<p>去年，沃伦·巴菲特纠正了他之前的一个投资错误。他在承认后悔没有更早买入股票几年后，开始在谷歌母公司 <strong>Alphabet</strong>（GOOG 2.19%）（GOOGL 1.73%）中建立了一个相当大的头寸。</p>
<p>在巴菲特于 2025 年底辞去伯克希尔哈撒韦（BRKA +1.82%）（BRKB +2.08%）首席执行官职务后，他的继任者格雷格·阿贝尔将该集团在 Alphabet 的股份增加了三倍多。该股票现在是伯克希尔的第五大持股。</p>
<p>但是，谷歌的股票在过去几周下跌了两位数。巴菲特和阿贝尔是否担心他们买入股票是个错误？我认为不是。如果你持有 Alphabet 的股票，这里有几个理由说明你也不必担心。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84NzYzNTcvZGlub3NhdXItc2tlbGV0b24td2l0aC1nb29nbGUtbG9nby1oYW5kaW5nLWZyb20tbW91dGhfYWxwaGFiZXRfZ29vZ2xlLmpwZyZ3PTM4NDA?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" width="2000" height="1200" original-src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84NzYzNTcvZGlub3NhdXItc2tlbGV0b24td2l0aC1nb29nbGUtbG9nby1oYW5kaW5nLWZyb20tbW91dGhfYWxwaGFiZXRfZ29vZ2xlLmpwZyZ3PTM4NDA"/></p>
<p>图片来源：Getty Images。</p>
<h2>为什么股票的下跌并不可怕</h2>
<p>有三个因素解释了 Alphabet 自 5 月以来的下跌。在我看来，这些因素对投资者来说并不可怕。</p>
<p>首先，Alphabet 的第一季度更新显示计划资本支出再次显著增加。该公司为 2026 年全年的资本支出提供了 1800 亿到 1900 亿美元的指导。一些投资者对 Alphabet 和其他科技巨头在人工智能（AI）基础设施上的高额支出感到紧张。</p>
<p>其次（与第一个因素相关），Alphabet 在 6 月宣布通过私募股权发行筹集 80 亿美元。该公司表示，这些发行是 “为满足前所未有的客户需求而资助其世界级 AI 计算基础设施投资计划” 的一部分。</p>
<p>第三，上周两位高管的离职导致股票经历了一年来最糟糕的一天。谷歌工程副总裁、Gemini AI 模型的领导者之一诺姆·沙泽尔宣布他将离开，加入 OpenAI。两天后，谷歌 DeepMind 副总裁兼工程研究员约翰·贾姆珀宣布他将离开，加入 Anthropic。贾姆珀与谷歌 DeepMind 首席执行官德米斯·哈萨比斯共同获得诺贝尔奖，以表彰他们开发的 AlphaFold，这是一个预测蛋白质结构的 AI 系统。</p>
<p>Alphabet 和谷歌的首席财务官阿纳特·阿什肯纳齐在第一季度更新中表示，公司继续看到 “对 AI 计算资源的前所未有的内部和外部需求。” 阿什肯纳齐指出，AI 基础设施的投资正在推动创纪录的收入和积压增长。</p>
<p>那么，关键 AI 领导者的离职呢？这确实有些令人担忧。然而，这种 “椅子音乐” 在行业中是很常见的。Alphabet 仍然拥有大量的 AI 人才和招募更多人的资金。</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" 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>(-1.73%) $-5.95</p>
<p>当前价格</p>
<p>$337.76</p>
<h3>关键数据点</h3>
<p>市值</p>
<p>$4.1 万亿</p>
<p>日内区间</p>
<p>$334.73 - $346.36</p>
<p>52 周区间</p>
<p>$172.77 - $408.61</p>
<p>成交量</p>
<p>190 万</p>
<p>平均成交量</p>
<p>3180 万</p>
<p>毛利率</p>
<p>60.43%</p>
<p>股息收益率</p>
<p>0.25%</p>
<h2>巴菲特和阿贝尔并不担心</h2>
<p>我毫不怀疑，巴菲特和阿贝尔都不会因为 Alphabet 最近的抛售而失眠。首先，阿贝尔领导了伯克希尔对 Alphabet 额外 100 亿美元投资的行动，这部分资金来自私募股权。如果他对 Alphabet 在 AI 基础设施上的支出有任何顾虑，他绝不会承诺如此大额的伯克希尔资本。</p>
<p>重要的是要记住巴菲特对股票下跌的看法。在伯克希尔哈撒韦 2010 年年度股东大会上，他说：“如果你有一种性格，当其他人感到恐惧时你也会感到害怕，那么，你知道，你在证券市场上很可能不会赚很多钱。”</p>
<p>更重要的是，这位传奇投资者给出了一个截然相反的观点。他表示，一些投资者买入股票后会 “认为如果它上涨就很好，如果它下跌就不好。” 巴菲特解释道：“我们认为正好相反。当它下跌时，我们喜欢它，因为我们会买更多。如果它上涨，买更多就让我们感到痛苦。”</p>
<h2>长期投资者的机会</h2>
<p>和往常一样，巴菲特是对的。优秀公司的股价回调为长期投资者提供了绝佳的买入机会。而 Alphabet 仍然是一家优秀的公司。</p>
<p>谷歌云的创纪录积压提供了良好的收入可见性。谷歌搜索继续增长，生成式 AI 成为助力，而不是一些人预测的 “谷歌杀手”。Waymo 是自动驾驶打车的领导者。Alphabet 现在甚至成为了 道琼斯工业平均指数(^DJI 0.09%) 的一部分，反映出它对美国经济的重要性。</p>
<p>如果伯克希尔下一个 13-F 文件显示该集团利用 Alphabet 的下跌增持更多股份，也不要感到惊讶。毕竟，这就是沃伦·巴菲特的方式。</p>

