<p>在接下來的幾周內，許多公司計劃公佈 2025 年第一季度的財報。對於科技行業來説，或許沒有其他公司比 “七大巨頭” 更為重要——<strong>Nvidia</strong>、<strong>Apple</strong>、<strong>Microsoft</strong>、<strong>Amazon</strong>、<strong>Meta Platforms</strong>、<strong>Tesla</strong> 和 <strong>Alphabet</strong>（GOOGL -2.12%）（GOOG -2.08%）。這些企業在過去幾年中通過對人工智能（AI）的投資，解鎖了新的盈利模式。</p>
<p>Alphabet 是人工智能浪潮的主要受益者，將該技術整合到其廣告、雲計算、網絡安全等生態系統中。隨着公司定於本週四（4 月 24 日）公佈財報，你可能會認為現在購買 Alphabet 的股票是個明智的選擇。</p>
<p>然而，在現在購買 Alphabet 股票之前，投資者應該消化一些事項。</p>
<p>讓我們看看圍繞該公司的最新動態，以幫助評估在公司本週公佈財報之前，Alphabet 是否是一個值得購買的好股票。</p>
<h2>廣告業務可能面臨風險</h2>
<p>Alphabet 是互聯網搜索巨頭 Google 和視頻分享網站 YouTube 的母公司。多年來，這兩個平台的全球覆蓋範圍為 Alphabet 提供了無與倫比的互聯網曝光率。因此，廣告商願意支付高價以接觸 Google 和 YouTube 的受眾。</p>
<p>然而，在過去幾年中，廣告領域的競爭格局開始發生變化。</p>
<p>大型語言模型（LLMs）如 ChatGPT 的日益流行，打破了在線搜索的默認選項。別誤會，Google 仍然是一個極受歡迎的搜索引擎。但僅僅是 Google 可能在某些人羣中失去吸引力的想法，就可能對 Alphabet 作為廣告商的事實平台產生重大影響。</p>
<p>此外，Amazon 在廣告領域與社交媒體公司 <strong>Pinterest</strong> 和 <strong>Snap</strong> 悄然達成了一些顯著的合作。儘管這兩項交易相對較新，但我認為 Amazon 與 Pinterest 和 Snapchat 的整合可能對年輕人羣體特別有利，他們往往更傾向於使用在線市場而非實體店。因此，Amazon 新興的廣告業務可能對 Alphabet 的增長構成另一個潛在障礙。</p>
<p>最後，Alphabet 近年來受到美國司法部的嚴格審查。特別是，一些法官認為 Google 在廣告技術領域是一個非法壟斷。雖然不想深入討論各種裁決，但我擔心 Alphabet 可能會因上訴和訴訟而分心，尤其是在其廣告業務已經面臨來自替代平台的壓力的情況下。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MTU0NTYvZ29vZy0xLmpwZyZ3PTcwMA?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-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MTU0NTYvZ29vZy0xLmpwZyZ3PTcwMA"/></p>
<p>圖片來源：Getty Images。</p>
<h2>密切關注管理層關於人工智能的言論</h2>
<p>在過去幾年中，人工智能一直是 Alphabet 的增長驅動力。該公司在其生態系統中整合了多項基於 AI 的服務，特別是在雲基礎設施和網絡安全方面。在我看來，人工智能所帶來的長期增長是 Alphabet 決定在今年早些時候收購網絡安全初創公司 Wiz 的一個推動因素。</p>
<p>然而，目前有一個可能的障礙可能會暫時阻礙 Alphabet 的人工智能增長。當然，我説的是唐納德·特朗普總統的新關税。</p>
<p>雖然軟件不是一種進口或出口的產品，但它也並非完全免受關税的影響。這些關税政策可能會要求企業在短期內實施更嚴格的成本控制。因此，一些企業可能會選擇在高支出領域（如昂貴的人工智能工具或網絡安全協議）放慢支出。</p>
<p>雖然我傾向於認為軟件平台在這個不確定的經濟時期會表現出一定程度的韌性，但投資者在財報電話會議期間應仔細聆聽管理層關於 Alphabet 在需求方面對其 AI 客户的看法。</p>
<h2>你應該在 4 月 24 日之前購買 Google 股票嗎？</h2>
<p>根據前瞻市盈率（P/E）比率，Alphabet 的股票似乎以顯著折扣交易，與歷史估值相比，表面上看，這種吸引人的估值可能會誘使投資者毫不猶豫地購買 Alphabet 的股票。</p>
<p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/8aa2ba32d49c648bdecf396d267ac40d.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/8aa2ba32d49c648bdecf396d267ac40d.png"/></p>
<p>GOOGL 市盈率（前瞻）數據來源於 YCharts</p>
<p>話雖如此，我認為目前圍繞 Alphabet 前景有很多未知因素。在廣告裁決、競爭加劇以及人工智能和網絡安全等主要增長來源的前景不明的情況下，我認為投資者最好在場外觀望，並在本週晚些時候消化財報電話會議的內容後再考慮購買股票。</p>

