<p>三大雲計算公司的股票表現各異，<strong>亞馬遜</strong>（AMZN 0.73%）、<strong>微軟</strong>（MSFT +0.15%）和 <strong>谷歌</strong>（GOOGL 0.50%）（GOOG 0.29%），截至 2026 年表現不一。谷歌以約 13% 的回報率領先，亞馬遜上漲近 7%，而微軟則下跌 20%。</p>
<p>這三家公司都在經歷強勁的 雲計算 增長，並在人工智能（AI）基礎設施上進行了大量投資，以抓住未來的機會。</p>
<p>讓我們深入分析每隻股票，看看哪隻股票現在最值得購買。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-dXJsPWh0dHBzOi8vZy5mb29sY2RuLmNvbS9lZGl0b3JpYWwvaW1hZ2VzLzg3ODQxNC9nZXR0eWltYWdlcy0xNDgwNjMzMjQwLmpwZwAyNnc9Mzg0MAAyNm9wPXJlc2l6ZQ?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-dXJsPWh0dHBzOi8vZy5mb29sY2RuLmNvbS9lZGl0b3JpYWwvaW1hZ2VzLzg3ODQxNC9nZXR0eWltYWdlcy0xNDgwNjMzMjQwLmpwZwAyNnc9Mzg0MAAyNm9wPXJlc2l6ZQ"/></p>
<p>圖片來源：Getty Images。</p>
<h2>亞馬遜</h2>
<p>亞馬遜是市場份額最大的雲服務提供商，20 多年前通過推出亞馬遜網絡服務（AWS）創造了基礎設施即服務的概念。</p>
<p>展開</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-dXJsPWh0dHBzOi8vZy5mb29sY2RuLmNvbS9hcnQvY29tcGFueWxvZ29zL21hcmsvQU1aTi5wbmcAMjZ3PTEyOAAyNm9wPXJlc2l6ZQ?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="亞馬遜股票報價" original-src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-dXJsPWh0dHBzOi8vZy5mb29sY2RuLmNvbS9hcnQvY29tcGFueWxvZ29zL21hcmsvQU1aTi5wbmcAMjZ3PTEyOAAyNm9wPXJlc2l6ZQ"/></p>
<h2>NASDAQ: AMZN</h2>
<p>亞馬遜</p>
<p>今日變動</p>
<p>(-0.73%) $-1.81</p>
<p>當前價格</p>
<p>$245.23</p>
<h3>關鍵數據點</h3>
<p>市值</p>
<p>$2.6T 市值僅計算已上市的流通股，不包括未上市、私有或雙重股權的非交易股份。隱含市值可能會有所不同。市值僅計算已上市的流通股，不包括未上市、私有或雙重股權的非交易股份。隱含市值可能會有所不同。</p>
<p>日內區間</p>
<p>$244.42 - $251.00</p>
<p>52 周區間</p>
<p>$196.00 - $278.56</p>
<p>成交量</p>
<p>1.3M</p>
<p>平均成交量</p>
<p>50.2M</p>
<p>毛利率</p>
<p>50.60%</p>
<p>雖然該公司以其電子商務業務而聞名，但 AWS 實際上是其最盈利的部門。儘管 AWS 的收入增長落後於其兩大主要競爭對手，但在第一季度開始加速，同比增長 28%。與 Anthropic 和最近的 OpenAI 建立的合作關係，預計這種收入增長的加速將在今年繼續。</p>
<p>該公司還有一個大型定製芯片業務，包括 AI 加速器和中央處理單元（CPU）。這是一個超過 200 億美元的年化業務，若包括內部使用則為 500 億美元。它還通過降低 推理 成本來幫助其獲得成本優勢。</p>
<p>亞馬遜的 電子商務 業務表現良好，目前由於在機器人和 AI 方面的投資，正在經歷大量的運營槓桿。該股票目前的 前瞻市盈率（P/E） 低於 2027 財年的預期 25 倍。</p>
<h2>微軟</h2>
<p>微軟的 Azure 雲計算部門是這家企業軟件巨頭的重要增長驅動力，已經連續 11 個季度實現 30% 以上的收入增長。包括上個季度，即其 2023 財年第三季度，收入飆升 40%（按固定匯率計算為 39%）。</p>
<p>展開</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-dXJsPWh0dHBzOi8vZy5mb29sY2RuLmNvbS9hcnQvY29tcGFueWxvZ29zL21hcmsvTVNGVC5wbmcAMjZ3PTEyOAAyNm9wPXJlc2l6ZQ?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="微軟股票報價" original-src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-dXJsPWh0dHBzOi8vZy5mb29sY2RuLmNvbS9hcnQvY29tcGFueWxvZ29zL21hcmsvTVNGVC5wbmcAMjZ3PTEyOAAyNm9wPXJlc2l6ZQ"/></p>
<h2>NASDAQ: MSFT</h2>
<p>微軟</p>
<p>今日變動</p>
<p>(0.15%) $0.58</p>
<p>當前價格</p>
<p>$384.94</p>
<h3>關鍵數據點</h3>
<p>市值</p>
<p>$2.9T 市值僅計算已上市的流通股，不包括未上市、私有或雙重股權的非交易股份。隱含市值可能會有所不同。市值僅計算已上市的流通股，不包括未上市、私有或雙重股權的非交易股份。隱含市值可能會有所不同。</p>
