<p>談到人工智能（AI）時，似乎只有 <strong>Nvidia</strong>（NVDA +1.70%），而其他公司則相形見絀。該公司的圖形處理單元（GPU）已成為處理這些下一代算法的黃金標準，鞏固了其作為 AI 革命旗手的地位。這推動了其股價的迅猛上漲，使 Nvidia 的市值達到 5 萬億美元，成為全球最有價值的公司。</p>
<p>Nvidia 作為領先的 AI 芯片製造商的地位穩固，我認為這一點在短期內不會改變。然而，<strong>Alphabet</strong>（GOOGL 1.26%）（GOOG 1.20%）擁有幾個獨特的優勢，這可能會推動谷歌母公司超越 Nvidia，成為市值領導者。</p>
<p>Nvidia 的單一專注使其在數據中心 GPU 領域成為無可爭議的領導者。儘管估計有所不同，但該公司控制着市場的 80% 到 92%。</p>
<p>然而，谷歌制定了一個四管齊下的戰略，這可能最終幫助其將 Nvidia 從 AI 領域的頂端拉下。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84NzM2MzMvdGhlLWFscGhhYmV0LWxvZ28tc3VwZXJpbXBvc2VkLW92ZXItYW4taW1hZ2Utb2YtZ29vZ2xlLWhlYWRxdWFydGVycy1idWlsZGluZy5wbmcmdz0zODQw?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="Alphabet logo superimposed over an image of the Google headquarters building." width="1200" height="800" original-src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84NzM2MzMvdGhlLWFscGhhYmV0LWxvZ28tc3VwZXJpbXBvc2VkLW92ZXItYW4taW1hZ2Utb2YtZ29vZ2xlLWhlYWRxdWFydGVycy1idWlsZGluZy5wbmcmdz0zODQw"/></p>
<p>圖片來源：The Motley Fool。</p>
<h2>你想要芯片嗎？</h2>
<p>谷歌已經為其服務器和數據中心開發定製芯片超過十年。這些張量處理單元（TPU）直到最近一直僅用於內部，以支持其雲服務和內部 AI 產品。最近，該公司推出了 TPU 8t 和 TPU 8i，分別用於 AI 訓練和推理。這些芯片經過定製，更加高效地處理特定的 AI 相關任務。</p>
<p>首席執行官 Sundar Pichai 最近宣佈，公司將開始向 “特定客户” 出售這些 TPU，用於他們的數據中心，這標誌着其之前戰略的重大轉變，並開啓了一個全新的收入來源。</p>
<p>此外，GPU 和 TPU 的增長表明，投資者可能低估了 AI 機會的廣度。</p>
<h2>多雲</h2>
<p>谷歌雲在過去十多年中一直是頂級雲基礎設施提供商，但公司的基於 AI 的戰略開始見效。該公司為其雲客户提供全面的 AI 工具和模型，這重新點燃了其增長。谷歌雲的收入在日曆第一季度同比增長 63%，超過了 <strong>亞馬遜</strong> 網絡服務（AWS）和 <strong>微軟</strong>Azure，後者分別增長了 28% 和 40%。</p>
<p>這還不是全部。谷歌雲的訂單積壓以驚人的速度增長，季度環比幾乎翻倍，達到 4620 億美元。管理層預計，其中超過 50% 將在未來 24 個月內轉化為收入。</p>
<p>這有助於説明公司的整體 AI 戰略已經啓動了其雲增長，推動了谷歌的飛輪效應。</p>
<h2>其模型是頂尖的</h2>
<p>谷歌還擁有一些世界上最先進的 AI 模型——包括 Gemini——這些模型正在推動整體增長。該公司最近宣佈了 Gemini 模型套件的演變，從聊天機器人風格的模型到自主工作流。就在上個月，該公司推出了 Gemini 3.5，“我們最新的模型系列，結合了前沿智能與行動。”</p>
<p>展開</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vYXJ0L2NvbXBhbnlsb2dvcy9tYXJrL0dPT0dMLnBuZyZ3PTEyOA?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="Alphabet Stock Quote" width="80" height="80" original-src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vYXJ0L2NvbXBhbnlsb2dvcy9tYXJrL0dPT0dMLnBuZyZ3PTEyOA"/></p>
<h2>NASDAQ: GOOGL</h2>
<p>Alphabet</p>
<p>今日變動</p>
<p>(-1.26%) $-4.64</p>
<p>當前價格</p>
<p>$363.67</p>
<h3>關鍵數據點</h3>
<p>市值</p>
<p>$4.4T</p>
<p>日內區間</p>
<p>$360.55 - $366.14</p>
<p>52 周區間</p>
<p>$162.00 - $408.61</p>
<p>成交量</p>
<p>875.3K</p>
<p>平均成交量</p>
<p>29.1M</p>
<p>毛利率</p>
<p>60.43%</p>
<p>股息收益率</p>
<p>0.29%</p>
<p>Gemini 企業付費月訂閲數量在第一季度環比增長 40%，而整體雲生成 AI 模型收入同比增長 800%。公司指出，谷歌的第一方模型每分鐘處理超過 160 億個標記，比第四季度增長了 60%。</p>
<p>Alphabet 將 Gemini 貨幣化的能力是一個重要步驟，特別是在公司重金投入 AI 的背景下。</p>
<h2>搜索我</h2>
<p>當 AI 首次出現時，投資者擔心互聯網搜索——谷歌的搖錢樹——將是首批受害者之一。流行的説法是，該公司的商業模式在 AI 聊天機器人取代傳統搜索引擎的時代將變得無關緊要。</p>
<p>谷歌通過將其贊助列表直接整合到其 AI 驅動的概述中，顛覆了這一論點，從而保護了其最有利可圖的收入來源。如果你還有任何疑慮，請考慮這一點：在第一季度，谷歌的廣告收入增長了 16%，達到 770 億美元，仍佔 Alphabet 總收入的 70%。</p>
<h2>四管齊下的 AI 攻擊</h2>
<p>谷歌利用 AI 芯片、雲、AI 模型和搜索的能力，使其擁有更全面——也許更有效的——長期 AI 貨幣化戰略。這種四管齊下的方法使 Alphabet 的股票在過去一年中上漲了 109%（截至本文撰寫時），而 Nvidia 僅上漲了 47%。</p>
<p>投資者開始給予谷歌應有的重視，如果這種超越表現持續下去，Alphabet 可能會在市值排行榜上取代 Nvidia。此外，Alphabet 的市盈率為 28 倍，低於 Nvidia 目前的 32 倍市盈率。</p>
<p>這為精明的投資者提供了以折扣價購買 Alphabet 的機會。</p>

