核心观点 - 文章核心观点认为，得益于其核心广告业务的强劲表现以及云计算业务的快速增长和盈利改善，Alphabet的股票存在到2030年翻倍的可能性 [4][7][10] 财务表现与增长势头 - 2025年第三季度总收入同比增长16%，第二季度同比增长14%，增长呈加速趋势 [3] - 2025年第三季度净利润达到350亿美元，远高于去年同期的326.3亿美元 [3] - 每股收益同比增长超过35% [3] - 2025年以来，公司股价已累计上涨62% [2] 云计算业务表现 - 谷歌云是公司未来五年的主要增长催化剂 [1] - 2025年第三季度，谷歌云收入达到152亿美元，同比增长34%，占总收入的约15% [1] - 2025年第三季度，谷歌云营业利润为36亿美元，同比增长约85% [1] - 该业务正迅速成长为独立的实质性现金来源，其收入占比提升和规模效应带来的盈利改善，可能在未来几年大幅提升公司整体利润 [4][5] 资本配置与股东回报 - 积极的股票回购是公司每股收益增长远超收入增长的关键因素 [2] - 2025年第一季度，董事会批准将股息提高5%，并新增700亿美元的股票回购授权 [2] - 公司在向股东返还大量资本的同时，业务仍保持强劲发展势头 [2] 未来增长路径与假设 - 假设到2030年公司市盈率约为25倍，股价达到约614美元（当前股价约307美元），则年化每股收益需达到约24.60美元 [7] - 这意味着基于当前10.13美元的过去12个月每股收益，需要增长一倍多，相当于未来五年实现接近20%的年均增长率 [8] - 实现此目标需要收入保持类似增速、费用增长慢于销售增长，并持续通过回购减少股本数量 [8] - 人工智能近期对公司业务的催化作用，使这些假设看起来合理 [9] 资本支出与投资 - 为把握人工智能领域的增长机遇，公司正进入密集的资本支出周期 [9] - 管理层近期上调了2025年资本支出展望，预计2025年资本支出将在910亿至930亿美元之间 [6] - 此类巨额支出可能在短期内对自由现金流造成压力，因此这些重大投资最终能否取得回报至关重要 [6][10]

公司股价表现与市场地位 - 2025年Alphabet成为市场表现最佳的股票之一 其股价涨幅超过60% 位列标普500指数成分股涨幅前30名 考虑到公司庞大的规模 这一成就尤为显著 [1] 2025年股价驱动因素 - 2025年公司股价从远低于同行水平上涨至与同行持平 主要受到两项利好因素推动 一是在垄断诉讼中获得有利裁决 二是在生成式人工智能领域确立了领导者地位 [2] - 这些催化剂在2026年已不复存在 投资者需要寻找新的理由来支撑股价继续上涨 [2] 核心业务：谷歌搜索 - 谷歌搜索是公司最重要的核心业务 [5] - 尽管市场曾担忧生成式AI可能取代传统搜索 但这一情况并未发生 主要得益于AI搜索概览功能的整合 该功能提供了混合生成式AI与传统搜索的体验 帮助谷歌保持了市场地位并在蓬勃发展的广告市场中持续繁荣 [6] - 第三季度 谷歌搜索收入同比增长15% 对于一个成熟业务而言表现不俗 其预期增长率通常为高个位数至低双位数 [7] - 如果谷歌搜索在2026年全年能持续交出强劲业绩 公司股票将极具持有价值 [7] 云计算业务 - 谷歌云是公司另一个表现强劲的业务板块 [8][10] - 云计算蓬勃发展的原因有二 一是传统工作负载正迁移至云端 因为这比维护昂贵的本地设备和计算硬件更为便捷 二是人工智能工作负载正在迅速上线 而大多数公司没有资源自建大型数据中心 因此从谷歌云等提供商处租用计算能力 [10] 公司整体业务与估值状况 - 尽管存在投资者的担忧 但公司的核心业务表现相当出色 [9] - 这家科技巨头可能正在开辟一个具有巨大潜力的新业务部门 [9] - 然而 公司股票已不像过去那样便宜 目前正以溢价交易 [9]

Alphabet Inc. (NASDAQ:GOOGL) is among the 14 Best S&P 500 Stocks to Buy Now. According to a Reuters report on Wednesday, Google is working with Meta to make its AI chips better suited to running PyTorch, in a bid to challenge Nvidia’s dominance in the market. Alphabet Inc. (GOOGL) and Meta Working Together To Challenge Nvidia's Market Dominance: Report Google The initiative, called TorchTPU, aims to position Google’s Tensor Processing Units (TPUs) as an alternative to the chipmaker’s Graphics Processing ...

2026 is shaping up to be another excellent year for the stock market.With 2025 nearly over, it's a good time for investors to think about which companies they might want to add to their portfolios in 2026. A market pullback can happen at any time, so having a shopping list ready to go is a smart idea.Here are my top 10 stock picks for 2026. I'm fairly confident that each of them will outperform the market next year. 1. NvidiaThis is just a list of stocks -- it's not in ranked order. However, if it were in r ...