<p>日內區間</p>
<p>$381.53 - $391.91</p>
<p>52 周區間</p>
<p>$349.20 - $555.45</p>
<p>成交量</p>
<p>796.8K</p>
<p>平均成交量</p>
<p>40.1M</p>
<p>毛利率</p>
<p>68.31%</p>
<p>股息收益率</p>
<p>0.92%</p>
<p>收入增長受到對計算和 AI 服務強勁需求的推動，微軟一直表示需求持續超過供應。同時，微軟與 OpenAI 的未來重大承諾，以及對 Anthropic 的較小承諾，預計將在未來幾年繼續推動增長。</p>
<p>然而，該股票之所以掙扎，是因為它在自身技術上落後。它在很大程度上依賴於 OpenAI 的 AI 模型，並且在開發定製 AI 芯片方面落後，而是依賴於更昂貴的 <strong>英偉達</strong> 圖形處理單元（GPU）。儘管微軟的核心軟件業務表現良好，主要得益於其 Copilot AI 助手的日益普及，但市場上仍然存在對 AI 將顛覆軟件行業的潛在擔憂。</p>
<p>在這方面，微軟正在努力追趕自己的技術，包括 AI 模型和芯片，並已開始用自己內部開發的模型替代一些 OpenAI 模型。該股票目前的前瞻市盈率為 2027 財年分析師預期的 17 倍，並持有 OpenAI 27% 的股份。</p>
<h2>谷歌</h2>
<p>谷歌的雲計算部門是三大雲服務提供商中最小的，但該公司也擁有一些最大的優勢。它是最完整的 AI 參與者，擁有世界級的基礎 AI 模型 Gemini 和頂級的 AI 芯片——張量處理單元（TPU）。</p>
<p>展開</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-dXJsPWh0dHBzOi8vZy5mb29sY2RuLmNvbS9hcnQvY29tcGFueWxvZ29zL21hcmsvR09PR0wucG5nADI2dz0xMjgAMjZvcD1yZXNpemU?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="谷歌股票報價" original-src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-dXJsPWh0dHBzOi8vZy5mb29sY2RuLmNvbS9hcnQvY29tcGFueWxvZ29zL21hcmsvR09PR0wucG5nADI2dz0xMjgAMjZvcD1yZXNpemU"/></p>
<h2>NASDAQ: GOOGL</h2>
<p>谷歌</p>
<p>今日變動</p>
<p>(-0.50%) $-1.81</p>
<p>當前價格</p>
<p>$357.08</p>
<h3>關鍵數據點</h3>
<p>市值</p>
<p>$4.3T 市值僅計算已上市的流通股，不包括未上市、私有或雙重股權的非交易股份。隱含市值可能會有所不同。市值僅計算已上市的流通股，不包括未上市、私有或雙重股權的非交易股份。隱含市值可能會有所不同。</p>
<p>日內區間</p>
<p>$352.77 - $357.82</p>
<p>52 周區間</p>
<p>$179.68 - $408.61</p>
<p>成交量</p>
<p>728K</p>
<p>平均成交量</p>
<p>31.5M</p>
<p>毛利率</p>
<p>60.43%</p>
<p>股息收益率</p>
<p>0.24%</p>
<p>Alphabet 的 TPU 開發於十多年前，通常被認為是定製 AI 芯片中的佼佼者，因為公司圍繞這些芯片優化了整個生態系統。事實上，Anthropic 已經為這些芯片下了大訂單，創造了另一個高利潤的收入來源。這些芯片還使 Alphabet 能夠以比依賴 Nvidia GPU 的競爭對手更低的成本訓練其模型和進行推理。</p>
<p>總體而言，谷歌雲在三大雲服務提供商中實現了最強勁的增長，上季度收入激增 63%。與此同時，Alphabet 已將其 Gemini 模型整合到整個產品生態系統中，包括谷歌搜索，以幫助推動增長。其全球廣告網絡則幫助其比競爭對手更好地實現商業 AI 業務的貨幣化。</p>
<p>該股票目前的交易價格為 2027 年分析師預估的 24 倍，並且在 AI 之外的 Waymo 機器人出租車業務中也有顯著機會。</p>
<h2>結論</h2>
<p>我認為三大雲計算服務提供商在當前水平上都很有吸引力。然而，我更傾向於亞馬遜和 Alphabet，因為它們在技術上優於微軟。</p>
<p>如果我現在只能選擇一家公司，我會選擇亞馬遜，因為它的交易價格相對於零售同行有顯著折扣，儘管它正在經歷巨大的運營槓桿，這推動了其電子商務部門強勁的盈利增長。同時，其雲業務的收入增長正在加速，這可能幫助股票突破。也就是説，我個人同時持有亞馬遜和 Alphabet 的股票，並認為它們是很好的長期投資。</p>

微軟

谷歌-A

谷歌-C

<p>本文比較了亞馬遜、微軟和谷歌的雲計算股票。到 2026 年，谷歌以 13% 的回報率領先，而亞馬遜上漲了 7%，微軟則下跌了 20%。三家公司都在人工智能基礎設施上進行了大量投資。亞馬遜的 AWS 顯示出加速增長和強勁的利潤率。微軟的 Azure 快速增長，但因依賴外部人工智能模型而受到批評。谷歌憑藉其 Gemini 模型和高效的 TPU 提供了全面的人工智能優勢。文章分析了基於當前表現和未來潛力，哪隻股票提供了最佳的投資機會</p>

<p>The stocks of the big three cloud computing companies, <strong>Amazon</strong>( AMZN 0.73%), <strong>Microsoft</strong>( MSFT +0.15%), and <strong>Alphabet</strong>( GOOGL 0.50%)( GOOG 0.29%), have had mixed performances in 2026 thus far. Alphabet has led the way with about a 13% return, while Amazon is up nearly 7%, and Microsoft has fallen 20%.</p>
