<p>凱西·伍德在華爾街贏得了聲譽，以對尋求顛覆各行業傳統企業的新興業務進行高信念投資，涉及技術、金融服務和製藥等領域。</p>
<p>話雖如此，伍德偶爾會用一些成熟的藍籌股機會來補充阿克投資組合中更具投機性的頭寸。</p>
<p>在人工智能（AI）股票方面，阿克的投資組合中包括一些高飛成長股，如 <strong>Palantir Technologies</strong>、<strong>CrowdStrike</strong> 和 <strong>CoreWeave</strong>，這並不令人驚訝。然而，組合中還有幾個&#34;七大奇蹟&#34;的成員。</p>
<p>在七月底，阿克增加了對 <strong>Alphabet</strong>（GOOGL 2.48%）（GOOG 2.44%）的現有持倉，購買了 181,640 股 <strong>ARK 下一代互聯網 ETF</strong>。</p>
<p>讓我們探討一下 Alphabet 如何投資於人工智能以轉型其業務。接下來，我將分析一些財務和估值趨勢，以幫助説明為什麼 Alphabet 的股票現在看起來是個明智的選擇。</p>
<h2>Alphabet 的業務狀況良好</h2>
<p>Alphabet 最近公佈了截至 6 月 30 日的第二季度運營結果。</p>
<p>公司的最大收入來源——廣告——產生了 713 億美元的收入，同比增長 10%。來自 Google 搜索和 YouTube 的廣告增長更為強勁，分別為 12% 和 13%。</p>
<p>在過去幾年中，華爾街的懷疑者一直在重複一個悲觀的敍述，認為 ChatGPT 和其他競爭的大型語言模型（LLMs）的崛起將削弱 Google 在搜索中的主導地位。然而，Google 搜索和 YouTube 之間的加速增長表明，儘管人們在互聯網上消費內容的方式發生了一些變化，廣告商仍然認為這些平台的投資回報率（ROI）很高。</p>
<p>投資者可能對 Alphabet 的利潤率狀況挑剔。廣告部門屬於 Alphabet 業務的一個更大類別，稱為 Google 服務。在第二季度，Google 服務的收入同比增長 12%，達到 825 億美元。然而，服務業務的營業利潤率同比保持平穩，維持在 40%。</p>
<p>當費用與收入同步增長時，利潤率會受到限制。從表面上看，這可能看起來像 Alphabet 並沒有高效運營，儘管其收入在加速增長。不過，我不會急於得出這樣的結論。</p>
<p>在過去幾年中，Alphabet 進行了多項戰略投資，以增強其人工智能地位。首先，該公司通過收購網絡安全初創公司 Wiz，增強了其雲基礎設施業務，收購金額達 320 億美元。</p>
<p>此外，Alphabet 在人工智能數據中心的數十億美元投資往往被低估——而正是這種基礎設施吸引了被視為競爭對手的 OpenAI，成為 Google Cloud 的新主要合作伙伴之一。</p>
<p>最後，Alphabet 還在悄然建立自己的量子計算業務，通過開發自己的定製芯片，稱為 Willow。儘管將量子計算應用貨幣化可能還需要很多年，但我認為 Alphabet 在多個人工智能領域分配資本，以建立一個多元化的生態系統，這有助於增強核心業務，同時為新機會打開大門，這一點令人鼓舞。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjgyNjcvZ2V0dHlpbWFnZXMtMTQ3ODQ4MzAzNy5qcGcmdz03MDA?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-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjgyNjcvZ2V0dHlpbWFnZXMtMTQ3ODQ4MzAzNy5qcGcmdz03MDA"/></p>
<p>圖片來源：Getty Images。</p>
<h2>現在 Alphabet 的股票值得買嗎？</h2>
<p>下圖將 Alphabet 與許多大型科技同行在市盈率（P/E）基礎上進行了基準比較。最終，我認為 Alphabet 的股票受到投資者的懲罰，因為該公司的增長並沒有像一些同行那樣強勁。</p>
<p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/e6f7bf24776750da635396c1457bcbdb.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/e6f7bf24776750da635396c1457bcbdb.png"/></p>
<p>GOOGL 市盈率數據來源於 YCharts</p>
<p>在我看來，該公司繼續從核心業務中增長收入，同時與競爭對手達成豐厚交易，並在激進投資的情況下保持利潤率狀況，顯示出 Alphabet 的高度韌性。考慮到上述估值倍數的差異，我認為悲觀的敍述似乎已經完全反映在 Alphabet 的股票中。</p>
<p>在我看來，Alphabet 在未來幾年有望實現顯著的估值擴張，因為其基礎設施投資將繼續結出碩果。我認為伍德在主要人工智能參與者中識別出了一個罕見的機會，發現了這樣一隻在泡沫估值海洋中漂浮的便宜股票。我認為 Alphabet 的股票在當前價格點對長期投資者來説是一個不容錯過的買入機會。</p>

