<p>“七大奇蹟”——<strong>Nvidia</strong>、<strong>Apple</strong>、<strong>Microsoft</strong>、<strong>Amazon</strong>、<strong>Alphabet</strong>（GOOG +1.58%）（GOOGL +1.29%）、<strong>Meta Platforms</strong> 和 <strong>Tesla</strong>——在過去三年中一直支撐着市場，大多數投資者無論是否有意都至少持有其中一隻（多虧了指數基金）。但這七家公司之間的差距越來越大。儘管 Tesla 在汽車行業經歷艱難時期，但其市盈率仍超過 100 倍。與此同時，Nvidia 的估值則更為保守，並且處於 人工智能（AI） 建設的中心。而 Apple 在過去一年中在其業務和股票上都在積累勢頭。</p>
<p>但如果今天你只能選擇其中一隻，哪一隻值得投資？</p>
<p>我認為 Alphabet 應該是首選。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84NzU1MDEvaXMtYWxwaGFiZXQtc3RvY2stYS1idXkuanBnJnc9Mzg0MA?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-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84NzU1MDEvaXMtYWxwaGFiZXQtc3RvY2stYS1idXkuanBnJnc9Mzg0MA"/></p>
<p>圖片來源：Getty Images。</p>
<h2>一項強勁的雲業務</h2>
<p>大多數人可能仍然將 Alphabet 視為搜索和廣告業務。確實如此。但這家公司還有更多的業務。</p>
<p>當然，谷歌搜索和其他廣告收入在 2026 年第一季度同比增長 19%，達到 604 億美元，管理層表示，查詢量創下歷史新高，因為 AI 功能吸引了用户，而不是將他們推開。</p>
<p>但有一個快速增長且日益重要的業務部分已成為主要催化劑：谷歌雲，其 雲計算 部門。第一季度雲收入同比激增 63%，達到 200 億美元，增速較前一季度的 48% 有所加快。這個增速快於其兩個更大競爭對手在最近一個季度的報告。</p>
<p>此外，谷歌雲的營業收入同比大約增長三倍，達到 66 億美元，該部門的營業利潤率從一年前的 17.8% 上升至 32.9%。</p>
<p>而且需求超過了供應。</p>
<p>“如果我們能夠滿足需求，我們的雲收入會更高，” 首席執行官 Sundar Pichai 在第一季度的財報電話會議上表示。</p>
<p>實際上，該部門的積壓訂單——尚未確認的合同工作——在一個季度內幾乎翻了一番，達到 4620 億美元。</p>
<p>Pichai 將這一優勢歸因於擁有完整的技術棧。</p>
<p>“我們擁有前沿模型，擁有硅芯片，這確實幫助我們保持領先，” 他在電話會議上表示，並指出 Alphabet 的定製芯片和 Gemini 模型是競爭對手難以複製的組合。</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 股票報價" 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>(1.29%) $4.70</p>
<p>當前價格</p>
<p>$368.49</p>
<h3>關鍵數據點</h3>
<p>市值</p>
<p>$4.5 萬億</p>
<p>日內區間</p>
<p>$358.69 - $369.46</p>
<p>52 周區間</p>
<p>$162.00 - $408.61</p>
<p>成交量</p>
<p>79.9 萬</p>
<p>平均成交量</p>
<p>3000 萬</p>
<p>毛利率</p>
<p>60.43%</p>
<p>股息收益率</p>
<p>0.23%</p>
<h2>一個引人注目的機會</h2>
<p>但這個增長故事背後有着高昂的代價。</p>
<p>Alphabet 預計 2026 年的 資本支出——其在數據中心、服務器和網絡設備上的支出——將達到 1800 億到 1900 億美元，管理層已經表示 2027 年將顯著上升。如此規模的賬單可能會在未來幾年對自由現金流造成壓力，只有在雲需求持續的情況下才能收回成本。此外，公司對廣告的高度依賴在經濟疲軟時可能會減弱。而對 Alphabet 龐大業務的持續監管審查不太可能消失。</p>
<p>但這正是讓我不斷迴歸 Alphabet 而非其他公司的原因。該股票的市盈率約為 28 倍，前瞻市盈率約為 26 倍。</p>
<p>換句話説，你為一家雲業務在上個季度增長 63% 且核心搜索業務仍在以高單位數增長的公司支付了市場平均倍數。</p>
<p>這種業務增長速度與其定價之間的差距正是我認為 Alphabet 是七大奇蹟中最值得購買的股票的原因。</p>
<p>當然，這種情況可能會改變。競爭對手的幾次強勁季度，或者 Alphabet 自身支出紀律的失誤，都可能使 Alphabet 變得不那麼吸引人。但綜合考慮增長、盈利能力和價格，我認為 Alphabet 是今天最值得購買的七大奇蹟股票之一。</p>

