<p>隨着許多股票現在已恢復了因四月 “解放日” 崩盤而造成的大部分損失，市場上並沒有很多便宜的股票可供選擇。然而，查看市場上最大的公司或使用股票篩選器會發現一隻看起來被低估的股票：<strong>Alphabet</strong>(GOOG -1.63%)(GOOGL -1.63%)。</p>
<p>這家搜索巨頭目前的市盈率（P/E）僅為 18.5，接近 <strong>標準普爾 500 指數</strong> 的 25.9 的 30% 折扣。儘管如此，Alphabet 的增長依然穩健。在其第一季度的財報中，收入增長了 12%，達到 902 億美元，營業收入躍升 20%，達到 306 億美元。</p>
<p>然而，投資不僅僅是最近一個季度的表現。Alphabet 估值下跌似乎有兩個主要原因。下面，我將分別分析這兩個原因，然後評估 Alphabet 股票是否值得購買。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MTg4NjkvbWFuLXRvdWNoaW5nLW1hZ25pZnlpbmctZ2xhc3MtYnV0dG9uLW9uLWZsb2F0aW5nLXNlYXJjaC1iYXItaW50ZXJuZXQtZ29vZ2xlLXNlYXJjaC1lbmdpbmUuanBnJnc9NzAw?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-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MTg4NjkvbWFuLXRvdWNoaW5nLW1hZ25pZnlpbmctZ2xhc3MtYnV0dG9uLW9uLWZsb2F0aW5nLXNlYXJjaC1iYXItaW50ZXJuZXQtZ29vZ2xlLXNlYXJjaC1lbmdpbmUuanBnJnc9NzAw"/></p>
<p>圖片來源：Getty Images。</p>
<h2>監管風險</h2>
<p>Alphabet 長期以來被投資者視為在搜索領域幾乎擁有壟斷地位，這使其成為全球最有價值的公司之一。然而，這種壟斷優勢現在似乎引起了監管機構的注意。去年八月，美國地區法院裁定谷歌是壟斷者，並通過向 <strong>蘋果</strong> 支付數十億美元以成為其設備上的默認搜索引擎等手段表現出壟斷行為。</p>
<p>Alphabet 目前正在等待第二次審判以確定補救措施，這可能包括對公司的潛在拆分。它已宣佈計劃對該裁決提出上訴。</p>
<p>最近，Alphabet 還被發現擁有廣告技術領域的壟斷，包括廣告交易市場和出版商廣告服務器。綜合這兩項裁決，對 Alphabet 構成了嚴重威脅，因為這可能導致鉅額罰款或迫使其剝離關鍵業務部分。其他限制也可能顯著降低其利潤率。</p>
<h2>競爭風險</h2>
<p>具有諷刺意味的是，似乎拖累 Alphabet 股票的另一個風險是來自基於人工智能（AI）的搜索替代品的競爭威脅，如 ChatGPT、Perplexity、Claude 等。幾個月前，Alphabet 推出了其 Gemini 大型語言模型（LLM），其搜索中的 AI 概述也為應對來自初創聊天機器人的競爭提供了回應。</p>
<p>儘管谷歌迄今為止保持了穩定的增長，但投資者似乎仍然對競爭感到恐懼。這在蘋果公司透露考慮將 AI 搜索引擎（如 Perplexity）添加到其 Safari 瀏覽器時，股票大幅下跌時得到了證明。</p>
<p>自從 ChatGPT 推出以來，這種風險就像烏雲一樣籠罩在股票上。Alphabet 股票在 AI 時代初期大幅下跌，因為其被視為在推出 Bard（其 LLM）時表現不佳。</p>
<p>在某種程度上，競爭威脅應該會抵消一些監管風險。然而，目前尚不清楚法院是否會這樣看待，因為司法部似乎仍然有意拆分該公司。</p>
<h2>Alphabet 值得購買嗎？</h2>
<p>在當前估值下，Alphabet 股票的風險/回報理論似乎是有利的。罰款必須超過 1000 億美元才能對公司造成重大損害，因為它每年賺取的利潤就那麼多。</p>
<p>拆分似乎是投資者最大的擔憂。然而，即便如此，這也可能為股東釋放一些價值，因為 Alphabet 的 “各部分總和” 可以説比其當前估值更有價值，考慮到 YouTube 和 Google Cloud 等業務的強勁表現，以及 Waymo 的潛力。</p>
<p>儘管 Alphabet 可能會受到未來監管方面或新競爭的消息影響，但在當前估值下，這隻股票看起來太便宜而無法忽視。它似乎是一個良好的超越表現的投資選擇。</p>

