<p>TradingKey - 自 2019 年以來，谷歌的母公司 Alphabet 的市值一直低於蘋果，但這種多年的市值排名現在正受到衝擊。</p><p><strong>最新數據顯示，該公司的股價在本週三上漲超過 2%，市值攀升至約 3.89 萬億美元，首次超過蘋果，時隔七年再現這一局面。</strong></p><p>在週三收盤時，谷歌的股價上漲至 322.03 美元，而蘋果的股價繼續承壓，略微下跌，使其總市值降至約 3.85 萬億美元。這使谷歌成為美國第二大最有價值的公司，僅次於市值最高的英偉達。</p><figure class="image"><img src="https://pub.pbkrs.com/uploads/2026/7c4996169a8ec03296eca5260e01568d?x-oss-process=style/lg" alt="" width="684" height="459" original-src="https://pub.pbkrs.com/uploads/2026/7c4996169a8ec03296eca5260e01568d"/></figure><h2 id="bdf63oik">Alphabet 積極追求 AI 生態系統</h2><p>市場觀察人士指出，<strong>谷歌市值超過蘋果源於兩家公司在人工智能戰略上的日益明顯的分歧</strong>。</p><p>在 OpenAI 推出 ChatGPT 並引起行業廣泛關注後，一些聲音質疑谷歌長期以來對搜索廣告模式的依賴是否可持續，認為生成式 AI 可能會顛覆傳統搜索邏輯。然而，谷歌通過加速推出其專有的大型語言模型、算法平台和定製芯片系統，有效應對了競爭壓力，同時提升了多個產品線的市場表現。</p><p><strong>去年 11 月，該公司推出了第七代張量處理單元（TPU），Ironwood</strong>，旨在與主流 GPU 解決方案進行基準測試，併為訓練大型模型提供基礎計算能力。這款定製的 AI 芯片已成為英偉達產品的潛在替代品。</p><p><strong>在 12 月發佈的 Gemini 3</strong> 是繼 PaLM 系列之後的新一代核心模型，其發佈引起了廣泛關注。行業反饋表明，該模型在信息處理速度、多模態交互能力和長文本生成效率方面有所提升，在各項評估指標上具有競爭優勢。</p><p>與此同時，其自動駕駛公司 Waymo 已建立穩定的運營結構，並努力擴大商業服務範圍。根據知情人士的披露，該項目正在尋求新一輪融資，預計總金額將超過 150 億美元，可能使其整體估值超過 1100 億美元。</p><p>BNP Paribas 的股票研究分析師 Nick Jones 在週二晚間的報告中表示，谷歌&#34;可能有望成為主導的 AI 平台。&#34;</p><p><strong>僅在 2025 年前三個季度，谷歌簽署的大型客户合同超過 10 個，金額均超過 10 億美元，超過了前兩年的總和。</strong> Alphabet 和谷歌的首席執行官 Sundar Pichai 強調，公司正在積極應對日益增長的市場需求。</p><h2 id="re53r1cqd">蘋果缺席核心戰場</h2><p>相比之下，蘋果尚未制定統一且全面的生成式人工智能戰略框架，<strong>在這一波由生成式 AI 驅動的技術創新中明顯滯後。</strong></p><p><strong>原定於去年發佈的下一代 Siri AI 助手因各種原因推遲</strong>，公司承諾將在 2026 年推出更個性化的版本，儘管其具體功能路線圖仍不明確，引發投資者擔憂。</p><p>許多分析師認為，像 iPhone 這樣的硬件產品的創新被過度期待。再加上升級週期延長，缺乏新的亮點或突破性的應用軟件，將很難繼續吸引大量資本流入。</p><p>人工智能帶來的技術變革與以往的移動互聯網浪潮不同。蘋果以前有時間觀察競爭對手，然後趕上。然而，AI 領域的發展速度要快得多，領導者可以利用數據優勢、人才積累和技術基礎不斷擴大領先優勢。每個季度的延遲都會加劇落後的風險。</p><p>此外，AI 具有一個顯著特徵：&#34;規模經濟&#34;。這意味着擁有龐大用户基礎和強大計算資源的公司可以更有效地攤銷高額的研發成本。</p><p>這解釋了為什麼像英偉達、AMD、微軟和谷歌這樣的公司敢於不斷增加投資，並獲得投資者的支持。</p><p>另一方面，蘋果始終堅持僅在產品完全成熟時才發佈新產品。這種謹慎而非迅速的做法可能會限制其在一個重視速度和擴張規模的時代的競爭力。</p><h2 id="rteh5f1f4">谷歌在 2025 年引領&#34;七大巨頭&#34;</h2><p><strong>谷歌的股價在 2025 年持續上漲，年累計漲幅達到 65%，在&#34;七大巨頭&#34;科技公司中排名第一。</strong> 分析師指出，在經歷早期市場不確定性後，該公司在業績和估值上實現了雙重複蘇，得益於其 AI 業務的進展和多款產品的推出。</p><p>年初，谷歌（GOOGL）因持續的反壟斷訴訟、搜索廣告業務轉型挑戰以及 AI 相關支出擴大而面臨壓力。其股價在 4 月 8 日創下 52 周收盤低點 144.70 美元，引發外界對其增長軌跡穩定性的擔憂。</p><p>然而，從第二季度開始，該公司迅速恢復了投資者的信心。谷歌任命了一位高級管理人員負責 Gemini 產品線，集中資源加強生成式 AI 模型在實際應用中的整合和部署。</p><p>同年八月，其團隊發佈了圖像生成功能 “納米香蕉”，使用户能夠創建 AI 風格的圖像並生成個性化的數字頭像。該功能迅速在社交平台上獲得關注；到九月底，Gemini 平台累計生成超過 50 億張圖像，並在蘋果 App Store 的免費榜單上名列前茅，下載量超過了 ChatGPT 應用。</p><p>在第三季度，谷歌完成了對 AI 初創公司 Windsurf 的人才收購，關鍵研發領導者，包括其聯合創始人兼首席執行官 Varun Mohan，加入了團隊。</p><p>為了應對競爭對手不斷提升其專有搜索體驗——例如 OpenAI 推出的 Perplexity 聊天功能和微軟整合的 Bing AI 助手工具——谷歌同時更新了其界面。