谷歌-C

谷歌-A

1 倍做空谷歌 ETF - Direxion

GOOW

2 倍做多谷歌 ETF - Direxion

GOOY

2 倍做多谷歌 ETF - T-Rex

GOOP

2 倍做多 MAG7 指數 ETF - Roundhill

<p>這篇文章認為，Alphabet 是 “七大傑出科技股” 中的頂尖 AI 股票，因為其估值相對於增長非常強勁。谷歌雲的收入同比激增 63%，達到 200 億美元，運營收入增長了三倍，這得益於對 AI 基礎設施和定製硅片的需求。儘管資本支出高達 1800 億至 1900 億美元，以及面臨監管風險，但該股票的市盈率約為 28 倍，考慮到其強勁的雲業務勢頭和核心搜索的穩定性，提供了一個引人注目的投資機會</p>

<p>The &#34;Magnificent Seven&#34; -- <strong>Nvidia</strong>, <strong>Apple</strong>, <strong>Microsoft</strong>, <strong>Amazon</strong>, <strong>Alphabet</strong>( GOOG +1.58%)( GOOGL +1.29%), <strong>Meta Platforms</strong>, and <strong>Tesla</strong> -- have carried the market for three years now, and most investors own at least one of them whether they meant to or not (thanks to index funds). But the seven have drifted far apart. Tesla trades at well over 100 times forward earnings, even as it fights its way through a hard stretch in autos. Nvidia, meanwhile, is valued more conservatively and sits at the center of the artificial intelligence (AI) build-out. And Apple is building momentum in both its business and its stock over the last year.</p>
<div class="lb-trans"><p>“七大奇蹟”——<strong>Nvidia</strong>、<strong>Apple</strong>、<strong>Microsoft</strong>、<strong>Amazon</strong>、<strong>Alphabet</strong>（GOOG +1.58%）（GOOGL +1.29%）、<strong>Meta Platforms</strong> 和 <strong>Tesla</strong>——在過去三年中一直支撐着市場，大多數投資者無論是否有意都至少持有其中一隻（多虧了指數基金）。但這七家公司之間的差距越來越大。儘管 Tesla 在汽車行業經歷艱難時期，但其市盈率仍超過 100 倍。與此同時，Nvidia 的估值則更為保守，並且處於 人工智能（AI） 建設的中心。而 Apple 在過去一年中在其業務和股票上都在積累勢頭。</p>
</div><p>But if you could only add one of them today, which deserves the money?</p>
<div class="lb-trans"><p>但如果今天你只能選擇其中一隻，哪一隻值得投資？</p>
</div><p>I think Alphabet should be a top choice.</p>
<div class="lb-trans"><p>我認為 Alphabet 應該是首選。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84NzU1MDEvaXMtYWxwaGFiZXQtc3RvY2stYS1idXkuanBnJnc9Mzg0MA" alt="Computer servers in a data center." original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F875501%2Fis-alphabet-stock-a-buy.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>A cloud business pulling its weight</h2>
<div class="lb-trans"><h2>一項強勁的雲業務</h2>
</div><p>Most people probably still think of Alphabet as a search and advertising business. And it is. But there's more to the business.</p>
<div class="lb-trans"><p>大多數人可能仍然將 Alphabet 視為搜索和廣告業務。確實如此。但這家公司還有更多的業務。</p>
</div><p>Sure, Google Search and other advertising revenue rose 19% year over year in the first quarter of 2026 to $60.4 billion, with management saying queries hit an all-time high as AI features pulled people back in rather than pushing them away.</p>
<div class="lb-trans"><p>當然，谷歌搜索和其他廣告收入在 2026 年第一季度同比增長 19%，達到 604 億美元，管理層表示，查詢量創下歷史新高，因為 AI 功能吸引了用户，而不是將他們推開。</p>
</div><p>But there's a fast-growing and increasingly important part of the business that has become a major catalyst: Google Cloud, its cloud computing segment. First-quarter cloud revenue jumped 63% year over year to $20 billion, an acceleration from the 48% growth it posted just one quarter earlier. That pace is faster than what either of its two larger rivals reported in their most recent quarters.</p>
<div class="lb-trans"><p>但有一個快速增長且日益重要的業務部分已成為主要催化劑：谷歌雲，其 雲計算 部門。第一季度雲收入同比激增 63%，達到 200 億美元，增速較前一季度的 48% 有所加快。這個增速快於其兩個更大競爭對手在最近一個季度的報告。</p>
</div><p>Further, Google Cloud's operating income roughly tripled year over year to $6.6 billion, and the segment's operating margin climbed to 32.9% from 17.8% a year earlier.</p>
<div class="lb-trans"><p>此外，谷歌雲的營業收入同比大約增長三倍，達到 66 億美元，該部門的營業利潤率從一年前的 17.8% 上升至 32.9%。</p>
</div><p>And demand is outpacing supply.</p>
<div class="lb-trans"><p>而且需求超過了供應。</p>
</div><p>&#34;Our Cloud revenue would have been higher if we were able to meet the demand,&#34; CEO Sundar Pichai said on the first-quarter earnings call.</p>
<div class="lb-trans"><p>“如果我們能夠滿足需求，我們的雲收入會更高，” 首席執行官 Sundar Pichai 在第一季度的財報電話會議上表示。</p>
