<p><strong>字母表</strong>(GOOG 1.04%)(GOOGL 1.13%) 多年來一直是投資者的絕佳投資機會。該公司擁有全球第一的搜索引擎 Google Search，並通過其不斷增長的雲計算部門 Google Cloud 以及智能手機等設備的銷售來產生收入。這幫助這家科技巨頭創造了數十億美元的收益——在過去十年中，股價上漲超過 600%，為長期持有的股東帶來了豐厚的回報。</p>
<p>但有一件事促使一些投資者暫緩購買該股票，那就是美國的反壟斷訴訟。去年，在司法部對該公司的案件中，一名美國地區法官裁定字母表運營着非法的互聯網搜索壟斷。為了解決這一問題，司法部建議拆分 Google——其中一個可能性是出售 Google Chrome。</p>
<p>儘管字母表的股票有所上漲，但該案件仍然對股票的潛力造成了壓力，因為一些投資者擔心公司的寶貴搜索業務會被拆分。不過，上週，最壞的情況被避免了。事實上，字母表獲得了 “巨大的勝利”，根據 Wedbush 分析師 Dan Ives 的説法。儘管如此，在字母表今年的雙位數增長之後，現在是否已經太晚而無法投資這隻頂級科技股？讓我們來看看。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzIxNDEvZ2V0dHlpbWFnZXMtMTI3OTM5NTM2Ny5qcGcmdz03MDA?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-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzIxNDEvZ2V0dHlpbWFnZXMtMTI3OTM5NTM2Ny5qcGcmdz03MDA"/></p>
<p>圖片來源：Getty Images。</p>
<h2>字母表的反壟斷問題</h2>
<p>首先快速回顧一下字母表在幾天前面臨的困境。如前所述，投資者擔心這家科技巨頭將不得不拆分其 Google 部門，從而損害其市場地位和增長前景。字母表擁有整個產品和服務生態系統，使其能夠更高效地運營，並在這些平台之間共享資源，例如從 Google Chrome 到 YouTube。</p>
<p>此外，拆分的想法還危及了字母表與 <strong>蘋果</strong> 的交易，使 Google 成為 iPhone 上的首選搜索引擎。重要的是要記住，字母表的 Google 服務業務佔其收入的 85%——這得益於在 Google 平台上的廣告——因此，任何對其當前形式的潛在干擾都可能是非常破壞性的。</p>
<p>這就是為什麼上週的法院裁決對字母表股東來説是個好消息：法院表示字母表不必剝離 Google Chrome 或其 Android 操作系統，並且 “原告在尋求強制剝離這些關鍵資產時過於激進。” 相反，字母表必須與競爭對手共享搜索數據，以平衡競爭環境。</p>
<h2>Ives 提高了字母表的目標股價</h2>
<p>Wedbush 的 Ives，一位科技樂觀者表示，這是一個 “巨大的勝利”，並且 “消除了對股票的巨大壓力”，根據 CNBC 的報道。Ives 還將他對該股票的目標股價從目前約 232 美元提高到 245 美元。</p>
<p>那麼現在讓我們回到我們的問題：這對字母表股東來説是個好消息——但如果你還沒有購買該股票，或者如果你打算增加持倉，現在是否已經太晚了？畢竟，儘管反壟斷案件可能對股價表現產生了制約，但該股票在過去一年中仍上漲了近 50%。</p>
<p>在這裏，考慮估值是很重要的。儘管有所上漲，字母表的股票僅以 23 倍的未來收益預期交易，使其成為 “七大奇蹟” 股票中最便宜的。</p>
<p>“七大奇蹟” 是一組以科技為導向的股票，過去幾年推動了整體股市的上漲。</p>
<p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/eacc3fede95afdef9ac1be6a5f18ac80.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/eacc3fede95afdef9ac1be6a5f18ac80.png"/></p>
<p>GOOG 市盈率（前瞻性）數據來源於 YCharts</p>
<h2>估值所暗示的</h2>
<p>這一估值表明，字母表在短期內仍有很大的上漲空間。從長遠來看，更有理由對這家公司感到興奮。由於法院裁決，字母表現在可以繼續發展其搜索業務，此外，該公司還展示了它在人工智能革命中可能成為贏家的潛力。Google Cloud 是人工智能工具和服務的主要提供商，這幫助該部門的收入在最近幾個季度實現了兩位數的增長。隨着人工智能市場預計在幾年內達到數萬億美元，字母表在未來有望實現更多增長。</p>
<p>所有這些意味着，即使在字母表股票最近的上漲之後，它仍然是一個絕佳的科技投資選擇——而現在你可以在不擔心反壟斷案件可能帶來的任何潛在干擾的情況下進行投資。</p>