谷歌-C

谷歌-A

伯克希尔哈撒韦-B

<p>尽管由于高额的人工智能资本支出、800 亿美元的股权融资以及关键高管的离职，Alphabet 的股票下跌了两位数，但沃伦·巴菲特和接班人格雷格·阿贝尔依然充满信心。阿贝尔将伯克希尔哈撒韦的股份增加了三倍，认为此次下跌是与巴菲特的逆向投资哲学一致的买入机会。文章认为，强劲的云计算订单积压、搜索增长以及 Waymo 的领导地位使 Alphabet 成为一个稳健的长期投资</p>

<p>Last year, Warren Buffett corrected one of his previous investing mistakes. He initiated a sizable position in Google parent <strong>Alphabet</strong>( GOOG 2.19%)( GOOGL 1.73%), several years after admitting that he regretted not buying the stock earlier.</p>
<div class="lb-trans"><p>去年，沃伦·巴菲特纠正了他之前的一个投资错误。他在承认后悔没有更早买入股票几年后，开始在谷歌母公司 <strong>Alphabet</strong>（GOOG 2.19%）（GOOGL 1.73%）中建立了一个相当大的头寸。</p>
</div><p>After Buffett stepped down as Berkshire Hathaway's ( BRKA +1.82%)( BRKB +2.08%) CEO at the end of 2025, his successor, Greg Abel, more than tripled the conglomerate's stake in Alphabet. The stock now ranks as Berkshire's fifth-largest holding.</p>
<div class="lb-trans"><p>在巴菲特于 2025 年底辞去伯克希尔哈撒韦（BRKA +1.82%）（BRKB +2.08%）首席执行官职务后，他的继任者格雷格·阿贝尔将该集团在 Alphabet 的股份增加了三倍多。该股票现在是伯克希尔的第五大持股。</p>
</div><p>But Google's stock has fallen by double digits over the past few weeks. Are Buffett and Abel worried that they made a mistake buying the stock? I don't think so. If you own shares of Alphabet, here's why you shouldn't be worried, either.</p>
<div class="lb-trans"><p>但是，谷歌的股票在过去几周下跌了两位数。巴菲特和阿贝尔是否担心他们买入股票是个错误？我认为不是。如果你持有 Alphabet 的股票，这里有几个理由说明你也不必担心。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84NzYzNTcvZGlub3NhdXItc2tlbGV0b24td2l0aC1nb29nbGUtbG9nby1oYW5kaW5nLWZyb20tbW91dGhfYWxwaGFiZXRfZ29vZ2xlLmpwZyZ3PTM4NDA" alt="Google logo in front of a dinosaur fossil and people in the background." original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F876357%2Fdinosaur-skeleton-with-google-logo-handing-from-mouth_alphabet_google.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>Why the stock's decline isn't really scary</h2>
<div class="lb-trans"><h2>为什么股票的下跌并不可怕</h2>
</div><p>Three factors explain Alphabet's decline since May. None of them should be scary to investors, in my opinion.</p>
<div class="lb-trans"><p>有三个因素解释了 Alphabet 自 5 月以来的下跌。在我看来，这些因素对投资者来说并不可怕。</p>
</div><p>First, Alphabet's first-quarter update revealed another significant increase in planned capital expenditures. The company provided capex guidance of $180 billion to $190 billion for full-year 2026. Some investors have become jittery over the sky-high spending on artificial intelligence (AI) infrastructure by Alphabet and other tech giants.</p>
<div class="lb-trans"><p>首先，Alphabet 的第一季度更新显示计划资本支出再次显著增加。该公司为 2026 年全年的资本支出提供了 1800 亿到 1900 亿美元的指导。一些投资者对 Alphabet 和其他科技巨头在人工智能（AI）基础设施上的高额支出感到紧张。</p>
</div><p>Second (and related to the first factor), Alphabet announced in June that it was raising $80 billion through private placement equity offerings. The company said that these offerings are part of the plan &#34;to fund investments in its world-class AI compute infrastructure to meet its unprecedented customer demand.&#34;</p>
<div class="lb-trans"><p>其次（与第一个因素相关），Alphabet 在 6 月宣布通过私募股权发行筹集 80 亿美元。该公司表示，这些发行是 “为满足前所未有的客户需求而资助其世界级 AI 计算基础设施投资计划” 的一部分。</p>
