<h2>關鍵要點</h2>
<ul>
<li>AWS 剛剛交出了三年來最佳季度業績。</li>
<li>Google Cloud 在第四季度的增長接近 50%。</li>
<li>這兩隻股票的估值都高於同行。</li>
<li>我們更看好的 10 只股票超過 Alphabet ›</li>
</ul>
<p>幾隻大型科技股看起來很有前景，尤其是在過去幾周這一羣體稍微回調之後。</p>
<p>一些投資者正在考慮的兩隻回調股票是 <strong>Alphabet</strong>(NASDAQ: GOOG)(NASDAQ: GOOGL) 和 <strong>Amazon</strong>(NASDAQ: AMZN)。Alphabet 從歷史高點下跌了約 10%，而 Amazon 下跌了約 16%。</p>
<p><em><strong>人工智能會創造出世界上第一個萬億富翁嗎？</strong> 我們的團隊剛剛發佈了一份關於一家鮮為人知的公司報告，該公司被稱為 “不可或缺的壟斷”，提供 Nvidia 和 Intel 都需要的關鍵技術。<strong>繼續 »</strong></em></p>
<p>這對於兩家通常被認為是全球最具主導地位的公司的折扣來説相當不錯，但現在它們是否值得購買？</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-dXJsPWh0dHBzOi8vZy5mb29sY2RuLmNvbS9lZGl0b3JpYWwvaW1hZ2VzLzg1OTI0My9wZXJzb24tYW5hbHlpemluZy1maW5hbmNpYWwtZGF0YS1vbi1tdWx0aXBsZS1zY3JlZW5zLmpwZyZ3PTcwMA?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-dXJsPWh0dHBzOi8vZy5mb29sY2RuLmNvbS9lZGl0b3JpYWwvaW1hZ2VzLzg1OTI0My9wZXJzb24tYW5hbHlpemluZy1maW5hbmNpYWwtZGF0YS1vbi1tdWx0aXBsZS1zY3JlZW5zLmpwZyZ3PTcwMA"/></p>
<p>圖片來源：Getty Images。</p>
<h2>兩家公司在雲計算領域面臨巨大的需求</h2>
<p>Amazon 和 Alphabet 比人們想象的更為相似。每家公司都有一個主要業務，但同時也在雲計算領域蓬勃發展。</p>
<p>對於 Amazon 來説，其電商業務是公司最知名的部分。在美國，幾乎找不到沒有使用過 Amazon 服務的人，而 Prime 會員已成為許多家庭的必需品。</p>
<p>Alphabet 是 Google 的母公司，還擁有 Android 操作系統和 YouTube 等其他資產。Alphabet 業務的核心是廣告，過去一年表現相當不錯。</p>
<p>儘管這兩家公司都有家喻户曉的主要業務，但我投資它們的首要原因是雲計算，這一領域的受歡迎程度遠不及每隻股票的核心業務。</p>
<p>亞馬遜網絡服務 (AWS) 實際上是亞馬遜整體業務中比人們想象的更為關鍵的部分。在第四季度，亞馬遜 50% 的運營利潤來自 AWS。第四季度被認為是零售商最盈利的季度，而像第三季度這樣不那麼偏向的季度，AWS 貢獻了亞馬遜 66% 的運營利潤。</p>
<p>投資者需要轉變思維，理解為什麼亞馬遜的股票是一個買入機會，因為 AWS 似乎是主要的利潤驅動因素。它也是一個巨大的增長驅動因素，因為 AWS 是亞馬遜增長最快的部門，在第四季度同比增長了 24%。這是三年來最佳的季度表現，顯然人工智能需求開始推動 AWS 的增長率。</p>
<p>Google Cloud 的重要性不如 AWS，因為它是一個已經擁有驚人運營利潤的公司的組成部分。儘管如此，Google Cloud 的增長令人矚目。在第四季度，Google Cloud 實現了 48% 的同比增長，運營利潤率達到了令人印象深刻的 30%。Google Cloud 是 Alphabet 的一個重要增長來源，隨着每個季度越來越多的人工智能能力上線，未來幾年這一驚人的增長率可能會持續。</p>
<p>這兩家公司都有蓬勃發展的雲計算業務，推動着它們的基礎業務，但現在是否值得購買？</p>
<h2>Amazon 和 Alphabet 的估值溢價</h2>
<p>Amazon 和 Alphabet 的估值相似。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-dXJsPWh0dHBzOi8vbWVkaWEueWNoYXJ0cy5jb20vY2hhcnRzLzk1NjI5ZTFkZWYyZTljOGNlODQwMzQxMzVjNjdhNTdkLnBuZyZ3PTcwMA?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-dXJsPWh0dHBzOi8vbWVkaWEueWNoYXJ0cy5jb20vY2hhcnRzLzk1NjI5ZTFkZWYyZTljOGNlODQwMzQxMzVjNjdhNTdkLnBuZyZ3PTcwMA"/></p>
<p>AMZN 市盈率（前瞻性）數據來自 YCharts</p>
<p>目前，<strong>標普 500</strong>(SNPINDEX: ^GSPC) 的交易價格約為前瞻性收益的 21.7 倍，使這兩隻股票的估值相對市場有一定溢價。此外，<strong>微軟</strong> 和 <strong>Nvidia</strong> 的前瞻性收益分別為 24.2 倍和 22.6 倍。Nvidia 的增長速度遠快於這兩者，而微軟也有一個蓬勃發展的雲計算業務部門，類似於 Alphabet 和 Amazon。</p>
<p>我認為微軟和 Nvidia 現在是更具吸引力的投資，但這並不意味着你需要出售你的 Alphabet 和 Amazon 股票。這兩項投資正如預期般發展，但我認為目前股市中有更好的價值。</p>
<h2>現在應該購買 Alphabet 的股票嗎？</h2>
<p>在你購買 Alphabet 的股票之前，請考慮以下幾點：</p>
