<p><strong>字母表</strong>(GOOG 1.74%)(GOOGL 1.69%) 可能是所有&#34;七大奇蹟&#34;股票中最不受歡迎的一隻。許多投資者擔心其基礎業務會受到生成式人工智能產品的干擾，但這種弱點尚未顯現。此外，字母表還有其他一些業務部門正在利用人工智能軍備競賽獲利，並推動整體增長。</p>
<p>字母表的股票目前看起來極其便宜，願意逆勢而行的投資者可以在其股票中找到巨大的價值。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjI0OTEvcGVyc29uLXVzaW5nLXRoZWlyLXBob25lLW9uLWEtY291Y2guanBnJnc9NzAw?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-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjI0OTEvcGVyc29uLXVzaW5nLXRoZWlyLXBob25lLW9uLWEtY291Y2guanBnJnc9NzAw"/></p>
<p>圖片來源：Getty Images。</p>
<h2>字母表的基礎業務仍然表現良好</h2>
<p>字母表是谷歌、YouTube、Android 操作系統及許多其他產品線的母公司。然而，谷歌搜索引擎是該業務的搖錢樹，使公司能夠資助其他項目。如果沒有谷歌搜索產生的現金，字母表今天的樣子將大相徑庭。</p>
<p>許多投資者擔心生成式人工智能模型會完全取代谷歌搜索，但我們尚未看到這種情況發生。字母表的管理團隊推出了一款新產品，可以彌補全面使用生成式人工智能與傳統搜索引擎之間的差距。其人工智能提供了一個生成式人工智能驅動的概述，能夠總結搜索內容。</p>
<p>雖然這個功能有一些小缺陷，但它非常有效且受歡迎。許多投資者忘記了谷歌的廣泛性和受歡迎程度。存在一個龐大的消費者基礎，他們只知道谷歌，並且可能永遠不會使用人工智能模型，這些用户可能會保持忠誠，除非推出了某種大幅改進的產品，而這種情況尚未發生。</p>
<p>此外，投資者擔心的弱點在字母表的業績中並未顯現。在第一季度，谷歌搜索的收入同比增長了 10%。這與多年來的增長沒有太大不同，質疑了谷歌搜索在人工智能驅動的世界中無法成功的假設。</p>
<p>此外，其他部門，如谷歌雲，也從人工智能軍備競賽中受益。谷歌雲是字母表的雲計算部門，為客户構建大量計算能力供其租用。大多數客户不需要專用的人工智能計算集羣，因此從像谷歌雲這樣的提供商那裏租用更為合理。谷歌雲在第一季度實現了驚人的增長，收入同比增長 28%。此外，其盈利能力也在不斷提高，運營利潤率從去年的 9.4% 幾乎翻倍至今年的 17.8%。</p>
<p>這一切加在一起，使得公司（以及其他部門）在第一季度的收入和稀釋每股收益分別以 12% 和 49% 的速度增長。這聽起來不像是一家正在衰退的公司，儘管市場可能讓你相信相反的情況。通常，這樣的增長水平會使股票獲得較高的溢價，但在字母表身上並沒有。</p>
<h2>字母表的股票看起來極其便宜</h2>
<p>我將 <strong>標準普爾 500 指數</strong> 作為字母表的基準比較工具。廣泛的市場指數是投資者判斷股票是否便宜或昂貴的最佳比較工具之一。標準普爾 500 目前的前瞻市盈率為 22.8 倍，這在歷史上是相當昂貴的。</p>
<p>字母表的股票遠比這便宜，僅以 17.4 倍的前瞻市盈率交易。</p>
<p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/85e99343f2a89a63da5ee6555503d9b3.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/85e99343f2a89a63da5ee6555503d9b3.png"/></p>
<p>GOOGL 前瞻市盈率數據來自 YCharts</p>
<p>因此，無論廣泛市場是否昂貴，字母表的股票是否便宜都無關緊要（我認為這兩者因素的結合）。字母表的股票相對於市場被低估，因為它以低於市場的價格實現了超越市場的增長。</p>
<p>找到同時具備這兩個因素的股票是罕見的，而不屬於高度週期性的業務，這使得字母表在今天的股價下成為一個顯而易見的買入選擇。</p>

