<p>有時候，股票的估值會跌到讓你無法拒絕的地步。大多數情況下，這種情況發生是因為市場上存在壓倒性的負面情緒，這往往會使市場的波動過於偏向一方。沃倫·巴菲特曾説過：“當別人貪婪時要恐懼，只有在別人恐懼時才要貪婪。”</p>
<p>目前，圍繞 <strong>Alphabet</strong>(GOOG -1.34%)(GOOGL -1.37%) 股票存在很多恐懼，這導致其股價大幅下跌。但現在是否是投資者應該大量購買股票的時機？</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MTg5ODMvcGVyc29uLXNpdHRpbmctb24tY291Y2gtd2l0aC1kb2ctYW5kLWxhcHRvcC5qcGcmdz03MDA?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-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MTg5ODMvcGVyc29uLXNpdHRpbmctb24tY291Y2gtd2l0aC1kb2ctYW5kLWxhcHRvcC5qcGcmdz03MDA"/></p>
<p>圖片來源：Getty Images。</p>
<h2>Alphabet 面臨一些嚴峻挑戰</h2>
<p>Alphabet 旗下有多個品牌，但最著名的是谷歌。谷歌的商業模式正受到各方攻擊，這導致其股票大幅拋售。Alphabet 56% 的收入來自谷歌搜索，這使其成為其商業模式的重要組成部分。儘管公司沒有單獨列出這一部分，但投資者可以很容易地推測出，Alphabet 的大部分利潤也來自於這一業務。</p>
<p>投資者對谷歌搜索的首要擔憂之一是它在人工智能時代的表現。最引人注目的例子之一是 <strong>Apple</strong>（NASDAQ: AAPL）服務主管 Eddy Cue 表示，他相信人工智能終將取代搜索。這將是一個巨大的問題，但 Alphabet 已經走在了前面。</p>
<p>谷歌已經實施了人工智能搜索概述，這彌合了舊搜索技術與新生成性人工智能模型之間的差距。Alphabet 已經表示，這一功能非常受歡迎，可能足以拯救其業務。但它並沒有止步於此。谷歌還為其搜索引擎開發了人工智能模式，因此它已經為人工智能的新紀元做好了準備。</p>
<p>另一個擔憂是經濟衰退會對 Alphabet 造成傷害。雖然從歷史上看這是正確的，但廣告是一項週期性業務，收入最終會恢復。因此，我並不擔心短期的經濟逆風，因為這一直是 Alphabet 股票的風險。</p>
<p>最後，投資者擔心潛在的政府拆分。Alphabet 被發現運營着兩個非法壟斷（一個在搜索領域，一個在廣告領域）。它仍在法院中爭鬥，關於補救措施將是什麼（或者如果上訴進入更高法院是否仍會被判有罪）。這是一個難以評估的挑戰，因為可能出現多種結果。通常，分拆往往會為母公司和新成立的實體釋放價值，因此如果 Alphabet 被迫出售其部分業務，我會堅持這一事實。</p>
<p>這三大擔憂導致 Alphabet 的股票暴跌，但我認為這三大挑戰都是可以應對的。因此，我對 Alphabet 的股票並不像市場其他人那樣悲觀。</p>
<h2>Alphabet 的股票歷史上便宜</h2>
<p>儘管市場已經從關税引發的低點恢復，但 Alphabet 的股票仍以歷史上便宜的估值交易。</p>
<p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/79c1bc2467ed59ce37bae5925939aa76.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/79c1bc2467ed59ce37bae5925939aa76.png"/></p>
<p>GOOGL 市盈率數據來自 YCharts。</p>
<p>以 19 倍的過去收益計算，它的價格也遠低於更廣泛的市場，以 <strong>S&amp;P 500</strong>（^GSPC -0.67%）為例。S&amp;P 500 的市盈率約為 24 倍，因此估值顯然不匹配。</p>
<p>我認為 Alphabet 的股票具有巨大的價值，隨後的 2025 季度業績將證實這一論點。Alphabet 還沒有死；它仍然有很多增長空間供投資者利用。因此，我認為現在的股票價格太便宜，投資者應該抓住這個機會大量購買股票。</p>