谷歌-C

谷歌-A

<p>Cathie Wood 增加了 181,640 股 Alphabet (GOOGL) 到 Ark 的投資組合，認可其在人工智能 (AI) 方面的潛力。Alphabet 第二季度的業績顯示廣告收入同比增長 10%，其中 Google 搜索和 YouTube 分別增長了 12% 和 13%。儘管對利潤率存在擔憂，Alphabet 在人工智能和雲基礎設施方面的戰略投資使其在未來增長中處於良好位置。目前的估值為長期投資者提供了買入機會，因為 Wood 認為 Alphabet 在人工智能領域的高估值中脱穎而出</p>

<p>Cathie Wood has earned a reputation on Wall Street for making high-conviction bets on emerging businesses seeking to disrupt legacy incumbents across industries such as technology, financial services, and pharmaceuticals.</p>
<div class="lb-trans"><p>凱西·伍德在華爾街贏得了聲譽，以對尋求顛覆各行業傳統企業的新興業務進行高信念投資，涉及技術、金融服務和製藥等領域。</p>
</div><p>With that said, every now and again, Wood complements some of the more speculative positions in Ark's portfolio with well-established blue chip opportunities.</p>
<div class="lb-trans"><p>話雖如此，伍德偶爾會用一些成熟的藍籌股機會來補充阿克投資組合中更具投機性的頭寸。</p>
</div><p>When it comes to artificial intelligence (AI) stocks, it should come as no surprise that Ark's portfolio includes several high-flying growth stocks such as <strong>Palantir Technologies</strong>, <strong>CrowdStrike</strong>, and <strong>CoreWeave</strong>. Also in the mix, however, are several members of the &#34;Magnificent Seven.&#34;</p>
<div class="lb-trans"><p>在人工智能（AI）股票方面，阿克的投資組合中包括一些高飛成長股，如 <strong>Palantir Technologies</strong>、<strong>CrowdStrike</strong> 和 <strong>CoreWeave</strong>，這並不令人驚訝。然而，組合中還有幾個&#34;七大奇蹟&#34;的成員。</p>
</div><p>In late July, Ark added to an existing position in <strong>Alphabet</strong>(GOOGL 2.48%)(GOOG 2.44%) -- scooping up 181,640 shares in the <strong>ARK Next Generation Internet ETF</strong>.</p>
<div class="lb-trans"><p>在七月底，阿克增加了對 <strong>Alphabet</strong>（GOOGL 2.48%）（GOOG 2.44%）的現有持倉，購買了 181,640 股 <strong>ARK 下一代互聯網 ETF</strong>。</p>
</div><p>Let's explore how Alphabet is investing in AI to transform its business. From there, I'll break down some financial and valuation trends to help illustrate why Alphabet stock looks like a no-brainer right now.</p>
<div class="lb-trans"><p>讓我們探討一下 Alphabet 如何投資於人工智能以轉型其業務。接下來，我將分析一些財務和估值趨勢，以幫助説明為什麼 Alphabet 的股票現在看起來是個明智的選擇。</p>
</div><h2>Alphabet's business is in great shape</h2>
<div class="lb-trans"><h2>Alphabet 的業務狀況良好</h2>
</div><p>Alphabet recently reported operating results for its second quarter, which ended June 30.</p>
<div class="lb-trans"><p>Alphabet 最近公佈了截至 6 月 30 日的第二季度運營結果。</p>
</div><p>The company's largest source of revenue -- advertising -- generated $71.3 billion in revenue, growing by 10% year over year. Advertising growth from Google Search and YouTube was even more robust, coming in at 12% and 13%, respectively.</p>
<div class="lb-trans"><p>公司的最大收入來源——廣告——產生了 713 億美元的收入，同比增長 10%。來自 Google 搜索和 YouTube 的廣告增長更為強勁，分別為 12% 和 13%。</p>
</div><p>Over the last few years, skeptics on Wall Street have been parroting a bearish narrative that the rise of ChatGPT and other competing large language models (LLMs) will diminish Google's dominance in search. Accelerating growth between Google Search and YouTube suggests that advertisers still see a high return on investment (ROI) from these platforms, despite some shifts in how people are consuming content on the internet.</p>
<div class="lb-trans"><p>在過去幾年中，華爾街的懷疑者一直在重複一個悲觀的敍述，認為 ChatGPT 和其他競爭的大型語言模型（LLMs）的崛起將削弱 Google 在搜索中的主導地位。然而，Google 搜索和 YouTube 之間的加速增長表明，儘管人們在互聯網上消費內容的方式發生了一些變化，廣告商仍然認為這些平台的投資回報率（ROI）很高。</p>
</div><p>Where investors may be getting nitpicky is around Alphabet's profit margin profile. The advertising segment sits under a larger category of Alphabet's business, called Google Services. During the second quarter, Google Services grew its revenue 12% year over year to $82.5 billion. However, the operating margin for the Services business remained flat year over year -- coming in at 40%.</p>
<div class="lb-trans"><p>投資者可能對 Alphabet 的利潤率狀況挑剔。廣告部門屬於 Alphabet 業務的一個更大類別，稱為 Google 服務。在第二季度，Google 服務的收入同比增長 12%，達到 825 億美元。然而，服務業務的營業利潤率同比保持平穩，維持在 40%。</p>