</div><p>Indeed, the segment's backlog -- contracted work not yet recognized as revenue -- nearly doubled in a single quarter to $462 billion.</p>
<div class="lb-trans"><p>實際上，該部門的積壓訂單——尚未確認的合同工作——在一個季度內幾乎翻了一番，達到 4620 億美元。</p>
</div><p>Pichai tied the edge to owning the whole stack.</p>
<div class="lb-trans"><p>Pichai 將這一優勢歸因於擁有完整的技術棧。</p>
</div><p>&#34;The fact that we own frontier models, own the silicon, really helps us stay ahead of the curve,&#34; he said on the call, pointing to Alphabet's custom chips and its Gemini models as a combination rivals can't easily copy.</p>
<div class="lb-trans"><p>“我們擁有前沿模型，擁有硅芯片，這確實幫助我們保持領先，” 他在電話會議上表示，並指出 Alphabet 的定製芯片和 Gemini 模型是競爭對手難以複製的組合。</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>(1.29%) $4.70</p>
<div class="lb-trans"><p>(1.29%) $4.70</p>
</div><p>Current Price</p>
<div class="lb-trans"><p>當前價格</p>
</div><p>$368.49</p>
<div class="lb-trans"><p>$368.49</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>$4.5T</p>
<div class="lb-trans"><p>$4.5 萬億</p>
</div><p>Day's Range</p>
<div class="lb-trans"><p>日內區間</p>
</div><p>$358.69 - $369.46</p>
<div class="lb-trans"><p>$358.69 - $369.46</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>799K</p>
<div class="lb-trans"><p>79.9 萬</p>
</div><p>Avg Vol</p>
<div class="lb-trans"><p>平均成交量</p>
</div><p>30M</p>
<div class="lb-trans"><p>3000 萬</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>0.23%</p>
<div class="lb-trans"><p>0.23%</p>
</div><h2>A compelling opportunity</h2>
<div class="lb-trans"><h2>一個引人注目的機會</h2>
</div><p>But there's a steep cost behind this growth story.</p>
<div class="lb-trans"><p>但這個增長故事背後有着高昂的代價。</p>
</div><p>Alphabet expects 2026 capital expenditures -- its spending on data centers, servers, and networking gear -- of $180 billion to $190 billion, and management has already said 2027 will rise meaningfully from there. A bill that size could pressure free cash flow for years, and it only pays off if the cloud demand behind it holds. There's also the company's heavy reliance on advertising, which could soften in a weak economy. And ongoing regulatory scrutiny over Alphabet's sprawling operations is unlikely to disappear.</p>
<div class="lb-trans"><p>Alphabet 預計 2026 年的 資本支出——其在數據中心、服務器和網絡設備上的支出——將達到 1800 億到 1900 億美元，管理層已經表示 2027 年將顯著上升。如此規模的賬單可能會在未來幾年對自由現金流造成壓力，只有在雲需求持續的情況下才能收回成本。此外，公司對廣告的高度依賴在經濟疲軟時可能會減弱。而對 Alphabet 龐大業務的持續監管審查不太可能消失。</p>
</div><p>But here is what keeps pulling me back to Alphabet over the rest of the group. The stock trades at about 28 times earnings and roughly 26 times forward earnings.</p>
<div class="lb-trans"><p>但這正是讓我不斷迴歸 Alphabet 而非其他公司的原因。該股票的市盈率約為 28 倍，前瞻市盈率約為 26 倍。</p>
</div><p>In other words, you're paying a market-average multiple for a company whose cloud arm grew 63% last quarter and whose core search business is still growing at a high-teens clip.</p>
<div class="lb-trans"><p>換句話説，你為一家雲業務在上個季度增長 63% 且核心搜索業務仍在以高單位數增長的公司支付了市場平均倍數。</p>
</div><p>That gap between how fast the business is moving and how cheaply it's priced is exactly why I think Alphabet is one of the best Magnificent Seven stocks to buy.</p>
<div class="lb-trans"><p>這種業務增長速度與其定價之間的差距正是我認為 Alphabet 是七大奇蹟中最值得購買的股票的原因。</p>
</div><p>Of course, this could change. A few strong quarters from a rival, or a stumble in Alphabet's own spending discipline, could make Alphabet less attractive. But weighing growth, profitability, and price together, I think Alphabet is a top Magnificent Seven stock to buy today.</p>
<div class="lb-trans"><p>當然，這種情況可能會改變。競爭對手的幾次強勁季度，或者 Alphabet 自身支出紀律的失誤，都可能使 Alphabet 變得不那麼吸引人。但綜合考慮增長、盈利能力和價格，我認為 Alphabet 是今天最值得購買的七大奇蹟股票之一。</p>
</div>

Is Alphabet the Best "Magnificent Seven" AI Stock?

- "壯麗七傑"中的 Alphabet 在雲計算業務中實現了 63% 的收入增長。  
- 谷歌雲的運營收入年比年增長三倍，需求超過供應。  
- 儘管面臨支出壓力，Alphabet 的估值仍然具有吸引力。

Alphabet 是 “七大奇蹟” AI 股票中最好的選擇嗎？