谷歌-A

谷歌-C

<p>Alphabet 的股票目前被低估，市盈率為 19，而標準普爾 500 指數為 24。儘管市場對人工智能競爭、經濟衰退和潛在政府拆分的擔憂依然存在，但該公司正在通過人工智能搜索功能進行適應，並且歷史上已經從經濟挑戰中恢復過來。分析師認為，Alphabet 仍然具有增長潛力，使其成為尋求在當前市場中尋找價值的投資者的一個引人注目的買入選擇</p>

<p>Sometimes, stocks fall to valuations where you can't pass them up. Most of the time, this occurs because of an overwhelming negative sentiment in the market, which tends to swing the pendulum too far in one direction. Warren Buffett once said, &#34;Be fearful when others are greedy and be greedy only when others are fearful.&#34;</p>
<div class="lb-trans"><p>有時候，股票的估值會跌到讓你無法拒絕的地步。大多數情況下，這種情況發生是因為市場上存在壓倒性的負面情緒，這往往會使市場的波動過於偏向一方。沃倫·巴菲特曾説過：“當別人貪婪時要恐懼，只有在別人恐懼時才要貪婪。”</p>
</div><p>There is a lot of fear surrounding <strong>Alphabet</strong>(GOOG -1.34%)(GOOGL -1.37%) stock right now, which has caused it to get beaten down. But is it at a point where investors should be buying shares hand over fist?</p>
<div class="lb-trans"><p>目前，圍繞 <strong>Alphabet</strong>(GOOG -1.34%)(GOOGL -1.37%) 股票存在很多恐懼，這導致其股價大幅下跌。但現在是否是投資者應該大量購買股票的時機？</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MTg5ODMvcGVyc29uLXNpdHRpbmctb24tY291Y2gtd2l0aC1kb2ctYW5kLWxhcHRvcC5qcGcmdz03MDA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F818983%2Fperson-sitting-on-couch-with-dog-and-laptop.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>Alphabet faces some fierce challenges</h2>
<div class="lb-trans"><h2>Alphabet 面臨一些嚴峻挑戰</h2>
</div><p>Alphabet has multiple brands under its umbrella, but the most notable is Google. Google's business model is under attack from all directions, and this has caused the stock to sell off heavily. Alphabet generates 56% of its revenue from Google Search, making it a vital part of its business model. Although the company doesn't break it out individually, investors can easily assume that a large chunk of Alphabet's profits also comes from this business.</p>
<div class="lb-trans"><p>Alphabet 旗下有多個品牌，但最著名的是谷歌。谷歌的商業模式正受到各方攻擊，這導致其股票大幅拋售。Alphabet 56% 的收入來自谷歌搜索，這使其成為其商業模式的重要組成部分。儘管公司沒有單獨列出這一部分，但投資者可以很容易地推測出，Alphabet 的大部分利潤也來自於這一業務。</p>
</div><p>One of investors' first issues with Google Search is how it will fare with AI. One of the most high-profile examples of this fear was when <strong>Apple</strong>'s (NASDAQ: AAPL) Chief of Services Eddy Cue stated that he believes AI will replace search one day. This would be a huge problem, but Alphabet is already one step ahead of the curve.</p>
<div class="lb-trans"><p>投資者對谷歌搜索的首要擔憂之一是它在人工智能時代的表現。最引人注目的例子之一是 <strong>Apple</strong>（NASDAQ: AAPL）服務主管 Eddy Cue 表示，他相信人工智能終將取代搜索。這將是一個巨大的問題，但 Alphabet 已經走在了前面。</p>
</div><p>Google has already implemented AI search overviews, which bridge the gap between older search technology and new generative AI models. Alphabet has already stated that this feature is incredibly popular and may be enough to save its business. But it's not stopping there. Google has also developed an AI mode for its search engine, so it's already positioned itself for the new age of AI.</p>
<div class="lb-trans"><p>谷歌已經實施了人工智能搜索概述，這彌合了舊搜索技術與新生成性人工智能模型之間的差距。Alphabet 已經表示，這一功能非常受歡迎，可能足以拯救其業務。但它並沒有止步於此。谷歌還為其搜索引擎開發了人工智能模式，因此它已經為人工智能的新紀元做好了準備。</p>
