<p>“七大奇迹”——<strong>Nvidia</strong>、<strong>Apple</strong>、<strong>Microsoft</strong>、<strong>Amazon</strong>、<strong>Alphabet</strong>（GOOG +1.58%）（GOOGL +1.29%）、<strong>Meta Platforms</strong> 和 <strong>Tesla</strong>——在过去三年中一直支撑着市场，大多数投资者无论是否有意都至少持有其中一只（多亏了指数基金）。但这七家公司之间的差距越来越大。尽管 Tesla 在汽车行业经历艰难时期，但其市盈率仍超过 100 倍。与此同时，Nvidia 的估值则更为保守，并且处于 人工智能（AI） 建设的中心。而 Apple 在过去一年中在其业务和股票上都在积累势头。</p>
<p>但如果今天你只能选择其中一只，哪一只值得投资？</p>
<p>我认为 Alphabet 应该是首选。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84NzU1MDEvaXMtYWxwaGFiZXQtc3RvY2stYS1idXkuanBnJnc9Mzg0MA?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-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84NzU1MDEvaXMtYWxwaGFiZXQtc3RvY2stYS1idXkuanBnJnc9Mzg0MA"/></p>
<p>图片来源：Getty Images。</p>
<h2>一项强劲的云业务</h2>
<p>大多数人可能仍然将 Alphabet 视为搜索和广告业务。确实如此。但这家公司还有更多的业务。</p>
<p>当然，谷歌搜索和其他广告收入在 2026 年第一季度同比增长 19%，达到 604 亿美元，管理层表示，查询量创下历史新高，因为 AI 功能吸引了用户，而不是将他们推开。</p>
<p>但有一个快速增长且日益重要的业务部分已成为主要催化剂：谷歌云，其 云计算 部门。第一季度云收入同比激增 63%，达到 200 亿美元，增速较前一季度的 48% 有所加快。这个增速快于其两个更大竞争对手在最近一个季度的报告。</p>
<p>此外，谷歌云的营业收入同比大约增长三倍，达到 66 亿美元，该部门的营业利润率从一年前的 17.8% 上升至 32.9%。</p>
<p>而且需求超过了供应。</p>
<p>“如果我们能够满足需求，我们的云收入会更高，” 首席执行官 Sundar Pichai 在第一季度的财报电话会议上表示。</p>
<p>实际上，该部门的积压订单——尚未确认的合同工作——在一个季度内几乎翻了一番，达到 4620 亿美元。</p>
<p>Pichai 将这一优势归因于拥有完整的技术栈。</p>
<p>“我们拥有前沿模型，拥有硅芯片，这确实帮助我们保持领先，” 他在电话会议上表示，并指出 Alphabet 的定制芯片和 Gemini 模型是竞争对手难以复制的组合。</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 股票报价" 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>(1.29%) $4.70</p>
<p>当前价格</p>
<p>$368.49</p>
<h3>关键数据点</h3>
<p>市值</p>
<p>$4.5 万亿</p>
<p>日内区间</p>
<p>$358.69 - $369.46</p>
<p>52 周区间</p>
<p>$162.00 - $408.61</p>
<p>成交量</p>
<p>79.9 万</p>
<p>平均成交量</p>
<p>3000 万</p>
<p>毛利率</p>
<p>60.43%</p>
<p>股息收益率</p>
<p>0.23%</p>
<h2>一个引人注目的机会</h2>
<p>但这个增长故事背后有着高昂的代价。</p>
<p>Alphabet 预计 2026 年的 资本支出——其在数据中心、服务器和网络设备上的支出——将达到 1800 亿到 1900 亿美元，管理层已经表示 2027 年将显著上升。如此规模的账单可能会在未来几年对自由现金流造成压力，只有在云需求持续的情况下才能收回成本。此外，公司对广告的高度依赖在经济疲软时可能会减弱。而对 Alphabet 庞大业务的持续监管审查不太可能消失。</p>
<p>但这正是让我不断回归 Alphabet 而非其他公司的原因。该股票的市盈率约为 28 倍，前瞻市盈率约为 26 倍。</p>
<p>换句话说，你为一家云业务在上个季度增长 63% 且核心搜索业务仍在以高单位数增长的公司支付了市场平均倍数。</p>
<p>这种业务增长速度与其定价之间的差距正是我认为 Alphabet 是七大奇迹中最值得购买的股票的原因。</p>
<p>当然，这种情况可能会改变。竞争对手的几次强劲季度，或者 Alphabet 自身支出纪律的失误，都可能使 Alphabet 变得不那么吸引人。但综合考虑增长、盈利能力和价格，我认为 Alphabet 是今天最值得购买的七大奇迹股票之一。</p>