谷歌-A

谷歌-C

<p>谷歌將於 2025 年 4 月 24 日公佈財報，市場對其廣告業務的擔憂加劇，原因是來自亞馬遜等平台的競爭加劇，以及司法部對其壟斷指控的審查。儘管人工智能一直是谷歌的增長動力，但潛在的關税可能會影響對人工智能工具的支出。雖然谷歌的股票目前交易價格較低，但圍繞其廣告和人工智能前景的不確定性表明，投資者可能希望在做出任何購買決定之前，先等待財報電話會議的召開</p>

<p>Over the next few weeks, many companies are scheduled to report earnings for the first calendar quarter of 2025. For the technology sector, perhaps no other companies are as important as the &#34;Magnificent Seven&#34; -- <strong>Nvidia</strong>, <strong>Apple</strong>, <strong>Microsoft</strong>, <strong>Amazon</strong>, <strong>Meta Platforms</strong>, <strong>Tesla</strong>, and <strong>Alphabet</strong>(GOOGL -2.12%)(GOOG -2.08%). These businesses have unlocked new forms of monetization over the last few years thanks in large part to investments in artificial intelligence (AI).</p>
<div class="lb-trans"><p>在接下來的幾周內，許多公司計劃公佈 2025 年第一季度的財報。對於科技行業來説，或許沒有其他公司比 “七大巨頭” 更為重要——<strong>Nvidia</strong>、<strong>Apple</strong>、<strong>Microsoft</strong>、<strong>Amazon</strong>、<strong>Meta Platforms</strong>、<strong>Tesla</strong> 和 <strong>Alphabet</strong>（GOOGL -2.12%）（GOOG -2.08%）。這些企業在過去幾年中通過對人工智能（AI）的投資，解鎖了新的盈利模式。</p>
</div><p>Alphabet has been a major beneficiary of the AI movement, integrating the technology across its ecosystem from advertising, cloud computing, cybersecurity, and more. With the company slated to report earnings later this week on April 24, you might think scooping up shares in Alphabet now is a no-brainer.</p>
<div class="lb-trans"><p>Alphabet 是人工智能浪潮的主要受益者，將該技術整合到其廣告、雲計算、網絡安全等生態系統中。隨着公司定於本週四（4 月 24 日）公佈財報，你可能會認為現在購買 Alphabet 的股票是個明智的選擇。</p>
</div><p>However, there are a number of items that investors should digest before buying Alphabet stock right now.</p>
<div class="lb-trans"><p>然而，在現在購買 Alphabet 股票之前，投資者應該消化一些事項。</p>
</div><p>Let's take a look at some recent developments surrounding the company to help assess if Alphabet is a good stock to buy before the company reports earnings this week.</p>
<div class="lb-trans"><p>讓我們看看圍繞該公司的最新動態，以幫助評估在公司本週公佈財報之前，Alphabet 是否是一個值得購買的好股票。</p>
</div><h2>The advertising business could be in jeopardy</h2>
<div class="lb-trans"><h2>廣告業務可能面臨風險</h2>
</div><p>Alphabet is the parent company to internet search giant Google and video-sharing website YouTube. For many years, the global reach of both of these platforms provided Alphabet with unparalleled surface area on the internet. Hence, advertisers paid top dollar to get in front of Google's and YouTube's audiences.</p>
<div class="lb-trans"><p>Alphabet 是互聯網搜索巨頭 Google 和視頻分享網站 YouTube 的母公司。多年來，這兩個平台的全球覆蓋範圍為 Alphabet 提供了無與倫比的互聯網曝光率。因此，廣告商願意支付高價以接觸 Google 和 YouTube 的受眾。</p>
</div><p>Over the last few years, however, the competitive landscape has started to shift in the advertising realm.</p>
<div class="lb-trans"><p>然而，在過去幾年中，廣告領域的競爭格局開始發生變化。</p>