<div class="lb-trans"><p>三大雲計算公司的股票表現各異，<strong>亞馬遜</strong>（AMZN 0.73%）、<strong>微軟</strong>（MSFT +0.15%）和 <strong>谷歌</strong>（GOOGL 0.50%）（GOOG 0.29%），截至 2026 年表現不一。谷歌以約 13% 的回報率領先，亞馬遜上漲近 7%，而微軟則下跌 20%。</p>
</div><p>All three companies are seeing strong cloud computing growth and are investing heavily in artificial intelligence (AI) infrastructure to capture the opportunity ahead of them.</p>
<div class="lb-trans"><p>這三家公司都在經歷強勁的 雲計算 增長，並在人工智能（AI）基礎設施上進行了大量投資，以抓住未來的機會。</p>
</div><p>Let's dig into each stock to see which is the best to buy right now.</p>
<div class="lb-trans"><p>讓我們深入分析每隻股票，看看哪隻股票現在最值得購買。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84Nzg0MTQvZ2V0dHlpbWFnZXMtMTQ4MDYzMzI0MC5qcGcmdz0zODQw" alt="Data center interior." original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F878414%2Fgettyimages-1480633240.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>Amazon</h2>
<div class="lb-trans"><h2>亞馬遜</h2>
</div><p>Amazon is the largest cloud provider by market share, having created the infrastructure-as-a-service concept more than 20 years ago with the launch of Amazon Web Services (AWS).</p>
<div class="lb-trans"><p>亞馬遜是市場份額最大的雲服務提供商，20 多年前通過推出亞馬遜網絡服務（AWS）創造了基礎設施即服務的概念。</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-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vYXJ0L2NvbXBhbnlsb2dvcy9tYXJrL0FNWk4ucG5nJnc9MTI4" alt="Amazon Stock Quote" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Fart%2Fcompanylogos%2Fmark%2FAMZN.png&amp;w=128&amp;op=resize"/></p>
<h2>NASDAQ: AMZN</h2>
<div class="lb-trans"><h2>NASDAQ: AMZN</h2>
</div><p>Amazon</p>
<div class="lb-trans"><p>亞馬遜</p>
</div><p>Today's Change</p>
<div class="lb-trans"><p>今日變動</p>
</div><p>(-0.73%) $-1.81</p>
<div class="lb-trans"><p>(-0.73%) $-1.81</p>
</div><p>Current Price</p>
<div class="lb-trans"><p>當前價格</p>
</div><p>$245.23</p>
<div class="lb-trans"><p>$245.23</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>$2.6TMarket cap calculated using publicly traded shares outstanding only. Does not include unlisted, private, or dual-class non-traded shares. Implied market cap may vary.Market cap calculated using publicly traded shares outstanding only. Does not include unlisted, private, or dual-class non-traded shares. Implied market cap may vary.</p>
<div class="lb-trans"><p>$2.6T 市值僅計算已上市的流通股，不包括未上市、私有或雙重股權的非交易股份。隱含市值可能會有所不同。市值僅計算已上市的流通股，不包括未上市、私有或雙重股權的非交易股份。隱含市值可能會有所不同。</p>
</div><p>Day's Range</p>
<div class="lb-trans"><p>日內區間</p>
