<p>無論你喜歡還是不喜歡她的政治立場，前眾議院議長、現任眾議員南希·佩洛西（Nancy Pelosi）證明了自己是一位出色的投資者。她，或者説做出投資決策的人，尤其在投資科技股方面有着獨特的眼光。</p>
<p>本月早些時候，佩洛西出售了 <strong>蘋果</strong> 的股票，同時購買了 <strong>亞馬遜</strong>（AMZN 0.17%）和 <strong>谷歌</strong>（GOOGL -0.20%）（GOOG -0.23%）的股票。兩項新投資都是以看漲期權的形式進行的，這使投資者有權在未來以特定的行權價購買股票。在這兩種情況下，看漲期權都是有利可圖的，這意味着股票價格目前高於行權價。</p>
<p>看漲期權的風險遠高於直接購買股票，因為如果股票價格在期權到期時低於期權價格，看漲期權可能會變得一文不值。有利可圖的期權相對風險較小，因為在投資時股票價格已經高於行權價。然而，這仍然是一種更具槓桿性和風險的投資。</p>
<p>在她的投資組合中，佩洛西以 150 美元的行權價購買了 50 份谷歌和亞馬遜的看漲期權，期權將在 2026 年 1 月到期。每個頭寸的價值將在 250,000 美元到 500,000 美元之間。</p>
<p>投資者是否應該效仿，購買這兩隻股票？</p>
<h2>谷歌</h2>
<p>鑑於谷歌最近輸掉了美國政府提起的反壟斷訴訟，佩洛西在該公司的期權投資無疑會引起一些關注。然而，也可以説，無論是單獨估值還是拆分後，谷歌的估值都被低估了。</p>
<p>該公司有多個業務，如果作為獨立股票交易，可能會以更高的估值進行交易。首先是其快速增長的雲計算部門——谷歌雲。雲計算非常火熱，該領域沒有純粹的競爭者。谷歌雲部門上個季度的收入增長了 35%，因為客户急需其服務來幫助他們構建自己的人工智能（AI）模型和應用程序。</p>
<p>該部門還擁有自己開發的 AI 芯片，得益於 <strong>博通</strong> 的幫助，這使得成本降低，推理處理時間縮短。隨着該部門最近經歷了一個巨大的盈利拐點（其營業收入從上個季度的 2.66 億美元激增至 19.5 億美元），這一業務作為獨立單位將會被高度重視。</p>
<p>與此同時，谷歌還有兩個新興業務，分別是量子計算和機器人出租車。雖然這兩者目前尚未盈利，但它們在未來具有強大的潛在上升空間，並且這兩個業務在該領域都是領先者。在谷歌內部，它們更像是長期看漲期權，但作為獨立實體，它們可能會獲得不錯的溢價。</p>
<p>當然，投資谷歌的投資者還可以獲得其核心的谷歌搜索、YouTube 和廣告技術業務。這些都是非常有價值的市場領先業務。反壟斷處罰的結果仍然未知，但隨着唐納德·特朗普總統的上任，可能會為大型科技公司創造一個更有利的監管環境。</p>
<p>以大約 19 倍的前瞻市盈率（P/E）交易，這隻股票看起來很划算，我會考慮買入。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MDQ5MDUvZ2V0dHlpbWFnZXMtMTgwOTY2MDE0OC5qcGcmdz03MDA?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MDQ5MDUvZ2V0dHlpbWFnZXMtMTgwOTY2MDE0OC5qcGcmdz03MDA"/></p>
<p>圖片來源：Getty Images。</p>
<h2>亞馬遜</h2>
<p>谷歌和亞馬遜有一些共同點。其中一個重要的共同點，可能解釋了佩洛西的投資，是它們都是大型雲計算公司。亞馬遜的 AWS 在該領域的市場份額領先，達到了 31%。AWS 也是該公司盈利能力最大的業務，並且是增長最快的部門，上個季度收入增長了 19%。</p>
<p>如果佩洛西對雲計算持樂觀態度，亞馬遜是一個不錯的投資選擇。與谷歌類似，該公司正在獲得客户的強勁需求，他們希望構建自己的 AI 模型和應用程序。同時，其 BedRock 服務提供了可以在此過程中定製的基礎模型，而其 SageMaker 平台則幫助訓練並將這些模型投入生產。亞馬遜還利用一些來自 <strong>Marvel</strong> 的知識產權開發了自己的 AI 芯片。</p>
<p>除了雲計算，亞馬遜與谷歌一樣，也是領先的數字廣告公司。這主要來自於其平台上的贊助廣告。這是一個增長迅速、利潤率高的業務。當然，亞馬遜還是全球領先的電子商務和物流公司。它正在利用 AI 來幫助客户和賣家，以及在物流和倉儲方面。</p>
<p>亞馬遜被證明是一家非常創新的公司，願意大手筆投資以獲得豐厚回報，因此在 AI 成為一個重大機會的情況下，我不會低估這家公司。作為雲計算和電子商務的領導者，亞馬遜的未來依然光明。該股票目前的前瞻市盈率低於 31 倍，基於歷史倍數來看，這是一個合理的估值。</p>
<p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/b41ca7ca9f58ea962c223e950ed9c8af.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/b41ca7ca9f58ea962c223e950ed9c8af.png"/></p>
<p>GOOGL 市盈率（前瞻 1 年）數據來源於 YCharts</p>
<p>總體而言，我認為谷歌和亞馬遜都是強大的市場領導者，投資者可以長期持有。然而，期權交易可能是一項極具風險的投資，因此我不建議個人投資者購買這些股票的期權。</p>

