<p>如果以市盈率（P/E）作為指標，華爾街目前最不喜歡的 “七大奇蹟” 股票可能是 <strong>Alphabet</strong>（GOOG 3.02%）（GOOGL 3.24%）。這家大型科技公司——谷歌的母公司——正全力投入人工智能（AI）革命，收入以兩位數的速度增長，並且其雲部門的盈利出現了拐點。然而，它的市盈率在所有大型科技股中是最低的。</p>
<p>讓我們深入分析谷歌的母公司、Gemini、YouTube 和 Google Cloud，看看這個折扣的盈利比率是否使得該股票現在值得購買。</p>
<h2>強勁的基本面增長</h2>
<p>關於 Alphabet 和谷歌在人工智能領域輸給 OpenAI 等公司的説法有很多。然而，到目前為止，這並沒有在 Alphabet 的財務表現中顯現出來。上個季度，Alphabet 的收入在恆定貨幣下同比增長 14%，達到 902 億美元，谷歌搜索收入也增長了 10%，儘管據説受到 AI 初創公司的衝擊。但到目前為止，Alphabet 並沒有受到影響。</p>
<p>隨着 Gemini 語言升級、視頻工具以及一系列生產力和消費者購物功能等新 AI 產品的推出，Alphabet 保持在前沿，同時仍從谷歌搜索中產生大量收入。在過去的 12 個月中，Alphabet 的收入為 3600 億美元，在過去五年中累計增長了 117%。</p>
<p>這不僅僅來自谷歌搜索。YouTube 廣告、訂閲和 Google Cloud 每季度各自產生約 100 億美元的收入，並且收入以兩位數的速度增長。這種收入多樣化應該有助於 Alphabet 保持其財務勢頭，即使谷歌搜索如一些投資者所擔心的那樣受到衝擊。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjA4MDUvZmluZ2Vycy1vbi1jaGluLWxvb2tpbmctdXAtdGhpbmtpbmctY29uc2lkZXJpbmctd29uZGVyaW5nLmpwZyZ3PTcwMA?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" width="700" height="467" original-src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjA4MDUvZmluZ2Vycy1vbi1jaGluLWxvb2tpbmctdXAtdGhpbmtpbmctY29uc2lkZXJpbmctd29uZGVyaW5nLmpwZyZ3PTcwMA"/></p>
<p>圖片來源：Getty Images。</p>
<h2>來自 Google Cloud 的盈利支持</h2>
<p>目前，Alphabet 業務的皇冠明珠是 Google Cloud。該部門的收入同比增長 28%，受益於 AI 初創公司對雲計算的需求不斷上升。作為該領域的領導者，Google Cloud 的年度經常性收入接近 500 億美元，未來還有很大的增長空間。</p>
<p>多年來，Google Cloud 的運營收益為負。現在，它正經歷巨大的盈利拐點，這對 Alphabet 的綜合底線將產生重要影響。2025 年第一季度，Google Cloud 的運營收入為 22 億美元，利潤率為 18%。如果雲收入在幾年內達到每年 1000 億美元，同時利潤率擴大到 25%，那麼這將為 Alphabet 帶來 250 億美元的年度運營收入。</p>
<p>作為參考，Alphabet 在過去 12 個月的總運營收入為 1175 億美元，這意味着 Google Cloud 在公司的增長故事中變得越來越重要。只要 AI 支出熱潮持續，Google Cloud 的收入可能也會繼續增長。</p>
<p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/c34d9bd54a8363e25bdc5bf1a8778608.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" width="720" height="473" original-src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/c34d9bd54a8363e25bdc5bf1a8778608.png"/></p>
<p>GOOG 市盈率數據來源於 YCharts</p>
<h2>為什麼 Alphabet 是最便宜的七大奇蹟股票</h2>
<p>Alphabet 看起來是最便宜的七大奇蹟股票，原因有多個。首先，從收入的角度來看，它的增長速度超過了 <strong>Apple</strong> 和 <strong>Tesla</strong> 等一些同行。其次，Alphabet 的市盈率遠低於那些快速增長收入的七大奇蹟同行。Alphabet 的市盈率為 18.9，而 <strong>Meta Platforms</strong> 為 26.7，<strong>Microsoft</strong> 為 36，儘管 Alphabet 的收入增長速度相似。這些競爭對手中沒有一個像 Google Cloud 那樣目前正在經歷如此快速的盈利拐點。</p>
<p>更重要的是，Alphabet 的管理團隊在向股東回報資本方面是七大奇蹟中最優秀的之一。該股票目前的股息收益率為 0.5%，公司不斷將現金投入股票回購，即使在快速增加人工智能基礎設施和未來 Google Cloud 增長的資本支出時也是如此。</p>
<p>在公開市場上，這是一種罕見的組合：便宜的股票、快速的增長以及通過回購和股息向股東提供強勁的資本回報。這樣的組合使得 Alphabet 成為目前最值得購買的股票之一，也是今天最便宜的七大奇蹟。</p>

