<p>在過去三年中，人工智能（AI）已成為一個如此有影響力的主題，以至於整個市場似乎都在圍繞這一單一敍事起伏。<strong>標準普爾 500 指數</strong> 和 <strong>納斯達克綜合指數</strong> 均徘徊在歷史高點附近，巨型科技股是 市場持續反彈 的主要貢獻者。</p>
<p>儘管華爾街幾乎所有主要投資基金似乎都對 AI 情有獨鍾，但 <strong>伯克希爾哈撒韋</strong> 的沃倫·巴菲特——剛剛退休的首席執行官——主要堅持他的 逆向投資 方法。在 AI 革命期間，伯克希爾一直是股票的淨賣方——在其資產負債表上囤積現金，並通過 國債 獲得被動收入。</p>
<p>在上個季度，伯克希爾終於開始利用其多餘的資本，並對其投資組合進行了重大增持。讓我們深入探討該基金近年來的一些舉動，並試圖理解這些決策背後的驅動因素。接下來，我們將看看估值，並評估現在是否是追隨巴菲特腳步的好機會。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-dXJsPWh0dHBzOi8vZy5mb29sY2RuLmNvbS9lZGl0b3JpYWwvaW1hZ2VzLzg0ODgzNy9idWZmZXR0MS10bWYtMi5qcGcWdz0zODQwFm9wPXJlc2l6ZQ?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" original-src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-dXJsPWh0dHBzOi8vZy5mb29sY2RuLmNvbS9lZGl0b3JpYWwvaW1hZ2VzLzg0ODgzNy9idWZmZXR0MS10bWYtMi5qcGcWdz0zODQwFm9wPXJlc2l6ZQ"/></p>
<p>圖片來源：The Motley Fool。</p>
<h2>不再是巴菲特心中的蘋果</h2>
<p>伯克希爾哈撒韋長期以來一直是消費業務和金融服務的支持者。幾十年來，該公司的許多最大持倉包括保險公司和銀行，以及一系列 消費品 和 非必需品 品牌。</p>
<p>早在 2016 年，巴菲特因伯克希爾購買 <strong>蘋果</strong>（AAPL 0.45%）股票而登上頭條。許多投資者將此視為巴菲特在科技領域投資的罕見實例。然而，考慮到蘋果的 品牌護城河、消費者忠誠度、強大的硬件生態系統和穩定的現金流生成，該公司實際上符合許多 巴菲特的投資標準。</p>
<p>廣告</p>
<p>過去十年中，價格的顯著上漲和隨後的購買最終使蘋果成為伯克希爾最大的持倉。然而，在 AI 革命期間，巴菲特一直在減少對這家 iPhone 製造商的持股。</p>
<table>
<thead>
<tr>
<th>持倉</th>
<th>2023 年第四季度</th>
<th>2024 年第一季度</th>
<th>2024 年第二季度</th>
<th>2024 年第三季度</th>
<th>2024 年第四季度</th>
<th>2025 年第一季度</th>
<th>2025 年第二季度</th>
<th>2025 年第三季度</th>
</tr>
</thead>
<tbody>
<tr>
<td>蘋果股票（百萬股）</td>
<td>906</td>
<td>789</td>
<td>400</td>
<td>300</td>
<td>300</td>
<td>300</td>
<td>280</td>
<td>238</td>
</tr>
</tbody>
</table>
<p>數據來源：13f.info</p>
<p>自 2023 年底以來，伯克希爾已將其對蘋果的持股減少了約 73%。華爾街的許多評論員批評蘋果在 AI 市場上反應遲緩。雖然我個人同意這一點，但我認為這並不一定在巴菲特的賣出決策中起了多大作用。</p>
<p>在我看來，這些出售的理由更具宏觀導向。自 2023 年 10 月以來，<strong>標準普爾 500 指數</strong> 和蘋果股票均上漲了約 60%——在相對短的時間內實現了 異常高的回報。巴菲特一直保持謹慎的判斷。我認為，利用泡沫市場並將資本轉向更被動的投資工具，在巴菲特眼中似乎是更好的選擇。</p>
<p>展開</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-dXJsPWh0dHBzOi8vZy5mb29sY2RuLmNvbS9hcnQvY29tcGFueWxvZ29zL21hcmsvQUFQTC5wbmcWdz0xMjgWb3A9cmVzaXpl?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="蘋果股票報價" original-src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-dXJsPWh0dHBzOi8vZy5mb29sY2RuLmNvbS9hcnQvY29tcGFueWxvZ29zL21hcmsvQUFQTC5wbmcWdz0xMjgWb3A9cmVzaXpl"/></p>
<h2>NASDAQ: AAPL</h2>
<p>蘋果</p>
<p>今日變動</p>
<p>(-0.45%) $-1.22</p>
<p>當前價格</p>
<p>$271.86</p>
<h3>關鍵數據點</h3>
<p>市值</p>
<p>$4.0T</p>
<p>日內區間</p>
<p>$271.75 - $273.68</p>
<p>52 周區間</p>
<p>$169.21 - $288.62</p>
<p>成交量</p>