谷歌-C

谷歌-A

1 倍做空谷歌 ETF - Direxion

GOOW

2 倍做多谷歌 ETF - Direxion

GOOY

2 倍做多谷歌 ETF - T-Rex

GOOP

2 倍做多 MAG7 指数 ETF - Roundhill

<p>这篇文章认为，Alphabet 是 “七大杰出科技股” 中的顶尖 AI 股票，因为其估值相对于增长非常强劲。谷歌云的收入同比激增 63%，达到 200 亿美元，运营收入增长了三倍，这得益于对 AI 基础设施和定制硅片的需求。尽管资本支出高达 1800 亿至 1900 亿美元，以及面临监管风险，但该股票的市盈率约为 28 倍，考虑到其强劲的云业务势头和核心搜索的稳定性，提供了一个引人注目的投资机会</p>

<p>The &#34;Magnificent Seven&#34; -- <strong>Nvidia</strong>, <strong>Apple</strong>, <strong>Microsoft</strong>, <strong>Amazon</strong>, <strong>Alphabet</strong>( GOOG +1.58%)( GOOGL +1.29%), <strong>Meta Platforms</strong>, and <strong>Tesla</strong> -- have carried the market for three years now, and most investors own at least one of them whether they meant to or not (thanks to index funds). But the seven have drifted far apart. Tesla trades at well over 100 times forward earnings, even as it fights its way through a hard stretch in autos. Nvidia, meanwhile, is valued more conservatively and sits at the center of the artificial intelligence (AI) build-out. And Apple is building momentum in both its business and its stock over the last year.</p>
<div class="lb-trans"><p>“七大奇迹”——<strong>Nvidia</strong>、<strong>Apple</strong>、<strong>Microsoft</strong>、<strong>Amazon</strong>、<strong>Alphabet</strong>（GOOG +1.58%）（GOOGL +1.29%）、<strong>Meta Platforms</strong> 和 <strong>Tesla</strong>——在过去三年中一直支撑着市场，大多数投资者无论是否有意都至少持有其中一只（多亏了指数基金）。但这七家公司之间的差距越来越大。尽管 Tesla 在汽车行业经历艰难时期，但其市盈率仍超过 100 倍。与此同时，Nvidia 的估值则更为保守，并且处于 人工智能（AI） 建设的中心。而 Apple 在过去一年中在其业务和股票上都在积累势头。</p>
</div><p>But if you could only add one of them today, which deserves the money?</p>
<div class="lb-trans"><p>但如果今天你只能选择其中一只，哪一只值得投资？</p>
</div><p>I think Alphabet should be a top choice.</p>
<div class="lb-trans"><p>我认为 Alphabet 应该是首选。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84NzU1MDEvaXMtYWxwaGFiZXQtc3RvY2stYS1idXkuanBnJnc9Mzg0MA" alt="Computer servers in a data center." original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F875501%2Fis-alphabet-stock-a-buy.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>A cloud business pulling its weight</h2>
<div class="lb-trans"><h2>一项强劲的云业务</h2>
</div><p>Most people probably still think of Alphabet as a search and advertising business. And it is. But there's more to the business.</p>
<div class="lb-trans"><p>大多数人可能仍然将 Alphabet 视为搜索和广告业务。确实如此。但这家公司还有更多的业务。</p>
</div><p>Sure, Google Search and other advertising revenue rose 19% year over year in the first quarter of 2026 to $60.4 billion, with management saying queries hit an all-time high as AI features pulled people back in rather than pushing them away.</p>
<div class="lb-trans"><p>当然，谷歌搜索和其他广告收入在 2026 年第一季度同比增长 19%，达到 604 亿美元，管理层表示，查询量创下历史新高，因为 AI 功能吸引了用户，而不是将他们推开。</p>
</div><p>But there's a fast-growing and increasingly important part of the business that has become a major catalyst: Google Cloud, its cloud computing segment. First-quarter cloud revenue jumped 63% year over year to $20 billion, an acceleration from the 48% growth it posted just one quarter earlier. That pace is faster than what either of its two larger rivals reported in their most recent quarters.</p>
<div class="lb-trans"><p>但有一个快速增长且日益重要的业务部分已成为主要催化剂：谷歌云，其 云计算 部门。第一季度云收入同比激增 63%，达到 200 亿美元，增速较前一季度的 48% 有所加快。这个增速快于其两个更大竞争对手在最近一个季度的报告。</p>
</div><p>Further, Google Cloud's operating income roughly tripled year over year to $6.6 billion, and the segment's operating margin climbed to 32.9% from 17.8% a year earlier.</p>
<div class="lb-trans"><p>此外，谷歌云的营业收入同比大约增长三倍，达到 66 亿美元，该部门的营业利润率从一年前的 17.8% 上升至 32.9%。</p>
</div><p>And demand is outpacing supply.</p>
<div class="lb-trans"><p>而且需求超过了供应。</p>
</div><p>&#34;Our Cloud revenue would have been higher if we were able to meet the demand,&#34; CEO Sundar Pichai said on the first-quarter earnings call.</p>
<div class="lb-trans"><p>“如果我们能够满足需求，我们的云收入会更高，” 首席执行官 Sundar Pichai 在第一季度的财报电话会议上表示。</p>
