<p>每當一家上市公司面臨重大風險或未知因素時，這可能會影響其估值。對於擁有谷歌和 YouTube 的科技巨頭 <strong>Alphabet</strong>（GOOG 0.21%）（GOOGL 0.28%）來説，最近最大的擔憂是反壟斷訴訟可能導致其被迫出售業務的關鍵部分。</p>
<p>儘管法官阿米特·P·梅赫塔（Amit P. Mehta）本月早些時候裁定該公司在搜索領域存在壟斷行為，但他並沒有施加聯邦監管機構所要求的最嚴厲後果。Alphabet 仍面臨與其廣告技術相關的另一項反壟斷案件，但投資者最擔心的是它可能不得不出售其 Chrome 瀏覽器或 Android 操作系統。隨着這些補救措施顯然不再考慮，股票在過去幾周內反彈。但這僅僅是開始嗎？它能否進一步飆升？</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzQwOTYvaW52ZXN0b3ItbG9va2luZy1hdC1hLWNoYXJ0LmpwZyZ3PTcwMA?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" width="700" height="442" original-src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzQwOTYvaW52ZXN0b3ItbG9va2luZy1hdC1hLWNoYXJ0LmpwZyZ3PTcwMA"/></p>
<p>圖片來源：Getty Images。</p>
<h2>Alphabet 是 “七大奇蹟” 中最便宜的股票之一</h2>
<p>一段時間以來，Alphabet 的估值相對於其收益一直處於折扣狀態。考慮到 <strong>標準普爾 500 指數</strong> 的平均股票交易價格超過其過去收益的 25 倍，Alphabet 以低於 20 的市盈率（P/E）倍數交易並不罕見，這在歷史上是較低的。</p>
<p>Alphabet 一直是 “七大奇蹟” 中被低估的股票之一，儘管最近有所反彈，但基於其市盈率倍數，它仍然是最便宜的股票，目前市盈率約為 27。</p>
<p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/cde20d337e4a881b658eb4ec488b9b4c.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" width="720" height="541" original-src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/cde20d337e4a881b658eb4ec488b9b4c.png"/></p>
<p>七大奇蹟的市盈率數據來自 YCharts。</p>
<p>Alphabet 相對温和的估值可能會吸引那些尋找潛在被低估的人工智能（AI）股票的投資者，尤其是考慮到其增長潛力。</p>
<h2>一家出色的公司，擁有卓越的增長前景</h2>
<p>許多投資者對 Alphabet 的增長前景感到擔憂，擔心 AI 聊天機器人可能會分流網站和搜索產品的流量，從而削減其廣告收入。然而，儘管這種新技術崛起，其業務仍然持續產生穩健的業績。在 2025 年上半年，Alphabet 的收入達到 1867 億美元，比去年同期增長了 13%。其淨收入也增長了 33%，達 627 億美元。</p>
<p>然而，最令人興奮的是業務的未來。其自有的 AI 聊天機器人 Gemini 每月擁有約 4 億用户。該公司在 AI 領域的巨大優勢在於可以在 YouTube 視頻上訓練其模型。其視頻生成模型 Veo 3 具備尖端能力，使得製作與真實視頻幾乎無法區分的 AI 驅動視頻變得簡單。對 Alphabet 來説，AI 不是風險，而是巨大的機會。</p>
<p>此外，還有其自動駕駛的 Waymo 車輛。Alphabet 繼續將其自動駕駛出租車業務擴展到新市場。今年早些時候，Waymo 達成了 1000 萬次機器人出租車出行，未來還有更多增長空間。我乘坐過幾次 Waymo 的出租車，看到這個業務有着巨大的潛力。</p>
<p>Alphabet 擁有豐富的增長機會，這就是為什麼我認為即使它不得不出售部分業務，對股東來説也不一定是壞事。這種結果可能有助於釋放大量價值，並可能導致投資者更仔細地審視其各個業務單元的真實價值。</p>
<p>Alphabet 的市值最近達到了 3 萬億美元，今年迄今為止，其股價上漲超過 30%。但考慮到其增長機會的豐富性以及相對被低估的狀態，這家科技公司在長期內可能還有更大的上行空間。對於長期投資者來説，Alphabet 現在應該是一個毫無疑問的增長股票。</p>