<p>27M</p>
<p>平均成交量</p>
<p>45M</p>
<p>毛利率</p>
<p>46.91%</p>
<p>股息收益率</p>
<p>0.38%</p>
<h2>億萬富翁們正在湧入 Alphabet 股票</h2>
<p>在 AI 革命的大部分時間裏，<strong>英偉達</strong> 和 <strong>Palantir Technologies</strong> 一直是主要的吸引力。談到傳統互聯網公司，<strong>亞馬遜</strong> 和 <strong>微軟</strong> 也在更廣泛的 AI 討論中佔據了重要位置。</p>
<p>然而，有一家公司的聲音在過去幾年中相對較為低調，那就是 <strong>Alphabet</strong>（GOOGL 0.16%）（GOOG 0.24%）。一段時間以來，大型語言模型（LLMs）如 ChatGPT 的崛起被視為對傳統搜索引擎——尤其是谷歌的致命一擊。</p>
<p>但在過去幾年中，Alphabet 默默地推進並建立了其 AI 路線圖。現在，億萬富翁們終於開始關注。在第三季度，包括 斯坦利·德魯肯米勒、以色列·英格蘭德、肯·格里芬、菲利普·拉豐特 在內的知名投資者，以及現在的沃倫·巴菲特，紛紛湧入 Alphabet 股票。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-dXJsPWh0dHBzOi8vZy5mb29sY2RuLmNvbS9lZGl0b3JpYWwvaW1hZ2VzLzg0ODgzNy9nb29nLTEzLmpwZxZ3PTM4NDAWb3A9cmVzaXpl?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" original-src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-dXJsPWh0dHBzOi8vZy5mb29sY2RuLmNvbS9lZGl0b3JpYWwvaW1hZ2VzLzg0ODgzNy9nb29nLTEzLmpwZxZ3PTM4NDAWb3A9cmVzaXpl"/></p>
<p>圖片來源：Getty Images。</p>
<h2>Alphabet 股票現在值得購買嗎？</h2>
<p>Alphabet 目前的 前瞻市盈率 為 29。雖然以低價購買股票的時機可能已經過去，但仍然有很多上行空間。</p>
<p></p>
<p>谷歌市盈率（前瞻） 數據來自 YCharts</p>
<p>今天，Alphabet 已將其自有的 LLM Gemini 集成到其業務的核心方面——從全面改版的谷歌搜索主頁到公司的 Android 消費電子設備。</p>
<p>此外，Alphabet 還在其自有硬件上進行了大量投資，採用名為 張量處理單元 (TPUs) 的定製應用特定集成電路 (ASIC)——將這項技術整合到其新興的雲計算平台中。最近，Alphabet 宣佈以 $47 億收購 Intersect -- 一家為數據中心提供清潔能源電源的公司。</p>
<p>展開</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vYXJ0L2NvbXBhbnlsb2dvcy9tYXJrL0dPT0cucG5nJnc9MTI4?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="Alphabet 股票報價" width="80" height="80" original-src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vYXJ0L2NvbXBhbnlsb2dvcy9tYXJrL0dPT0cucG5nJnc9MTI4"/></p>
<h2>NASDAQ: GOOG</h2>
<p>Alphabet</p>
<p>今日變動</p>
<p>(-0.24%) $-0.75</p>
<p>當前價格</p>
<p>$313.80</p>
<h3>關鍵數據點</h3>
<p>市值</p>
<p>$3.8T</p>
<p>日內區間</p>
<p>$312.20 - $315.39</p>
<p>52 周區間</p>
<p>$142.66 - $328.67</p>
<p>成交量</p>
<p>11M</p>
<p>平均成交量</p>
<p>23M</p>
<p>毛利率</p>
<p>59.18%</p>
<p>股息收益率</p>
<p>0.26%</p>
<p>通過 垂直整合 AI 價值鏈的各個方面，Alphabet 正在為自己在下一個技術超級週期中成為持久領導者做好準備。在這種背景下，我認為 Alphabet 在未來幾年有望實現顯著的 估值擴張，並將其視為一個對耐心投資者而言具有吸引力的買入和持有機會——就像伯克希爾哈撒韋一樣。</p>

伯克希爾哈撒韋-B

谷歌-A

谷歌-C

伯克希爾哈撒韋-A

1 倍做空谷歌 ETF - Direxion

2 倍做多谷歌 ETF - Direxion

南方兩倍做多伯克希爾

<p>伯克希爾哈撒韋在沃倫·巴菲特的領導下正在出售其蘋果股票，自 2023 年底以來減少了 73% 的持倉，並將資金重新分配到谷歌（Alphabet）股票中。這一轉變發生在人工智能行業獲得動力之際，巴菲特的策略反映了對泡沫市場的謹慎態度。谷歌正在增強其人工智能能力，整合其大型語言模型 Gemini，並投資於雲計算硬件。越來越多的知名投資者支持谷歌，表明未來幾年其估值有顯著增長的潛力</p>