谷歌-C

英偉達

谷歌-A

<p>Alphabet 的四項人工智能戰略，包括定製 TPU 芯片、Google Cloud 的增長、先進的 Gemini 模型和整合的搜索廣告，使其有可能超越英偉達成為全球最有價值的公司。儘管英偉達在 GPU 領域處於領先地位，但 Alphabet 的綜合方法推動了顯著的收入增長和股票表現，為投資者提供了一個相較於英偉達更具潛在價值的機會</p>

<p>When it comes to artificial intelligence (AI), it seems there's <strong>Nvidia</strong>( NVDA +1.70%), and then there's everyone else. The company's graphics processing units (GPUs) became the gold standard for processing these next-generation algorithms, securing its place as the flagbearer for the AI revolution. This has fueled a meteoric rise in its stock price, catapulting Nvidia to a $5 trillion market cap, making it the world's most valuable company.</p>
<div class="lb-trans"><p>談到人工智能（AI）時，似乎只有 <strong>Nvidia</strong>（NVDA +1.70%），而其他公司則相形見絀。該公司的圖形處理單元（GPU）已成為處理這些下一代算法的黃金標準，鞏固了其作為 AI 革命旗手的地位。這推動了其股價的迅猛上漲，使 Nvidia 的市值達到 5 萬億美元，成為全球最有價值的公司。</p>
</div><p>Nvidia's position as the leading AI chipmaker is secure, and I don't see that changing anytime soon. However, <strong>Alphabet</strong>( GOOGL 1.26%)( GOOG 1.20%) has several distinct advantages that could propel the Google parent past Nvidia to the top of the leaderboard, making it the market-cap leader.</p>
<div class="lb-trans"><p>Nvidia 作為領先的 AI 芯片製造商的地位穩固，我認為這一點在短期內不會改變。然而，<strong>Alphabet</strong>（GOOGL 1.26%）（GOOG 1.20%）擁有幾個獨特的優勢，這可能會推動谷歌母公司超越 Nvidia，成為市值領導者。</p>
</div><p>Nvidia's singular focus has made it the undisputed leader when it comes to data center GPUs. While estimates vary, the company controls between 80% and 92% of the market.</p>
<div class="lb-trans"><p>Nvidia 的單一專注使其在數據中心 GPU 領域成為無可爭議的領導者。儘管估計有所不同，但該公司控制着市場的 80% 到 92%。</p>
</div><p>However, Google has developed a four-pronged strategy that could eventually help it unseat Nvidia from the top of the AI hill.</p>
<div class="lb-trans"><p>然而，谷歌制定了一個四管齊下的戰略，這可能最終幫助其將 Nvidia 從 AI 領域的頂端拉下。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84NzM2MzMvdGhlLWFscGhhYmV0LWxvZ28tc3VwZXJpbXBvc2VkLW92ZXItYW4taW1hZ2Utb2YtZ29vZ2xlLWhlYWRxdWFydGVycy1idWlsZGluZy5wbmcmdz0zODQw" alt="The Alphabet logo superimposed over an image of the Google headquarters building." original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F873633%2Fthe-alphabet-logo-superimposed-over-an-image-of-google-headquarters-building.png&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>You want chips with that?</h2>
<div class="lb-trans"><h2>你想要芯片嗎？</h2>
</div><p>Google has been developing custom chips for its servers and data centers for more than a decade. These Tensor Processing Units (TPUs) have -- until recently -- been reserved for internal use to power its cloud and in-house AI offerings. Most recently, the company unveiled the TPU 8t and the TPU 8i, designed for AI training and inference, respectively. These chips have been customized to be more efficient for specific AI-related tasks.</p>
<div class="lb-trans"><p>谷歌已經為其服務器和數據中心開發定製芯片超過十年。這些張量處理單元（TPU）直到最近一直僅用於內部，以支持其雲服務和內部 AI 產品。最近，該公司推出了 TPU 8t 和 TPU 8i，分別用於 AI 訓練和推理。這些芯片經過定製，更加高效地處理特定的 AI 相關任務。</p>
</div><p>CEO Sundar Pichai recently announced that the company would begin selling these TPUs to &#34;a select group of customers&#34; for use in their data centers, a marked departure from its previous strategy, and opening up an entirely new revenue stream.</p>