</div><p>Indeed, the segment's backlog -- contracted work not yet recognized as revenue -- nearly doubled in a single quarter to $462 billion.</p>
<div class="lb-trans"><p>实际上，该部门的积压订单——尚未确认的合同工作——在一个季度内几乎翻了一番，达到 4620 亿美元。</p>
</div><p>Pichai tied the edge to owning the whole stack.</p>
<div class="lb-trans"><p>Pichai 将这一优势归因于拥有完整的技术栈。</p>
</div><p>&#34;The fact that we own frontier models, own the silicon, really helps us stay ahead of the curve,&#34; he said on the call, pointing to Alphabet's custom chips and its Gemini models as a combination rivals can't easily copy.</p>
<div class="lb-trans"><p>“我们拥有前沿模型，拥有硅芯片，这确实帮助我们保持领先，” 他在电话会议上表示，并指出 Alphabet 的定制芯片和 Gemini 模型是竞争对手难以复制的组合。</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>(1.29%) $4.70</p>
<div class="lb-trans"><p>(1.29%) $4.70</p>
</div><p>Current Price</p>
<div class="lb-trans"><p>当前价格</p>
</div><p>$368.49</p>
<div class="lb-trans"><p>$368.49</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>$4.5T</p>
<div class="lb-trans"><p>$4.5 万亿</p>
</div><p>Day's Range</p>
<div class="lb-trans"><p>日内区间</p>
</div><p>$358.69 - $369.46</p>
<div class="lb-trans"><p>$358.69 - $369.46</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>799K</p>
<div class="lb-trans"><p>79.9 万</p>
</div><p>Avg Vol</p>
<div class="lb-trans"><p>平均成交量</p>
</div><p>30M</p>
<div class="lb-trans"><p>3000 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>0.23%</p>
<div class="lb-trans"><p>0.23%</p>
</div><h2>A compelling opportunity</h2>
<div class="lb-trans"><h2>一个引人注目的机会</h2>
</div><p>But there's a steep cost behind this growth story.</p>
<div class="lb-trans"><p>但这个增长故事背后有着高昂的代价。</p>
</div><p>Alphabet expects 2026 capital expenditures -- its spending on data centers, servers, and networking gear -- of $180 billion to $190 billion, and management has already said 2027 will rise meaningfully from there. A bill that size could pressure free cash flow for years, and it only pays off if the cloud demand behind it holds. There's also the company's heavy reliance on advertising, which could soften in a weak economy. And ongoing regulatory scrutiny over Alphabet's sprawling operations is unlikely to disappear.</p>
<div class="lb-trans"><p>Alphabet 预计 2026 年的 资本支出——其在数据中心、服务器和网络设备上的支出——将达到 1800 亿到 1900 亿美元，管理层已经表示 2027 年将显著上升。如此规模的账单可能会在未来几年对自由现金流造成压力，只有在云需求持续的情况下才能收回成本。此外，公司对广告的高度依赖在经济疲软时可能会减弱。而对 Alphabet 庞大业务的持续监管审查不太可能消失。</p>
</div><p>But here is what keeps pulling me back to Alphabet over the rest of the group. The stock trades at about 28 times earnings and roughly 26 times forward earnings.</p>
<div class="lb-trans"><p>但这正是让我不断回归 Alphabet 而非其他公司的原因。该股票的市盈率约为 28 倍，前瞻市盈率约为 26 倍。</p>
</div><p>In other words, you're paying a market-average multiple for a company whose cloud arm grew 63% last quarter and whose core search business is still growing at a high-teens clip.</p>
<div class="lb-trans"><p>换句话说，你为一家云业务在上个季度增长 63% 且核心搜索业务仍在以高单位数增长的公司支付了市场平均倍数。</p>
</div><p>That gap between how fast the business is moving and how cheaply it's priced is exactly why I think Alphabet is one of the best Magnificent Seven stocks to buy.</p>
<div class="lb-trans"><p>这种业务增长速度与其定价之间的差距正是我认为 Alphabet 是七大奇迹中最值得购买的股票的原因。</p>
</div><p>Of course, this could change. A few strong quarters from a rival, or a stumble in Alphabet's own spending discipline, could make Alphabet less attractive. But weighing growth, profitability, and price together, I think Alphabet is a top Magnificent Seven stock to buy today.</p>
<div class="lb-trans"><p>当然，这种情况可能会改变。竞争对手的几次强劲季度，或者 Alphabet 自身支出纪律的失误，都可能使 Alphabet 变得不那么吸引人。但综合考虑增长、盈利能力和价格，我认为 Alphabet 是今天最值得购买的七大奇迹股票之一。</p>
</div>

Is Alphabet the Best "Magnificent Seven" AI Stock?

- "壮丽七杰"中的 Alphabet 在云计算业务中实现了 63% 的收入增长。  
- 谷歌云的运营收入年比年增长三倍，需求超过供应。  
- 尽管面临支出压力，Alphabet 的估值仍然具有吸引力。

Alphabet 是 “七大奇迹” AI 股票中最好的选择吗？