</p><p>例如，“AI 概述” 可以直接生成顯示在搜索主頁頂部的摘要內容，而 “AI 模式” 則提供更長、更具上下文相關性的查詢響應。這些新功能改善了互動細節，顯著增強了用户粘性，提升了服務活躍度，並支持了關鍵廣告位的穩定價值。</p><p>儘管在更廣泛的科技行業中有聲音警告，行業資本支出的上升可能會延長回報週期，但作為關鍵基礎設施提供者的谷歌對實際資本利用效率保持積極反饋。</p><p>Laffer Tengler Investments 的首席執行官兼首席投資官 Nancy Tengler 指出，資本支出的快速增長進一步加強了 AI 需求交易。隨着 Gemini 應用的持續擴展和 AI 生產力在各個業務線上的顯現，谷歌正在將其規模優勢轉化為長期競爭力。</p><p><strong>華爾街機構普遍維持積極評級。截至發佈日期，根據</strong> <strong>TradingKey 股票評級</strong> <strong>，大多數分析師對該股票發佈了 “買入” 評級，平均目標價為 317.85 美元，超過當前收盤價。</strong></p><p>瞭解更多</p>

谷歌-A

谷歌-C

1 倍做空谷歌 ETF - Direxion

2 倍做多谷歌 ETF - Direxion

<p>谷歌的母公司 Alphabet 首次在七年內超越蘋果，市值達到約 3.89 萬億美元。這一變化歸因於谷歌積極的人工智能戰略，包括推出新的人工智能模型和定製芯片。相比之下，蘋果在人工智能創新方面落後，下一代 Siri 助手的推出延遲，以及對其硬件產品創新的擔憂。分析師認為，谷歌在人工智能方面的進展可能使其成為主導平台，而蘋果的謹慎態度可能會阻礙其在快速發展的科技領域的競爭力</p>

<p>TradingKey - Since 2019, Google's parent company Alphabet has consistently had a market capitalization lower than Apple, but this multi-year market cap ranking is now being disrupted.</p>
<div class="lb-trans"><p>TradingKey - 自 2019 年以來，谷歌的母公司 Alphabet 的市值一直低於蘋果，但這種多年的市值排名現在正受到衝擊。</p>
</div><p><strong>The latest data shows that the company's stock price rose by over 2% this Wednesday, with its market capitalization climbing to approximately $3.89 trillion, surpassing Apple for the first time in seven years.</strong></p>
<div class="lb-trans"><p><strong>最新數據顯示，該公司的股價在本週三上漲超過 2%，市值攀升至約 3.89 萬億美元，首次超過蘋果，時隔七年再現這一局面。</strong></p>
</div><p>At Wednesday's close, Google's stock price rose to $322.03, while Apple's stock continued to face pressure, declining slightly, bringing its total market capitalization down to approximately $3.85 trillion. This positioned Google as the second most valuable company in the U.S., trailing only Nvidia, which holds the top spot.</p>
<div class="lb-trans"><p>在週三收盤時，谷歌的股價上漲至 322.03 美元，而蘋果的股價繼續承壓，略微下跌，使其總市值降至約 3.85 萬億美元。這使谷歌成為美國第二大最有價值的公司，僅次於市值最高的英偉達。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://resource.tradingkey.com/uploads/20260108/googl-6032699d7de94bedaff403c4009f86f4.jpg" alt="" original-src="https://resource.tradingkey.com/uploads/20260108/googl-6032699d7de94bedaff403c4009f86f4.jpg"/></p>
<h2>Alphabet Aggressively Pursues AI Ecosystem</h2>
<div class="lb-trans"><h2>Alphabet 積極追求 AI 生態系統</h2>
</div><p>Market observers note that <strong>Google's market cap surpassing Apple stems from the increasingly apparent divergence in the two companies' artificial intelligence strategies</strong> .</p>
<div class="lb-trans"><p>市場觀察人士指出，<strong>谷歌市值超過蘋果源於兩家公司在人工智能戰略上的日益明顯的分歧</strong>。</p>
