<p><strong>字母表</strong>(GOOG 0.34%)(GOOGL 0.35%) 目前在市場上不受歡迎。投資者對生成性人工智能技術對字母表核心業務的影響表示擔憂，這從其股價的下跌中可見一斑。</p>
<p>然而，我認為有一個被忽視的原因可能會導致字母表的股票在 2025 年下半年飆升，投資者現在就應該抓住機會，趁股價真正起飛之前入場。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjQ0MDkvcGVyc29uLW92ZXJsb29raW5nLWEtZGF0YWNlbnRlci5qcGcmdz03MDA?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-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjQ0MDkvcGVyc29uLW92ZXJsb29raW5nLWEtZGF0YWNlbnRlci5qcGcmdz03MDA"/></p>
<p>圖片來源：Getty Images。</p>
<h2>谷歌搜索受到投資者的關注</h2>
<p>字母表最大的業務板塊是谷歌搜索引擎。這個傳統業務使字母表發展成為今天的公司，並使其能夠資助過去十年中各種商業機會。</p>
<p>市場擔心，隨着越來越多的人開始使用生成性人工智能模型，谷歌搜索會迅速消失。這將對字母表最大的收入來源造成重大影響，並導致股價下跌。</p>
<p>然而，投資者忘記了，仍有很大一部分人羣可能會因為習慣而繼續使用谷歌。此外，谷歌實施了人工智能搜索概述，將生成性人工智能與搜索無縫集成，這種集成對於絕大多數人來説可能已經足夠。</p>
<p>我們將在 7 月 23 日的第二季度財報中聽到字母表關於谷歌搜索引擎健康狀況的更多信息，但在此之前，我們必須查看第一季度的結果。在第一季度，谷歌搜索引擎的收入同比增長了 10%。這並不表明這個業務單元正在失敗，但市場卻對此深信不疑。這個增長率將在第二季度的結果中受到審視，但如果它保持在同樣的低雙位數增長率，股價可能會有更多上漲的空間。</p>
<p>但我認為還有另一個業務板塊，投資者可能忽視了，它可能是字母表未來的關鍵。</p>
<h2>谷歌雲是字母表的關鍵業務板塊</h2>
<p>在我看來，字母表最引人注目的業務單元是谷歌雲。雲計算行業正在經歷巨大的繁榮，受益於兩個順風因素。首先，新的人工智能工作負載每天都在增加，而谷歌雲已成為運行這些工作負載的首選，特別是因為其內部模型 Gemini 在行業中表現優異。其次，企業正在將一般工作負載（如網站託管和商業數據）遷移到雲端，因為本地設備逐漸老化。這兩個因素都是推動更廣泛雲計算行業增長的巨大動力，而谷歌雲的第三名位置使其在捕獲更多業務方面處於良好位置。</p>
<p>在第一季度，谷歌雲的收入同比增長了 28%，運營利潤率為 18%。在追趕 <strong>亞馬遜</strong> 網絡服務（其運營利潤率約為 40%）之前，它還有很長的路要走，但這突顯了該部門為字母表提供的巨大上行空間。</p>
<p>雖然大多數市場將關注第二季度結果中谷歌搜索的增長，我也是如此，但不要忘記查看谷歌雲的增長。</p>
<p>字母表需要這兩個業務板塊表現良好，以防市場對該股票變得更加悲觀。我認為它可以做到，這可能是該股票在 2025 年剩餘時間內扭轉命運所需的因素。</p>

谷歌-A

谷歌-C

<p>Alphabet 的股票目前受到壓力，原因是對生成性人工智能對其核心 Google 搜索業務影響的擔憂。然而，該公司展現出韌性，第一季度 Google 搜索收入同比增長 10%。此外，Google Cloud 也在經歷顯著增長，收入增長 28%，在蓬勃發展的雲計算市場中佔據了良好位置。投資者應密切關注這兩個業務板塊，因為強勁的表現可能會導致股票在 2025 年下半年反彈</p>