<div class="lb-trans"><p>首席執行官 Sundar Pichai 最近宣佈，公司將開始向 “特定客户” 出售這些 TPU，用於他們的數據中心，這標誌着其之前戰略的重大轉變，並開啓了一個全新的收入來源。</p>
</div><p>Moreover, growth across both GPUs and TPUs shows that investors may be underestimating the breadth of the AI opportunity.</p>
<div class="lb-trans"><p>此外，GPU 和 TPU 的增長表明，投資者可能低估了 AI 機會的廣度。</p>
</div><h2>Partly cloudy</h2>
<div class="lb-trans"><h2>多雲</h2>
</div><p>Google Cloud has been one of the premier cloud infrastructure providers for more than a decade, but the company's AI-based strategy is beginning to pay off. The company offers a full complement of AI tools and models to its cloud customers, which has reignited its growth. Google Cloud revenue grew 63% year over year in the calendar first quarter, outpacing <strong>Amazon</strong> Web Services (AWS) and <strong>Microsoft</strong> Azure, which grew 28% and 40%, respectively.</p>
<div class="lb-trans"><p>谷歌雲在過去十多年中一直是頂級雲基礎設施提供商，但公司的基於 AI 的戰略開始見效。該公司為其雲客户提供全面的 AI 工具和模型，這重新點燃了其增長。谷歌雲的收入在日曆第一季度同比增長 63%，超過了 <strong>亞馬遜</strong> 網絡服務（AWS）和 <strong>微軟</strong>Azure，後者分別增長了 28% 和 40%。</p>
</div><p>That's not all. Google's cloud backlog grew at a blistering pace, nearly doubling quarter over quarter to $462 billion. Management expects more than 50% of that to convert to revenue over the next 24 months.</p>
<div class="lb-trans"><p>這還不是全部。谷歌雲的訂單積壓以驚人的速度增長，季度環比幾乎翻倍，達到 4620 億美元。管理層預計，其中超過 50% 將在未來 24 個月內轉化為收入。</p>
</div><p>This helps to illustrate that the company's overall AI strategy has kick-started its cloud growth, helping to spin Google's flywheel.</p>
<div class="lb-trans"><p>這有助於説明公司的整體 AI 戰略已經啓動了其雲增長，推動了谷歌的飛輪效應。</p>
</div><h2>Its models are tops</h2>
<div class="lb-trans"><h2>其模型是頂尖的</h2>
</div><p>Google is also home to some of the world's most advanced AI models -- including Gemini -- which are helping to drive overall growth. The company recently heralded the evolution of the Gemini suite of models from chatbot-style models to agentic workflows. Just last month, the company debuted Gemini 3.5, &#34;our latest family of models combining frontier intelligence with action.&#34;</p>
<div class="lb-trans"><p>谷歌還擁有一些世界上最先進的 AI 模型——包括 Gemini——這些模型正在推動整體增長。該公司最近宣佈了 Gemini 模型套件的演變，從聊天機器人風格的模型到自主工作流。就在上個月，該公司推出了 Gemini 3.5，“我們最新的模型系列，結合了前沿智能與行動。”</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-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vYXJ0L2NvbXBhbnlsb2dvcy9tYXJrL0dPT0dMLnBuZyZ3PTEyOA" alt="Alphabet Stock Quote" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Fart%2Fcompanylogos%2Fmark%2FGOOGL.png&amp;w=128&amp;op=resize"/></p>
<h2>NASDAQ: GOOGL</h2>
<div class="lb-trans"><h2>NASDAQ: GOOGL</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>(-1.26%) $-4.64</p>
<div class="lb-trans"><p>(-1.26%) $-4.64</p>
</div><p>Current Price</p>
<div class="lb-trans"><p>當前價格</p>
</div><p>$363.67</p>
<div class="lb-trans"><p>$363.67</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>$4.4T</p>
<div class="lb-trans"><p>$4.4T</p>
</div><p>Day's Range</p>
<div class="lb-trans"><p>日內區間</p>
</div><p>$360.55 - $366.14</p>
<div class="lb-trans"><p>$360.55 - $366.14</p>
</div><p>52wk Range</p>
<div class="lb-trans"><p>52 周區間</p>
</div><p>$162.00 - $408.61</p>