</div><p>The rising popularity of large language models (LLMs) such as ChatGPT has disrupted the default option of Googling something online. Don't get me wrong, Google is still a massively popular search engine. But just the idea that Google could lose its appeal with some demographics could lead to major repercussions pertaining to Alphabet being the de facto platform for advertisers.</p>
<div class="lb-trans"><p>大型語言模型（LLMs）如 ChatGPT 的日益流行，打破了在線搜索的默認選項。別誤會，Google 仍然是一個極受歡迎的搜索引擎。但僅僅是 Google 可能在某些人羣中失去吸引力的想法，就可能對 Alphabet 作為廣告商的事實平台產生重大影響。</p>
</div><p>On top of that, Amazon has quietly struck some notable partnerships in the advertising space with social media companies <strong>Pinterest</strong> and <strong>Snap</strong>. Although both of these deals are fairly nascent, I think Amazon's integration with Pinterest and Snapchat could bode particularly well with younger demographics, who tend to resort to online marketplaces as opposed to brick-and-mortar outlets. As a result, Amazon's budding ads business poses another potential road bump to Alphabet's growth.</p>
<div class="lb-trans"><p>此外，Amazon 在廣告領域與社交媒體公司 <strong>Pinterest</strong> 和 <strong>Snap</strong> 悄然達成了一些顯著的合作。儘管這兩項交易相對較新，但我認為 Amazon 與 Pinterest 和 Snapchat 的整合可能對年輕人羣體特別有利，他們往往更傾向於使用在線市場而非實體店。因此，Amazon 新興的廣告業務可能對 Alphabet 的增長構成另一個潛在障礙。</p>
</div><p>Lastly, Alphabet has been under some intense scrutiny in recent years from the Justice Department. In particular, some judges perceive Google as an illegal monopoly in the advertising technology space. Without getting into the weeds of the various rulings, my high-level concern is that Alphabet could be distracted with appeals and lawsuits for the foreseeable future as it pertains to its ads business, which already appears to be under pressure from alternative platforms.</p>
<div class="lb-trans"><p>最後，Alphabet 近年來受到美國司法部的嚴格審查。特別是，一些法官認為 Google 在廣告技術領域是一個非法壟斷。雖然不想深入討論各種裁決，但我擔心 Alphabet 可能會因上訴和訴訟而分心，尤其是在其廣告業務已經面臨來自替代平台的壓力的情況下。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MTU0NTYvZ29vZy0xLmpwZyZ3PTcwMA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F815456%2Fgoog-1.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>Listen closely to management's words about artificial intelligence</h2>
<div class="lb-trans"><h2>密切關注管理層關於人工智能的言論</h2>
</div><p>For the last few years, AI has served as a growth driver for Alphabet. The company has integrated a number of AI-powered services across its ecosystem, in particular cloud infrastructure and cybersecurity. In my eyes, the long-term growth that AI presents was a driving factor supporting Alphabet's decision to acquire cybersecurity start-up Wiz earlier this year.</p>
<div class="lb-trans"><p>在過去幾年中，人工智能一直是 Alphabet 的增長驅動力。該公司在其生態系統中整合了多項基於 AI 的服務，特別是在雲基礎設施和網絡安全方面。在我看來，人工智能所帶來的長期增長是 Alphabet 決定在今年早些時候收購網絡安全初創公司 Wiz 的一個推動因素。</p>