谷歌-A

谷歌-C

<p>Wedbush 的 Dan Ives 強調了 Alphabet 最近的法律勝利，這緩解了人們對其 Google 業務因反壟斷問題可能解散的擔憂。法院裁定 Alphabet 不需要剝離 Google Chrome 等關鍵資產，使公司能夠保持其市場地位。隨後，Ives 將 Alphabet 的目標股價從 232 美元上調至 245 美元。儘管過去一年股價上漲近 50%，但 Alphabet 的估值仍然具有吸引力，前瞻市盈率為 23 倍，暗示出進一步的增長潛力，尤其是在人工智能領域</p>

<p><strong>Alphabet</strong>(GOOG 1.04%)(GOOGL 1.13%) has been a fantastic investment opportunity for investors over the years. The company owns the world's No. 1 search engine, Google Search, and generates revenue from its growing cloud computing unit Google Cloud as well as through the sales of equipment such as smartphones. This has helped the tech giant generate billions of dollars in earnings -- and the stock price has advanced more than 600% over the past decade, scoring a win for shareholders who have held on for the long haul.</p>
<div class="lb-trans"><p><strong>字母表</strong>(GOOG 1.04%)(GOOGL 1.13%) 多年來一直是投資者的絕佳投資機會。該公司擁有全球第一的搜索引擎 Google Search，並通過其不斷增長的雲計算部門 Google Cloud 以及智能手機等設備的銷售來產生收入。這幫助這家科技巨頭創造了數十億美元的收益——在過去十年中，股價上漲超過 600%，為長期持有的股東帶來了豐厚的回報。</p>
</div><p>But one thing in particular has prompted some investors to hold back on buying the stock, and that's a U.S. antitrust lawsuit. Last year, in the Justice Department's case against the company, a U.S. district judge ruled that Alphabet operates an illegal Internet search monopoly. To remedy the situation, the department recommended a breakup of Google -- and one of the possibilities was the sale of Google Chrome.</p>
<div class="lb-trans"><p>但有一件事促使一些投資者暫緩購買該股票，那就是美國的反壟斷訴訟。去年，在司法部對該公司的案件中，一名美國地區法官裁定字母表運營着非法的互聯網搜索壟斷。為了解決這一問題，司法部建議拆分 Google——其中一個可能性是出售 Google Chrome。</p>
</div><p>Though Alphabet stock has advanced, the case still weighed on the stock's potential as some investors worried about a dismantling of the company's valuable search business. Last week, though, that worst-case scenario was avoided. In fact, Alphabet scored a &#34;monster win,&#34; according to Wedbush analyst Dan Ives. Still, after Alphabet's double-digit gain this year, is it too late to get in on this top tech stock? Let's find out.</p>
<div class="lb-trans"><p>儘管字母表的股票有所上漲，但該案件仍然對股票的潛力造成了壓力，因為一些投資者擔心公司的寶貴搜索業務會被拆分。不過，上週，最壞的情況被避免了。事實上，字母表獲得了 “巨大的勝利”，根據 Wedbush 分析師 Dan Ives 的説法。儘管如此，在字母表今年的雙位數增長之後，現在是否已經太晚而無法投資這隻頂級科技股？讓我們來看看。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzIxNDEvZ2V0dHlpbWFnZXMtMTI3OTM5NTM2Ny5qcGcmdz03MDA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F832141%2Fgettyimages-1279395367.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 antitrust troubles</h2>
<div class="lb-trans"><h2>字母表的反壟斷問題</h2>
</div><p>So, first a quick look at the troubles Alphabet faced up until a few days ago. As mentioned, investors feared the technology powerhouse would have to break apart its Google unit, damaging its market position and growth prospects. Alphabet's ownership of an entire ecosystem of products and services allows it to operate more efficiently and share resources across these platforms, from Google Chrome to YouTube, for example.</p>
<div class="lb-trans"><p>首先快速回顧一下字母表在幾天前面臨的困境。如前所述，投資者擔心這家科技巨頭將不得不拆分其 Google 部門，從而損害其市場地位和增長前景。字母表擁有整個產品和服務生態系統，使其能夠更高效地運營，並在這些平台之間共享資源，例如從 Google Chrome 到 YouTube。</p>
</div><p>On top of this, the idea of a breakup put into jeopardy Alphabet's deal with <strong>Apple</strong> that's allowed Google to be the search engine of choice on the iPhone. It's important to remember that Alphabet's Google Services business represents 85% of revenue -- this is thanks to advertising across Google platforms -- so any potential disruption of its current form could be highly destructive.</p>
<div class="lb-trans"><p>此外，拆分的想法還危及了字母表與 <strong>蘋果</strong> 的交易，使 Google 成為 iPhone 上的首選搜索引擎。重要的是要記住，字母表的 Google 服務業務佔其收入的 85%——這得益於在 Google 平台上的廣告——因此，任何對其當前形式的潛在干擾都可能是非常破壞性的。</p>
