>Gemini 企业付费月订阅数量在第一季度环比增长 40%，而整体云生成 AI 模型收入同比增长 800%。公司指出，谷歌的第一方模型每分钟处理超过 160 亿个标记，比第四季度增长了 60%。</p>
<p>Alphabet 将 Gemini 货币化的能力是一个重要步骤，特别是在公司重金投入 AI 的背景下。</p>
<h2>搜索我</h2>
<p>当 AI 首次出现时，投资者担心互联网搜索——谷歌的摇钱树——将是首批受害者之一。流行的说法是，该公司的商业模式在 AI 聊天机器人取代传统搜索引擎的时代将变得无关紧要。</p>
<p>谷歌通过将其赞助列表直接整合到其 AI 驱动的概述中，颠覆了这一论点，从而保护了其最有利可图的收入来源。如果你还有任何疑虑，请考虑这一点：在第一季度，谷歌的广告收入增长了 16%，达到 770 亿美元，仍占 Alphabet 总收入的 70%。</p>
<h2>四管齐下的 AI 攻击</h2>
<p>谷歌利用 AI 芯片、云、AI 模型和搜索的能力，使其拥有更全面——也许更有效的——长期 AI 货币化战略。这种四管齐下的方法使 Alphabet 的股票在过去一年中上涨了 109%（截至本文撰写时），而 Nvidia 仅上涨了 47%。</p>
<p>投资者开始给予谷歌应有的重视，如果这种超越表现持续下去，Alphabet 可能会在市值排行榜上取代 Nvidia。此外，Alphabet 的市盈率为 28 倍，低于 Nvidia 目前的 32 倍市盈率。</p>
<p>这为精明的投资者提供了以折扣价购买 Alphabet 的机会。</p>

谷歌-C

英伟达

谷歌-A

<p>Alphabet 的四项人工智能战略，包括定制 TPU 芯片、Google Cloud 的增长、先进的 Gemini 模型和整合的搜索广告，使其有可能超越英伟达成为全球最有价值的公司。尽管英伟达在 GPU 领域处于领先地位，但 Alphabet 的综合方法推动了显著的收入增长和股票表现，为投资者提供了一个相较于英伟达更具潜在价值的机会</p>