谷歌-A

谷歌-C

1 倍做空谷歌 ETF - Direxion

2 倍做多谷歌 ETF - Direxion

<p>Alphabet（谷歌）目前被認為是 “七大巨頭” 中最便宜的股票，原因是其市盈率（P/E）僅為 18.9，儘管其年收入增長率達到了 14%。該公司在人工智能領域蓬勃發展，谷歌雲的收入增長了 28%，對利潤貢獻顯著。Alphabet 的多元化收入來源，包括 YouTube 和谷歌雲，使其在未來增長中具備良好的定位。此外，該公司致力於通過分紅和股票回購向股東返還資本，使其成為一個具有吸引力的投資機會</p>

<p>Wall Street's least favorite &#34;Magnificent Seven&#34; stock may be <strong>Alphabet</strong>(GOOG 3.02%)(GOOGL 3.24%) right now if its price-to-earnings (P/E) ratio is any indicator. The large technology company -- and parent of Google -- is leaping forward into the artificial intelligence (AI) revolution with open arms, growing revenue at a double-digit rate, and seeing an earnings inflection at its cloud division. And yet, it trades at the cheapest P/E ratio of all of its large-cap technology stocks brethren.</p>
<div class="lb-trans"><p>如果以市盈率（P/E）作為指標，華爾街目前最不喜歡的 “七大奇蹟” 股票可能是 <strong>Alphabet</strong>（GOOG 3.02%）（GOOGL 3.24%）。這家大型科技公司——谷歌的母公司——正全力投入人工智能（AI）革命，收入以兩位數的速度增長，並且其雲部門的盈利出現了拐點。然而，它的市盈率在所有大型科技股中是最低的。</p>
</div><p>Let's dive in and analyze the parent company of Google, Gemini, YouTube, and Google Cloud and see whether this discounted earnings ratio makes the stock a buy right now.</p>
<div class="lb-trans"><p>讓我們深入分析谷歌的母公司、Gemini、YouTube 和 Google Cloud，看看這個折扣的盈利比率是否使得該股票現在值得購買。</p>
</div><h2>Strong fundamental growth</h2>
<div class="lb-trans"><h2>強勁的基本面增長</h2>
</div><p>There is a huge narrative around Alphabet and Google losing in AI to the likes of OpenAI. So far, this has not shown up in Alphabet's financial performance. Last quarter, Alphabet's revenue grew 14% year over year in constant currency to $90.2 billion, with 10% growth from Google Search revenue that is supposedly being disrupted by AI start-ups. So far, that hasn't been the case with Alphabet.</p>
<div class="lb-trans"><p>關於 Alphabet 和谷歌在人工智能領域輸給 OpenAI 等公司的説法有很多。然而，到目前為止，這並沒有在 Alphabet 的財務表現中顯現出來。上個季度，Alphabet 的收入在恆定貨幣下同比增長 14%，達到 902 億美元，谷歌搜索收入也增長了 10%，儘管據説受到 AI 初創公司的衝擊。但到目前為止，Alphabet 並沒有受到影響。</p>
</div><p>With a plethora of new AI products hitting the market including Gemini language upgrades, video tools, and a host of productivity and consumer shopping functions, Alphabet is staying on the cutting edge while still generating tons of revenue from Google Search. Over the last 12 months, Alphabet's revenue was $360 billion, up 117% cumulatively in the last five years.</p>
<div class="lb-trans"><p>隨着 Gemini 語言升級、視頻工具以及一系列生產力和消費者購物功能等新 AI 產品的推出，Alphabet 保持在前沿，同時仍從谷歌搜索中產生大量收入。在過去的 12 個月中，Alphabet 的收入為 3600 億美元，在過去五年中累計增長了 117%。</p>
</div><p>This is not just from Google Search, either. YouTube advertising, subscriptions, and Google Cloud each generate around $10 billion in quarterly revenue and are growing revenue at a double-digit rate. This diversification of revenue should help Alphabet maintain its financial momentum even if Google Search does get disrupted as some investors fear.</p>
<div class="lb-trans"><p>這不僅僅來自谷歌搜索。YouTube 廣告、訂閲和 Google Cloud 每季度各自產生約 100 億美元的收入，並且收入以兩位數的速度增長。這種收入多樣化應該有助於 Alphabet 保持其財務勢頭，即使谷歌搜索如一些投資者所擔心的那樣受到衝擊。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjA4MDUvZmluZ2Vycy1vbi1jaGluLWxvb2tpbmctdXAtdGhpbmtpbmctY29uc2lkZXJpbmctd29uZGVyaW5nLmpwZyZ3PTcwMA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F820805%2Ffingers-on-chin-looking-up-thinking-considering-wondering.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>Earnings help from Google Cloud</h2>
<div class="lb-trans"><h2>來自 Google Cloud 的盈利支持</h2>
</div><p>The crown jewel of Alphabet's business right now is Google Cloud. Growing revenue at 28% year over year, the division is benefiting greatly from the rising demand from AI start-ups to host their computing in the cloud. A leader in the space, Google Cloud is closing in on $50 billion in annual recurring revenue with a long runway to grow.</p>