</div><p>$244.42 - $251.00</p>
<div class="lb-trans"><p>$244.42 - $251.00</p>
</div><p>52wk Range</p>
<div class="lb-trans"><p>52 周區間</p>
</div><p>$196.00 - $278.56</p>
<div class="lb-trans"><p>$196.00 - $278.56</p>
</div><p>Volume</p>
<div class="lb-trans"><p>成交量</p>
</div><p>1.3M</p>
<div class="lb-trans"><p>1.3M</p>
</div><p>Avg Vol</p>
<div class="lb-trans"><p>平均成交量</p>
</div><p>50.2M</p>
<div class="lb-trans"><p>50.2M</p>
</div><p>Gross Margin</p>
<div class="lb-trans"><p>毛利率</p>
</div><p>50.60%</p>
<div class="lb-trans"><p>50.60%</p>
</div><p>While the company is best known for its e-commerce operations, AWS is actually its most profitable segment. While AWS revenue growth has trailed its two main competitors, it has started to accelerate, increasing 28% year over year in the first quarter. With partnerships in place with Anthropic and, more recently, OpenAI, that revenue-growth acceleration should continue this year.</p>
<div class="lb-trans"><p>雖然該公司以其電子商務業務而聞名，但 AWS 實際上是其最盈利的部門。儘管 AWS 的收入增長落後於其兩大主要競爭對手，但在第一季度開始加速，同比增長 28%。與 Anthropic 和最近的 OpenAI 建立的合作關係，預計這種收入增長的加速將在今年繼續。</p>
</div><p>The company also has a large custom-chip business, including both AI accelerators and central processing units (CPUs). This is an over $20 billion run-rate business or $50 billion when including internal use. It also helps give it a cost advantage by lowering inference costs.</p>
<div class="lb-trans"><p>該公司還有一個大型定製芯片業務，包括 AI 加速器和中央處理單元（CPU）。這是一個超過 200 億美元的年化業務，若包括內部使用則為 500 億美元。它還通過降低 推理 成本來幫助其獲得成本優勢。</p>
</div><p>Amazon's e-commerce business is also performing well and currently experiencing a lot of operating leverage due to its investments in robotics and AI. The stock currently trades at a forward price-to-earnings (P/E) ratio of under 25 times fiscal 2027 estimates.</p>
<div class="lb-trans"><p>亞馬遜的 電子商務 業務表現良好，目前由於在機器人和 AI 方面的投資，正在經歷大量的運營槓桿。該股票目前的 前瞻市盈率（P/E） 低於 2027 財年的預期 25 倍。</p>
</div><h2>Microsoft</h2>
<div class="lb-trans"><h2>微軟</h2>
</div><p>Microsoft's Azure cloud computing unit, a big growth driver for the enterprise software giant, has been growing its revenue by 30% or more for 11 straight quarters. This included last quarter, its fiscal Q3, when revenue soared 40% (39% in constant currencies).</p>
<div class="lb-trans"><p>微軟的 Azure 雲計算部門是這家企業軟件巨頭的重要增長驅動力，已經連續 11 個季度實現 30% 以上的收入增長。包括上個季度，即其 2023 財年第三季度，收入飆升 40%（按固定匯率計算為 39%）。</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-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vYXJ0L2NvbXBhbnlsb2dvcy9tYXJrL01TRlQucG5nJnc9MTI4" alt="Microsoft Stock Quote" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Fart%2Fcompanylogos%2Fmark%2FMSFT.png&amp;w=128&amp;op=resize"/></p>