</div><p>Following OpenAI's launch of ChatGPT, which garnered significant industry attention, some voices questioned the sustainability of Google's long-standing reliance on its search advertising model, suggesting that generative AI could disrupt traditional search logic. However, Google effectively countered competitive pressures by accelerating the release of its proprietary large language models, algorithm platforms, and custom chip systems, simultaneously enhancing market performance across multiple product lines.</p>
<div class="lb-trans"><p>在 OpenAI 推出 ChatGPT 並引起行業廣泛關注後，一些聲音質疑谷歌長期以來對搜索廣告模式的依賴是否可持續，認為生成式 AI 可能會顛覆傳統搜索邏輯。然而，谷歌通過加速推出其專有的大型語言模型、算法平台和定製芯片系統，有效應對了競爭壓力，同時提升了多個產品線的市場表現。</p>
</div><p><strong>Last November, the company unveiled its seventh-generation Tensor Processing Unit (TPU), Ironwood</strong>, designed to benchmark against mainstream GPU solutions and provide foundational computing power for training large models. This custom AI chip has emerged as a potential alternative to Nvidia's products.</p>
<div class="lb-trans"><p><strong>去年 11 月，該公司推出了第七代張量處理單元（TPU），Ironwood</strong>，旨在與主流 GPU 解決方案進行基準測試，併為訓練大型模型提供基礎計算能力。這款定製的 AI 芯片已成為英偉達產品的潛在替代品。</p>
</div><p><strong>Gemini 3, released in December</strong>, is the new generation core model following the PaLM series, and its launch garnered significant attention. Industry feedback indicates that the model demonstrates improved information processing speed, multimodal interaction capabilities, and long-text generation efficiency, possessing a competitive edge across various evaluation metrics.</p>
<div class="lb-trans"><p><strong>在 12 月發佈的 Gemini 3</strong> 是繼 PaLM 系列之後的新一代核心模型，其發佈引起了廣泛關注。行業反饋表明，該模型在信息處理速度、多模態交互能力和長文本生成效率方面有所提升，在各項評估指標上具有競爭優勢。</p>
</div><p>Concurrently, its autonomous driving company Waymo has established a stable operating structure and is endeavoring to expand its commercial service scope. According to informed disclosures, the project is seeking a new funding round, with the total amount expected to exceed $15 billion, potentially pushing its overall valuation past $110 billion</p>
<div class="lb-trans"><p>與此同時，其自動駕駛公司 Waymo 已建立穩定的運營結構，並努力擴大商業服務範圍。根據知情人士的披露，該項目正在尋求新一輪融資，預計總金額將超過 150 億美元，可能使其整體估值超過 1100 億美元。</p>
</div><p>Nick Jones, an equity research analyst at BNP Paribas, stated in a report on Tuesday evening that Google &#34;could be poised to become the dominant AI platform.&#34;</p>
<div class="lb-trans"><p>BNP Paribas 的股票研究分析師 Nick Jones 在週二晚間的報告中表示，谷歌&#34;可能有望成為主導的 AI 平台。&#34;</p>
</div><p><strong>Within the first three quarters of 2025 alone, Google signed more large client contracts exceeding $1 billion than the total combined for the preceding two years.</strong> Sundar Pichai, CEO of Alphabet and Google, emphasized that the company is actively addressing growing market demand.</p>