<p>Over the last three years, artificial intelligence (AI) has become a theme so influential that the broader market seems to ebb and flow based on this singular narrative. The <strong>S&amp;P 500</strong> and <strong>Nasdaq Composite</strong> indices are both hovering near record highs, with megacap technology stocks being some of the largest contributors to the market's ongoing rally.</p>
<div class="lb-trans"><p>在過去三年中，人工智能（AI）已成為一個如此有影響力的主題，以至於整個市場似乎都在圍繞這一單一敍事起伏。<strong>標準普爾 500 指數</strong> 和 <strong>納斯達克綜合指數</strong> 均徘徊在歷史高點附近，巨型科技股是 市場持續反彈 的主要貢獻者。</p>
</div><p>While just about every major investment fund on Wall Street can't seem to get enough of AI, <strong>Berkshire Hathaway</strong>'s Warren Buffett -- who just retired as CEO -- has primarily stuck to his contrarian methods. Throughout the AI revolution, Berkshire has been a net seller of stocks -- hoarding cash on its balance sheet and collecting passive income through Treasury bills.</p>
<div class="lb-trans"><p>儘管華爾街幾乎所有主要投資基金似乎都對 AI 情有獨鍾，但 <strong>伯克希爾哈撒韋</strong> 的沃倫·巴菲特——剛剛退休的首席執行官——主要堅持他的 逆向投資 方法。在 AI 革命期間，伯克希爾一直是股票的淨賣方——在其資產負債表上囤積現金，並通過 國債 獲得被動收入。</p>
</div><p>Last quarter, Berkshire finally put some of its excess capital to use and made a significant addition to its portfolio. Let's dig into some of the fund's moves in recent years and try to make sense of what drove these decisions. From there, we'll take a look at valuation and assess if now is a good opportunity to follow in Buffett's footsteps.</p>
<div class="lb-trans"><p>在上個季度，伯克希爾終於開始利用其多餘的資本，並對其投資組合進行了重大增持。讓我們深入探討該基金近年來的一些舉動，並試圖理解這些決策背後的驅動因素。接下來，我們將看看估值，並評估現在是否是追隨巴菲特腳步的好機會。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84NDg4MzcvYnVmZmV0dDEtdG1mLTIuanBnJnc9Mzg0MA" alt="Warren Buffett smiling." original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F848837%2Fbuffett1-tmf-2.jpg&amp;w=3840&amp;op=resize"/></p>
<p>Image source: The Motley Fool.</p>
<div class="lb-trans"><p>圖片來源：The Motley Fool。</p>
</div><h2>No longer the apple of Buffett's eye</h2>
<div class="lb-trans"><h2>不再是巴菲特心中的蘋果</h2>
</div><p>Berkshire Hathaway has long been a fan of consumer businesses and financial services. For decades, many of the firm's largest positions have included insurance companies and banks, as well as a mix of consumer staples and discretionary brands.</p>
<div class="lb-trans"><p>伯克希爾哈撒韋長期以來一直是消費業務和金融服務的支持者。幾十年來，該公司的許多最大持倉包括保險公司和銀行，以及一系列 消費品 和 非必需品 品牌。</p>
