<p><strong>字母表</strong>(GOOG 1.14%)(GOOGL 1.48%) 最近在其第一季度財報發佈時給投資者帶來了一些令人鼓舞的消息，包括一個好於預期的結果，這對全年展望相對樂觀。這與許多投資者對關税影響的擔憂相悖，但我們將隨着時間的推移觀察關税如何影響字母表。</p>
<p>在第一季度財報中，該公司還做出了一個令人興奮的宣佈：授權進行 700 億美元的股票回購。這是一筆鉅額資金，但目前有一些特殊情況將使這一股票回購計劃與其他計劃有所不同。</p>
<h2>字母表的廣告收入流在未來幾個月可能會面臨一些壓力</h2>
<p>字母表更為人知的是其母公司是谷歌、YouTube 和 Android 操作系統。它主要通過廣告獲得收入，這也是為什麼市場對其股票存在很多悲觀情緒。廣告支出通常是公司在面臨經濟衰退時首先削減的項目，這將對字母表產生重大影響。</p>
<p>當字母表的管理層在公司第一季度的電話會議上被問及是否看到關税的影響時，他們特別提到了免税額的結束作為一個逆風。這與字母表與深折扣中國零售商如 Temu 和 Shein 的業務直接相關，但首席商務官 Philipp Schindler 表示這只是一個 “輕微” 的逆風。他還指出，字母表在應對不確定時期方面有豐富的經驗，並對其處理任何情況的能力充滿信心。</p>
<p>在財報發佈後，股票最初上漲，但隨後出現小幅下跌。這可能表明市場對所聽到的消息感到滿意，但仍然不相信字母表不會受到重大影響，儘管管理層表示情況並非如此。</p>
<p>因此，在下一個財報發佈之前，除了新聞頭條和整體市場方向外，可能不會有任何重大催化劑來推動股票。這使得 700 億美元的股票回購計劃顯得格外令人興奮：股票價格極其便宜。</p>
<h2>更便宜的股票使得回購計劃更有效</h2>
<p>這個概念並不難理解：股票越便宜，你可以用固定預算購買的股份就越多。字母表的股票是本十年來最便宜的，這將使這一股票回購計劃非常有效。</p>
<p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/b1fcc15d79786be59bd916bd0ab188a1.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/b1fcc15d79786be59bd916bd0ab188a1.png"/></p>
<p>GOOGL 市盈率數據來自 YCharts。</p>
<p>字母表的市盈率為 17.9 倍的歷史收益和 16.8 倍的未來收益，考慮到 <strong>標準普爾 500 指數</strong> 的市盈率為 22.1 倍的歷史收益和 20.5 倍的未來收益，字母表的定價具有吸引力。</p>
<p>投資者擔心其廣告收入能否維持，但他們也對司法部試圖拆分字母表以打擊非法壟斷的持續努力感到擔憂。在兩起不同的法庭案件中，一名地區法官發現字母表在搜索引擎業務（谷歌瀏覽器）和其廣告平台上維持了非法壟斷。目前有一些補救措施正在討論，以解決非法壟斷問題，但我們距離任何解決方案還有很長的路要走。</p>
<p>此案無疑將最終上訴至最高法院，可能需要數年才能到達那裏。如果投資者不想在這一過程中持有股票也是可以理解的，但這只是導致字母表股票價格便宜的另一個因素，這將使其 700 億美元的回購計劃更有效。</p>
<p>通過減少股份數量，即使收益保持平穩，字母表的每股收益（EPS）也會提高，因為方程的分母在減少。這在當前環境中至關重要，因為字母表在面臨經濟不確定性時可能會看到收益增長的逆風。</p>
<p>儘管字母表的前景中有一些陰雲，但沒有人確定它們將如何影響其股票。然而，市場已經假設字母表將遭遇一場強烈的風暴。由於這種悲觀情緒已經反映在股價中，我認為現在代表了一個強勁的買入機會，如果你願意在接下來的三到五年中堅持度過風暴。</p>

谷歌-A

谷歌-C

<p>Alphabet 最近的第一季度財報顯示，授權回購 700 億美元的股票，儘管對廣告收入和關税存在擔憂，但這表明了公司的信心。目前，股票的價格具有吸引力，市盈率低於標準普爾 500 指數，這使得回購計劃可能有效。然而，關於其壟斷地位的持續法律挑戰可能會影響投資者情緒。儘管面臨這些挑戰，但圍繞 Alphabet 股票的悲觀情緒可能為願意承受潛在經濟逆風的長期投資者提供了強有力的買入機會</p>