<p>When it comes to artificial intelligence (AI), it seems there's <strong>Nvidia</strong>( NVDA +1.70%), and then there's everyone else. The company's graphics processing units (GPUs) became the gold standard for processing these next-generation algorithms, securing its place as the flagbearer for the AI revolution. This has fueled a meteoric rise in its stock price, catapulting Nvidia to a $5 trillion market cap, making it the world's most valuable company.</p>
<div class="lb-trans"><p>谈到人工智能（AI）时，似乎只有 <strong>Nvidia</strong>（NVDA +1.70%），而其他公司则相形见绌。该公司的图形处理单元（GPU）已成为处理这些下一代算法的黄金标准，巩固了其作为 AI 革命旗手的地位。这推动了其股价的迅猛上涨，使 Nvidia 的市值达到 5 万亿美元，成为全球最有价值的公司。</p>
</div><p>Nvidia's position as the leading AI chipmaker is secure, and I don't see that changing anytime soon. However, <strong>Alphabet</strong>( GOOGL 1.26%)( GOOG 1.20%) has several distinct advantages that could propel the Google parent past Nvidia to the top of the leaderboard, making it the market-cap leader.</p>
<div class="lb-trans"><p>Nvidia 作为领先的 AI 芯片制造商的地位稳固，我认为这一点在短期内不会改变。然而，<strong>Alphabet</strong>（GOOGL 1.26%）（GOOG 1.20%）拥有几个独特的优势，这可能会推动谷歌母公司超越 Nvidia，成为市值领导者。</p>
</div><p>Nvidia's singular focus has made it the undisputed leader when it comes to data center GPUs. While estimates vary, the company controls between 80% and 92% of the market.</p>
<div class="lb-trans"><p>Nvidia 的单一专注使其在数据中心 GPU 领域成为无可争议的领导者。尽管估计有所不同，但该公司控制着市场的 80% 到 92%。</p>
</div><p>However, Google has developed a four-pronged strategy that could eventually help it unseat Nvidia from the top of the AI hill.</p>
<div class="lb-trans"><p>然而，谷歌制定了一个四管齐下的战略，这可能最终帮助其将 Nvidia 从 AI 领域的顶端拉下。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84NzM2MzMvdGhlLWFscGhhYmV0LWxvZ28tc3VwZXJpbXBvc2VkLW92ZXItYW4taW1hZ2Utb2YtZ29vZ2xlLWhlYWRxdWFydGVycy1idWlsZGluZy5wbmcmdz0zODQw" alt="The Alphabet logo superimposed over an image of the Google headquarters building." original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F873633%2Fthe-alphabet-logo-superimposed-over-an-image-of-google-headquarters-building.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>You want chips with that?</h2>
<div class="lb-trans"><h2>你想要芯片吗？</h2>
</div><p>Google has been developing custom chips for its servers and data centers for more than a decade. These Tensor Processing Units (TPUs) have -- until recently -- been reserved for internal use to power its cloud and in-house AI offerings. Most recently, the company unveiled the TPU 8t and the TPU 8i, designed for AI training and inference, respectively. These chips have been customized to be more efficient for specific AI-related tasks.</p>
<div class="lb-trans"><p>谷歌已经为其服务器和数据中心开发定制芯片超过十年。这些张量处理单元（TPU）直到最近一直仅用于内部，以支持其云服务和内部 AI 产品。最近，该公司推出了 TPU 8t 和 TPU 8i，分别用于 AI 训练和推理。这些芯片经过定制，更加高效地处理特定的 AI 相关任务。</p>
</div><p>CEO Sundar Pichai recently announced that the company would begin selling these TPUs to &#34;a select group of customers&#34; for use in their data centers, a marked departure from its previous strategy, and opening up an entirely new revenue stream.</p>
<div class="lb-trans"><p>首席执行官 Sundar Pichai 最近宣布，公司将开始向 “特定客户” 出售这些 TPU，用于他们的数据中心，这标志着其之前战略的重大转变，并开启了一个全新的收入来源。</p>
</div><p>Moreover, growth across both GPUs and TPUs shows that investors may be underestimating the breadth of the AI opportunity.</p>
<div class="lb-trans"><p>此外，GPU 和 TPU 的增长表明，投资者可能低估了 AI 机会的广度。</p>
</div><h2>Partly cloudy</h2>
<div class="lb-trans"><h2>多云</h2>
</div><p>Google Cloud has been one of the premier cloud infrastructure providers for more than a decade, but the company's AI-based strategy is beginning to pay off. The company offers a full complement of AI tools and models to its cloud customers, which has reignited its growth. Google Cloud revenue grew 63% year over year in the calendar first quarter, outpacing <strong>Amazon</strong> Web Services (AWS) and <strong>Microsoft</strong> Azure, which grew 28% and 40%, respectively.</p>
<div class="lb-trans"><p>谷歌云在过去十多年中一直是顶级云基础设施提供商，但公司的基于 AI 的战略开始见效。该公司为其云客户提供全面的 AI 工具和模型，这重新点燃了其增长。谷歌云的收入在日历第一季度同比增长 63%，超过了 <strong>亚马逊</strong> 网络服务（AWS）和 <strong>微软</strong>Azure，后者分别增长了 28% 和 40%。</p>
</div><p>That's not all. Google's cloud backlog grew at a blistering pace, nearly doubling quarter over quarter to $462 billion. Management expects more than 50% of that to convert to revenue over the next 24 months.</p>
<div class="lb-trans"><p>这还不是全部。谷歌云的订单积压以惊人的速度增长，季度环比几乎翻倍，达到 4620 亿美元。管理层预计，其中超过 50% 将在未来 24 个月内转化为收入。</p>
</div><p>This helps to illustrate that the company's overall AI strategy has kick-started its cloud growth, helping to spin Google's flywheel.</p>
<div class="lb-trans"><p>这有助于说明公司的整体 AI 战略已经启动了其云增长，推动了谷歌的飞轮效应。</p>
</div><h2>Its models are tops</h2>
<div class="lb-trans"><h2>其模型是顶尖的</h2>
</div><p>Google is also home to some of the world's most advanced AI models -- including Gemini -- which are helping to drive overall growth. The company recently heralded the evolution of the Gemini suite of models from chatbot-style models to agentic workflows. Just last month, the company debuted Gemini 3.5, &#34;our latest family of models combining frontier intelligence with action.&#34;</p>
<div class="lb-trans"><p>谷歌还拥有一些世界上最先进的 AI 模型——包括 Gemini——这些模型正在推动整体增长。该公司最近宣布了 Gemini 模型套件的演变，从聊天机器人风格的模型到自主工作流。就在上个月，该公司推出了 Gemini 3.5，“我们最新的模型系列，结合了前沿智能与行动。”</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>(-1.26%) $-4.64</p>
<div class="lb-trans"><p>(-1.26%) $-4.64</p>
</div><p>Current Price</p>
<div class="lb-trans"><p>当前价格</p>
</div><p>$363.67</p>
<div class="lb-trans"><p>$363.67</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>$4.4T</p>
<div class="lb-trans"><p>$4.4T</p>
</div><p>Day's Range</p>
<div class="lb-trans"><p>日内区间</p>
</div><p>$360.55 - $366.14</p>
<div class="lb-trans"><p>$360.55 - $366.14</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>875.3K</p>
<div class="lb-trans"><p>875.3K</p>
</div><p>Avg Vol</p>
<div class="lb-trans"><p>平均成交量</p>
</div><p>29.1M</p>
<div class="lb-trans"><p>29.1M</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>0.29%</p>
<div class="lb-trans"><p>0.29%</p>
</div><p>The number of Gemini Enterprise paid monthly subscriptions grew 40% sequentially in Q1, while overall, its cloud generative AI model revenue grew 800% year over year. The company noted that Google's first-party models process more than 16 billion tokens per minute, a 60% increase compared to Q4.</p>
<div class="lb-trans"><p>Gemini 企业付费月订阅数量在第一季度环比增长 40%，而整体云生成 AI 模型收入同比增长 800%。公司指出，谷歌的第一方模型每分钟处理超过 160 亿个标记，比第四季度增长了 60%。</p>
</div><p>Alphabet's ability to monetize Gemini is an important step, particularly in light of the company's heavy AI spending.</p>
<div class="lb-trans"><p>Alphabet 将 Gemini 货币化的能力是一个重要步骤，特别是在公司重金投入 AI 的背景下。</p>
</div><h2>Search me</h2>
<div class="lb-trans"><h2>搜索我</h2>
</div><p>When AI first reared its head, investors feared that internet search -- Google's cash cow -- would be among the first casualties. The popular narrative was that the company's business model would be irrelevant in an era where AI chatbots replaced traditional search engines.</p>
<div class="lb-trans"><p>当 AI 首次出现时，投资者担心互联网搜索——谷歌的摇钱树——将是首批受害者之一。流行的说法是，该公司的商业模式在 AI 聊天机器人取代传统搜索引擎的时代将变得无关紧要。</p>
</div><p>Google turned that argument on its head by integrating its sponsored listings directly into its AI-powered overviews, thereby protecting its most lucrative revenue stream. If you have any doubts, consider this: In Q1, Google's ad revenue climbed 16% to $77 billion and still represents 70% of Alphabet's total revenue.</p>
<div class="lb-trans"><p>谷歌通过将其赞助列表直接整合到其 AI 驱动的概述中，颠覆了这一论点，从而保护了其最有利可图的收入来源。如果你还有任何疑虑，请考虑这一点：在第一季度，谷歌的广告收入增长了 16%，达到 770 亿美元，仍占 Alphabet 总收入的 70%。</p>
</div><h2>A four-pronged AI attack</h2>
<div class="lb-trans"><h2>四管齐下的 AI 攻击</h2>
</div><p>Google's ability to leverage AI chips, the cloud, AI models, and search gives the company a more comprehensive -- and perhaps more effective -- long-term AI monetization strategy. This four-pronged approach has driven Alphabet's stock up 109% over the past year (as of this writing), compared to just 47% for Nvidia.</p>
<div class="lb-trans"><p>谷歌利用 AI 芯片、云、AI 模型和搜索的能力，使其拥有更全面——也许更有效的——长期 AI 货币化战略。这种四管齐下的方法使 Alphabet 的股票在过去一年中上涨了 109%（截至本文撰写时），而 Nvidia 仅上涨了 47%。</p>
</div><p>Investors are beginning to give Google its due, and if this outperformance continues, Alphabet could supplant Nvidia at the top of the market cap leaderboard. Moreover, at 28 times earnings, Alphabet stock is less expensive than Nvidia, which currently trades at 32 times earnings.</p>
<div class="lb-trans"><p>投资者开始给予谷歌应有的重视，如果这种超越表现持续下去，Alphabet 可能会在市值排行榜上取代 Nvidia。此外，Alphabet 的市盈率为 28 倍，低于 Nvidia 目前的 32 倍市盈率。</p>
</div><p>This gives astute investors the opportunity to buy Alphabet at a discount.</p>
<div class="lb-trans"><p>这为精明的投资者提供了以折扣价购买 Alphabet 的机会。</p>
</div>