<h2>NASDAQ: MSFT</h2>
<div class="lb-trans"><h2>NASDAQ: MSFT</h2>
</div><p>Microsoft</p>
<div class="lb-trans"><p>微軟</p>
</div><p>Today's Change</p>
<div class="lb-trans"><p>今日變動</p>
</div><p>(0.15%) $0.58</p>
<div class="lb-trans"><p>(0.15%) $0.58</p>
</div><p>Current Price</p>
<div class="lb-trans"><p>當前價格</p>
</div><p>$384.94</p>
<div class="lb-trans"><p>$384.94</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>$2.9TMarket cap calculated using publicly traded shares outstanding only. Does not include unlisted, private, or dual-class non-traded shares. Implied market cap may vary.Market cap calculated using publicly traded shares outstanding only. Does not include unlisted, private, or dual-class non-traded shares. Implied market cap may vary.</p>
<div class="lb-trans"><p>$2.9T 市值僅計算已上市的流通股，不包括未上市、私有或雙重股權的非交易股份。隱含市值可能會有所不同。市值僅計算已上市的流通股，不包括未上市、私有或雙重股權的非交易股份。隱含市值可能會有所不同。</p>
</div><p>Day's Range</p>
<div class="lb-trans"><p>日內區間</p>
</div><p>$381.53 - $391.91</p>
<div class="lb-trans"><p>$381.53 - $391.91</p>
</div><p>52wk Range</p>
<div class="lb-trans"><p>52 周區間</p>
</div><p>$349.20 - $555.45</p>
<div class="lb-trans"><p>$349.20 - $555.45</p>
</div><p>Volume</p>
<div class="lb-trans"><p>成交量</p>
</div><p>796.8K</p>
<div class="lb-trans"><p>796.8K</p>
</div><p>Avg Vol</p>
<div class="lb-trans"><p>平均成交量</p>
</div><p>40.1M</p>
<div class="lb-trans"><p>40.1M</p>
</div><p>Gross Margin</p>
<div class="lb-trans"><p>毛利率</p>
</div><p>68.31%</p>
<div class="lb-trans"><p>68.31%</p>
</div><p>Dividend Yield</p>
<div class="lb-trans"><p>股息收益率</p>
</div><p>0.92%</p>
<div class="lb-trans"><p>0.92%</p>
</div><p>Revenue growth is driven by strong demand for compute and AI services, and Microsoft has consistently said demand continues to outstrip supply. Meanwhile, Microsoft has some huge future commitments from OpenAI, and to a lesser extent Anthropic, that should continue to fuel growth in the coming years.</p>
<div class="lb-trans"><p>收入增長受到對計算和 AI 服務強勁需求的推動，微軟一直表示需求持續超過供應。同時，微軟與 OpenAI 的未來重大承諾，以及對 Anthropic 的較小承諾，預計將在未來幾年繼續推動增長。</p>
</div><p>Why the stock has struggled, though, is that it has been behind with its own tech. It has largely relied on OpenAI's AI models and is behind in developing custom AI chips, instead relying on pricier <strong>Nvidia</strong> graphics processing units (GPUs). And while Microsoft's core software business has been performing well, led by increasing adoption of its Copilot AI assistants, there remains an underlying fear in the market that AI will disrupt the software industry.</p>