<div class="lb-trans"><p>$162.00 - $408.61</p>
</div><p>Volume</p>
<div class="lb-trans"><p>成交量</p>
</div><p>875.3K</p>
<div class="lb-trans"><p>875.3K</p>
</div><p>Avg Vol</p>
<div class="lb-trans"><p>平均成交量</p>
</div><p>29.1M</p>
<div class="lb-trans"><p>29.1M</p>
</div><p>Gross Margin</p>
<div class="lb-trans"><p>毛利率</p>
</div><p>60.43%</p>
<div class="lb-trans"><p>60.43%</p>
</div><p>Dividend Yield</p>
<div class="lb-trans"><p>股息收益率</p>
</div><p>0.29%</p>
<div class="lb-trans"><p>0.29%</p>
</div><p>The number of Gemini Enterprise paid monthly subscriptions grew 40% sequentially in Q1, while overall, its cloud generative AI model revenue grew 800% year over year. The company noted that Google's first-party models process more than 16 billion tokens per minute, a 60% increase compared to Q4.</p>
<div class="lb-trans"><p>Gemini 企業付費月訂閲數量在第一季度環比增長 40%，而整體雲生成 AI 模型收入同比增長 800%。公司指出，谷歌的第一方模型每分鐘處理超過 160 億個標記，比第四季度增長了 60%。</p>
</div><p>Alphabet's ability to monetize Gemini is an important step, particularly in light of the company's heavy AI spending.</p>
<div class="lb-trans"><p>Alphabet 將 Gemini 貨幣化的能力是一個重要步驟，特別是在公司重金投入 AI 的背景下。</p>
</div><h2>Search me</h2>
<div class="lb-trans"><h2>搜索我</h2>
</div><p>When AI first reared its head, investors feared that internet search -- Google's cash cow -- would be among the first casualties. The popular narrative was that the company's business model would be irrelevant in an era where AI chatbots replaced traditional search engines.</p>
<div class="lb-trans"><p>當 AI 首次出現時，投資者擔心互聯網搜索——谷歌的搖錢樹——將是首批受害者之一。流行的説法是，該公司的商業模式在 AI 聊天機器人取代傳統搜索引擎的時代將變得無關緊要。</p>
</div><p>Google turned that argument on its head by integrating its sponsored listings directly into its AI-powered overviews, thereby protecting its most lucrative revenue stream. If you have any doubts, consider this: In Q1, Google's ad revenue climbed 16% to $77 billion and still represents 70% of Alphabet's total revenue.</p>
<div class="lb-trans"><p>谷歌通過將其贊助列表直接整合到其 AI 驅動的概述中，顛覆了這一論點，從而保護了其最有利可圖的收入來源。如果你還有任何疑慮，請考慮這一點：在第一季度，谷歌的廣告收入增長了 16%，達到 770 億美元，仍佔 Alphabet 總收入的 70%。</p>
</div><h2>A four-pronged AI attack</h2>
<div class="lb-trans"><h2>四管齊下的 AI 攻擊</h2>
</div><p>Google's ability to leverage AI chips, the cloud, AI models, and search gives the company a more comprehensive -- and perhaps more effective -- long-term AI monetization strategy. This four-pronged approach has driven Alphabet's stock up 109% over the past year (as of this writing), compared to just 47% for Nvidia.</p>
<div class="lb-trans"><p>谷歌利用 AI 芯片、雲、AI 模型和搜索的能力，使其擁有更全面——也許更有效的——長期 AI 貨幣化戰略。這種四管齊下的方法使 Alphabet 的股票在過去一年中上漲了 109%（截至本文撰寫時），而 Nvidia 僅上漲了 47%。</p>
</div><p>Investors are beginning to give Google its due, and if this outperformance continues, Alphabet could supplant Nvidia at the top of the market cap leaderboard. Moreover, at 28 times earnings, Alphabet stock is less expensive than Nvidia, which currently trades at 32 times earnings.</p>
<div class="lb-trans"><p>投資者開始給予谷歌應有的重視，如果這種超越表現持續下去，Alphabet 可能會在市值排行榜上取代 Nvidia。此外，Alphabet 的市盈率為 28 倍，低於 Nvidia 目前的 32 倍市盈率。</p>
</div><p>This gives astute investors the opportunity to buy Alphabet at a discount.</p>
<div class="lb-trans"><p>這為精明的投資者提供了以折扣價購買 Alphabet 的機會。</p>
</div>

