<p><strong>字母表</strong>(GOOG -1.51%)(GOOGL -1.45%) 是少數幾隻沒有獲得市場高額溢價的大型科技股之一。因此，許多投資者可能會被其吸引。</p>
<p>然而，僅僅因為股票便宜就買入並不是明智的選擇。許多股票之所以便宜是有充分理由的。儘管如此，我認為在這個價格點上，字母表是一個極好的買入機會，我有五個理由支持這一觀點。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjY4MzkvcGVyc29uLWJ1eWluZy1hLXN0b2NrLXdoaWxlLXVzaW5nLWEtY29tcHV0ZXItYW5kLWEtdGFibGV0LmpwZyZ3PTcwMA?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-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjY4MzkvcGVyc29uLWJ1eWluZy1hLXN0b2NrLXdoaWxlLXVzaW5nLWEtY29tcHV0ZXItYW5kLWEtdGFibGV0LmpwZyZ3PTcwMA"/></p>
<p>圖片來源：Getty Images。</p>
<h2>1. 谷歌搜索收入正在上升</h2>
<p>字母表股票以折扣交易的最大原因是市場擔心其基礎業務會崩潰。雖然其旗下有多個品牌，但最大的品牌是谷歌搜索。</p>
<p>理論上，谷歌搜索將無法與各種生成性人工智能服務競爭。如果更多人使用生成性人工智能而不是搜索，字母表的收入將會暴跌，並拖累其利潤。</p>
<p>雖然似乎有很多人持有這種觀點，並且有一些證據表明谷歌正在非常緩慢地失去一些用户給生成性人工智能，但這並沒有影響其業績。在第二季度，搜索的收入同比增長了 12%。這是比上一季度 10% 的增長加速。</p>
<p>顯然，谷歌搜索表現相當不錯，而熊市論點的核心論據並未得到財務結果的支持。</p>
<h2>2. 人工智能搜索概述彌補了差距</h2>
<p>僅僅因為生成性人工智能對谷歌構成挑戰，並不意味着谷歌在忽視它。相反，它已經擁抱生成性人工智能，並在搜索結果的頂部提供人工智能搜索概述。管理層表示，這已成為一個非常受歡迎的功能，已有超過 20 億人使用，支持 40 種語言。</p>
<p>雖然字母表可能會看到一些用户轉向生成性人工智能平台，但其人工智能搜索概述可能提供足夠的生成性人工智能體驗，以維持其絕大多數用户羣。</p>
<p>此外，管理層表示，搜索概述的貨幣化水平與常規谷歌搜索大致相同，因此在這一整合中也沒有失去大量收入。</p>
<h2>3. 谷歌雲正在獲得動力</h2>
<p>字母表投資論點的另一個關鍵部分是谷歌雲的增長，它是其雲計算部門，允許客户通過互聯網租用高性能計算設備來運行工作負載。谷歌雲最近獲得了動力，甚至贏得了全球最重要的客户之一：OpenAI，ChatGPT 的製造商，ChatGPT 是領先的生成性人工智能模型之一。</p>
<p>儘管谷歌有一個競爭模型 Gemini，但它在雲計算市場保持中立，允許使用其他模型。這種中立性對 OpenAI 具有吸引力，OpenAI 信任谷歌，選擇在其服務器上運行工作負載。這是谷歌雲的一次重大客户勝利，展示了其整體實力。</p>
<h2>4. 谷歌雲的財務狀況正在改善</h2>
<p>谷歌雲在第一季度表現出色，收入同比增長 32%。此外，該部門的運營利潤率正在迅速改善，第二季度的利潤率為 21%，同比上升了 11%。</p>
<p>隨着谷歌雲的增長速度超過公司其他部分，運營利潤率的改善，該部門將成為字母表投資論點中更大的一部分。雲計算有強勁的順風，包括傳統工作負載遷移和人工智能工作負載增長。</p>
<p>該部門將繼續快速增長，在未來十年內，將成為整體公司財務的關鍵部分。</p>
<h2>5. 股票極其便宜</h2>
<p>回到開頭，字母表的股票現在極其便宜。其前瞻性市盈率不到 20 倍，顯著低於更廣泛市場的水平，後者的前瞻性市盈率為 24 倍。</p>
<p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/f1a415d9ca1f261d17266f618fd6f4cc.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/f1a415d9ca1f261d17266f618fd6f4cc.png"/></p>
<p>GOOGL 市盈率（前瞻性）數據來源於 YCharts；市盈率=價格與收益比。</p>
<p>大多數大型科技股的前瞻性市盈率在 20 多倍到 30 多倍之間。這要麼使字母表被低估，要麼使另一組被高估。無論如何，現在都是一個極好的買入機會，是確保你不會為大型科技股支付過高價格的好方法。</p>