<div class="lb-trans"><p>目前，Alphabet 業務的皇冠明珠是 Google Cloud。該部門的收入同比增長 28%，受益於 AI 初創公司對雲計算的需求不斷上升。作為該領域的領導者，Google Cloud 的年度經常性收入接近 500 億美元，未來還有很大的增長空間。</p>
</div><p>For years, Google Cloud had negative operating earnings. Now, it is seeing a huge profit inflection that will be meaningful to Alphabet's consolidated bottom line. Google Cloud's operating income was $2.2 billion in the first quarter of 2025, giving it a profit margin of 18%. If cloud revenue can hit $100 billion annually within a few years while profit margins expand to 25%, that will equate to $25 billion in annual operating income from the division for Alphabet.</p>
<div class="lb-trans"><p>多年來，Google Cloud 的運營收益為負。現在，它正經歷巨大的盈利拐點，這對 Alphabet 的綜合底線將產生重要影響。2025 年第一季度，Google Cloud 的運營收入為 22 億美元，利潤率為 18%。如果雲收入在幾年內達到每年 1000 億美元，同時利潤率擴大到 25%，那麼這將為 Alphabet 帶來 250 億美元的年度運營收入。</p>
</div><p>For reference, Alphabet's total operating income was $117.5 billion over the last 12 months, meaning that Google Cloud is an increasingly important part of the company's growth story. As long as the AI spending boom continues, Google Cloud's revenue will likely continue to grow as well.</p>
<div class="lb-trans"><p>作為參考，Alphabet 在過去 12 個月的總運營收入為 1175 億美元，這意味着 Google Cloud 在公司的增長故事中變得越來越重要。只要 AI 支出熱潮持續，Google Cloud 的收入可能也會繼續增長。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/c34d9bd54a8363e25bdc5bf1a8778608.png" alt="" original-src="https://media.ycharts.com/charts/c34d9bd54a8363e25bdc5bf1a8778608.png"/></p>
<p>GOOG PE Ratio data by YCharts</p>
<div class="lb-trans"><p>GOOG 市盈率數據來源於 YCharts</p>
</div><h2>Why Alphabet is the cheapest Magnificent Seven stock</h2>
<div class="lb-trans"><h2>為什麼 Alphabet 是最便宜的七大奇蹟股票</h2>
</div><p>Alphabet looks like the cheapest Magnificent Seven stock to buy for multiple reasons. For one, it is growing faster from a revenue perspective than some of its peers such as <strong>Apple</strong> and <strong>Tesla</strong>. Second, Alphabet's trailing P/E ratio is much lower than the Magnificent Seven peers that are growing revenue at a fast clip. Alphabet has a P/E ratio of 18.9, versus 26.7 for <strong>Meta Platforms</strong> and 36 for <strong>Microsoft</strong>, even though Alphabet's revenue is growing at a similar rate. Neither of these competitors has a division like Google Cloud that is appreciating such a rapid earnings inflection at the moment, either.</p>
<div class="lb-trans"><p>Alphabet 看起來是最便宜的七大奇蹟股票，原因有多個。首先，從收入的角度來看，它的增長速度超過了 <strong>Apple</strong> 和 <strong>Tesla</strong> 等一些同行。其次，Alphabet 的市盈率遠低於那些快速增長收入的七大奇蹟同行。Alphabet 的市盈率為 18.9，而 <strong>Meta Platforms</strong> 為 26.7，<strong>Microsoft</strong> 為 36，儘管 Alphabet 的收入增長速度相似。這些競爭對手中沒有一個像 Google Cloud 那樣目前正在經歷如此快速的盈利拐點。</p>
</div><p>To put the cherry on top, Alphabet's management team has been one of the best among the Magnificent Seven in returning capital to shareholders. The stock now has a dividend yielding 0.5%, and the company keeps plowing cash into share repurchases even as it rapidly lays out capital expenditures for its AI infrastructure and future Google Cloud growth.</p>
<div class="lb-trans"><p>更重要的是，Alphabet 的管理團隊在向股東回報資本方面是七大奇蹟中最優秀的之一。該股票目前的股息收益率為 0.5%，公司不斷將現金投入股票回購，即使在快速增加人工智能基礎設施和未來 Google Cloud 增長的資本支出時也是如此。</p>
</div><p>This is a rare combination in public markets: a cheap stock, fast growth, and strong capital returns to shareholders through buybacks and dividends. A recipe like this makes Alphabet one of the best stocks to buy right now and the cheapest Magnificent Seven today.</p>
<div class="lb-trans"><p>在公開市場上，這是一種罕見的組合：便宜的股票、快速的增長以及通過回購和股息向股東提供強勁的資本回報。這樣的組合使得 Alphabet 成為目前最值得購買的股票之一，也是今天最便宜的七大奇蹟。</p>
</div>

Is Google the Cheapest "Magnificent Seven" Stock You Can Buy Today?

- Alphabet（GOOG）在人工智能領域快速增長，營收同比增長 14%。  
- Google Cloud 的營收增長 28%，對整體利潤貢獻顯著。  
- 其市盈率為 18.9，低於其他大型科技股，具備投資價值。  

谷歌是今天你能買到的最便宜的 “七大傑出” 股票嗎？