</div><p>Back in 2016, Buffett made headlines following Berkshire's purchase of <strong>Apple</strong>( AAPL 0.45%) stock. Many investors viewed this as a rare instance of Buffett investing in the technology sector. However, given Apple's brand moat, consumer loyalty, robust hardware ecosystem, and steady cash flow generation, the company actually checks off many of Buffett's investment criteria.</p>
<div class="lb-trans"><p>早在 2016 年，巴菲特因伯克希爾購買 <strong>蘋果</strong>（AAPL 0.45%）股票而登上頭條。許多投資者將此視為巴菲特在科技領域投資的罕見實例。然而，考慮到蘋果的 品牌護城河、消費者忠誠度、強大的硬件生態系統和穩定的現金流生成，該公司實際上符合許多 巴菲特的投資標準。</p>
</div><p>Advertisement</p>
<div class="lb-trans"><p>廣告</p>
</div><p>A combination of meaningful price appreciation and subsequent buying over the last decade ultimately turned Apple into Berkshire's largest position. Throughout the AI revolution, however, Buffett has been trimming exposure to the iPhone maker.</p>
<div class="lb-trans"><p>過去十年中，價格的顯著上漲和隨後的購買最終使蘋果成為伯克希爾最大的持倉。然而，在 AI 革命期間，巴菲特一直在減少對這家 iPhone 製造商的持股。</p>
</div><table>
<thead>
<tr>
<th>Position</th>
<th>Q4 2023</th>
<th>Q1 2024</th>
<th>Q2 2024</th>
<th>Q3 2024</th>
<th>Q4 2024</th>
<th>Q1 2025</th>
<th>Q2 2025</th>
<th>Q3 2025</th>
</tr>
</thead>
<tbody>
<tr>
<td>Apple shares (in millions)</td>
<td>906</td>
<td>789</td>
<td>400</td>
<td>300</td>
<td>300</td>
<td>300</td>
<td>280</td>
<td>238</td>
</tr>
</tbody>
</table>
<div class="lb-trans"><table>
<thead>
<tr>
<th>持倉</th>
<th>2023 年第四季度</th>
<th>2024 年第一季度</th>
<th>2024 年第二季度</th>
<th>2024 年第三季度</th>
<th>2024 年第四季度</th>
<th>2025 年第一季度</th>
<th>2025 年第二季度</th>
<th>2025 年第三季度</th>
</tr>
</thead>
<tbody>
<tr>
<td>蘋果股票（百萬股）</td>
<td>906</td>
<td>789</td>
<td>400</td>
<td>300</td>
<td>300</td>
<td>300</td>
<td>280</td>
<td>238</td>
</tr>
</tbody>
</table>
</div><p>Data Source: 13f.info</p>
<div class="lb-trans"><p>數據來源：13f.info</p>
</div><p>Since the end of 2023, Berkshire has reduced its exposure to Apple by roughly 73%. Many pundits on Wall Street have criticized Apple for being late to the AI market. While I personally agree, I do not think this necessarily played much of a role in Buffett's decision to sell the stock.</p>
<div class="lb-trans"><p>自 2023 年底以來，伯克希爾已將其對蘋果的持股減少了約 73%。華爾街的許多評論員批評蘋果在 AI 市場上反應遲緩。雖然我個人同意這一點，但我認為這並不一定在巴菲特的賣出決策中起了多大作用。</p>
</div><p>To me, the rationale behind these sales was more macro-oriented. Since October 2023, both the S&amp;P 500 and Apple stock have risen by about 60% -- an abnormally high return in a rather short period. Buffett has always exercised prudent judgment. I think taking advantage of a frothy market and rotating capital into more passive vehicles seemed like a better deal in the eyes of Buffett.</p>