谷歌-A

谷歌-C

<p>Alphabet（GOOG，GOOGL）被認為是一隻值得購買的優質股票，原因在於其吸引人的估值和強勁的基本面。主要原因包括：1）谷歌搜索收入增長 12%，抵消了對生成性人工智能競爭的擔憂。2）成功整合了人工智能搜索概覽，保持了用户參與度和貨幣化。3）谷歌雲的增長，成功獲得 OpenAI 作為客户。4）谷歌雲的財務狀況改善，收入增長 32%，運營利潤率上升。5）Alphabet 的股票交易價格不到 20 倍的未來收益，相較於同行顯得被低估</p>

<p><strong>Alphabet</strong>(GOOG -1.51%)(GOOGL -1.45%) is one of the few big tech stocks that doesn't fetch a massive premium to the market. As a result, many investors may be attracted to it.</p>
<div class="lb-trans"><p><strong>字母表</strong>(GOOG -1.51%)(GOOGL -1.45%) 是少數幾隻沒有獲得市場高額溢價的大型科技股之一。因此，許多投資者可能會被其吸引。</p>
</div><p>However, buying a stock just because it's cheap isn't a smart idea. Plenty of stocks are cheap for good reasons. Still, I think Alphabet is an excellent buy at this price point, and I have five reasons to support this view.</p>
<div class="lb-trans"><p>然而，僅僅因為股票便宜就買入並不是明智的選擇。許多股票之所以便宜是有充分理由的。儘管如此，我認為在這個價格點上，字母表是一個極好的買入機會，我有五個理由支持這一觀點。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjY4MzkvcGVyc29uLWJ1eWluZy1hLXN0b2NrLXdoaWxlLXVzaW5nLWEtY29tcHV0ZXItYW5kLWEtdGFibGV0LmpwZyZ3PTcwMA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F826839%2Fperson-buying-a-stock-while-using-a-computer-and-a-tablet.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>1. Google Search revenue is rising</h2>
<div class="lb-trans"><h2>1. 谷歌搜索收入正在上升</h2>
</div><p>The biggest reason why shares of Alphabet trade at a discount to its peers is that the market is worried about its base business collapsing. While there are several brands underneath its umbrella, the biggest is Google Search.</p>
<div class="lb-trans"><p>字母表股票以折扣交易的最大原因是市場擔心其基礎業務會崩潰。雖然其旗下有多個品牌，但最大的品牌是谷歌搜索。</p>
</div><p>The theory is that Google Search won't be able to compete against various generative AI services. If more people use generative AI than Search, Alphabet's revenue will tumble and drag its profits down with it.</p>
<div class="lb-trans"><p>理論上，谷歌搜索將無法與各種生成性人工智能服務競爭。如果更多人使用生成性人工智能而不是搜索，字母表的收入將會暴跌，並拖累其利潤。</p>
</div><p>While several people seem to hold that opinion, and there is some evidence Google is very slowly losing some users to generative AI, it hasn't affected its results. In the second quarter, Search's revenue rose 12% year over year. That's an acceleration from the previous quarter's 10% growth.</p>
<div class="lb-trans"><p>雖然似乎有很多人持有這種觀點，並且有一些證據表明谷歌正在非常緩慢地失去一些用户給生成性人工智能，但這並沒有影響其業績。在第二季度，搜索的收入同比增長了 12%。這是比上一季度 10% 的增長加速。</p>
</div><p>Clearly, Google Search is doing quite well, and the central argument to the bear case isn't supported by the financial results.</p>
<div class="lb-trans"><p>顯然，谷歌搜索表現相當不錯，而熊市論點的核心論據並未得到財務結果的支持。</p>
</div><h2>2. AI Search Overviews bridge the gap</h2>
<div class="lb-trans"><h2>2. 人工智能搜索概述彌補了差距</h2>
</div><p>Just because generative AI challenges Google doesn't mean that it's ignoring it. Instead, it has embraced generative AI and offers AI Search Overviews at the top of its results. Management says that this has become a very popular feature and has been used by over 2 billion people in 40 languages.</p>
<div class="lb-trans"><p>僅僅因為生成性人工智能對谷歌構成挑戰，並不意味着谷歌在忽視它。相反，它已經擁抱生成性人工智能，並在搜索結果的頂部提供人工智能搜索概述。管理層表示，這已成為一個非常受歡迎的功能，已有超過 20 億人使用，支持 40 種語言。</p>
</div><p>While Alphabet may see some defectors to generative AI platforms, its AI Search Overviews could provide enough of a generative AI experience to maintain the vast majority of its user base.</p>
<div class="lb-trans"><p>雖然字母表可能會看到一些用户轉向生成性人工智能平台，但其人工智能搜索概述可能提供足夠的生成性人工智能體驗，以維持其絕大多數用户羣。</p>
</div><p>Furthermore, management has stated that Overviews has around the same monetization as a regular Google Search, so it isn't losing out on a ton of revenue, either, with this integration.</p>
<div class="lb-trans"><p>此外，管理層表示，搜索概述的貨幣化水平與常規谷歌搜索大致相同，因此在這一整合中也沒有失去大量收入。</p>