谷歌-A

谷歌-C

<p>Alphabet（谷歌，GOOG，GOOGL）目前的市盈率為 18.5，約比標準普爾 500 指數的 25.9 低 30%，儘管第一季度收入增長 12%，達到 902 億美元。然而，來自壟斷裁決的監管風險以及來自基於人工智能的搜索替代品的競爭威脅正在對其股票施加壓力。儘管面臨這些挑戰，但風險/回報的前景似乎是有利的，因為鉅額罰款或拆分可能會釋放股東價值。總體而言，Alphabet 的股票似乎被低估，並可能在當前市場中表現優於其他股票</p>

<p>With many stocks having now recovered most of the losses sparked by April's &#34;Liberation Day&#34; crash, there aren't a lot of bargain stocks to be found. However, a look at the biggest companies on the market or running a stock screener will turn up one stock that looks undervalued: <strong>Alphabet</strong>(GOOG -1.63%)(GOOGL -1.63%).</p>
<div class="lb-trans"><p>隨着許多股票現在已恢復了因四月 “解放日” 崩盤而造成的大部分損失，市場上並沒有很多便宜的股票可供選擇。然而，查看市場上最大的公司或使用股票篩選器會發現一隻看起來被低估的股票：<strong>Alphabet</strong>(GOOG -1.63%)(GOOGL -1.63%)。</p>
</div><p>The search giant currently trades at a price-to-earnings ratio (P/E) of just 18.5, which is close to a 30% discount from the <strong>S&amp;P 500</strong>'s P/E of 25.9. That discount comes as Alphabet's growth remains solid. In its first-quarter earnings report, revenue rose 12% to $90.2 billion, with operating income jumping 20% to $30.6 billion.</p>
<div class="lb-trans"><p>這家搜索巨頭目前的市盈率（P/E）僅為 18.5，接近 <strong>標準普爾 500 指數</strong> 的 25.9 的 30% 折扣。儘管如此，Alphabet 的增長依然穩健。在其第一季度的財報中，收入增長了 12%，達到 902 億美元，營業收入躍升 20%，達到 306 億美元。</p>
</div><p>However, there's more to investing than the most recent quarter's performance. There seems to be two major reasons Alphabet's valuation has fallen. Below, I'll take a look at both of those before evaluating whether Alphabet stock is a buy.</p>
<div class="lb-trans"><p>然而，投資不僅僅是最近一個季度的表現。Alphabet 估值下跌似乎有兩個主要原因。下面，我將分別分析這兩個原因，然後評估 Alphabet 股票是否值得購買。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MTg4NjkvbWFuLXRvdWNoaW5nLW1hZ25pZnlpbmctZ2xhc3MtYnV0dG9uLW9uLWZsb2F0aW5nLXNlYXJjaC1iYXItaW50ZXJuZXQtZ29vZ2xlLXNlYXJjaC1lbmdpbmUuanBnJnc9NzAw" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F818869%2Fman-touching-magnifying-glass-button-on-floating-search-bar-internet-google-search-engine.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>The regulatory risk</h2>
<div class="lb-trans"><h2>監管風險</h2>
</div><p>Alphabet has long been regarded by investors as essentially having a monopoly in search, which has made it one of the most valuable companies in the world. However, that monopolistic advantage now seems to have caught the eye of regulators. Last August, a U.S. District Court ruled that Google is a monopolist and has acted like one through tactics like paying billions to <strong>Apple</strong> to be the default search engine on its devices.</p>
<div class="lb-trans"><p>Alphabet 長期以來被投資者視為在搜索領域幾乎擁有壟斷地位，這使其成為全球最有價值的公司之一。然而，這種壟斷優勢現在似乎引起了監管機構的注意。去年八月，美國地區法院裁定谷歌是壟斷者，並通過向 <strong>蘋果</strong> 支付數十億美元以成為其設備上的默認搜索引擎等手段表現出壟斷行為。</p>
</div><p>Alphabet is now awaiting a second trial to determine remedies, which could include a potential breakup of the company. It announced plans to file an appeal against the decision.</p>
<div class="lb-trans"><p>Alphabet 目前正在等待第二次審判以確定補救措施，這可能包括對公司的潛在拆分。它已宣佈計劃對該裁決提出上訴。</p>
</div><p>More recently, Alphabet was found to have a monopoly in ad tech, as well, including the market for ad exchanges and for publisher ad servers. Combined, those two rulings pose a serious threat to Alphabet, as they could result in a massive fine or force the divestment of key parts of its business. Other restrictions could significantly lower its profit margin, as well.</p>