谷歌-A

谷歌-C

1 倍做空谷歌 ETF - Direxion

2 倍做多谷歌 ETF - Direxion

<p>Alphabet 的股票近期上漲，因一名法官對反壟斷問題的裁決緩解了對關鍵業務部門被迫出售的擔憂。儘管面臨持續的反壟斷挑戰，Alphabet 仍然是 “七大巨頭” 中最便宜的股票之一，市盈率約為 27。該公司在 2025 年上半年報告了 13% 的收入增長，達到 1867 億美元，淨收入增長 33%，達到 627 億美元。隨着在人工智能和自動駕駛汽車領域的增長機會，長期投資者可能會發現 Alphabet 是一隻具有吸引力的成長股</p>

<p>Whenever a publicly traded business faces a big risk or unknown, that can weigh on its valuation. For <strong>Alphabet</strong>(GOOG 0.21%) (GOOGL 0.28%), the tech giant that owns Google and YouTube, the big concern recently was that antitrust lawsuits would result in it being forced to sell off key parts of its business.</p>
<div class="lb-trans"><p>每當一家上市公司面臨重大風險或未知因素時，這可能會影響其估值。對於擁有谷歌和 YouTube 的科技巨頭 <strong>Alphabet</strong>（GOOG 0.21%）（GOOGL 0.28%）來説，最近最大的擔憂是反壟斷訴訟可能導致其被迫出售業務的關鍵部分。</p>
</div><p>Although Judge Amit P. Mehta did rule earlier this month that the company has operated a monopoly in search, he did not impose the most severe consequences that federal regulators had asked for. Alphabet still faces a different antitrust case involving its ad tech, but investors were most worried about the possibility of it having to sell its Chrome browser or Android operating system. With those remedies apparently off the table, the stock rallied over the past few weeks. But was that just the start? Can it soar even higher?</p>
<div class="lb-trans"><p>儘管法官阿米特·P·梅赫塔（Amit P. Mehta）本月早些時候裁定該公司在搜索領域存在壟斷行為，但他並沒有施加聯邦監管機構所要求的最嚴厲後果。Alphabet 仍面臨與其廣告技術相關的另一項反壟斷案件，但投資者最擔心的是它可能不得不出售其 Chrome 瀏覽器或 Android 操作系統。隨着這些補救措施顯然不再考慮，股票在過去幾周內反彈。但這僅僅是開始嗎？它能否進一步飆升？</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzQwOTYvaW52ZXN0b3ItbG9va2luZy1hdC1hLWNoYXJ0LmpwZyZ3PTcwMA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F834096%2Finvestor-looking-at-a-chart.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 is among the cheapest stocks in the &#34;Magnificent Seven&#34;</h2>
<div class="lb-trans"><h2>Alphabet 是 “七大奇蹟” 中最便宜的股票之一</h2>
</div><p>For a while now, Alphabet has been trading at a discounted valuation relative to its earnings. It hasn't been uncommon for it to trade at a price-to-earnings (P/E) multiple below 20, which is low when you consider the average stock on the <strong>S&amp;P 500</strong> trades at more than 25 times its trailing earnings.</p>
<div class="lb-trans"><p>一段時間以來，Alphabet 的估值相對於其收益一直處於折扣狀態。考慮到 <strong>標準普爾 500 指數</strong> 的平均股票交易價格超過其過去收益的 25 倍，Alphabet 以低於 20 的市盈率（P/E）倍數交易並不罕見，這在歷史上是較低的。</p>
</div><p>Alphabet has routinely been one of the most undervalued &#34;Magnificent Seven&#34; stocks, and although it has been rallying recently, it's still the cheapest stock based on its P/E multiple, which currently sits at around 27.</p>
<div class="lb-trans"><p>Alphabet 一直是 “七大奇蹟” 中被低估的股票之一，儘管最近有所反彈，但基於其市盈率倍數，它仍然是最便宜的股票，目前市盈率約為 27。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/cde20d337e4a881b658eb4ec488b9b4c.png" alt="" original-src="https://media.ycharts.com/charts/cde20d337e4a881b658eb4ec488b9b4c.png"/></p>
<p>PE Ratio of Magnificent Seven data by YCharts.</p>
<div class="lb-trans"><p>七大奇蹟的市盈率數據來自 YCharts。</p>
</div><p>Alphabet's relatively modest valuation could attract interest from investors who are looking for potentially underrated artificial intelligence (AI) stocks, especially when you consider its growth potential.</p>