</div><p>Another fear is that an economic downturn will hurt Alphabet. While this is historically true, advertising is a cyclical business, and revenue eventually returns. So, I'm not worried about a short-term economic headwind, because that has always been a risk with Alphabet stock.</p>
<div class="lb-trans"><p>另一個擔憂是經濟衰退會對 Alphabet 造成傷害。雖然從歷史上看這是正確的，但廣告是一項週期性業務，收入最終會恢復。因此，我並不擔心短期的經濟逆風，因為這一直是 Alphabet 股票的風險。</p>
</div><p>Lastly, investors are worried about a potential government breakup. Alphabet has been found guilty of operating two illegal monopolies (one in search, one in advertising). It's still battling through courts about what the remedy will be (or if it'll still be found guilty if an appeal lands it in front of a higher court).This is a difficult challenge to assess, as multiple outcomes are possible. Typically, spinoffs tend to unlock value for the parent company and newly formed entity, so I'll cling to this fact if Alphabet is forced to sell a part of its business.</p>
<div class="lb-trans"><p>最後，投資者擔心潛在的政府拆分。Alphabet 被發現運營着兩個非法壟斷（一個在搜索領域，一個在廣告領域）。它仍在法院中爭鬥，關於補救措施將是什麼（或者如果上訴進入更高法院是否仍會被判有罪）。這是一個難以評估的挑戰，因為可能出現多種結果。通常，分拆往往會為母公司和新成立的實體釋放價值，因此如果 Alphabet 被迫出售其部分業務，我會堅持這一事實。</p>
</div><p>Those three worries have tanked Alphabet's stock, but I think all three challenges can be navigated. As a result, I'm not nearly as bearish on Alphabet's stock as the rest of the market is.</p>
<div class="lb-trans"><p>這三大擔憂導致 Alphabet 的股票暴跌，但我認為這三大挑戰都是可以應對的。因此，我對 Alphabet 的股票並不像市場其他人那樣悲觀。</p>
</div><h2>Alphabet's stock is historically cheap</h2>
<div class="lb-trans"><h2>Alphabet 的股票歷史上便宜</h2>
</div><p>While the market has recovered from its tariff-induced lows, Alphabet's stock is still trading at a historically cheap valuation.</p>
<div class="lb-trans"><p>儘管市場已經從關税引發的低點恢復，但 Alphabet 的股票仍以歷史上便宜的估值交易。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/79c1bc2467ed59ce37bae5925939aa76.png" alt="" original-src="https://media.ycharts.com/charts/79c1bc2467ed59ce37bae5925939aa76.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 19 times trailing earnings, it's also much cheaper than the broader market, as measured by the <strong>S&amp;P 500</strong>(^GSPC -0.67%). The S&amp;P 500 trades around 24 times trailing earnings, so the valuations are clearly mismatched.</p>
<div class="lb-trans"><p>以 19 倍的過去收益計算，它的價格也遠低於更廣泛的市場，以 <strong>S&amp;P 500</strong>（^GSPC -0.67%）為例。S&amp;P 500 的市盈率約為 24 倍，因此估值顯然不匹配。</p>
</div><p>I think Alphabet's stock has a ton of value, and the ensuing 2025 quarterly results will confirm that thesis. Alphabet isn't dead yet; it still has plenty of growth left for investors to capitalize on. As a result, I think the stock is too cheap to ignore here, and investors should take this opportunity to load up on shares.</p>
<div class="lb-trans"><p>我認為 Alphabet 的股票具有巨大的價值，隨後的 2025 季度業績將證實這一論點。Alphabet 還沒有死；它仍然有很多增長空間供投資者利用。因此，我認為現在的股票價格太便宜，投資者應該抓住這個機會大量購買股票。</p>
</div>

Is Alphabet Stock Too Cheap to Ignore?

- Alphabet 股票因市場負面情緒而大幅下跌。  
- 該公司面臨 AI 競爭、經濟衰退和政府拆分等挑戰。  
- 儘管如此，Alphabet 股票估值仍然便宜，投資者應考慮買入。

Alphabet 的股票是否便宜到無法忽視？