谷歌-A

谷歌-C

亞馬遜

<p>前眾議院議長南希·佩洛西在科技股方面進行了顯著投資，最近購買了亞馬遜和谷歌的看漲期權，同時出售了蘋果的股票。每項投資涉及 50 份行權價為 150 美元的看漲期權，價值在 25 萬美元到 50 萬美元之間。分析師認為這兩家公司被低估，尤其是谷歌，其雲計算業務正在增長，並在量子計算方面具有潛力。亞馬遜作為雲計算和電子商務的領導者，在人工智能和數字廣告方面也顯示出強勁的增長。投資者可能會考慮跟隨佩洛西在這些股票上的投資</p>

<p>Whether you like or dislike her politics, one thing former House Speaker and current Rep. Nancy Pelosi has proven to be is a great investor. She, or whoever is making her investment decisions, has had a knack especially when it comes to investing in technology stocks.</p>
<div class="lb-trans"><p>無論你喜歡還是不喜歡她的政治立場，前眾議院議長、現任眾議員南希·佩洛西（Nancy Pelosi）證明了自己是一位出色的投資者。她，或者説做出投資決策的人，尤其在投資科技股方面有着獨特的眼光。</p>
</div><p>Earlier this month, it was disclosed that Pelosi sold shares of <strong>Apple</strong> while buying positions in <strong>Amazon</strong>(AMZN 0.17%) and <strong>Alphabet</strong>(GOOGL -0.20%)(GOOG -0.23%). Both new investments were done in the form of call options, which give investors the right to buy a stock in the future at a certain strike price. In both cases the call options were in the money, which means the stock prices are currently above the strike prices.</p>
<div class="lb-trans"><p>本月早些時候，佩洛西出售了 <strong>蘋果</strong> 的股票，同時購買了 <strong>亞馬遜</strong>（AMZN 0.17%）和 <strong>谷歌</strong>（GOOGL -0.20%）（GOOG -0.23%）的股票。兩項新投資都是以看漲期權的形式進行的，這使投資者有權在未來以特定的行權價購買股票。在這兩種情況下，看漲期權都是有利可圖的，這意味着股票價格目前高於行權價。</p>
</div><p>Call options are considerably more risky than just buying a stock, as call options can become worthless if the price of the stock is below the option price when the option expires. In the money options can be a little less risky since the stock price is already above the strike price when the investment is made. However, this is still a more leveraged and risky investment.</p>
<div class="lb-trans"><p>看漲期權的風險遠高於直接購買股票，因為如果股票價格在期權到期時低於期權價格，看漲期權可能會變得一文不值。有利可圖的期權相對風險較小，因為在投資時股票價格已經高於行權價。然而，這仍然是一種更具槓桿性和風險的投資。</p>
</div><p>For her portfolio, Pelosi bought 50 call options of both Alphabet and Amazon at a $150 strike price expiring in January 2026. Each position would be valued at between $250,000 and $500,000.</p>
<div class="lb-trans"><p>在她的投資組合中，佩洛西以 150 美元的行權價購買了 50 份谷歌和亞馬遜的看漲期權，期權將在 2026 年 1 月到期。每個頭寸的價值將在 250,000 美元到 500,000 美元之間。</p>
</div><p>Should investors follow suit and buy the two stocks?</p>
<div class="lb-trans"><p>投資者是否應該效仿，購買這兩隻股票？</p>
</div><h2>Alphabet</h2>
<div class="lb-trans"><h2>谷歌</h2>
</div><p>Given that Alphabet recently lost an antitrust lawsuit filed by the U.S. government, Pelosi's options investment in the company could certainly raise some eyebrows. However, it can also be argued that Alphabet is undervalued whether on a stand-alone basis or broken up.</p>
<div class="lb-trans"><p>鑑於谷歌最近輸掉了美國政府提起的反壟斷訴訟，佩洛西在該公司的期權投資無疑會引起一些關注。然而，也可以説，無論是單獨估值還是拆分後，谷歌的估值都被低估了。</p>