<div class="lb-trans"><p>在我看來，這些出售的理由更具宏觀導向。自 2023 年 10 月以來，<strong>標準普爾 500 指數</strong> 和蘋果股票均上漲了約 60%——在相對短的時間內實現了 異常高的回報。巴菲特一直保持謹慎的判斷。我認為，利用泡沫市場並將資本轉向更被動的投資工具，在巴菲特眼中似乎是更好的選擇。</p>
</div><p>Expand</p>
<div class="lb-trans"><p>展開</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vYXJ0L2NvbXBhbnlsb2dvcy9tYXJrL0FBUEwucG5nJnc9MTI4" alt="Apple Stock Quote" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Fart%2Fcompanylogos%2Fmark%2FAAPL.png&amp;w=128&amp;op=resize"/></p>
<h2>NASDAQ: AAPL</h2>
<div class="lb-trans"><h2>NASDAQ: AAPL</h2>
</div><p>Apple</p>
<div class="lb-trans"><p>蘋果</p>
</div><p>Today's Change</p>
<div class="lb-trans"><p>今日變動</p>
</div><p>(-0.45%) $-1.22</p>
<div class="lb-trans"><p>(-0.45%) $-1.22</p>
</div><p>Current Price</p>
<div class="lb-trans"><p>當前價格</p>
</div><p>$271.86</p>
<div class="lb-trans"><p>$271.86</p>
</div><h3>Key Data Points</h3>
<div class="lb-trans"><h3>關鍵數據點</h3>
</div><p>Market Cap</p>
<div class="lb-trans"><p>市值</p>
</div><p>$4.0T</p>
<div class="lb-trans"><p>$4.0T</p>
</div><p>Day's Range</p>
<div class="lb-trans"><p>日內區間</p>
</div><p>$271.75 - $273.68</p>
<div class="lb-trans"><p>$271.75 - $273.68</p>
</div><p>52wk Range</p>
<div class="lb-trans"><p>52 周區間</p>
</div><p>$169.21 - $288.62</p>
<div class="lb-trans"><p>$169.21 - $288.62</p>
</div><p>Volume</p>
<div class="lb-trans"><p>成交量</p>
</div><p>27M</p>
<div class="lb-trans"><p>27M</p>
</div><p>Avg Vol</p>
<div class="lb-trans"><p>平均成交量</p>
</div><p>45M</p>
<div class="lb-trans"><p>45M</p>
</div><p>Gross Margin</p>
<div class="lb-trans"><p>毛利率</p>
</div><p>46.91%</p>
<div class="lb-trans"><p>46.91%</p>
</div><p>Dividend Yield</p>
<div class="lb-trans"><p>股息收益率</p>
</div><p>0.38%</p>
<div class="lb-trans"><p>0.38%</p>
</div><h2>Billionaires are plowing into Alphabet stock</h2>
<div class="lb-trans"><h2>億萬富翁們正在湧入 Alphabet 股票</h2>
</div><p>For much of the AI revolution, companies such as <strong>Nvidia</strong> and <strong>Palantir Technologies</strong> have been the main attractions. When it comes to legacy internet companies, both <strong>Amazon</strong> and <strong>Microsoft</strong> have also become heavily featured in the broader AI discussion.</p>
<div class="lb-trans"><p>在 AI 革命的大部分時間裏，<strong>英偉達</strong> 和 <strong>Palantir Technologies</strong> 一直是主要的吸引力。談到傳統互聯網公司，<strong>亞馬遜</strong> 和 <strong>微軟</strong> 也在更廣泛的 AI 討論中佔據了重要位置。</p>