<p><em>Motley Fool Stock Advisor</em> 分析團隊剛剛確定了他們認為的 <strong>10 只最佳股票</strong> 供投資者現在購買……而 Alphabet 並不在其中。入選的 10 只股票在未來幾年可能會產生鉅額回報。</p>
<p>考慮一下 <strong>Netflix</strong> 在 2004 年 12 月 17 日進入這個名單時……如果你在我們推薦時投資了 1,000 美元，<strong>你現在將擁有 508,607 美元</strong>！* 或者 <strong>Nvidia</strong> 在 2005 年 4 月 15 日進入這個名單時……如果你在我們推薦時投資了 1,000 美元，<strong>你現在將擁有 1,122,746 美元</strong>！*</p>
<p>現在值得注意的是，<em>Stock Advisor</em> 的總平均回報率為 933%——相比於標普 500 的 188% 超出市場表現。<strong>不要錯過最新的前 10 名名單，加入由個人投資者為個人投資者建立的投資社區，獲取 <em>Stock Advisor</em>。</strong></p>
<p><strong>查看這 10 只股票 »</strong></p>
<p><em>*Stock Advisor 回報截至 2026 年 3 月 14 日。</em></p>
<p><em>Keithen Drury 持有 Alphabet、Amazon、Microsoft 和 Nvidia 的股份。Motley Fool 持有並推薦 Alphabet、Amazon、Microsoft 和 Nvidia 的股份。Motley Fool 有披露政策。</em></p>
<p>此處表達的觀點和意見是作者的觀點和意見，並不一定反映 Nasdaq, Inc. 的觀點。</p>

AMZW

標普零售指數 ETF - SPDR

雲計算 ETF - GlobalX

<p>亞馬遜和字母表公司被視為潛在的股票購買對象，儘管它們的交易價格相較於同行處於溢價狀態。亞馬遜的 AWS 對其利潤貢獻顯著，而谷歌雲則展現了令人印象深刻的增長。然而，分析師建議，像微軟和英偉達這樣的股票目前可能提供更好的價值。《傻瓜投資者》的股票顧問已識別出 10 只潛在回報高於字母表公司的股票。投資者在做出決策之前，建議仔細權衡這些選項</p>

<h2>Key Points</h2>
<div class="lb-trans"><h2>關鍵要點</h2>
</div><ul>
<li>AWS just delivered its best quarter in more than three years.</li>
<li>Google Cloud grew at nearly a 50% pace in Q4.</li>
<li>Both stocks trade at a premium to their peers.</li>
<li>10 stocks we like better than Alphabet ›</li>
</ul>
<div class="lb-trans"><ul>
<li>AWS 剛剛交出了三年來最佳季度業績。</li>
<li>Google Cloud 在第四季度的增長接近 50%。</li>
<li>這兩隻股票的估值都高於同行。</li>
<li>我們更看好的 10 只股票超過 Alphabet ›</li>
</ul>
</div><p>Several big tech stocks look promising, especially after this cohort has sold off a bit over the past few weeks.</p>
<div class="lb-trans"><p>幾隻大型科技股看起來很有前景，尤其是在過去幾周這一羣體稍微回調之後。</p>
</div><p>Two stocks that have sold off that some investors are considering are <strong>Alphabet</strong>(NASDAQ: GOOG)(NASDAQ: GOOGL) and <strong>Amazon</strong>(NASDAQ: AMZN). Alphabet is down around 10% from its all-time high, while Amazon is down around 16%.</p>
<div class="lb-trans"><p>一些投資者正在考慮的兩隻回調股票是 <strong>Alphabet</strong>(NASDAQ: GOOG)(NASDAQ: GOOGL) 和 <strong>Amazon</strong>(NASDAQ: AMZN)。Alphabet 從歷史高點下跌了約 10%，而 Amazon 下跌了約 16%。</p>
</div><p><em><strong>Will AI create the world's first trillionaire?</strong> Our team just released a report on the one little-known company, called an &#34;Indispensable Monopoly&#34; providing the critical technology Nvidia and Intel both need. <strong>Continue »</strong></em></p>
<div class="lb-trans"><p><em><strong>人工智能會創造出世界上第一個萬億富翁嗎？</strong> 我們的團隊剛剛發佈了一份關於一家鮮為人知的公司報告，該公司被稱為 “不可或缺的壟斷”，提供 Nvidia 和 Intel 都需要的關鍵技術。<strong>繼續 »</strong></em></p>
</div><p>That's a decent discount on two companies often recognized as some of the more dominant businesses in the world, but are they solid buys now?</p>