<p><strong>Alphabet</strong>(GOOG 1.14%)(GOOGL 1.48%) recently gave investors some encouraging news during its first-quarter earnings release, including a better-than-feared result that was relatively upbeat for the rest of the year. This flies in the face of many investors' concerns regarding the effects of tariffs, but we'll see how tariffs affect Alphabet as we move along throughout the year.</p>
<div class="lb-trans"><p><strong>字母表</strong>(GOOG 1.14%)(GOOGL 1.48%) 最近在其第一季度財報發佈時給投資者帶來了一些令人鼓舞的消息，包括一個好於預期的結果，這對全年展望相對樂觀。這與許多投資者對關税影響的擔憂相悖，但我們將隨着時間的推移觀察關税如何影響字母表。</p>
</div><p>During its Q1 earnings report, the company also made one exciting announcement: A $70 billion share repurchase authorization. This is a massive chunk of money, but some special circumstances are going on right now that will make this share repurchase plan different from the rest.</p>
<div class="lb-trans"><p>在第一季度財報中，該公司還做出了一個令人興奮的宣佈：授權進行 700 億美元的股票回購。這是一筆鉅額資金，但目前有一些特殊情況將使這一股票回購計劃與其他計劃有所不同。</p>
</div><h2>Alphabet's ad revenue stream could see some pressure in the coming months</h2>
<div class="lb-trans"><h2>字母表的廣告收入流在未來幾個月可能會面臨一些壓力</h2>
</div><p>Alphabet is better known as the parent company of Google, YouTube, and the Android operating system. It primarily makes revenue from advertising, which is why a lot of pessimism is baked into the stock. Ad spending is among the first line items to get cut when a company's facing an economic downturn, which would impact Alphabet substantially.</p>
<div class="lb-trans"><p>字母表更為人知的是其母公司是谷歌、YouTube 和 Android 操作系統。它主要通過廣告獲得收入，這也是為什麼市場對其股票存在很多悲觀情緒。廣告支出通常是公司在面臨經濟衰退時首先削減的項目，這將對字母表產生重大影響。</p>
</div><p>When Alphabet's management was asked during the company's first-quarter conference call whether they saw any effects from tariffs, they specifically called out the end of de minimis exemptions as a headwind. This can be directly tied to Alphabet's business with deep discount Chinese retailers like Temu and Shein, but Chief Business Officer Philipp Schindler made a comment that it was only a &#34;slight&#34; headwind. He also noted that Alphabet has a ton of experience in managing through uncertain times, and that he was confident in its ability to handle whatever situation is thrown at it.</p>
<div class="lb-trans"><p>當字母表的管理層在公司第一季度的電話會議上被問及是否看到關税的影響時，他們特別提到了免税額的結束作為一個逆風。這與字母表與深折扣中國零售商如 Temu 和 Shein 的業務直接相關，但首席商務官 Philipp Schindler 表示這只是一個 “輕微” 的逆風。他還指出，字母表在應對不確定時期方面有豐富的經驗，並對其處理任何情況的能力充滿信心。</p>
</div><p>After the earnings release, the stock initially rose, but then saw a small decline. This may indicate that the market liked what it heard, but still isn't convinced that Alphabet won't see a huge effect, despite management stating otherwise.</p>
<div class="lb-trans"><p>在財報發佈後，股票最初上漲，但隨後出現小幅下跌。這可能表明市場對所聽到的消息感到滿意，但仍然不相信字母表不會受到重大影響，儘管管理層表示情況並非如此。</p>
</div><p>As a result, there likely won't be any huge catalysts to move the stock besides news headlines and the general market direction between now and its next earnings report. This is what makes the $70 billion share repurchase program so exciting: The stock is incredibly cheap.</p>
<div class="lb-trans"><p>因此，在下一個財報發佈之前，除了新聞頭條和整體市場方向外，可能不會有任何重大催化劑來推動股票。這使得 700 億美元的股票回購計劃顯得格外令人興奮：股票價格極其便宜。</p>
</div><h2>Cheaper stocks make for more effective buy-back programs</h2>
<div class="lb-trans"><h2>更便宜的股票使得回購計劃更有效</h2>