谷歌-C

谷歌-A

<p>Alphabet 的股票被認為被低估，當前的前瞻市盈率為 17.4 倍，而標準普爾 500 指數為 22.8 倍。儘管對生成性人工智能帶來的干擾存在擔憂，Alphabet 的核心業務依然強勁，谷歌搜索收入同比增長 10%，谷歌雲業務增長 28%。該公司在第一季度的整體收入和每股收益也顯示出顯著增長。投資者可能會在 Alphabet 的股票中發現可觀的價值，因為它結合了強勁的增長和低估值</p>

<p><strong>Alphabet</strong>(GOOG 1.74%)(GOOGL 1.69%) is perhaps the least-loved &#34;Magnificent Seven&#34; stock of all. Many investors are fearful of its base business being disrupted by generative AI products, but that weakness hasn't surfaced yet. Additionally, Alphabet has some other business units that are cashing in on the AI arms race and boosting its overall growth.</p>
<div class="lb-trans"><p><strong>字母表</strong>(GOOG 1.74%)(GOOGL 1.69%) 可能是所有&#34;七大奇蹟&#34;股票中最不受歡迎的一隻。許多投資者擔心其基礎業務會受到生成式人工智能產品的干擾，但這種弱點尚未顯現。此外，字母表還有其他一些業務部門正在利用人工智能軍備競賽獲利，並推動整體增長。</p>
</div><p>Alphabet's stock appears absurdly cheap right now, and investors willing to buck the trend can find huge value in its shares.</p>
<div class="lb-trans"><p>字母表的股票目前看起來極其便宜，願意逆勢而行的投資者可以在其股票中找到巨大的價值。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjI0OTEvcGVyc29uLXVzaW5nLXRoZWlyLXBob25lLW9uLWEtY291Y2guanBnJnc9NzAw" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F822491%2Fperson-using-their-phone-on-a-couch.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's base business is still doing just fine</h2>
<div class="lb-trans"><h2>字母表的基礎業務仍然表現良好</h2>
</div><p>Alphabet is the parent company of Google, YouTube, the Android operating system, and many other product lines. However, the Google search engine is the business's cash cow and allows the company to fund other projects. Without the cash generated by Google search, Alphabet wouldn't look the same way it does today.</p>
<div class="lb-trans"><p>字母表是谷歌、YouTube、Android 操作系統及許多其他產品線的母公司。然而，谷歌搜索引擎是該業務的搖錢樹，使公司能夠資助其他項目。如果沒有谷歌搜索產生的現金，字母表今天的樣子將大相徑庭。</p>
</div><p>Many investors are fearful that generative AI models will completely replace Google search, but we haven't seen that occur. Alphabet's management team has launched a new product that could bridge the gap between full-on generative AI usage and a traditional search engine. Its AI offers a generative AI-powered overview that summarizes the search.</p>
<div class="lb-trans"><p>許多投資者擔心生成式人工智能模型會完全取代谷歌搜索，但我們尚未看到這種情況發生。字母表的管理團隊推出了一款新產品，可以彌補全面使用生成式人工智能與傳統搜索引擎之間的差距。其人工智能提供了一個生成式人工智能驅動的概述，能夠總結搜索內容。</p>
</div><p>While this feature has some quirks, it's incredibly effective and popular. Many investors are forgetting about how widespread and popular Google is. There is a massive consumer base that only knows Google and will likely never use an AI model, and these users will likely remain loyal customers unless something vastly improved is launched, which hasn't been the case.</p>
<div class="lb-trans"><p>雖然這個功能有一些小缺陷，但它非常有效且受歡迎。許多投資者忘記了谷歌的廣泛性和受歡迎程度。存在一個龐大的消費者基礎，他們只知道谷歌，並且可能永遠不會使用人工智能模型，這些用户可能會保持忠誠，除非推出了某種大幅改進的產品，而這種情況尚未發生。</p>
</div><p>Furthermore, the weakness investors are worried about hasn't materialized in Alphabet's results. During the first quarter, Google search's revenue rose 10% year over year. That's not much different than the growth it has delivered for many years, casting doubt on the hypothesis that Google search can't succeed in an AI-driven world.</p>
<div class="lb-trans"><p>此外，投資者擔心的弱點在字母表的業績中並未顯現。在第一季度，谷歌搜索的收入同比增長了 10%。這與多年來的增長沒有太大不同，質疑了谷歌搜索在人工智能驅動的世界中無法成功的假設。</p>