<div class="lb-trans"><p>這對於兩家通常被認為是全球最具主導地位的公司的折扣來説相當不錯，但現在它們是否值得購買？</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-dXJsPWh0dHBzOi8vZy5mb29sY2RuLmNvbS9lZGl0b3JpYWwvaW1hZ2VzLzg1OTI0My9wZXJzb24tYW5hbHlpemluZy1maW5hbmNpYWwtZGF0YS1vbi1tdWx0aXBsZS1zY3JlZW5zLmpwZyZ3PTcwMA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F859243%2Fperson-analyizing-financial-data-on-multiple-screens.jpg&amp;w=700"/></p>
<p>Image source: Getty Images.</p>
<div class="lb-trans"><p>圖片來源：Getty Images。</p>
</div><h2>Both companies are feeling huge demand in the cloud sector</h2>
<div class="lb-trans"><h2>兩家公司在雲計算領域面臨巨大的需求</h2>
</div><p>Amazon and Alphabet are more similar than one may think. Each company operates a primary business, but also has a thriving cloud computing business on the side.</p>
<div class="lb-trans"><p>Amazon 和 Alphabet 比人們想象的更為相似。每家公司都有一個主要業務，但同時也在雲計算領域蓬勃發展。</p>
</div><p>For Amazon, its commerce business is the most well-known part of its company. You'd be hard-pressed to find someone in the U.S. who hasn't used Amazon's services, and the Prime membership has become a staple in many households.</p>
<div class="lb-trans"><p>對於 Amazon 來説，其電商業務是公司最知名的部分。在美國，幾乎找不到沒有使用過 Amazon 服務的人，而 Prime 會員已成為許多家庭的必需品。</p>
</div><p>Alphabet is the parent company of Google, and also has other properties like the Android operating system and YouTube, among many others. At the core of Alphabet's business is its advertising, which has done quite well over the past year.</p>
<div class="lb-trans"><p>Alphabet 是 Google 的母公司，還擁有 Android 操作系統和 YouTube 等其他資產。Alphabet 業務的核心是廣告，過去一年表現相當不錯。</p>
</div><p>Despite both of these having household-name primary businesses, my top reason to invest in each of them is cloud computing, which isn't nearly as popular as each stock's core business.</p>
<div class="lb-trans"><p>儘管這兩家公司都有家喻户曉的主要業務，但我投資它們的首要原因是雲計算，這一領域的受歡迎程度遠不及每隻股票的核心業務。</p>
</div><p>Amazon Web Services (AWS) is actually a more critical part of Amazon's whole business than one may think. During the fourth quarter, 50% of Amazon's operating profits came from AWS. Q4 is known to be the most profitable quarter for retailers, and a less skewed quarter like Q3 saw AWS deliver 66% of Amazon's operating profits.</p>
<div class="lb-trans"><p>亞馬遜網絡服務 (AWS) 實際上是亞馬遜整體業務中比人們想象的更為關鍵的部分。在第四季度，亞馬遜 50% 的運營利潤來自 AWS。第四季度被認為是零售商最盈利的季度，而像第三季度這樣不那麼偏向的季度，AWS 貢獻了亞馬遜 66% 的運營利潤。</p>
</div><p>Investors need to flip their minds on why Amazon's stock is a buy, as AWS seems to be the main profit driver. It's also a huge growth driver, as AWS was Amazon's fastest-growing segment, rising at a 24% year over year pace in Q4. That's the best quarter in more than three years, and it's becoming clear that AI demand is starting to boost AWS's growth rate.</p>