</div><p>One company that has been relatively quiet for the last few years, however, is <strong>Alphabet</strong>( GOOGL 0.16%)( GOOG 0.24%). For a while, the rise of large language models (LLMs) such as ChatGPT were viewed as a knockout punch for traditional search engines -- namely, Google.</p>
<div class="lb-trans"><p>然而，有一家公司的聲音在過去幾年中相對較為低調，那就是 <strong>Alphabet</strong>（GOOGL 0.16%）（GOOG 0.24%）。一段時間以來，大型語言模型（LLMs）如 ChatGPT 的崛起被視為對傳統搜索引擎——尤其是谷歌的致命一擊。</p>
</div><p>But over the last few years, Alphabet quietly trudged along and built out its AI roadmap. Now, billionaires are finally catching on. During the third quarter, notable investors, including Stanley Druckenmiller, Israel Englander, Ken Griffin, Philippe Laffont, and now Warren Buffett, all poured into Alphabet stock.</p>
<div class="lb-trans"><p>但在過去幾年中，Alphabet 默默地推進並建立了其 AI 路線圖。現在，億萬富翁們終於開始關注。在第三季度，包括 斯坦利·德魯肯米勒、以色列·英格蘭德、肯·格里芬、菲利普·拉豐特 在內的知名投資者，以及現在的沃倫·巴菲特，紛紛湧入 Alphabet 股票。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84NDg4MzcvZ29vZy0xMy5qcGcmdz0zODQw" alt="Google logo on a cell phone's wallpaper." original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F848837%2Fgoog-13.jpg&amp;w=3840&amp;op=resize"/></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 good buy right now?</h2>
<div class="lb-trans"><h2>Alphabet 股票現在值得購買嗎？</h2>
</div><p>Alphabet currently boasts a forward price-to-earnings (P/E) multiple of 29. While the time to buy the stock at bargain prices may have passed, there are still plenty of upsides.</p>
<div class="lb-trans"><p>Alphabet 目前的 前瞻市盈率 為 29。雖然以低價購買股票的時機可能已經過去，但仍然有很多上行空間。</p>
</div><p></p>
<div class="lb-trans"><p></p>
</div><p>GOOGL PE Ratio (Forward) data by YCharts</p>
<div class="lb-trans"><p>谷歌市盈率（前瞻） 數據來自 YCharts</p>
</div><p>Today, Alphabet has integrated its own LLM, Gemini, into core aspects of its business -- from an overhauled Google search landing page to the company's Android consumer electronics devices.</p>
<div class="lb-trans"><p>今天，Alphabet 已將其自有的 LLM Gemini 集成到其業務的核心方面——從全面改版的谷歌搜索主頁到公司的 Android 消費電子設備。</p>
</div><p>In addition, Alphabet has also invested heavily into its own hardware in the form of custom application-specific integrated circuits (ASICs) called Tensor Processing Units (TPUs) -- integrating this technology into its budding cloud computing platform. Most recently, Alphabet announced a $4.7 billion acquisition of Intersect -- a provider of clean energy power sources for data centers.</p>