</div><p>Additionally, other divisions, like Google Cloud, benefit from the AI arms race. Google Cloud is Alphabet's cloud computing division, building massive amounts of computing power for customers to rent. Most clients don't need a dedicated AI computing cluster, so renting it from a provider like Google Cloud makes more sense. Google Cloud saw phenomenal growth in Q1, with revenue rising 28% year over year. Additionally, it's becoming increasingly profitable, with its operating margin nearly doubling from 9.4% last year to 17.8% this year.</p>
<div class="lb-trans"><p>此外，其他部門，如谷歌雲，也從人工智能軍備競賽中受益。谷歌雲是字母表的雲計算部門，為客户構建大量計算能力供其租用。大多數客户不需要專用的人工智能計算集羣，因此從像谷歌雲這樣的提供商那裏租用更為合理。谷歌雲在第一季度實現了驚人的增長，收入同比增長 28%。此外，其盈利能力也在不斷提高，運營利潤率從去年的 9.4% 幾乎翻倍至今年的 17.8%。</p>
</div><p>This all adds up to a company (alongside other divisions) that grew revenue and diluted earnings per share at a 12% and 49% pace, respectively, during the first quarter. That doesn't sound like a dying company, and Alphabet is succeeding even if the market would have you believe otherwise. Normally, those growth levels would earn a stock a large premium, but it doesn't with Alphabet.</p>
<div class="lb-trans"><p>這一切加在一起，使得公司（以及其他部門）在第一季度的收入和稀釋每股收益分別以 12% 和 49% 的速度增長。這聽起來不像是一家正在衰退的公司，儘管市場可能讓你相信相反的情況。通常，這樣的增長水平會使股票獲得較高的溢價，但在字母表身上並沒有。</p>
</div><h2>Alphabet's stock looks absurdly cheap</h2>
<div class="lb-trans"><h2>字母表的股票看起來極其便宜</h2>
</div><p>I'm using the <strong>S&amp;P 500</strong> index as the baseline comparison for Alphabet. The broad market index is one of the best comparison tools investors have to determine whether a stock is cheap or expensive. The S&amp;P 500 currently trades at 22.8 times forward earnings, which is historically quite expensive.</p>
<div class="lb-trans"><p>我將 <strong>標準普爾 500 指數</strong> 作為字母表的基準比較工具。廣泛的市場指數是投資者判斷股票是否便宜或昂貴的最佳比較工具之一。標準普爾 500 目前的前瞻市盈率為 22.8 倍，這在歷史上是相當昂貴的。</p>
</div><p>Alphabet's stock is much cheaper than that, trading for a mere 17.4 times forward earnings.</p>
<div class="lb-trans"><p>字母表的股票遠比這便宜，僅以 17.4 倍的前瞻市盈率交易。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/85e99343f2a89a63da5ee6555503d9b3.png" alt="" original-src="https://media.ycharts.com/charts/85e99343f2a89a63da5ee6555503d9b3.png"/></p>
<p>GOOGL PE Ratio (Forward) data by YCharts</p>
<div class="lb-trans"><p>GOOGL 前瞻市盈率數據來自 YCharts</p>
</div><p>So, whether the broader market is expensive or Alphabet's stock is cheap doesn't matter (I think it's a combination of those two factors). Alphabet's stock is undervalued compared to the market, as it's delivering market-beating growth at a below-market price.</p>
<div class="lb-trans"><p>因此，無論廣泛市場是否昂貴，字母表的股票是否便宜都無關緊要（我認為這兩者因素的結合）。字母表的股票相對於市場被低估，因為它以低於市場的價格實現了超越市場的增長。</p>
</div><p>It's rare to find a stock that combines these two factors without being a highly cyclical business, which makes Alphabet a no-brainer buy at today's stock price.</p>
<div class="lb-trans"><p>找到同時具備這兩個因素的股票是罕見的，而不屬於高度週期性的業務，這使得字母表在今天的股價下成為一個顯而易見的買入選擇。</p>
</div>

Is Alphabet's Stock Absurdly Cheap?

- Alphabet 的核心業務仍然表現良好，第一季度 Google 搜索收入同比增長 10%。  
- Google Cloud 在 AI 競爭中受益，第一季度收入增長 28%，運營利潤率接近翻倍。  
- Alphabet 股票相較於市場顯得極為便宜，當前市盈率為 17.4，低於 S&P 500 的 22.8。  

Alphabet 的股票是否異常便宜？