<div class="lb-trans"><p>投資者需要轉變思維，理解為什麼亞馬遜的股票是一個買入機會，因為 AWS 似乎是主要的利潤驅動因素。它也是一個巨大的增長驅動因素，因為 AWS 是亞馬遜增長最快的部門，在第四季度同比增長了 24%。這是三年來最佳的季度表現，顯然人工智能需求開始推動 AWS 的增長率。</p>
</div><p>Google Cloud is less critical than AWS, as it's a part of a company that already has incredible operating margins. Still, the growth that Google Cloud is putting up is jaw-dropping. In Q4, Google Cloud delivered 48% year over year growth, and its operating margin was an impressive 30%. Google Cloud is a huge source of growth for Alphabet, and with more and more AI capacity coming online each quarter, don't be surprised to see this incredible growth rate continue for years down the road.</p>
<div class="lb-trans"><p>Google Cloud 的重要性不如 AWS，因為它是一個已經擁有驚人運營利潤的公司的組成部分。儘管如此，Google Cloud 的增長令人矚目。在第四季度，Google Cloud 實現了 48% 的同比增長，運營利潤率達到了令人印象深刻的 30%。Google Cloud 是 Alphabet 的一個重要增長來源，隨着每個季度越來越多的人工智能能力上線，未來幾年這一驚人的增長率可能會持續。</p>
</div><p>Both companies have thriving cloud computing businesses that boost their base business, but are they buys now?</p>
<div class="lb-trans"><p>這兩家公司都有蓬勃發展的雲計算業務，推動着它們的基礎業務，但現在是否值得購買？</p>
</div><h2>Amazon and Alphabet have a premium valuation</h2>
<div class="lb-trans"><h2>Amazon 和 Alphabet 的估值溢價</h2>
</div><p>Both Amazon and Alphabet trade at similar valuations.</p>
<div class="lb-trans"><p>Amazon 和 Alphabet 的估值相似。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-dXJsPWh0dHBzOi8vbWVkaWEueWNoYXJ0cy5jb20vY2hhcnRzLzk1NjI5ZTFkZWYyZTljOGNlODQwMzQxMzVjNjdhNTdkLnBuZyZ3PTcwMA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fmedia.ycharts.com%2Fcharts%2F95629e1def2e9c8ce84034135c67a57d.png&amp;w=700"/></p>
<p>AMZN PE Ratio (Forward) data by YCharts</p>
<div class="lb-trans"><p>AMZN 市盈率（前瞻性）數據來自 YCharts</p>
</div><p>Currently, the <strong>S&amp;P 500</strong>(SNPINDEX: ^GSPC) trades for about 21.7 times forward earnings, making these two trade at a decent premium to that market. Additionally, peers like <strong>Microsoft</strong> and <strong>Nvidia</strong> trade at 24.2 and 22.6 times forward earnings, respectively. Nvidia is growing at a much faster pace than both of these two, and Microsoft has a thriving cloud computing business unit similar to both Alphabet and Amazon.</p>
<div class="lb-trans"><p>目前，<strong>標普 500</strong>(SNPINDEX: ^GSPC) 的交易價格約為前瞻性收益的 21.7 倍，使這兩隻股票的估值相對市場有一定溢價。此外，<strong>微軟</strong> 和 <strong>Nvidia</strong> 的前瞻性收益分別為 24.2 倍和 22.6 倍。Nvidia 的增長速度遠快於這兩者，而微軟也有一個蓬勃發展的雲計算業務部門，類似於 Alphabet 和 Amazon。</p>
</div><p>I think Microsoft and Nvidia are a bit more compelling investments right now, but that doesn't mean you need to sell your Alphabet and Amazon shares. These two investments are panning out just as planned, but I think there are better values in the stock market right now.</p>
