<p><strong>字母表</strong>(GOOG 0.51%)(GOOGL 0.50%) 目前是華爾街上最大的投資機會之一。其估值在過去十年中很少達到這個水平，這應該促使投資者開始詢問為什麼它變得如此便宜。</p>
<p>我認為這種估值下跌主要是由於對生成性人工智能的過度擔憂，投資者需要理解生成性人工智能對更廣泛人羣的真實影響，而不僅僅是一些小眾案例。如果你能做到這一點，那麼很明顯，字母表的股票現在具有相當大的價值。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjMyNzgvcGVyc29uLXVzaW5nLXRoZWlyLXBob25lLWluLWJlZC5qcGcmdz03MDA?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-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjMyNzgvcGVyc29uLXVzaW5nLXRoZWlyLXBob25lLWluLWJlZC5qcGcmdz03MDA"/></p>
<p>圖片來源：Getty Images。</p>
<h2>谷歌搜索引擎仍在實現出色的增長</h2>
<p>字母表是谷歌的母公司，其最有價值的資產是谷歌搜索引擎。字母表超過一半的收入來自這個部門，因此確保其成功對整個公司的長期成功至關重要。</p>
<p>然而，許多投資者相信生成性人工智能技術的崛起可能會使谷歌搜索變得過時。許多投資者指出，谷歌的搜索引擎市場份額首次跌破 90% 是一個警告信號，但他們忽視了一些明顯的事實。</p>
<p>首先，其市場份額仍然相當強勁，截至 6 月仍保持在 87%。如果你對美國的任何公司進行調查，詢問他們是否對 87% 的市場份額感到滿意，你很難找到一個回答 “否” 的受訪者。谷歌搜索仍然是主導搜索引擎，幾乎與使用互聯網同義。</p>
<p>其次，谷歌推出了其 AI 搜索概述，能夠無縫集成生成性人工智能技術與熟悉的搜索界面。雖然這個功能有一些小問題，但總體來説是一個很好的補充。目前，這可能是絕大多數用户羣體繼續使用谷歌而不是其他搜索引擎或生成性人工智能工具所需的所有改進。會有一些用户流失，但考慮到生成性人工智能工具已經存在很長時間，許多將替代其互聯網搜索習慣的人可能已經做出了切換。</p>
<p>最後，這一市場份額的下降尚未在字母表的業績中顯現出來。在第一季度，谷歌搜索的收入同比增長了 10%。這聽起來不像是一家正在遭受觀眾縮減的公司，這讓我相信對字母表衰退的擔憂被過度誇大。因此，我認為現在是將這隻股票視為潛在買入機會的時候。</p>
<h2>字母表的估值歷史上便宜</h2>
<p>字母表的股票交易價格為 19.9 倍的過去收益，這是過去十年中僅交易過一次的水平。</p>
<p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/97793d4010c1e617cc7703f95482b187.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/97793d4010c1e617cc7703f95482b187.png"/></p>
<p>GOOGL 市盈率數據來源於 YCharts</p>
<p>上一次達到這個點是在 2022 年底和 2023 年初，當時市場相信經濟正走向衰退，幾乎所有股票都以相當便宜的估值被拋售。然而，目前市場處於高估值點，字母表卻被拋在了後面。</p>
<p>因此，這是過去十年中字母表相對於更廣泛市場如此便宜的唯一時刻。<strong>標準普爾 500</strong> 指數的交易價格為 24.1 倍的過去收益，表明字母表的交易價格相對於更廣泛市場有很大的折扣。</p>
<p>由於字母表在如此長時間內沒有以如此深的折扣交易，我相信現在是十年來以極具吸引力的價格購買字母表股票的機會。</p>

谷歌-C

谷歌-A

<p>Alphabet 的股票目前被視為一個重要的買入機會，因為其歷史估值處於低位，交易價格為 19.9 倍的過去收益，而標準普爾 500 指數為 24.1 倍。人們對生成式人工智能影響谷歌搜索的擔憂被認為是過度的，因為該搜索引擎仍然佔據 87% 的市場份額，並且年同比收入增長了 10%。這種獨特的估值下跌為投資者提供了以折扣價購買 Alphabet 股票的罕見機會，使其成為一個引人注目的投資選擇</p>