<div class="lb-trans"><p>最近，Alphabet 還被發現擁有廣告技術領域的壟斷，包括廣告交易市場和出版商廣告服務器。綜合這兩項裁決，對 Alphabet 構成了嚴重威脅，因為這可能導致鉅額罰款或迫使其剝離關鍵業務部分。其他限制也可能顯著降低其利潤率。</p>
</div><h2>The competitive risk</h2>
<div class="lb-trans"><h2>競爭風險</h2>
</div><p>Ironically, the other risk that appears to be dragging down Alphabet's stock is the competitive threat from artificial intelligence (AI)-based search alternatives like ChatGPT, Perplexity, Claude, and others. Alphabet launched its Gemini large language model (LLM) several months ago, and its AI overviews in search also offer a response to competition from start-up chatbots.</p>
<div class="lb-trans"><p>具有諷刺意味的是，似乎拖累 Alphabet 股票的另一個風險是來自基於人工智能（AI）的搜索替代品的競爭威脅，如 ChatGPT、Perplexity、Claude 等。幾個月前，Alphabet 推出了其 Gemini 大型語言模型（LLM），其搜索中的 AI 概述也為應對來自初創聊天機器人的競爭提供了回應。</p>
</div><p>While Google has held its own thus far as its steady growth shows, investors still seem to be fearful of competition. This was evidenced when the stock plunged after Apple revealed that it was considering adding AI search engines, like Perplexity, to its Safari browser.</p>
<div class="lb-trans"><p>儘管谷歌迄今為止保持了穩定的增長，但投資者似乎仍然對競爭感到恐懼。這在蘋果公司透露考慮將 AI 搜索引擎（如 Perplexity）添加到其 Safari 瀏覽器時，股票大幅下跌時得到了證明。</p>
</div><p>That risk has hung over the stock like a cloud ever since the launch of ChatGPT. Alphabet stock tumbled early in the AI era after it was seen as bungling the launch of Bard, its LLM.</p>
<div class="lb-trans"><p>自從 ChatGPT 推出以來，這種風險就像烏雲一樣籠罩在股票上。Alphabet 股票在 AI 時代初期大幅下跌，因為其被視為在推出 Bard（其 LLM）時表現不佳。</p>
</div><p>To some extent, the competitive threat should negate some of the regulatory risk. However, it's unclear if the courts will see it that way as the Department of Justice still seems motivated to break up the company.</p>
<div class="lb-trans"><p>在某種程度上，競爭威脅應該會抵消一些監管風險。然而，目前尚不清楚法院是否會這樣看待，因為司法部似乎仍然有意拆分該公司。</p>
</div><h2>Is Alphabet a buy?</h2>
<div class="lb-trans"><h2>Alphabet 值得購買嗎？</h2>
</div><p>At the current valuation, the risk/reward thesis for Alphabet stock seems favorable. A fine would have to be over $100 billion to do significant damage to the company, as it makes that much in profit annually.</p>
<div class="lb-trans"><p>在當前估值下，Alphabet 股票的風險/回報理論似乎是有利的。罰款必須超過 1000 億美元才能對公司造成重大損害，因為它每年賺取的利潤就那麼多。</p>
</div><p>A breakup seems to be investors' biggest fear. However, even that could unlock some value for shareholders, as the &#34;sum of the parts&#34; of Alphabet is arguably worth more than its current valuation, given the strength of businesses like YouTube and Google Cloud, and the potential of Waymo.</p>
<div class="lb-trans"><p>拆分似乎是投資者最大的擔憂。然而，即便如此，這也可能為股東釋放一些價值，因為 Alphabet 的 “各部分總和” 可以説比其當前估值更有價值，考慮到 YouTube 和 Google Cloud 等業務的強勁表現，以及 Waymo 的潛力。</p>
</div><p>While Alphabet could be vulnerable to future news on the regulatory front or from new competition, the stock looks too cheap to ignore at the current valuation. It looks like a good bet to outperform.</p>
<div class="lb-trans"><p>儘管 Alphabet 可能會受到未來監管方面或新競爭的消息影響，但在當前估值下，這隻股票看起來太便宜而無法忽視。它似乎是一個良好的超越表現的投資選擇。</p>
</div>

Is Alphabet Stock a Buy?

- Alphabet 股票當前市盈率為 18.5，低於 S&P 500 的 25.9。  
- 監管風險和競爭威脅導致其估值下降，可能面臨鉅額罰款。  
- 儘管存在風險，Alphabet 股票在當前估值下仍具吸引力。

Alphabet 的股票值得購買嗎？