<div class="lb-trans"><p>然而，該股票之所以掙扎，是因為它在自身技術上落後。它在很大程度上依賴於 OpenAI 的 AI 模型，並且在開發定製 AI 芯片方面落後，而是依賴於更昂貴的 <strong>英偉達</strong> 圖形處理單元（GPU）。儘管微軟的核心軟件業務表現良好，主要得益於其 Copilot AI 助手的日益普及，但市場上仍然存在對 AI 將顛覆軟件行業的潛在擔憂。</p>
</div><p>On its end, Microsoft is trying to catch up with its own tech, both with AI models and chips, and has started to replace some OpenAI models with its own internally developed ones. The stock currently trades at a forward P/E of 17 times fiscal 2027 analyst estimates, and it owns a 27% stake in OpenAI.</p>
<div class="lb-trans"><p>在這方面，微軟正在努力追趕自己的技術，包括 AI 模型和芯片，並已開始用自己內部開發的模型替代一些 OpenAI 模型。該股票目前的前瞻市盈率為 2027 財年分析師預期的 17 倍，並持有 OpenAI 27% 的股份。</p>
</div><h2>Alphabet</h2>
<div class="lb-trans"><h2>谷歌</h2>
</div><p>Alphabet has the smallest cloud computing unit of the big three cloud providers, but the company also has some of the biggest advantages. It is the most complete AI player, with both a world-class foundational AI model in Gemini and top-notch AI chips with its tensor processing units (TPUs).</p>
<div class="lb-trans"><p>谷歌的雲計算部門是三大雲服務提供商中最小的，但該公司也擁有一些最大的優勢。它是最完整的 AI 參與者，擁有世界級的基礎 AI 模型 Gemini 和頂級的 AI 芯片——張量處理單元（TPU）。</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>谷歌</p>
</div><p>Today's Change</p>
<div class="lb-trans"><p>今日變動</p>
</div><p>(-0.50%) $-1.81</p>
<div class="lb-trans"><p>(-0.50%) $-1.81</p>
</div><p>Current Price</p>
<div class="lb-trans"><p>當前價格</p>
</div><p>$357.08</p>
<div class="lb-trans"><p>$357.08</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>$4.3TMarket cap calculated using publicly traded shares outstanding only. Does not include unlisted, private, or dual-class non-traded shares. Implied market cap may vary.Market cap calculated using publicly traded shares outstanding only. Does not include unlisted, private, or dual-class non-traded shares. Implied market cap may vary.</p>
<div class="lb-trans"><p>$4.3T 市值僅計算已上市的流通股，不包括未上市、私有或雙重股權的非交易股份。隱含市值可能會有所不同。市值僅計算已上市的流通股，不包括未上市、私有或雙重股權的非交易股份。隱含市值可能會有所不同。</p>
</div><p>Day's Range</p>
<div class="lb-trans"><p>日內區間</p>
</div><p>$352.77 - $357.82</p>
<div class="lb-trans"><p>$352.77 - $357.82</p>
</div><p>52wk Range</p>
<div class="lb-trans"><p>52 周區間</p>
</div><p>$179.68 - $408.61</p>
<div class="lb-trans"><p>$179.68 - $408.61</p>
</div><p>Volume</p>
<div class="lb-trans"><p>成交量</p>
</div><p>728K</p>
<div class="lb-trans"><p>728K</p>
</div><p>Avg Vol</p>
<div class="lb-trans"><p>平均成交量</p>
</div><p>31.5M</p>
<div class="lb-trans"><p>31.5M</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>0.24%</p>
<div class="lb-trans"><p>0.24%</p>