<div class="lb-trans"><p>Alphabet 相對温和的估值可能會吸引那些尋找潛在被低估的人工智能（AI）股票的投資者，尤其是考慮到其增長潛力。</p>
</div><h2>A terrific company with stellar growth prospects</h2>
<div class="lb-trans"><h2>一家出色的公司，擁有卓越的增長前景</h2>
</div><p>Many investors have been worried about Alphabet's growth outlook, fearing the potential of AI chatbots to divert traffic away from websites and search products, which would cut into its ad revenue. Yet despite the rise of this new tech, its business has continued to generate solid results. Through the first half of 2025, Alphabet generated revenue of $186.7 billion, an increase of 13% from the same period last year. And its net income rose by 33% to $62.7 billion.</p>
<div class="lb-trans"><p>許多投資者對 Alphabet 的增長前景感到擔憂，擔心 AI 聊天機器人可能會分流網站和搜索產品的流量，從而削減其廣告收入。然而，儘管這種新技術崛起，其業務仍然持續產生穩健的業績。在 2025 年上半年，Alphabet 的收入達到 1867 億美元，比去年同期增長了 13%。其淨收入也增長了 33%，達 627 億美元。</p>
</div><p>What's most exciting about the business, however, is what lies ahead. Its own AI chatbot, Gemini, has around 400 million monthly users. The huge advantage the company has over others in the AI space is that it can train its models on YouTube videos. Its video-generation model, Veo 3, features cutting-edge capabilities that make it easy to make AI-powered videos that are virtually indistinguishable from real videos. AI isn't a risk for Alphabet -- it's a massive opportunity.</p>
<div class="lb-trans"><p>然而，最令人興奮的是業務的未來。其自有的 AI 聊天機器人 Gemini 每月擁有約 4 億用户。該公司在 AI 領域的巨大優勢在於可以在 YouTube 視頻上訓練其模型。其視頻生成模型 Veo 3 具備尖端能力，使得製作與真實視頻幾乎無法區分的 AI 驅動視頻變得簡單。對 Alphabet 來説，AI 不是風險，而是巨大的機會。</p>
</div><p>And then there are its self-driving Waymo vehicles. Alphabet continues to expand its autonomous taxi business into new markets. Earlier this year, Waymo hit 10 million robotaxi trips, and there's a lot more growth to come. I've taken a couple of Waymo rides and can see that there's tremendous potential for this business.</p>
<div class="lb-trans"><p>此外，還有其自動駕駛的 Waymo 車輛。Alphabet 繼續將其自動駕駛出租車業務擴展到新市場。今年早些時候，Waymo 達成了 1000 萬次機器人出租車出行，未來還有更多增長空間。我乘坐過幾次 Waymo 的出租車，看到這個業務有着巨大的潛力。</p>
</div><p>Alphabet has a wealth of growth opportunities, which is why I believe that even if it had to sell off some parts of its business, that wouldn't necessarily be a bad thing for shareholders. Such a result could help it unlock a lot of value, and might result in investors looking more closely at the true worth of its individual business units.</p>
<div class="lb-trans"><p>Alphabet 擁有豐富的增長機會，這就是為什麼我認為即使它不得不出售部分業務，對股東來説也不一定是壞事。這種結果可能有助於釋放大量價值，並可能導致投資者更仔細地審視其各個業務單元的真實價值。</p>
</div><p>Alphabet's market cap recently hit $3 trillion, and year to date, its shares are up over 30%. But there could be far more upside for the tech company in the long run, given how plentiful its growth opportunities are and how relatively undervalued it still is. For long-term investors, Alphabet should be a no-brainer growth stock to load up on right now.</p>
<div class="lb-trans"><p>Alphabet 的市值最近達到了 3 萬億美元，今年迄今為止，其股價上漲超過 30%。但考慮到其增長機會的豐富性以及相對被低估的狀態，這家科技公司在長期內可能還有更大的上行空間。對於長期投資者來説，Alphabet 現在應該是一個毫無疑問的增長股票。</p>
</div>

With Alphabet's Biggest Fear Relieved, Is Its Stock Due for a Big Rally?

- Alphabet 面臨反壟斷訴訟，但未被要求出售關鍵業務。  
- 2025 年上半年，Alphabet 收入達 1867 億美元，淨利潤增長 33%。  
- 該公司在 AI 和自動駕駛領域有巨大增長潛力，市值已達 3 萬億美元。  

隨着 Alphabet 最大的擔憂得到緩解，其股票是否會迎來大幅上漲？