</div><p>When expenses grow in line with revenue, profit margins become capped. On the surface, this may look like Alphabet is not running an efficient business despite an accelerating top line. I wouldn't rush to such a conclusion, though.</p>
<div class="lb-trans"><p>當費用與收入同步增長時，利潤率會受到限制。從表面上看，這可能看起來像 Alphabet 並沒有高效運營，儘管其收入在加速增長。不過，我不會急於得出這樣的結論。</p>
</div><p>Over the last few years, Alphabet has made a number of strategic investments to bolster its AI position. For starters, the company augmented its cloud infrastructure business by acquiring cybersecurity start-up, Wiz, for a reported $32 billion.</p>
<div class="lb-trans"><p>在過去幾年中，Alphabet 進行了多項戰略投資，以增強其人工智能地位。首先，該公司通過收購網絡安全初創公司 Wiz，增強了其雲基礎設施業務，收購金額達 320 億美元。</p>
</div><p>On top of that, Alphabet's multibillion-dollar investments in AI data centers are often underappreciated -- and yet it's this infrastructure that attracted OpenAI, a perceived rival, as one of Google Cloud's new major partners.</p>
<div class="lb-trans"><p>此外，Alphabet 在人工智能數據中心的數十億美元投資往往被低估——而正是這種基礎設施吸引了被視為競爭對手的 OpenAI，成為 Google Cloud 的新主要合作伙伴之一。</p>
</div><p>Lastly, Alphabet is also quietly building its own quantum computing operation through the development of its own custom chipsets, called Willow. Although monetizing quantum computing applications is still likely many years away, I find it encouraging that Alphabet is allocating capital across several pockets of the AI realm in an effort to build a diversified ecosystem that strengthens core businesses while opening the door to new opportunities as well.</p>
<div class="lb-trans"><p>最後，Alphabet 還在悄然建立自己的量子計算業務，通過開發自己的定製芯片，稱為 Willow。儘管將量子計算應用貨幣化可能還需要很多年，但我認為 Alphabet 在多個人工智能領域分配資本，以建立一個多元化的生態系統，這有助於增強核心業務，同時為新機會打開大門，這一點令人鼓舞。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjgyNjcvZ2V0dHlpbWFnZXMtMTQ3ODQ4MzAzNy5qcGcmdz03MDA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F828267%2Fgettyimages-1478483037.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>Is Alphabet stock a buy right now?</h2>
<div class="lb-trans"><h2>現在 Alphabet 的股票值得買嗎？</h2>
</div><p>The chart below benchmarks Alphabet against many of its big tech peers on a price-to-earnings (P/E) basis. Ultimately, I think Alphabet stock is being punished by investors because the company isn't posting growth as robust as some of its peers.</p>
<div class="lb-trans"><p>下圖將 Alphabet 與許多大型科技同行在市盈率（P/E）基礎上進行了基準比較。最終，我認為 Alphabet 的股票受到投資者的懲罰，因為該公司的增長並沒有像一些同行那樣強勁。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/e6f7bf24776750da635396c1457bcbdb.png" alt="" original-src="https://media.ycharts.com/charts/e6f7bf24776750da635396c1457bcbdb.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>In my eyes, the fact that the company continues to grow revenue from its core businesses while striking lucrative deals with rivals and maintaining its profit margin profile in the face of aggressive investments shows a high degree of resiliency from Alphabet. Given the disparity in valuation multiples illustrated above, I think that the bearish narrative appears to be fully baked into Alphabet stock at this point.</p>
<div class="lb-trans"><p>在我看來，該公司繼續從核心業務中增長收入，同時與競爭對手達成豐厚交易，並在激進投資的情況下保持利潤率狀況，顯示出 Alphabet 的高度韌性。考慮到上述估值倍數的差異，我認為悲觀的敍述似乎已經完全反映在 Alphabet 的股票中。</p>
</div><p>To me, Alphabet is positioned for significant valuation expansion in the coming years as its infrastructure investments continue to bear fruit. I think Wood identified a rare opportunity among major AI players by identifying such a cheap stock floating around in a sea of frothy valuations. I see Alphabet stock as a no-brainer buying opportunity at its current price point for long-term investors.</p>
<div class="lb-trans"><p>在我看來，Alphabet 在未來幾年有望實現顯著的估值擴張，因為其基礎設施投資將繼續結出碩果。我認為伍德在主要人工智能參與者中識別出了一個罕見的機會，發現了這樣一隻在泡沫估值海洋中漂浮的便宜股票。我認為 Alphabet 的股票在當前價格點對長期投資者來説是一個不容錯過的買入機會。</p>
</div>

Cathie Wood Goes Bargain Hunting. 1 Dirt Cheap Artificial Intelligence (AI) Stock With Monster Potential She Just Bought

- Cathie Wood 在人工智能股票中增持 Alphabet，顯示其對藍籌股的信心。  
- Alphabet 第二季度廣告收入達 71.3 億美元，同比增長 10%。  
- 儘管面臨競爭，Alphabet 仍保持強勁增長，顯示出其業務韌性。  

凱茜·伍德開始尋找便宜貨。她剛剛購買了一隻具有巨大潛力的廉價人工智能（AI）股票