</div><p>Third, two high-profile defections last week caused the stock to experience its worst day in more than a year. Noam Shazeer, Google's vice president of engineering and one of the leaders of the Gemini AI models, announced he was leaving to join OpenAI. Two days later, Google DeepMind vice president and engineering fellow John Jumper announced that he was leaving to join Anthropic. Jumper received a Nobel Prize with Google DeepMind CEO Demis Hassabis for developing AlphaFold, an AI system that predicts protein structures.</p>
<div class="lb-trans"><p>第三，上周两位高管的离职导致股票经历了一年来最糟糕的一天。谷歌工程副总裁、Gemini AI 模型的领导者之一诺姆·沙泽尔宣布他将离开，加入 OpenAI。两天后，谷歌 DeepMind 副总裁兼工程研究员约翰·贾姆珀宣布他将离开，加入 Anthropic。贾姆珀与谷歌 DeepMind 首席执行官德米斯·哈萨比斯共同获得诺贝尔奖，以表彰他们开发的 AlphaFold，这是一个预测蛋白质结构的 AI 系统。</p>
</div><p>Anat Askkenazi, CFO of Alphabet and Google, said in the Q1 update that the company continues to see &#34;unprecedented internal and external demand for AI compute resources.&#34; Ashkenazi pointed out that investments in AI infrastructure are driving record revenue and backlog growth.</p>
<div class="lb-trans"><p>Alphabet 和谷歌的首席财务官阿纳特·阿什肯纳齐在第一季度更新中表示，公司继续看到 “对 AI 计算资源的前所未有的内部和外部需求。” 阿什肯纳齐指出，AI 基础设施的投资正在推动创纪录的收入和积压增长。</p>
</div><p>What about the departures of key AI leaders? It is somewhat concerning. However, this kind of musical chairs is commonplace in the industry. Alphabet still has a huge level of AI talent and the money to recruit more people.</p>
<div class="lb-trans"><p>那么，关键 AI 领导者的离职呢？这确实有些令人担忧。然而，这种 “椅子音乐” 在行业中是很常见的。Alphabet 仍然拥有大量的 AI 人才和招募更多人的资金。</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>(-1.73%) $-5.95</p>
<div class="lb-trans"><p>(-1.73%) $-5.95</p>
</div><p>Current Price</p>
<div class="lb-trans"><p>当前价格</p>
</div><p>$337.76</p>
<div class="lb-trans"><p>$337.76</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>$4.1T</p>
<div class="lb-trans"><p>$4.1 万亿</p>
</div><p>Day's Range</p>
<div class="lb-trans"><p>日内区间</p>
</div><p>$334.73 - $346.36</p>
<div class="lb-trans"><p>$334.73 - $346.36</p>
</div><p>52wk Range</p>
<div class="lb-trans"><p>52 周区间</p>
</div><p>$172.77 - $408.61</p>
<div class="lb-trans"><p>$172.77 - $408.61</p>
</div><p>Volume</p>
<div class="lb-trans"><p>成交量</p>
</div><p>1.9M</p>
<div class="lb-trans"><p>190 万</p>
</div><p>Avg Vol</p>
<div class="lb-trans"><p>平均成交量</p>
</div><p>31.8M</p>
<div class="lb-trans"><p>3180 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>0.25%</p>
<div class="lb-trans"><p>0.25%</p>
</div><h2>Buffett and Abel aren't worried</h2>
<div class="lb-trans"><h2>巴菲特和阿贝尔并不担心</h2>
</div><p>I have no doubt whatsoever that neither Buffett nor Abel is losing sleep over the factors behind Alphabet's recent sell-off. For one thing, Abel led the charge for Berkshire's additional $10 billion investment in Alphabet that was part of the private placement. If he had any qualms about Alphabet spending more on AI infrastructure, he would never have committed such a significant amount of Berkshire's capital.</p>