</div><p>This isn't a hard concept to grasp: The cheaper the stock is, the more shares you can buy with a set budget. Alphabet's stock is among the cheapest it has been this decade, which will make this share repurchase program very effective.</p>
<div class="lb-trans"><p>這個概念並不難理解：股票越便宜，你可以用固定預算購買的股份就越多。字母表的股票是本十年來最便宜的，這將使這一股票回購計劃非常有效。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/b1fcc15d79786be59bd916bd0ab188a1.png" alt="" original-src="https://media.ycharts.com/charts/b1fcc15d79786be59bd916bd0ab188a1.png"/></p>
<p>GOOGL PE Ratio data by YCharts.</p>
<div class="lb-trans"><p>GOOGL 市盈率數據來自 YCharts。</p>
</div><p>At 17.9 times trailing earnings and 16.8 times forward earnings, Alphabet is attractively priced, especially considering that the <strong>S&amp;P 500</strong> trades for 22.1 times trailing earnings and 20.5 times forward earnings.</p>
<div class="lb-trans"><p>字母表的市盈率為 17.9 倍的歷史收益和 16.8 倍的未來收益，考慮到 <strong>標準普爾 500 指數</strong> 的市盈率為 22.1 倍的歷史收益和 20.5 倍的未來收益，字母表的定價具有吸引力。</p>
</div><p>Investors are worried about its ad revenue holding up, but they're also concerned about the ongoing attempt by the Department of Justice to break up Alphabet due to an illegal monopoly. In two separate court cases, a district judge found that Alphabet maintained an illegal monopoly in the search engine business (Google Chrome) and its ad platform. A few remedies are being floated around right now to resolve the illegal monopoly problem, but we're a long way from any resolution.</p>
<div class="lb-trans"><p>投資者擔心其廣告收入能否維持，但他們也對司法部試圖拆分字母表以打擊非法壟斷的持續努力感到擔憂。在兩起不同的法庭案件中，一名地區法官發現字母表在搜索引擎業務（谷歌瀏覽器）和其廣告平台上維持了非法壟斷。目前有一些補救措施正在討論，以解決非法壟斷問題，但我們距離任何解決方案還有很長的路要走。</p>
</div><p>This case will undoubtedly end up at the Supreme Court, and it could take years to get there. Investors would be forgiven if they don't want to hold throughout that saga, but this is just another factor contributing to Alphabet's cheap stock price, which will make its $70 billion buyback program more effective.</p>
<div class="lb-trans"><p>此案無疑將最終上訴至最高法院，可能需要數年才能到達那裏。如果投資者不想在這一過程中持有股票也是可以理解的，但這只是導致字母表股票價格便宜的另一個因素，這將使其 700 億美元的回購計劃更有效。</p>
</div><p>By reducing the share count, Alphabet's earnings per share (EPS) will rise even if earnings stay flat, because the denominator of the equation is decreasing. This is key in the current environment, because Alphabet could see some headwinds in earnings growth as we face economic uncertainty.</p>
<div class="lb-trans"><p>通過減少股份數量，即使收益保持平穩，字母表的每股收益（EPS）也會提高，因為方程的分母在減少。這在當前環境中至關重要，因為字母表在面臨經濟不確定性時可能會看到收益增長的逆風。</p>
</div><p>While there are some dark clouds on the horizon for Alphabet, no one is sure how they will affect its stock. However, the market has already assumed that Alphabet is going to be pelted with a heavy storm. With this pessimism already baked into the stock price, I think now represents a strong buying opportunity, if you're willing to hold on through the storm for the next three to five years.</p>
<div class="lb-trans"><p>儘管字母表的前景中有一些陰雲，但沒有人確定它們將如何影響其股票。然而，市場已經假設字母表將遭遇一場強烈的風暴。由於這種悲觀情緒已經反映在股價中，我認為現在代表了一個強勁的買入機會，如果你願意在接下來的三到五年中堅持度過風暴。</p>
</div>

70 Billion Reasons to Buy Alphabet Stock Right Now

- Alphabet 第一季度財報超出預期，宣佈 700 億美元股票回購計劃。  
- 廣告收入面臨壓力，管理層稱關税影響為 “輕微”。  
- 股票價格便宜，回購計劃將有效提升每股收益。

現在購買 Alphabet 股票的七百億個理由