Alphabet 仍是一只具吸引力的 AI 股票：AI 并未杀死搜索，公司正将 AI 整合进搜索，而非被颠覆。2026 年第二季度营收增长 24%，搜索及其他广告增长 17%，Google Cloud 增长 82%。AI 资本开支对近期利润构成压力，监管风险持续存在，但广告支撑的业务为长期灵活性提供支持。
逐段跳播
我今天的首选，是现在所有关注人工智能股票的人都在谈论的一家公司，那当然就是 Alphabet，也就是 Google 的母公司。
Well, my first choice today is a name that everyone who follows artificial intelligence stocks is talking about right now, and that is of course Alphabet, the parent company of Google.
谈到人工智能股票，就不可能不提到 Alphabet。如你所知，尽管关于人工智能的讨论很多，但 Alphabet 在这一领域所做的大部分事情，都是为了从其核心业务中获取利润，比如广告和云计算。
It is impossible to talk about artificial intelligence stocks without mentioning Alphabet. As you know, despite all the talk about artificial intelligence , most of what Alphabet does in this field is aimed at generating profit from its core businesses, such as advertising and cloud computing.
这家公司仍然主要依赖搜索，YouTube 及其庞大的广告网络构成了其收入的大部分，每当有人点击搜索广告或在 YouTube 上观看视频时，就会产生收入。
The company still relies primarily on search, with YouTube and its extensive advertising network making up the majority of its revenue, which is generated every time someone clicks on a search ad or watches a video on YouTube.
然后，当然还有 Google Cloud。它与 Amazon Web Services 和 Microsoft Azure 并列为全球第三大云计算服务提供商，并且开发了自己的人工智能模型系列——Gemini。
And then, of course, there's Google Cloud. It is the world’s third-largest provider of cloud computing services alongside Amazon Web Services and Microsoft Azure, and has developed its own family of artificial intelligence models , Gemini.
这个模型现在为一个面向消费者的聊天机器人应用提供支持，我们稍后会讨论它，同时也为直接内置于 Google 搜索引擎本身的人工智能层提供支持。
This model now powers a consumer chatbot application, which we will discuss later, as well as an AI layer built directly into the Google search engine itself.
有意思的是，这家公司远不只是一家人工智能基础设施公司。而 Alphabet 则一直在同时从多个角度尝试人工智能：搜索引擎中的一项功能、面向消费者的独立应用，当然还有面向企业的云计算服务。
Interestingly, this company is far from being just an AI infrastructure company. Alphabet, on the other hand, has been experimenting with artificial intelligence from multiple angles simultaneously: a feature in its search engine, a standalone application for consumers, and of course, cloud computing services for enterprises.
所有这些都完全由一份高盈利的资产负债表提供资金，产生现金流，并依靠其经营已久的广告业务。它实际上并不需要这些投资中的任何一项成功，才能继续增长。
All of this is fully funded through a highly profitable balance sheet, generating cash flows, and relying on its long-established advertising business. It does not actually need any of these investments to succeed in order to continue growing.
过去几年里，人们对 Alphabet 普遍存在一种悲观情绪。普遍的看法是，像 ChatGPT 这样的人工智能聊天机器人将夺走 Google 搜索引擎的很大一部分份额，就像搜索引擎此前对平面广告所做的那样，对吧？
Now, over the past few years, there has been a prevailing sense of pessimism regarding Alphabet. The prevailing idea is that AI-powered chatbots, such as ChatGPT, will take over a large share of Google's search engine, just as the search engine previously did with print advertising, right?
这种看法是，Alphabet 的主导地位已经终结。不过，这还没有发生。即便在 Alphabet 将人工智能引入搜索结果之后，搜索收入仍在继续增长。
The idea is that Alphabet's dominance has come to an end . Well, that hasn't happened yet . Search revenues continued to grow, even after Alphabet launched artificial intelligence into search results.
搜索引擎本身内部就有一个集成的人工智能系统。本质上，我们看到的是，Alphabet 成功地将人工智能整合进了它现有的业务，而不是去收购它。
There is an integrated artificial intelligence system within the search engine itself. Essentially, what we are seeing is that Alphabet has managed to integrate artificial intelligence into its existing business rather than acquire it.
这也推动了 Google Cloud 的增长加速。
This also contributed to accelerating the growth of Google Cloud.
用数字来说明，在 2026 年第二季度，Alphabet 的总收入同比增长了 24%。搜索及其他广告收入增长了 17%。Google Cloud 收入增长了 82%，与此前的大幅增长相比，这是一次显著的加速。
To illustrate this with numbers, in the second quarter of 2026, Alphabet's total revenue grew by 24% year-over-year. Search and other advertising revenue grew by 17%. Google Cloud revenues grew by 82%, a remarkable acceleration compared to previous generous growth.
云计算领域已签订的远期合同价值达到 5140 亿美元。得益于人工智能的整合，云计算领域正经历显著而渐进的进展。
The value of future contracts contracted in the field of cloud computing reached $514 billion . The cloud computing sector is witnessing remarkable, gradual progress thanks to the integration of artificial intelligence.