<div class="lb-trans"><p>我毫不怀疑，巴菲特和阿贝尔都不会因为 Alphabet 最近的抛售而失眠。首先，阿贝尔领导了伯克希尔对 Alphabet 额外 100 亿美元投资的行动，这部分资金来自私募股权。如果他对 Alphabet 在 AI 基础设施上的支出有任何顾虑，他绝不会承诺如此大额的伯克希尔资本。</p>
</div><p>It's important to remember Buffett's perspective on stock declines. At Berkshire Hathaway's 2010 annual shareholder meeting, he said, &#34;If you have a temperament that when others are fearful you're going to get scared yourself, you know, you are not going to make a lot of money in securities over time, in all probability.&#34;</p>
<div class="lb-trans"><p>重要的是要记住巴菲特对股票下跌的看法。在伯克希尔哈撒韦 2010 年年度股东大会上，他说：“如果你有一种性格，当其他人感到恐惧时你也会感到害怕，那么，你知道，你在证券市场上很可能不会赚很多钱。”</p>
</div><p>What's more, the legendary investor gave a decidedly contrarian opinion. He stated that some investors buy a stock and then &#34;think if it goes up it's wonderful, and if it goes down it's bad.&#34; Buffett explained, &#34;We think just the opposite. When it goes down, we love it, because we'll buy more. And if it goes up, it kills us to buy more.&#34;</p>
<div class="lb-trans"><p>更重要的是，这位传奇投资者给出了一个截然相反的观点。他表示，一些投资者买入股票后会 “认为如果它上涨就很好，如果它下跌就不好。” 巴菲特解释道：“我们认为正好相反。当它下跌时，我们喜欢它，因为我们会买更多。如果它上涨，买更多就让我们感到痛苦。”</p>
</div><h2>An opportunity for long-term investors</h2>
<div class="lb-trans"><h2>长期投资者的机会</h2>
</div><p>As usual, Buffett was right. A pullback in a wonderful company's share price presents an excellent buying opportunity for long-term investors. And Alphabet remains a wonderful company.</p>
<div class="lb-trans"><p>和往常一样，巴菲特是对的。优秀公司的股价回调为长期投资者提供了绝佳的买入机会。而 Alphabet 仍然是一家优秀的公司。</p>
</div><p>The record Google Cloud backlog provides excellent revenue visibility. Google Search continues to grow, with generative AI serving as a tailwind rather than the &#34;Google killer&#34; some predicted. Waymo is the leader in autonomous ride-hailing. Alphabet is even now part of the Dow Jones Industrial Average( ^DJI 0.09%), reflecting how important it has become to the U.S. economy.</p>
<div class="lb-trans"><p>谷歌云的创纪录积压提供了良好的收入可见性。谷歌搜索继续增长，生成式 AI 成为助力，而不是一些人预测的 “谷歌杀手”。Waymo 是自动驾驶打车的领导者。Alphabet 现在甚至成为了 道琼斯工业平均指数(^DJI 0.09%) 的一部分，反映出它对美国经济的重要性。</p>
</div><p>Don't be surprised if Berkshire's next 13-F filing reveals that the conglomerate took advantage of Alphabet's decline to load up on more shares. After all, that's the Warren Buffett way.</p>
<div class="lb-trans"><p>如果伯克希尔下一个 13-F 文件显示该集团利用 Alphabet 的下跌增持更多股份，也不要感到惊讶。毕竟，这就是沃伦·巴菲特的方式。</p>
</div>

Google Stock Is Down Double Digits. Warren Buffett and Greg Abel Aren't Worried -- and Here's Why You Shouldn't Be Either.

- 巴菲特去年纠正了对谷歌母公司字母表的投资错误。  
- 字母表的股票因高开支和领导离职下跌，但长远前景依然良好。  
- 巴菲特及阿贝尔对此并不担忧，反而视为长期投资机会。

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伯克希尔哈撒韦-A

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1 倍做空谷歌 ETF - Direxion

Roundhill BRKB WeeklyPay ETF

YieldMax BRK.B Option Income Stgy ETF

南方两倍做多伯克希尔

Roundhill GOOGL WeeklyPay ETF

YieldMax GOOGL Option Income Strategy ETF

GraniteShares 2x Long GOOGL Daily ETF

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2 倍做多 MAG7 指数 ETF - Roundhill

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道琼斯指数

谷歌股票下跌超过 10%。沃伦·巴菲特和格雷格·阿贝尔对此并不担心——这也是你不必担心的原因