These tech giants are already massive, but that doesn't mean they've run out of opportunities to grow.Are you worried that you've missed out on the opportunity to generate a great return from artificial intelligence (AI) stocks? There are still plenty of good and reasonably priced AI stocks you can add to your portfolio today. And many of them are already large, safe, and established players in tech.Heading into 2026, three AI stocks that I think possess the most upside are Alphabet (GOOG +1.55%)(GOOGL +1.5 ...

Alphabet Inc. (NASDAQ:GOOGL) is one of the stocks Jim Cramer talked about recently. Cramer mentioned the company while discussing the talks of a bubble in the data center business, as he remarked: “Now, why is this migration so important? Because you have all these people saying that a bubble may be developing in the data center and anything connected to it. But anyone with two eyes can see that the bubble burst two months ago for all but Google. And that’s because Google won.” Photo by Kai Wenzel on U ...

Alphabet Inc. (NASDAQ:GOOGL) is one of the stocks Jim Cramer recently discussed. Cramer highlighted the company’s deal with Apple during the episode, as he said: “Almost every single tech company I follow has a monstrous set of rivals spending tens of billions of dollars to dominate the particular industry. Now, in one case, that spending can be worth it. Google spent enough to keep the comers out of the search category. It’s been allowed to write a check to Apple to make it the default search. Photo b ...

Berkshire and Warren Buffett took a sizable stake in Alphabet in the second quarter.Warren Buffett's time as CEO of Berkshire Hathaway (BRK.A 0.06%) (BRK.B 0.19%) is unfortunately coming to a close. The legendary CEO has provided investors with incredible advice and has made some savvy investments along the way.During the latest round of filing Form 13Fs with the SEC, it was revealed that Berkshire took a new stake in Alphabet (GOOG +1.91%) (GOOGL +1.93%). This shouldn't come as a surprise, as Buffett has l ...

公司AI战略与市场地位 - 公司拥有领先的大型语言模型和多样化的AI产品与服务 [1] - 公司通过推出AI Overview和AI Mode等应对竞争，付费点击加速增长，第三季度销售额同比增长16% [5] - 谷歌搜索仍为核心业务，市场份额约90%，但公司业务还包括YouTube、Android、Waymo自动驾驶等，提供多元化增长动力 [6][8] AI产品与服务的增长动力 - 谷歌云平台是客户使用生成式AI的关键，第三季度云服务收入同比增长34%，增长加速表明AI机会正吸引更多客户 [7] - 公司最新的LLM Gemini 3被多个排行榜评为当前最佳，拥有6.5亿活跃用户，公司正利用其强大的用户基础实现服务货币化 [7] - 公司设计自己的AI加速器芯片TPU，用于训练和驱动其LLM，并与Nvidia GPU结合使用，TPU专为深度学习设计，与Nvidia的通用GPU形成对比 [8][10] 基础设施与合作伙伴关系 - 公司广泛可靠的基础设施是其技术栈的基石和关键差异化因素 [9] - 公司与开发热门Claude LLM的Anthropic达成关键合作伙伴关系，并传闻正与Meta洽谈供应芯片 [10] - TPU为公司在AI开发中带来优势，尤其是随着LLM变得更复杂，需要更多此类处理能力 [10] 资本支出与未来展望 - 管理层告知投资者，预计2025年资本支出将在910亿至930亿美元之间，高于此前850亿美元的预测，并计划在2026年“显著增加”资本支出 [11] - 巨额投资的效果已显现，包括云增长加速、付费点击加速和整体销售额提升，这些趋势在明年可能进一步改善 [3][11] - 如果2025年是扩张之年，2026年可能是这些公司投资开始显现成果的一年，届时公司可能成为大赢家 [3] 行业背景与竞争格局 - 人工智能正在显著改变世界，主要超大规模云供应商正投资数千亿美元以把握趋势 [2] - 亚马逊、Meta Platforms和公司等都在发展强大的AI业务，而英伟达和博通等公司则提供支持该技术的硬件基础设施关键部分 [2] - 当前的LLM类型三年前通过OpenAI的ChatGPT向公众推出，但公司多年来已使用类似技术驱动其谷歌搜索引擎，ChatGPT的发布改变了AI格局并引发了新的LLM竞赛 [4]

Open AAI's Sam Alman on the record with big technologies. Alex Canowitz in a podcast that has just literally dropped. Alex is a CNBC contributor.He joins us now. >> What a get. >> Thank you.Congratulations. It >> was great to speak with him. >> So this is literally literally hitting what what's the big takeaway for you. >> Uh the big takeaway is of course OpenAI is code in code red, right.They acknowledge they have the competition from companies like Google. Uh but Sam's vision is not to play on Google's fi ...