Gemini 拥有 9.5 亿月活跃用户，其日活跃用户在过去一年里增长了两倍。还有 Gemini Enterprise，这是 Alphabet 面向企业的 AI 产品，目前已有近 90% 的《财富》100 强公司在使用。
Gemini has 950 million monthly active users, and its daily active users have tripled in the past year. There is also Gemini Enterprise, Alphabet 's AI product for businesses, which is now used by nearly 90% of Fortune 100 companies.
有意思的是，如果我们回想几个月前 Alphabet 公布财报后市场的反应，股价是下跌的。
Interestingly, if we recall the market's reaction after Alphabet announced its earnings a few months ago , the stock price fell.
我认为，这是因为投资者关注的是 Alphabet 在 AI 基础设施上的支出规模与预期相比如何。当然，与这一领域许多其他公司一样，Alphabet 继续上调其预计资本支出。它在人工智能基础设施、张量处理单元和数据中心上投入巨大，并努力推动业务增长。
I think this is due to investors focusing on the size of Alphabet's spending on AI infrastructure compared to expectations. And of course, as with many other companies in this field, Alphabet continued to increase its projected capital expenditures.
It invests heavily in artificial intelligence infrastructure, Tensor processing units, and data centers, and is working to grow its business.
最终，这将为公司带来现金流和利润。这就是为什么我们近期看到盈利能力增长面临一些压力。但长期来看，我认为这将使其面向消费者和企业的业务拥有极大的灵活性。
Ultimately, this will lead to a flow of cash and profits to the company. This is why we are seeing some pressure on profitability growth in the near term. But in the long run , I think this will give it great flexibility in its consumer and business-oriented operations.
当然，Alphabet 始终面临监管风险。这是 Alphabet 一次又一次克服过的问题，但在分析任何项目时，它始终是一个需要考虑的因素。
Of course, there are always regulatory risks facing Alphabet. This is something Alphabet has overcome time and time again , but it always remains a factor to consider when analyzing any project.
对我来说，关键在于 Alphabet 过去几年一直在反驳人工智能会扼杀搜索这一观点。事实上，它正在利用人工智能改进其搜索业务。
For me, the bottom line is that Alphabet has spent the last few years refuting the idea that artificial intelligence will kill research. In fact, it is improving its search operations using artificial intelligence.
它拥有自己的芯片制造部门，由 TDP（张量处理单元）组成，这帮助它减少对外部供应商的依赖。尽管大部分增长由搜索、广告和 Google 云服务驱动，但还有其他重要投资。Alphabet 拥有其中一些重大投资。
It has its own chip manufacturing division, which consists of TDPs (Tension Processing Units), helping it to reduce its reliance on external suppliers. Although most of the growth is driven by search, advertising, and Google's cloud services, there are other important investments.
There are some of these major investments that Alphabet owns.
当然，Waymo 是最突出的一个，尤其是它在自动驾驶领域的扩张。Waymo 目前在美国自动驾驶竞赛中大幅领先。该公司也在美国以外迅速扩张。
Of course, Waymo is one of the most prominent, especially with its expansion into the field of self- driving vehicles. Waymo currently leads the self-driving race in the United States by a wide margin.
The company is also expanding rapidly outside the United States .
但 Alphabet 还在投资其他领域，比如 isomorphic laboratories 和 AI 驱动的药物研发。
But there are other areas where Alphabet is investing, such as isomorphic laboratories and AI- powered drug discovery .
通过投资这家企业，你有很多方式可以把握非常令人兴奋的行业趋势。最重要的是，这家公司的增长故事建立在真实的盈利能力、现金流和稳定的收入增长之上。
There are many ways you can take advantage of very exciting industry trends by investing in this business. Most importantly, this company’s growth story is built on genuine profitability, cash flow, and steady revenue growth.
如你所知，它是搜索广告领域的领先公司，也是云计算领域的领先公司之一。所以，我相信——而且我是作为 Alphabet 的长期股东这么说的——如果你在寻找 AI 股票，Alphabet 股票在这个领域仍然是一个有吸引力的投资选择。
As you know, it is the leading company in search advertising and one of the leading companies in cloud computing. So , I believe—and I say this as a long- term shareholder in Alphabet—that Alphabet stock is still an attractive investment option in this space if you are looking for AI stocks.
它的评级也往往比许多竞争对手更有吸引力。因此，如果你想在投资组合中加入一只 AI 股票，它是一个值得考虑的选择。
Its rating also tends to be more attractive than many competitors. Therefore, it is a worthwhile option to consider if you want to add an AI stock to your investment portfolio.
是的，Google 本质上是一家盈利能力很强的公司。诚然，搜索未来可能会受到冲击，但搜索在总收入中的占比已经下降，现在接近 50%，因为其业务的另一部分，尤其是 Google Cloud，增长速度要快得多，并创造了巨额利润。
Yes, Google is essentially a very profitable company. It is true that search may be disrupted in the future, but the percentage of search in total revenue has already decreased, and is now close to 50%, because the other side of its business, especially Google Cloud, is growing at a much faster pace and generating huge profits.
因此，我认为 Google 始终是我会列入任何名单的公司之一。
Therefore, I think Google is always one of the companies I would put on any list.
这个频道对 $GOOGL 的历次判断
The Motley Fool 在这只股票上共 8 条判断，这里只列相邻的几条。