</div><p>Right now, however, there is one possible hiccup that could deter Alphabet's AI growth for the time being. Of course, I'm talking about President Donald Trump's new tariffs.</p>
<div class="lb-trans"><p>然而，目前有一個可能的障礙可能會暫時阻礙 Alphabet 的人工智能增長。當然，我説的是唐納德·特朗普總統的新關税。</p>
</div><p>While software is not a product that is imported or exported, it's not completely immune to tariffs either. These tariff policies are likely going to require businesses to operate under tighter cost controls for the time being. As a result, some businesses may choose to slow down spend in high-dollar areas such as expensive AI tools or cybersecurity protocols.</p>
<div class="lb-trans"><p>雖然軟件不是一種進口或出口的產品，但它也並非完全免受關税的影響。這些關税政策可能會要求企業在短期內實施更嚴格的成本控制。因此，一些企業可能會選擇在高支出領域（如昂貴的人工智能工具或網絡安全協議）放慢支出。</p>
</div><p>While I tend to think software platforms will exhibit some degree of resiliency during this murky economic period, investors should listen to management's words carefully during the earnings call as it pertains to what Alphabet is seeing from its AI customers from a demand perspective.</p>
<div class="lb-trans"><p>雖然我傾向於認為軟件平台在這個不確定的經濟時期會表現出一定程度的韌性，但投資者在財報電話會議期間應仔細聆聽管理層關於 Alphabet 在需求方面對其 AI 客户的看法。</p>
</div><h2>Should you buy Google stock before April 24?</h2>
<div class="lb-trans"><h2>你應該在 4 月 24 日之前購買 Google 股票嗎？</h2>
</div><p>Shares of Alphabet appear to be trading at a significant discount compared to historical valuations based on the forward price-to-earnings (P/E) ratio. On the surface, the attractive valuation could tempt investors to buy the dip in Alphabet without hesitation.</p>
<div class="lb-trans"><p>根據前瞻市盈率（P/E）比率，Alphabet 的股票似乎以顯著折扣交易，與歷史估值相比，表面上看，這種吸引人的估值可能會誘使投資者毫不猶豫地購買 Alphabet 的股票。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/8aa2ba32d49c648bdecf396d267ac40d.png" alt="" original-src="https://media.ycharts.com/charts/8aa2ba32d49c648bdecf396d267ac40d.png"/></p>
<p>GOOGL PE Ratio (Forward) data by YCharts</p>
<div class="lb-trans"><p>GOOGL 市盈率（前瞻）數據來源於 YCharts</p>
</div><p>With that said, I think there are quite a few unknowns surrounding Alphabet's prospects right now. Between the advertising ruling, rising competition, and a cloudy picture around major sources of growth such as AI and cybersecurity, I think investors are best off waiting on the sidelines and digesting the earnings call later this week before buying shares.</p>
<div class="lb-trans"><p>話雖如此，我認為目前圍繞 Alphabet 前景有很多未知因素。在廣告裁決、競爭加劇以及人工智能和網絡安全等主要增長來源的前景不明的情況下，我認為投資者最好在場外觀望，並在本週晚些時候消化財報電話會議的內容後再考慮購買股票。</p>
</div>

Should You Buy Alphabet Stock Before April 24?

- 多家公司將在未來幾週報告 2025 年第一季度的財報。  
- Alphabet 作為廣告巨頭，面臨競爭加劇和法律審查的壓力。  
- 投資者應在 4 月 24 日財報發佈後再考慮是否購買其股票。

你是否應該在 4 月 24 日之前購買 Alphabet 的股票？