</div><p>The company has a number of businesses that would likely trade at higher valuations as stand-alone stocks. First and foremost is its fast-growing cloud unit, Google Cloud. Cloud computing is very hot and there is no pure play in the space. Alphabet's Google Cloud segment grew its revenue by 35% last quarter as customers have clamored for its services to help them build out their own artificial intelligence (AI) models and applications.</p>
<div class="lb-trans"><p>該公司有多個業務，如果作為獨立股票交易，可能會以更高的估值進行交易。首先是其快速增長的雲計算部門——谷歌雲。雲計算非常火熱，該領域沒有純粹的競爭者。谷歌雲部門上個季度的收入增長了 35%，因為客户急需其服務來幫助他們構建自己的人工智能（AI）模型和應用程序。</p>
</div><p>The segment also has its own AI chip that it developed with the help of <strong>Broadcom</strong> that it credited with reducing costs and lowering inference processing times. With the unit recently seeing a big profitability inflection point (its operating income surged from $266 million to $1.95 billion last quarter), this business would be highly valued as a stand-alone unit.</p>
<div class="lb-trans"><p>該部門還擁有自己開發的 AI 芯片，得益於 <strong>博通</strong> 的幫助，這使得成本降低，推理處理時間縮短。隨着該部門最近經歷了一個巨大的盈利拐點（其營業收入從上個季度的 2.66 億美元激增至 19.5 億美元），這一業務作為獨立單位將會被高度重視。</p>
</div><p>Meanwhile, Alphabet has two emerging businesses with quantum computing and robotaxis. While neither are profitable yet, they offer strong potential upside in the future and both businesses are leaders in the space. Within Alphabet, they are more like long-dated call options, but they would likely get a nice premium as separate entities.</p>
<div class="lb-trans"><p>與此同時，谷歌還有兩個新興業務，分別是量子計算和機器人出租車。雖然這兩者目前尚未盈利，但它們在未來具有強大的潛在上升空間，並且這兩個業務在該領域都是領先者。在谷歌內部，它們更像是長期看漲期權，但作為獨立實體，它們可能會獲得不錯的溢價。</p>
</div><p>Then of course with Alphabet investors are also getting its core Google search, YouTube, and adtech businesses as well. These are all very valuable market-leading businesses. What happens with the antitrust penalties is still an unknown, but with President Donald Trump now in office it could possibly be a more favorable regulatory environment for big tech companies.</p>
<div class="lb-trans"><p>當然，投資谷歌的投資者還可以獲得其核心的谷歌搜索、YouTube 和廣告技術業務。這些都是非常有價值的市場領先業務。反壟斷處罰的結果仍然未知，但隨着唐納德·特朗普總統的上任，可能會為大型科技公司創造一個更有利的監管環境。</p>
</div><p>Trading at a forward price-to-earnings (P/E) ratio of about 19 times, the stock looks like a bargain and I'd be a buyer.</p>
<div class="lb-trans"><p>以大約 19 倍的前瞻市盈率（P/E）交易，這隻股票看起來很划算，我會考慮買入。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MDQ5MDUvZ2V0dHlpbWFnZXMtMTgwOTY2MDE0OC5qcGcmdz03MDA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F804905%2Fgettyimages-1809660148.jpg&amp;op=resize&amp;w=700"/></p>
<p>Image source: Getty Images.</p>
<div class="lb-trans"><p>圖片來源：Getty Images。</p>
</div><h2>Amazon</h2>
<div class="lb-trans"><h2>亞馬遜</h2>
</div><p>Alphabet and Amazon share a few things in common. One big one, which could account for Pelosi's investments, is that they are both big cloud computing companies. Amazon's AWS is the market share leader in the space with a 31% share. AWS is also the company's largest business by profitability and its fastest-growing segment, with revenue jumping 19% last quarter.</p>