<div class="lb-trans"><p><strong>僅在 2025 年前三個季度，谷歌簽署的大型客户合同超過 10 個，金額均超過 10 億美元，超過了前兩年的總和。</strong> Alphabet 和谷歌的首席執行官 Sundar Pichai 強調，公司正在積極應對日益增長的市場需求。</p>
</div><h2>Apple Absent from the Core Battlefield</h2>
<div class="lb-trans"><h2>蘋果缺席核心戰場</h2>
</div><p>In comparison, Apple has yet to formulate a unified and comprehensive generative artificial intelligence strategic framework, <strong>and is noticeably lagging in this new wave of technological innovation driven by generative AI.</strong></p>
<div class="lb-trans"><p>相比之下，蘋果尚未制定統一且全面的生成式人工智能戰略框架，<strong>在這一波由生成式 AI 驅動的技術創新中明顯滯後。</strong></p>
</div><p><strong>The next-generation Siri AI assistant, originally scheduled for release last year, was postponed due to various reasons</strong>, with the company promising a more personalized version in 2026, though its specific functional roadmap remains unclear, raising investor concerns.</p>
<div class="lb-trans"><p><strong>原定於去年發佈的下一代 Siri AI 助手因各種原因推遲</strong>，公司承諾將在 2026 年推出更個性化的版本，儘管其具體功能路線圖仍不明確，引發投資者擔憂。</p>
</div><p>Many analysts believe that innovation in hardware products like the iPhone has been overly anticipated. Coupled with extended upgrade cycles, without new highlights or groundbreaking software applications, it will be challenging to continue attracting substantial capital inflows.</p>
<div class="lb-trans"><p>許多分析師認為，像 iPhone 這樣的硬件產品的創新被過度期待。再加上升級週期延長，缺乏新的亮點或突破性的應用軟件，將很難繼續吸引大量資本流入。</p>
</div><p>The technological transformation brought about by artificial intelligence differs from previous mobile internet waves. Apple previously had time to observe competitors and then catch up. However, the pace of development in the AI sector is much faster, and leaders can leverage data advantages, talent accumulation, and technological foundations to continuously widen their lead. Every quarter of delay exacerbates the risk of falling behind.</p>
<div class="lb-trans"><p>人工智能帶來的技術變革與以往的移動互聯網浪潮不同。蘋果以前有時間觀察競爭對手，然後趕上。然而，AI 領域的發展速度要快得多，領導者可以利用數據優勢、人才積累和技術基礎不斷擴大領先優勢。每個季度的延遲都會加劇落後的風險。</p>
</div><p>Furthermore, AI possesses a significant characteristic: &#34;economies of scale.&#34; This means companies with vast user bases and powerful computing resources can more effectively amortize high research and development costs.</p>
<div class="lb-trans"><p>此外，AI 具有一個顯著特徵：&#34;規模經濟&#34;。這意味着擁有龐大用户基礎和強大計算資源的公司可以更有效地攤銷高額的研發成本。</p>
</div><p>This explains why companies like Nvidia, AMD, Microsoft, and Google dare to continuously increase their investments and have garnered investor support.</p>
<div class="lb-trans"><p>這解釋了為什麼像英偉達、AMD、微軟和谷歌這樣的公司敢於不斷增加投資，並獲得投資者的支持。</p>