</div><h2>3. Google Cloud is gaining momentum</h2>
<div class="lb-trans"><h2>3. 谷歌雲正在獲得動力</h2>
</div><p>Another key part of the Alphabet investment thesis is the growth of Google Cloud, its cloud computing wing that allows its clients to rent high-powered computing devices over the internet to run workloads. Google Cloud has been gaining momentum recently, and even captured one of the most important clients in the world: OpenAI, the maker of ChatGPT, one of the leading generative AI models.</p>
<div class="lb-trans"><p>字母表投資論點的另一個關鍵部分是谷歌雲的增長，它是其雲計算部門，允許客户通過互聯網租用高性能計算設備來運行工作負載。谷歌雲最近獲得了動力，甚至贏得了全球最重要的客户之一：OpenAI，ChatGPT 的製造商，ChatGPT 是領先的生成性人工智能模型之一。</p>
</div><p>Although Google has a competing model, Gemini, it remains neutral in the cloud computing market and allows other models to be used. This neutrality was attractive to OpenAI, and it trusts Google enough to run its workloads on its servers. This is a huge client win for Google Cloud and showcases its overall strength</p>
<div class="lb-trans"><p>儘管谷歌有一個競爭模型 Gemini，但它在雲計算市場保持中立，允許使用其他模型。這種中立性對 OpenAI 具有吸引力，OpenAI 信任谷歌，選擇在其服務器上運行工作負載。這是谷歌雲的一次重大客户勝利，展示了其整體實力。</p>
</div><h2>4. Google Cloud's finances are improving</h2>
<div class="lb-trans"><h2>4. 谷歌雲的財務狀況正在改善</h2>
</div><p>Google Cloud had an excellent first quarter, with revenue rising 32% year over year. Furthermore, the segment's operating margins are rapidly improving, with a 21% margin in the second quarter, up from 11% year over year.</p>
<div class="lb-trans"><p>谷歌雲在第一季度表現出色，收入同比增長 32%。此外，該部門的運營利潤率正在迅速改善，第二季度的利潤率為 21%，同比上升了 11%。</p>
</div><p>As Google Cloud continues to grow faster than the rest of the company and operating margins improve, this segment will become a much larger part of the Alphabet investment thesis. Cloud computing has powerful tailwinds, including traditional workload migration and AI workload growth.</p>
<div class="lb-trans"><p>隨着谷歌雲的增長速度超過公司其他部分，運營利潤率的改善，該部門將成為字母表投資論點中更大的一部分。雲計算有強勁的順風，包括傳統工作負載遷移和人工智能工作負載增長。</p>
</div><p>This segment will continue growing rapidly, and over the next decade, will become a key part of the overall company's finances.</p>
<div class="lb-trans"><p>該部門將繼續快速增長，在未來十年內，將成為整體公司財務的關鍵部分。</p>
</div><h2>5. The stock is dirt cheap</h2>
<div class="lb-trans"><h2>5. 股票極其便宜</h2>
</div><p>Circling back to the top, Alphabet's stock is unbelievably cheap right now. It trades at less than 20 times forward earnings, which is significantly cheaper than the broader market, as measured by the <strong>S&amp;P 500</strong>, which trades for 24 times forward earnings.</p>
<div class="lb-trans"><p>回到開頭，字母表的股票現在極其便宜。其前瞻性市盈率不到 20 倍，顯著低於更廣泛市場的水平，後者的前瞻性市盈率為 24 倍。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/f1a415d9ca1f261d17266f618fd6f4cc.png" alt="" original-src="https://media.ycharts.com/charts/f1a415d9ca1f261d17266f618fd6f4cc.png"/></p>
<p>GOOGL PE Ratio (Forward) data by YCharts; PE = price to earnings.</p>
<div class="lb-trans"><p>GOOGL 市盈率（前瞻性）數據來源於 YCharts；市盈率=價格與收益比。</p>
</div><p>Most of the big tech stocks trade in the high 20s range of forward price-to-earnings (P/E), all the way up to the high 30s. This either makes Alphabet undervalued or the other group overvalued. Regardless, it's an excellent buy now and is a great way to ensure that you're not overpaying for a big tech stock.</p>
<div class="lb-trans"><p>大多數大型科技股的前瞻性市盈率在 20 多倍到 30 多倍之間。這要麼使字母表被低估，要麼使另一組被高估。無論如何，現在都是一個極好的買入機會，是確保你不會為大型科技股支付過高價格的好方法。</p>
</div>

5 Reasons Alphabet Is the Smartest Stock to Buy Right Now

- Alphabet 股票目前交易價格低於市場平均水平，吸引投資者關注。  
- Google Search 收入在第二季度同比增長 12%，顯示出強勁表現。  
- Google Cloud 收入增長 32%，並獲得 OpenAI 作為重要客户，財務狀況持續改善。

5 個理由表明 Alphabet 是當前最明智的股票購買選擇