</div><p>Alphabet's TPUs were developed more than a decade ago and are generally considered best in class among custom AI chips, as the company has optimized its entire ecosystem around them. In fact, Anthropic has placed large orders for these chips, creating another nice high-margin revenue stream. These chips also allow Alphabet to train its models and run inference at a much lower cost than competitors that rely on Nvidia GPUs.</p>
<div class="lb-trans"><p>Alphabet 的 TPU 開發於十多年前，通常被認為是定製 AI 芯片中的佼佼者，因為公司圍繞這些芯片優化了整個生態系統。事實上，Anthropic 已經為這些芯片下了大訂單，創造了另一個高利潤的收入來源。這些芯片還使 Alphabet 能夠以比依賴 Nvidia GPU 的競爭對手更低的成本訓練其模型和進行推理。</p>
</div><p>Overall, Google Cloud saw the strongest growth of the big three cloud providers, as revenue surged 63% last quarter. At the same time, Alphabet has incorporated its Gemini model throughout its entire product ecosystem, including Google Search, to help drive growth. Its global ad network then helps it monetize its commercial AI endeavors better than competitors.</p>
<div class="lb-trans"><p>總體而言，谷歌雲在三大雲服務提供商中實現了最強勁的增長，上季度收入激增 63%。與此同時，Alphabet 已將其 Gemini 模型整合到整個產品生態系統中，包括谷歌搜索，以幫助推動增長。其全球廣告網絡則幫助其比競爭對手更好地實現商業 AI 業務的貨幣化。</p>
</div><p>The stock currently trades at 24 times 2027 analyst estimates, and it also has a significant opportunity outside of AI in its Waymo robotaxi business.</p>
<div class="lb-trans"><p>該股票目前的交易價格為 2027 年分析師預估的 24 倍，並且在 AI 之外的 Waymo 機器人出租車業務中也有顯著機會。</p>
</div><h2>The verdict</h2>
<div class="lb-trans"><h2>結論</h2>
</div><p>I think all three of the big three cloud computing providers look interesting at current levels. However, I prefer Amazon and Alphabet given their tech advantages over Microsoft.</p>
<div class="lb-trans"><p>我認為三大雲計算服務提供商在當前水平上都很有吸引力。然而，我更傾向於亞馬遜和 Alphabet，因為它們在技術上優於微軟。</p>
</div><p>If I could only pick one right now, I'd choose Amazon, as it trades at a significant discount to its retail peers despite the huge operating leverage it is seeing, which is driving strong profitability growth in its e-commerce segment. Meanwhile, its cloud business is seeing accelerating revenue growth, which could help the stock break out. That said, I personally own both Amazon and Alphabet and think they are great long-term stocks.</p>
<div class="lb-trans"><p>如果我現在只能選擇一家公司，我會選擇亞馬遜，因為它的交易價格相對於零售同行有顯著折扣，儘管它正在經歷巨大的運營槓桿，這推動了其電子商務部門強勁的盈利增長。同時，其雲業務的收入增長正在加速，這可能幫助股票突破。也就是説，我個人同時持有亞馬遜和 Alphabet 的股票，並認為它們是很好的長期投資。</p>
</div>

Alphabet vs. Amazon vs. Microsoft: Which Is the Best Cloud Computing Stock to Buy Today?

- 三大雲計算公司表現不一，Alphabet 領跑，漲幅 13%。  
- 亞馬遜雲業務加速增長，微軟面臨技術追趕挑戰。  
- 投資者應關注亞馬遜和 Alphabet 的技術優勢。

Alphabet、Amazon 和 Microsoft：今天哪隻雲計算股票最值得購買？