</div><p>Apple, on the other hand, has always insisted on releasing new products only when they are fully mature. This cautious rather than swift approach might limit its competitiveness in an era that prioritizes speed and scale of expansion.</p>
<div class="lb-trans"><p>另一方面，蘋果始終堅持僅在產品完全成熟時才發佈新產品。這種謹慎而非迅速的做法可能會限制其在一個重視速度和擴張規模的時代的競爭力。</p>
</div><h2>Google Leads &#34;Magnificent Seven&#34; in 2025</h2>
<div class="lb-trans"><h2>谷歌在 2025 年引領&#34;七大巨頭&#34;</h2>
</div><p><strong>Google's stock price continued its upward trend throughout 2025, with a cumulative annual gain of 65%, ranking first among the &#34;Magnificent Seven&#34; tech giants.</strong> Analysts point out that after facing early market uncertainties, the company achieved a dual recovery in performance and valuation, driven by advancements in its AI business and the launch of multiple products.</p>
<div class="lb-trans"><p><strong>谷歌的股價在 2025 年持續上漲，年累計漲幅達到 65%，在&#34;七大巨頭&#34;科技公司中排名第一。</strong> 分析師指出，在經歷早期市場不確定性後，該公司在業績和估值上實現了雙重複蘇，得益於其 AI 業務的進展和多款產品的推出。</p>
</div><p>In the early part of the year, Google (GOOGL) experienced pressure due to ongoing antitrust lawsuits, transformation challenges in its search advertising business, and expanding AI-related expenditures. Its stock price hit a 52-week closing low of $144.70 on April 8th, sparking external concerns about the stability of its growth trajectory.</p>
<div class="lb-trans"><p>年初，谷歌（GOOGL）因持續的反壟斷訴訟、搜索廣告業務轉型挑戰以及 AI 相關支出擴大而面臨壓力。其股價在 4 月 8 日創下 52 周收盤低點 144.70 美元，引發外界對其增長軌跡穩定性的擔憂。</p>
</div><p>However, starting from the second quarter, the company rapidly regained investor confidence. Google appointed a senior management executive to oversee the Gemini product line, centralizing resources to strengthen the integration and deployment of generative AI models in practical applications.</p>
<div class="lb-trans"><p>然而，從第二季度開始，該公司迅速恢復了投資者的信心。谷歌任命了一位高級管理人員負責 Gemini 產品線，集中資源加強生成式 AI 模型在實際應用中的整合和部署。</p>
</div><p>In August of the same year, its team released the image generation feature &#34;Nano Banana,&#34; enabling users to create AI-styled images and produce personalized digital avatars. This feature quickly gained traction on social platforms; by the end of September, the Gemini platform had cumulatively generated over 5 billion images and topped the Apple App Store's free chart, surpassing the ChatGPT application in downloads.</p>
<div class="lb-trans"><p>同年八月，其團隊發佈了圖像生成功能 “納米香蕉”，使用户能夠創建 AI 風格的圖像並生成個性化的數字頭像。該功能迅速在社交平台上獲得關注；到九月底，Gemini 平台累計生成超過 50 億張圖像，並在蘋果 App Store 的免費榜單上名列前茅，下載量超過了 ChatGPT 應用。</p>
</div><p>In the third quarter, Google completed the acquisition of talent from AI startup Windsurf, with key R&amp;D leaders, including its co-founder and CEO Varun Mohan, joining the team.</p>