<p><strong>Alphabet</strong>(GOOG 0.34%)(GOOGL 0.35%) is currently out of favor with the market. Investors are concerned about the impact of generative AI technologies on Alphabet's core business, as evidenced by the decline in its stock.</p>
<div class="lb-trans"><p><strong>字母表</strong>(GOOG 0.34%)(GOOGL 0.35%) 目前在市場上不受歡迎。投資者對生成性人工智能技術對字母表核心業務的影響表示擔憂，這從其股價的下跌中可見一斑。</p>
</div><p>However, I think there's an under-the-radar reason that Alphabet's stock could soar in the second half of 2025, and investors would be wise to get in on it now before the stock really takes off.</p>
<div class="lb-trans"><p>然而，我認為有一個被忽視的原因可能會導致字母表的股票在 2025 年下半年飆升，投資者現在就應該抓住機會，趁股價真正起飛之前入場。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjQ0MDkvcGVyc29uLW92ZXJsb29raW5nLWEtZGF0YWNlbnRlci5qcGcmdz03MDA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F824409%2Fperson-overlooking-a-datacenter.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 is under scrutiny by investors</h2>
<div class="lb-trans"><h2>谷歌搜索受到投資者的關注</h2>
</div><p>Alphabet's biggest business segment is the Google Search engine. This legacy business built Alphabet into the company it is today, and allowed it to fund all of the various business opportunities Alphabet has taken over the past decade.</p>
<div class="lb-trans"><p>字母表最大的業務板塊是谷歌搜索引擎。這個傳統業務使字母表發展成為今天的公司，並使其能夠資助過去十年中各種商業機會。</p>
</div><p>The market is fearful that Google Search will quickly go away as more people start using generative AI models. This would take a significant bite out of Alphabet's largest revenue stream and cause the stock to tumble.</p>
<div class="lb-trans"><p>市場擔心，隨着越來越多的人開始使用生成性人工智能模型，谷歌搜索會迅速消失。這將對字母表最大的收入來源造成重大影響，並導致股價下跌。</p>
</div><p>However, investors are forgetting that there's a large portion of the population that will likely stay Google users out of habit. Additionally, Google implemented AI search overviews, which integrate generative AI seamlessly with search, and that integration is likely enough AI for the vast majority of the population.</p>
<div class="lb-trans"><p>然而，投資者忘記了，仍有很大一部分人羣可能會因為習慣而繼續使用谷歌。此外，谷歌實施了人工智能搜索概述，將生成性人工智能與搜索無縫集成，這種集成對於絕大多數人來説可能已經足夠。</p>
</div><p>We'll hear more from Alphabet about the Google Search engine's health during its Q2 earnings report on July 23, but until then, we'll have to look at Q1's results. In Q1, the Google Search engine grew revenue by 10% year over year. That's not indicative of a business unit that's failing, yet that is what the market is convinced of. This growth rate will be scrutinized during Q2's results, but if it comes in at the same low-double-digit growth rate, the stock could be primed for more upside.</p>
<div class="lb-trans"><p>我們將在 7 月 23 日的第二季度財報中聽到字母表關於谷歌搜索引擎健康狀況的更多信息，但在此之前，我們必須查看第一季度的結果。在第一季度，谷歌搜索引擎的收入同比增長了 10%。這並不表明這個業務單元正在失敗，但市場卻對此深信不疑。這個增長率將在第二季度的結果中受到審視，但如果它保持在同樣的低雙位數增長率，股價可能會有更多上漲的空間。</p>
</div><p>But there's another business segment that I think investors are forgetting about that could hold the key to Alphabet's future.</p>
<div class="lb-trans"><p>但我認為還有另一個業務板塊，投資者可能忽視了，它可能是字母表未來的關鍵。</p>
</div><h2>Google Cloud is a key segment within Alphabet</h2>
<div class="lb-trans"><h2>谷歌雲是字母表的關鍵業務板塊</h2>
</div><p>Alphabet's most intriguing business unit in my eyes is Google Cloud. The cloud computing industry is seeing a massive boom as it's benefiting from two tailwinds. First, new AI workloads are being spun up daily, and Google Cloud has become a top option to run those on, particularly because of its in-house model, Gemini, which scores among the best. Second, businesses are migrating general workloads, like website hosting and business data, onto the cloud as on-premise equipment ages out. Both of these factors are huge growth drivers for the broader cloud computing industry, and with Google Cloud's third-place position, it's in an excellent spot to capture some more business.</p>
<div class="lb-trans"><p>在我看來，字母表最引人注目的業務單元是谷歌雲。雲計算行業正在經歷巨大的繁榮，受益於兩個順風因素。首先，新的人工智能工作負載每天都在增加，而谷歌雲已成為運行這些工作負載的首選，特別是因為其內部模型 Gemini 在行業中表現優異。其次，企業正在將一般工作負載（如網站託管和商業數據）遷移到雲端，因為本地設備逐漸老化。這兩個因素都是推動更廣泛雲計算行業增長的巨大動力，而谷歌雲的第三名位置使其在捕獲更多業務方面處於良好位置。</p>
</div><p>In Q1, Google Cloud's revenue rose 28% year over year, and it produced an operating margin of 18%. It has a long way to go before catching <strong>Amazon</strong> Web Services as the industry-leading cloud provider (it posts operating margins of around 40%), but that underscores how much upside this division provides Alphabet.</p>
<div class="lb-trans"><p>在第一季度，谷歌雲的收入同比增長了 28%，運營利潤率為 18%。在追趕 <strong>亞馬遜</strong> 網絡服務（其運營利潤率約為 40%）之前，它還有很長的路要走，但這突顯了該部門為字母表提供的巨大上行空間。</p>
</div><p>While most of the market will be focused on Google Search's growth during Q2's results, which I will be too, don't forget to check Google Cloud's growth.</p>
<div class="lb-trans"><p>雖然大多數市場將關注第二季度結果中谷歌搜索的增長，我也是如此，但不要忘記查看谷歌雲的增長。</p>
</div><p>Alphabet needs both of these segments to perform well to keep the market from turning more bearish on the stock. I think it can do that, and it could be what the stock needs to turn its fortunes around for the rest of 2025.</p>
<div class="lb-trans"><p>字母表需要這兩個業務板塊表現良好，以防市場對該股票變得更加悲觀。我認為它可以做到，這可能是該股票在 2025 年剩餘時間內扭轉命運所需的因素。</p>
</div>

1 Under-the-Radar Factor That Could Cause Alphabet's Stock to Soar in the Back Half of 2025

- 投資者對 Alphabet 的核心業務受生成 AI 技術影響表示擔憂。  
- Google Cloud 在雲計算行業中增長強勁，Q1 收入同比增長 28%。  
- 如果 Google Search 和 Google Cloud 表現良好，Alphabet 股票有望反彈。  

一個可能在 2025 年下半年推動 Alphabet 股票飆升的隱秘因素