<div class="lb-trans"><p>我認為微軟和 Nvidia 現在是更具吸引力的投資，但這並不意味着你需要出售你的 Alphabet 和 Amazon 股票。這兩項投資正如預期般發展，但我認為目前股市中有更好的價值。</p>
</div><h2>Should you buy stock in Alphabet right now?</h2>
<div class="lb-trans"><h2>現在應該購買 Alphabet 的股票嗎？</h2>
</div><p>Before you buy stock in Alphabet, consider this:</p>
<div class="lb-trans"><p>在你購買 Alphabet 的股票之前，請考慮以下幾點：</p>
</div><p>The <em>Motley Fool Stock Advisor</em> analyst team just identified what they believe are the <strong>10 best stocks</strong> for investors to buy now… and Alphabet wasn’t one of them. The 10 stocks that made the cut could produce monster returns in the coming years.</p>
<div class="lb-trans"><p><em>Motley Fool Stock Advisor</em> 分析團隊剛剛確定了他們認為的 <strong>10 只最佳股票</strong> 供投資者現在購買……而 Alphabet 並不在其中。入選的 10 只股票在未來幾年可能會產生鉅額回報。</p>
</div><p>Consider when <strong>Netflix</strong> made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, <strong>you’d have $508,607</strong>!* Or when <strong>Nvidia</strong> made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, <strong>you’d have $1,122,746</strong>!*</p>
<div class="lb-trans"><p>考慮一下 <strong>Netflix</strong> 在 2004 年 12 月 17 日進入這個名單時……如果你在我們推薦時投資了 1,000 美元，<strong>你現在將擁有 508,607 美元</strong>！* 或者 <strong>Nvidia</strong> 在 2005 年 4 月 15 日進入這個名單時……如果你在我們推薦時投資了 1,000 美元，<strong>你現在將擁有 1,122,746 美元</strong>！*</p>
</div><p>Now, it’s worth noting <em>Stock Advisor’s</em> total average return is 933% — a market-crushing outperformance compared to 188% for the S&amp;P 500. <strong>Don't miss the latest top 10 list, available with <em>Stock Advisor</em>, and join an investing community built by individual investors for individual investors.</strong></p>
<div class="lb-trans"><p>現在值得注意的是，<em>Stock Advisor</em> 的總平均回報率為 933%——相比於標普 500 的 188% 超出市場表現。<strong>不要錯過最新的前 10 名名單，加入由個人投資者為個人投資者建立的投資社區，獲取 <em>Stock Advisor</em>。</strong></p>
</div><p><strong>See the 10 stocks »</strong></p>
<div class="lb-trans"><p><strong>查看這 10 只股票 »</strong></p>
</div><p><em>*Stock Advisor returns as of March 14, 2026.</em></p>
<div class="lb-trans"><p><em>*Stock Advisor 回報截至 2026 年 3 月 14 日。</em></p>
</div><p><em>Keithen Drury has positions in Alphabet, Amazon, Microsoft, and Nvidia. The Motley Fool has positions in and recommends Alphabet, Amazon, Microsoft, and Nvidia. The Motley Fool has a disclosure policy.</em></p>
<div class="lb-trans"><p><em>Keithen Drury 持有 Alphabet、Amazon、Microsoft 和 Nvidia 的股份。Motley Fool 持有並推薦 Alphabet、Amazon、Microsoft 和 Nvidia 的股份。Motley Fool 有披露政策。</em></p>
</div><p>The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.</p>
<div class="lb-trans"><p>此處表達的觀點和意見是作者的觀點和意見，並不一定反映 Nasdaq, Inc. 的觀點。</p>
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亞馬遜和 Alphabet 是否是目前最值得購買的股票？