<div class="lb-trans"><p>在第三季度，谷歌完成了對 AI 初創公司 Windsurf 的人才收購，關鍵研發領導者，包括其聯合創始人兼首席執行官 Varun Mohan，加入了團隊。</p>
</div><p>In response to competitors continually enhancing their proprietary search experiences—such as OpenAI launching the Perplexity chat feature and Microsoft integrating Bing AI assistant tools—Google simultaneously updated its interface.</p>
<div class="lb-trans"><p>為了應對競爭對手不斷提升其專有搜索體驗——例如 OpenAI 推出的 Perplexity 聊天功能和微軟整合的 Bing AI 助手工具——谷歌同時更新了其界面。</p>
</div><p>For example, &#34;AI Overviews&#34; can directly generate summary content displayed at the top of the search homepage, while &#34;AI Mode&#34; provides longer, more contextually relevant responses to queries. These new features, improving interactive details, significantly enhanced user stickiness, boosted service activity, and supported the stable value of key advertising placements.</p>
<div class="lb-trans"><p>例如，“AI 概述” 可以直接生成顯示在搜索主頁頂部的摘要內容，而 “AI 模式” 則提供更長、更具上下文相關性的查詢響應。這些新功能改善了互動細節，顯著增強了用户粘性，提升了服務活躍度，並支持了關鍵廣告位的穩定價值。</p>
</div><p>Although there are voices within the broader tech sector cautioning that rising industry capital expenditures could prolong return cycles, Google, as a crucial infrastructure provider, maintained positive feedback on actual capital utilization efficiency.</p>
<div class="lb-trans"><p>儘管在更廣泛的科技行業中有聲音警告，行業資本支出的上升可能會延長回報週期，但作為關鍵基礎設施提供者的谷歌對實際資本利用效率保持積極反饋。</p>
</div><p>Nancy Tengler, CEO and CIO of Laffer Tengler Investments, noted that rapid growth in capital expenditures is further strengthening AI demand transactions. As Gemini applications continue to expand and AI productivity becomes evident across various business lines, Google is converting its scale advantage into long-term competitiveness.</p>
<div class="lb-trans"><p>Laffer Tengler Investments 的首席執行官兼首席投資官 Nancy Tengler 指出，資本支出的快速增長進一步加強了 AI 需求交易。隨着 Gemini 應用的持續擴展和 AI 生產力在各個業務線上的顯現，谷歌正在將其規模優勢轉化為長期競爭力。</p>
</div><p><strong>Wall Street institutions generally maintain positive ratings. As of the publication date, according to</strong> <strong>TradingKey Stock Rating</strong> <strong>, most analysts have issued a &#34;Buy&#34; rating for the stock, with an average target price of $317.85, exceeding the current closing price.</strong></p>
<div class="lb-trans"><p><strong>華爾街機構普遍維持積極評級。截至發佈日期，根據</strong> <strong>TradingKey 股票評級</strong> <strong>，大多數分析師對該股票發佈了 “買入” 評級，平均目標價為 317.85 美元，超過當前收盤價。</strong></p>
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How Google Used AI to Break a Seven-Year Deadlock and Overtake Apple as the World’s Second Most Valuable Company

- 谷歌的市值首次在七年內超過蘋果，達約 $3.89 萬億。
- 調查顯示，谷歌加速 AI 發展，使其市場表現增強，預計將成主導 AI 平台。
- 蘋果在生成 AI 戰略上滯後，且對市場吸引力加大了投資者的擔憂。

谷歌如何利用人工智能打破七年僵局，超越蘋果成為全球第二大最有價值公司