<p><strong>Alphabet</strong>(GOOG 0.51%)(GOOGL 0.50%) is one of the biggest bargains on Wall Street right now. Its valuation has seldom reached this level over the past decade, which should prompt investors to start asking questions about why it has become so cheap.</p>
<div class="lb-trans"><p><strong>字母表</strong>(GOOG 0.51%)(GOOGL 0.50%) 目前是華爾街上最大的投資機會之一。其估值在過去十年中很少達到這個水平，這應該促使投資者開始詢問為什麼它變得如此便宜。</p>
</div><p>I think this valuation drop is largely due to overblown fears regarding generative AI, and investors need to understand the true impacts of generative AI on the broader population, rather than just a few niche cases. If you can do that, then it's clear that Alphabet's stock has substantial value right now.</p>
<div class="lb-trans"><p>我認為這種估值下跌主要是由於對生成性人工智能的過度擔憂，投資者需要理解生成性人工智能對更廣泛人羣的真實影響，而不僅僅是一些小眾案例。如果你能做到這一點，那麼很明顯，字母表的股票現在具有相當大的價值。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjMyNzgvcGVyc29uLXVzaW5nLXRoZWlyLXBob25lLWluLWJlZC5qcGcmdz03MDA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F823278%2Fperson-using-their-phone-in-bed.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>Google Search engine is still putting up excellent growth</h2>
<div class="lb-trans"><h2>谷歌搜索引擎仍在實現出色的增長</h2>
</div><p>Alphabet is the parent company of Google, and its most valuable property is the Google Search engine. More than half of Alphabet's revenue comes from this division, so ensuring its success is critical to the long-term success of the overall company.</p>
<div class="lb-trans"><p>字母表是谷歌的母公司，其最有價值的資產是谷歌搜索引擎。字母表超過一半的收入來自這個部門，因此確保其成功對整個公司的長期成功至關重要。</p>
</div><p>However, many investors are convinced that the rise of generative AI technologies could render Google Search obsolete. Many investors point toward Google's search engine market share dropping below 90% for the first time since 2015 as a warning sign, but they are ignoring some blatant facts.</p>
<div class="lb-trans"><p>然而，許多投資者相信生成性人工智能技術的崛起可能會使谷歌搜索變得過時。許多投資者指出，谷歌的搜索引擎市場份額首次跌破 90% 是一個警告信號，但他們忽視了一些明顯的事實。</p>
</div><p>First, its market share remains quite strong, still holding at 87% as of June. If you surveyed any company in America about whether they'd be satisfied with an 87% market share, you'd be hard pressed to find a respondent who said &#34;no.&#34; Google Search remains the dominant search engine, and it has become practically synonymous with using the internet.</p>
<div class="lb-trans"><p>首先，其市場份額仍然相當強勁，截至 6 月仍保持在 87%。如果你對美國的任何公司進行調查，詢問他們是否對 87% 的市場份額感到滿意，你很難找到一個回答 “否” 的受訪者。谷歌搜索仍然是主導搜索引擎，幾乎與使用互聯網同義。</p>
</div><p>Second, Google has rolled out its AI search overviews, which seamlessly integrate generative AI technology alongside the familiar search interface. While this feature has had some hiccups, it's overall a great addition. For now, it will likely be all the improvement needed for the vast majority of the user base to stick with Google versus another search engine or a generative AI tool. There will be some defectors, but given how long generative AI tools have been around, many of the people who will replace their internet search habits may have already made the switch.</p>
<div class="lb-trans"><p>其次，谷歌推出了其 AI 搜索概述，能夠無縫集成生成性人工智能技術與熟悉的搜索界面。雖然這個功能有一些小問題，但總體來説是一個很好的補充。目前，這可能是絕大多數用户羣體繼續使用谷歌而不是其他搜索引擎或生成性人工智能工具所需的所有改進。會有一些用户流失，但考慮到生成性人工智能工具已經存在很長時間，許多將替代其互聯網搜索習慣的人可能已經做出了切換。</p>
</div><p>Lastly, this drop in market share hasn't shown up in Alphabet's results yet. In the first quarter, Google Search's revenue rose 10% year over year. This doesn't sound like a company that's suffering from a shrinking audience, and it leads me to believe that the fears of Alphabet's demise are way overblown. As a result, I believe it's time to view the stock as a potential buying opportunity.</p>
<div class="lb-trans"><p>最後，這一市場份額的下降尚未在字母表的業績中顯現出來。在第一季度，谷歌搜索的收入同比增長了 10%。這聽起來不像是一家正在遭受觀眾縮減的公司，這讓我相信對字母表衰退的擔憂被過度誇大。因此，我認為現在是將這隻股票視為潛在買入機會的時候。</p>
</div><h2>Alphabet's valuation is historically cheap</h2>
<div class="lb-trans"><h2>字母表的估值歷史上便宜</h2>
</div><p>Alphabet's stock trades for 19.9 times trailing earnings, a level that it has only traded at once over the past decade.</p>
<div class="lb-trans"><p>字母表的股票交易價格為 19.9 倍的過去收益，這是過去十年中僅交易過一次的水平。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/97793d4010c1e617cc7703f95482b187.png" alt="" original-src="https://media.ycharts.com/charts/97793d4010c1e617cc7703f95482b187.png"/></p>
<p>GOOGL PE Ratio data by YCharts</p>
<div class="lb-trans"><p>GOOGL 市盈率數據來源於 YCharts</p>
</div><p>The last time it reached this point, at the end of 2022 and the start of 2023, the market was convinced that the economy was heading into a recession, and every single stock had sold off to a pretty cheap valuation. However, the market is currently at a high valuation point and has left Alphabet behind.</p>
<div class="lb-trans"><p>上一次達到這個點是在 2022 年底和 2023 年初，當時市場相信經濟正走向衰退，幾乎所有股票都以相當便宜的估值被拋售。然而，目前市場處於高估值點，字母表卻被拋在了後面。</p>
</div><p>As a result, this is the only time in the past decade that Alphabet has been this inexpensive compared to the broader market. The <strong>S&amp;P 500</strong> index trades at 24.1 times trailing earnings, indicating Alphabet is trading at a hefty discount to the broader market.</p>
<div class="lb-trans"><p>因此，這是過去十年中字母表相對於更廣泛市場如此便宜的唯一時刻。<strong>標準普爾 500</strong> 指數的交易價格為 24.1 倍的過去收益，表明字母表的交易價格相對於更廣泛市場有很大的折扣。</p>
</div><p>Since Alphabet has not traded at such a deep discount to the market for so long, I believe that now is a once-in-a-decade opportunity to pick up Alphabet shares at an extremely attractive price.</p>
<div class="lb-trans"><p>由於字母表在如此長時間內沒有以如此深的折扣交易，我相信現在是十年來以極具吸引力的價格購買字母表股票的機會。</p>
</div>

A Once-in-a-Decade Opportunity: Alphabet's Stock Looks Like a Brilliant Buy Right Now

- Alphabet 的估值處於十年來的低點，吸引投資者關注。  
- Google 搜索引擎市場份額仍保持在 87%，收入同比增長 10%。  
- 當前股價相較於標普 500 指數顯著折扣，提供買入機會。

十年一遇的機會：Alphabet 的股票目前看起來是一個絕佳的買入時機