<div class="lb-trans"><p>此外，Alphabet 還在其自有硬件上進行了大量投資，採用名為 張量處理單元 (TPUs) 的定製應用特定集成電路 (ASIC)——將這項技術整合到其新興的雲計算平台中。最近，Alphabet 宣佈以 $47 億收購 Intersect -- 一家為數據中心提供清潔能源電源的公司。</p>
</div><p>Expand</p>
<div class="lb-trans"><p>展開</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vYXJ0L2NvbXBhbnlsb2dvcy9tYXJrL0dPT0cucG5nJnc9MTI4" alt="Alphabet Stock Quote" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Fart%2Fcompanylogos%2Fmark%2FGOOG.png&amp;w=128&amp;op=resize"/></p>
<h2>NASDAQ: GOOG</h2>
<div class="lb-trans"><h2>NASDAQ: GOOG</h2>
</div><p>Alphabet</p>
<div class="lb-trans"><p>Alphabet</p>
</div><p>Today's Change</p>
<div class="lb-trans"><p>今日變動</p>
</div><p>(-0.24%) $-0.75</p>
<div class="lb-trans"><p>(-0.24%) $-0.75</p>
</div><p>Current Price</p>
<div class="lb-trans"><p>當前價格</p>
</div><p>$313.80</p>
<div class="lb-trans"><p>$313.80</p>
</div><h3>Key Data Points</h3>
<div class="lb-trans"><h3>關鍵數據點</h3>
</div><p>Market Cap</p>
<div class="lb-trans"><p>市值</p>
</div><p>$3.8T</p>
<div class="lb-trans"><p>$3.8T</p>
</div><p>Day's Range</p>
<div class="lb-trans"><p>日內區間</p>
</div><p>$312.20 - $315.39</p>
<div class="lb-trans"><p>$312.20 - $315.39</p>
</div><p>52wk Range</p>
<div class="lb-trans"><p>52 周區間</p>
</div><p>$142.66 - $328.67</p>
<div class="lb-trans"><p>$142.66 - $328.67</p>
</div><p>Volume</p>
<div class="lb-trans"><p>成交量</p>
</div><p>11M</p>
<div class="lb-trans"><p>11M</p>
</div><p>Avg Vol</p>
<div class="lb-trans"><p>平均成交量</p>
</div><p>23M</p>
<div class="lb-trans"><p>23M</p>
</div><p>Gross Margin</p>
<div class="lb-trans"><p>毛利率</p>
</div><p>59.18%</p>
<div class="lb-trans"><p>59.18%</p>
</div><p>Dividend Yield</p>
<div class="lb-trans"><p>股息收益率</p>
</div><p>0.26%</p>
<div class="lb-trans"><p>0.26%</p>
</div><p>By vertically integrating all aspects of the AI value chain across its ecosystem, Alphabet is positioning itself to emerge as a durable leader of the next technological supercycle. Against this backdrop, I think Alphabet is poised for meaningful valuation expansion over the next several years and see the company as a compelling opportunity to buy and hold for patient investors with a long-term time horizon -- just like Berkshire Hathaway.</p>
<div class="lb-trans"><p>通過 垂直整合 AI 價值鏈的各個方面，Alphabet 正在為自己在下一個技術超級週期中成為持久領導者做好準備。在這種背景下，我認為 Alphabet 在未來幾年有望實現顯著的 估值擴張，並將其視為一個對耐心投資者而言具有吸引力的買入和持有機會——就像伯克希爾哈撒韋一樣。</p>
</div>

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