Google's 4-Pronged AI Strategy Could Help it Leapfrog Nvidia to Become the World's Most Valuable Company

- Nvidia 在 AI 芯片市场占据领导地位，市值已达 5 万亿美元。
- Google 逐步推出定制芯片 TPUs，并在云端 AI 策略上实现高速增长。
- 两家公司股价涨幅不同，Alphabet 的市场表现提升，可能超越 Nvidia。

Motley Fool

2 倍做多 NVDA ETF - T-Rex

Roundhill GOOGL WeeklyPay ETF

2 倍做空 NVDA ETF - GraniteShares

1.5 倍做空英伟达 ETF - Tradr

1 倍做空谷歌 ETF - Direxion

英伟达期权收益策略 ETF - YieldMax

南方两倍做多英伟达

2 倍做多英伟达 ETF - Direxion

南方两倍做空英伟达

2 倍做多英伟达 ETF - GraniteShares

2 倍做多谷歌 ETF - Direxion

2 倍做空 NVDA ETF - T-Rex

1 倍做空英伟达 ETF - Direxion

YieldMax GOOGL Option Income Strategy ETF

ProShares Ultra NVDA

2 倍做多英伟达 ETF - Leverage Shares

Leverage Shares 2x Cpd Acclrtd NVDAMnETF

NVDA 周配息 ETF - Roundhill

GraniteShares YieldBOOST NVDA ETF

xETFs NVDA Daily Income ETF

半导体 ETF - VanEck Vectors

费城交易所 半导体 ETF - iShares

半导体 3 倍做多 - Direxion

Invesco PHLX Semiconductor ETF

标普半导体 ETF - SPDR

动态半导体 ETF - Invesco

纳斯达克半导体 ETF - First Trust

亚马逊

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NVIDIA Corporation

谷歌的四管齐下的 AI 战略可能帮助其超越 NVIDIA，成为全球市值最高的公司