</div><p>That's why last week's court ruling was fantastic news for Alphabet shareholders: The court said Alphabet wouldn't have to divest Google Chrome or its Android operating system, and that &#34;plaintiffs overreached in seeking forced divestiture of these key assets.&#34; Instead, Alphabet must share search data with its competitors to level the playing field.</p>
<div class="lb-trans"><p>這就是為什麼上週的法院裁決對字母表股東來説是個好消息：法院表示字母表不必剝離 Google Chrome 或其 Android 操作系統，並且 “原告在尋求強制剝離這些關鍵資產時過於激進。” 相反，字母表必須與競爭對手共享搜索數據，以平衡競爭環境。</p>
</div><h2>Ives raises his Alphabet price target</h2>
<div class="lb-trans"><h2>Ives 提高了字母表的目標股價</h2>
</div><p>Wedbush's Ives, a technology bull, said this is a &#34;monster win&#34; and &#34;removes a huge overhang on the stock,&#34; according to a CNBC report. Ives also increased his price target on the stock, which currently trades for about $232, to $245.</p>
<div class="lb-trans"><p>Wedbush 的 Ives，一位科技樂觀者表示，這是一個 “巨大的勝利”，並且 “消除了對股票的巨大壓力”，根據 CNBC 的報道。Ives 還將他對該股票的目標股價從目前約 232 美元提高到 245 美元。</p>
</div><p>So now let's return to our question: This is great news for Alphabet shareholders -- but if you haven't yet bought the stock or if you aim to add to your position, is it too late to buy? After all, even though the antitrust case might have put the brakes on share performance, the stock still has advanced nearly 50% over the past year.</p>
<div class="lb-trans"><p>那麼現在讓我們回到我們的問題：這對字母表股東來説是個好消息——但如果你還沒有購買該股票，或者如果你打算增加持倉，現在是否已經太晚了？畢竟，儘管反壟斷案件可能對股價表現產生了制約，但該股票在過去一年中仍上漲了近 50%。</p>
</div><p>Here, it's important to consider valuation. In spite of the gains, Alphabet trades for only 23x forward earnings estimates, making it the cheapest of the Magnificent Seven stocks.</p>
<div class="lb-trans"><p>在這裏，考慮估值是很重要的。儘管有所上漲，字母表的股票僅以 23 倍的未來收益預期交易，使其成為 “七大奇蹟” 股票中最便宜的。</p>
</div><p>The Magnificent Seven are a group of technology-oriented stocks that have driven overall stock market gains over the past couple of years.</p>
<div class="lb-trans"><p>“七大奇蹟” 是一組以科技為導向的股票，過去幾年推動了整體股市的上漲。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/eacc3fede95afdef9ac1be6a5f18ac80.png" alt="" original-src="https://media.ycharts.com/charts/eacc3fede95afdef9ac1be6a5f18ac80.png"/></p>
<p>GOOG PE Ratio (Forward) data by YCharts</p>
<div class="lb-trans"><p>GOOG 市盈率（前瞻性）數據來源於 YCharts</p>
</div><h2>What valuation suggests</h2>
<div class="lb-trans"><h2>估值所暗示的</h2>
</div><p>This valuation suggests Alphabet still has plenty of room to run, even in the near term. And in the long term, there's even more reason to get excited about this company. Alphabet, thanks to the court ruling, now can continue to grow its search business, and on top of this, the company has demonstrated that it could be a winner in the AI revolution. Google Cloud is a major provider of AI tools and services, and this has helped the unit's revenue climb in the double digits in recent quarters. And with an AI market forecast to reach into the trillions in a few years, Alphabet is well positioned to see more growth.</p>
<div class="lb-trans"><p>這一估值表明，字母表在短期內仍有很大的上漲空間。從長遠來看，更有理由對這家公司感到興奮。由於法院裁決，字母表現在可以繼續發展其搜索業務，此外，該公司還展示了它在人工智能革命中可能成為贏家的潛力。Google Cloud 是人工智能工具和服務的主要提供商，這幫助該部門的收入在最近幾個季度實現了兩位數的增長。隨着人工智能市場預計在幾年內達到數萬億美元，字母表在未來有望實現更多增長。</p>
</div><p>All of this means that even after Alphabet stock's recent climb, it still remains a fantastic tech player to buy and hold -- and now you can do so without worrying about any potential upset from the antitrust case.</p>
<div class="lb-trans"><p>所有這些意味着，即使在字母表股票最近的上漲之後，它仍然是一個絕佳的科技投資選擇——而現在你可以在不擔心反壟斷案件可能帶來的任何潛在干擾的情況下進行投資。</p>
</div>

Dan Ives Says Alphabet Just Scored a "Monster Win." But, After Double-Digit Gains, is it Too Late to Buy the Stock?

- Alphabet 近期面臨反壟斷訴訟，但法院裁定不需拆分其核心業務。  
- 該公司股價過去十年上漲超過 600%，並在 AI 領域展現增長潛力。  
- Wedbush 分析師將目標價從 232 美元上調至 245 美元，認為仍有投資機會。  

Dan Ives 稱 Alphabet 剛剛獲得了一個 “巨大勝利”。然而，在經歷了兩位數的漲幅後，現在買入這隻股票是否已經太晚了？