--- title: "最新加入 2 萬億美元俱樂部的股票現在買入是否為時已晚？" description: "谷歌母公司 Alphabet 的市值已達到 2 萬億美元，使其成為全球僅有的四家達到這一里程碑的公司之一。儘管在廣告行業面臨競爭，但谷歌的核心廣告業務仍然盈利，其運營效率導致利潤率擴大和強勁的現金流。公司在人工智能方面的投資以及與同行的估值相比，使谷歌股票成為一個具有吸引力的購買機會" type: "news" locale: "zh-HK" url: "https://longbridge.com/zh-HK/news/204402406.md" published_at: "2024-05-19T17:23:18.000Z" --- # 最新加入 2 萬億美元俱樂部的股票現在買入是否為時已晚？ > 谷歌母公司 Alphabet 的市值已達到 2 萬億美元，使其成為全球僅有的四家達到這一里程碑的公司之一。儘管在廣告行業面臨競爭，但谷歌的核心廣告業務仍然盈利，其運營效率導致利潤率擴大和強勁的現金流。公司在人工智能方面的投資以及與同行的估值相比，使谷歌股票成為一個具有吸引力的購買機會 There are only seven companies in the world with a market capitalization of at least $1 trillion. Among these businesses, only **Microsoft**, **Apple**, **Nvidia**, and **Alphabet** (GOOG 1.06%) (GOOGL 1.08%) have reached an even more exclusive club. No, I'm not talking about gaining access to the "Magnificent Seven" -- although each of those companies is in that club, too. All four of these tech giants have a market cap of at least $2 trillion, and Alphabet is the newest member to reach that milestone. Following an encouraging first-quarter earnings report, Alphabet's shares have soared as high as 9%. Is it too late for growth investors to scoop up shares in Alphabet since eclipsing a $2 trillion valuation? I don't think so. In fact, now looks like as good a time as ever to scoop up some shares. Let's explore why. ## Don't sleep on the advertising business One of the biggest knocks against Alphabet over the last couple of years is that its core advertising business has been slowing down. Stiff competition from **Meta Platforms**, TikTok, and some smaller players, such as **Pinterest** and **Snap**, have found ways to attract cyclical advertising dollars away from Alphabet. What I think investors are missing is that even though Alphabet's advertising business may not be growing at levels seen in the past, this segment remains enormously profitable for the company. In fact, Alphabet's advertising and services operations account for nearly all the company's operating income -- with cloud computing contributing nominal profitability. GOOGL Revenue (Quarterly) data by YCharts. The chart above demonstrates the growth in Alphabet's operating income relative to revenue. Although Alphabet's revenue has started slowing down a bit, the company is still achieving an impressive level of operating efficiency. This has resulted in significant margin expansion and robust free-cash-flow generation for Alphabet. It's these excess profits that are fueling the next frontier of Alphabet beyond advertising. Image source: Getty Images. ## An end-to-end artificial intelligence platform The hottest ticket in the technology realm right now is artificial intelligence (AI). Over the last year or so, Alphabet has made a number of strategic investments in AI. Namely, the company's generative AI model (called Gemini) is Alphabet's response to the highly popular ChatGPT. Although ChatGPT may have a first-mover advantage, Alphabet has a secret weapon of its own: data. Remember, Alphabet owns Google and YouTube -- the world's top two most visited websites. Alphabet collects an unprecedented amount of data. Considering large language models (LLMs) essentially rely on vast libraries of data, Alphabet has a competitive advantage that will be hard to match. Where Alphabet really has an opportunity to leapfrog the competition is in integrating AI across its entire ecosystem. While Alphabet may be best known for Google and YouTube, keep in mind that the company also has a workplace productivity suite akin to Microsoft Office and a budding cloud computing business that grew 28% just during the first quarter. ## The valuation narrative is compelling The chart below benchmarks the forward price-to-earnings (P/E) ratio among mega-cap tech. Alphabet's forward P/E of 22.6 is the lowest among this cohort. GOOGL PE Ratio (Forward) data by YCharts. PE = price to earnings. Shares in Alphabet rose significantly following first-quarter earnings due to the company's demonstrated growth across the business and the strides it's making in AI. Yet, even after a big upswing, the company is still valued at a noticeable discount compared to most of its peers. It's very possible that many investors are still narrowly focused on advertising revenue and missing the bigger picture: margin expansion, rising cash flow, and how Alphabet reinvests these profits. I think Alphabet stock is dirt cheap right now, and I see the disparity in valuation multiples above as a compelling buying opportunity. Now looks like a lucrative time to take advantage of the current trading activity in Alphabet and scoop up some shares. ### Related Stocks - [GOOG.US - 谷歌-C](https://longbridge.com/zh-HK/quote/GOOG.US.md) - [GOOGL.US - 谷歌-A](https://longbridge.com/zh-HK/quote/GOOGL.US.md) ## Related News & Research | Title | Description | URL | |-------|-------------|-----| | 谷歌高层回应 AI 泡沫质疑：这是工业革命，但速度快 10 倍、规模大 10 倍 | 谷歌 CEO 在印度 AI 峰会上透露谷歌云积压订单已翻倍至 2400 亿美元，以此证明高额资本开支的合理性。DeepMind CEO 预测实现通用人工智能至少仍需 5-10 年。谷歌高层一致认为，AI 将从根本上改变中小企业和科学研究的工 | [Link](https://longbridge.com/zh-HK/news/276440500.md) | | 贝森特和沃什的 “导师”，德鲁肯米勒 Q4“精准” 开仓金融股 ETF、标普等权重 ETF 和巴西 ETF | 科技股方面，德鲁肯米勒 Q4 清仓了 Meta，加仓了谷歌与 Sea。德鲁肯米勒与贝森特、沃什的 “师徒” 关系让市场推测，“德鲁肯米勒经济学”——即反赤字、反通胀、反关税——可能通过贝森特和沃什渗透至政策制定中。 | [Link](https://longbridge.com/zh-HK/news/276214511.md) | | 谷歌突然发布 Gemini 3.1 Pro：核心推理性能直接翻倍 | 谷歌发布了最新的大模型 Gemini 3.1 Pro，其推理性能较去年发布的 Gemini 3 Pro 翻倍。在 ARC-AGI-2 评测中，Gemini 3.1 Pro 得分 77.1%，显示出强大的推理能力。新模型支持多源数据综合和复杂 | [Link](https://longbridge.com/zh-HK/news/276396515.md) | | 特朗普暗示违法征收的关税不退了，美财长称今年关税收入将 “基本保持不变” | 美国总统特朗普暗示不会退还被最高法院裁定违法的关税，预计 2026 年关税收入将保持不变。特朗普计划签署行政令，对全球商品加征 10% 进口关税，取代被推翻的关税。财长贝森特表示，政府将利用替代法律权力维持关税收入，强调国家安全和财政收入不 | [Link](https://longbridge.com/zh-HK/news/276494362.md) | | 沃尔玛四季度财报超预期但盈利指引不及预期，CEO 称 “美国低收入家庭只能勉强维持生计” | 沃尔玛 Q4 营收超预期，新财年盈利指引（每股 2.75-2.85 美元）远低于市场预期的 2.96 美元，显示通胀压力下消费者支出不确定性犹存，拖累股价下跌 1.38%。财报印证 K 型” 分化：高收入家庭驱动增长，低收入群体 “钱包吃紧 | [Link](https://longbridge.com/zh-HK/news/276398633.md) | --- > **免責聲明**：本文內容僅供參考，不構成任何投資建議。