<div class="lb-trans"><p>谷歌和亞馬遜有一些共同點。其中一個重要的共同點，可能解釋了佩洛西的投資，是它們都是大型雲計算公司。亞馬遜的 AWS 在該領域的市場份額領先，達到了 31%。AWS 也是該公司盈利能力最大的業務，並且是增長最快的部門，上個季度收入增長了 19%。</p>
</div><p>If Pelosi is bullish on cloud computing, Amazon is a good investment option. Similar to Alphabet, the company is seeing strong uptake from customers looking to build out their own AI models and applications. Meanwhile, its BedRock service offers foundational models that can be customized in this pursuit, while its SageMaker platform helps train and move these models into production. Amazon also developed its own AI chips using some intellectual property from <strong>Marvel</strong>.</p>
<div class="lb-trans"><p>如果佩洛西對雲計算持樂觀態度，亞馬遜是一個不錯的投資選擇。與谷歌類似，該公司正在獲得客户的強勁需求，他們希望構建自己的 AI 模型和應用程序。同時，其 BedRock 服務提供了可以在此過程中定製的基礎模型，而其 SageMaker 平台則幫助訓練並將這些模型投入生產。亞馬遜還利用一些來自 <strong>Marvel</strong> 的知識產權開發了自己的 AI 芯片。</p>
</div><p>Outside of the cloud, like Alphabet Amazon is also a leading digital advertising company. This largely comes from sponsored ads on its platform. This is a growing, high-margin business. And of course, Amazon is the world's leading e-commerce and logistics company. It's using AI to help both customers and sellers, as well as with logistics and warehousing.</p>
<div class="lb-trans"><p>除了雲計算，亞馬遜與谷歌一樣，也是領先的數字廣告公司。這主要來自於其平台上的贊助廣告。這是一個增長迅速、利潤率高的業務。當然，亞馬遜還是全球領先的電子商務和物流公司。它正在利用 AI 來幫助客户和賣家，以及在物流和倉儲方面。</p>
</div><p>Amazon has shown to be a very innovative company that is willing to spend big to win big, so with AI being a big opportunity, it is not a company I would count out. As the leader in cloud computing and e-commerce, Amazon continues to have a bright future ahead. The stock currently trades at a forward P/E of under 31 times, which is a reasonable valuation based on historical multiples.</p>
<div class="lb-trans"><p>亞馬遜被證明是一家非常創新的公司，願意大手筆投資以獲得豐厚回報，因此在 AI 成為一個重大機會的情況下，我不會低估這家公司。作為雲計算和電子商務的領導者，亞馬遜的未來依然光明。該股票目前的前瞻市盈率低於 31 倍，基於歷史倍數來看，這是一個合理的估值。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/b41ca7ca9f58ea962c223e950ed9c8af.png" alt="" original-src="https://media.ycharts.com/charts/b41ca7ca9f58ea962c223e950ed9c8af.png"/></p>
<p>GOOGL PE Ratio (Forward 1y) data by YCharts</p>
<div class="lb-trans"><p>GOOGL 市盈率（前瞻 1 年）數據來源於 YCharts</p>
</div><p>Overall, I think Alphabet and Amazon are both strong market leaders that investors can buy and hold for the long term. However, options trading can be an extremely risky proposition, so I would not recommend that individual investors buy options on the stocks.</p>
<div class="lb-trans"><p>總體而言，我認為谷歌和亞馬遜都是強大的市場領導者，投資者可以長期持有。然而，期權交易可能是一項極具風險的投資，因此我不建議個人投資者購買這些股票的期權。</p>
</div>

Nancy Pelosi Invests in Alphabet and Amazon. Should Investors Follow Suit and Buy the Stocks?

- 南希·佩洛西近期出售蘋果股票，購買亞馬遜和谷歌的看漲期權。  
- 她的投資顯示出對雲計算和人工智能的看好，尤其是谷歌雲和亞馬遜 AWS。  
- 儘管期權交易風險較高，但兩家公司在市場上仍具備長期投資價值。

南希·佩洛西投資了 Alphabet 和亞馬遜。投資者是否應該跟隨她的腳步購買這些股票？