Google's 4-Pronged AI Strategy Could Help it Leapfrog Nvidia to Become the World's Most Valuable Company

- Nvidia 在 AI 芯片市場佔據領導地位，市值已達 5 萬億美元。
- Google 逐步推出定製芯片 TPUs，並在雲端 AI 策略上實現高速增長。
- 兩家公司股價漲幅不同，Alphabet 的市場表現提升，可能超越 Nvidia。

Motley Fool

2 倍做多 NVDA ETF - T-Rex

Roundhill GOOGL WeeklyPay ETF

2 倍做空 NVDA ETF - GraniteShares

1.5 倍做空英偉達 ETF - Tradr

1 倍做空谷歌 ETF - Direxion

英偉達期權收益策略 ETF - YieldMax

南方兩倍做多英偉達

2 倍做多英偉達 ETF - Direxion

南方兩倍做空英偉達

2 倍做多英偉達 ETF - GraniteShares

2 倍做多谷歌 ETF - Direxion

2 倍做空 NVDA ETF - T-Rex

1 倍做空英偉達 ETF - Direxion

YieldMax GOOGL Option Income Strategy ETF

ProShares Ultra NVDA

2 倍做多英偉達 ETF - Leverage Shares

Leverage Shares 2x Cpd Acclrtd NVDAMnETF

NVDA 週配息 ETF - Roundhill​

GraniteShares YieldBOOST NVDA ETF

xETFs NVDA Daily Income ETF

半導體 ETF - VanEck Vectors

費城交易所 半導體 ETF - iShares

半導體 3 倍做多 - Direxion

Invesco PHLX Semiconductor ETF

標普半導體 ETF - SPDR

動態半導體 ETF - Invesco

納斯達克半導體 ETF - First Trust

亞馬遜

微軟

NVIDIA Corporation

谷歌的四管齊下的 AI 戰略可能幫助其超越 NVIDIA，成為全球市值最高的公司