GOOGL 是长期基本面买入标的：AI 提振搜索与 YouTube；上季度云业务收入增速加快至 80% 以上，利润率同步扩张。搜索增速重新加快至十几%中段；DeepMind 持续领先 Anthropic/OpenAI。业绩强劲，市盈率接近大盘水平，不过 AI 可能对搜索构成压力。

Let's stick with the Big Seven companies, but let's delve deeper into Alphabet within the technology focus section. Well, I've seen some positive comments from analysts this morning about the cloud's performance and profit margins. Um, what 's the big picture here ?

Yes, absolutely. Google has a very unique position as a company. They have a core business that clearly benefits from artificial intelligence. This activity has seen a significant acceleration in revenues since the beginning of building the artificial intelligence infrastructure .

Using artificial intelligence to increase queries and improve ad targeting in search and YouTube. Moreover, they have a vertically integrated cloud. They have their own chips. They have their own models.

They also have their own data centers. Therefore, it is a uniquely positioned company that leverages artificial intelligence in multiple areas of its business.

When we think about the value of the company and how to break down what Google works on. She also mentioned that she benefits from artificial intelligence. Um , what is your overall view of its value at the moment?

I mean, for example, one analyst said today that the stock has the potential to rise by 20%. Um, this is different from many of the technology names that are under pressure today, isn't it?

In fact, the stock is currently rising. What is the overall outlook on how Google Cloud can remain a key part of the story going forward?

correct. "Google Cloud" is an interesting story right now. It has become something of a fast-growing cloud computing platform on a large scale. I believe revenue growth accelerated to over 80% in the last quarter.

I think there are expectations that this will accelerate again in the September quarter. Part of the driving force here is that they started selling "TPU" chips externally. Therefore, this became an additional source of revenue.

It is small now. It is expected to start contributing more next year. In addition to revenue growth, cloud profit margins actually expanded in this environment where all major platforms were suffering from supply constraints, and prices were very strong.

Um, and the executive performance at Google was good. So, you have a cloud business whose revenues are accelerating and whose profit margins are expanding, and it has begun to distinguish itself as a vertically integrated cloud platform .

So, the research is still holding up well. Have those concerns about artificial intelligence faded away? Research, research is still holding up well at the moment . I think, as you know, there are concerns that are sure to persist.

But I think what happened with the research was very interesting . If you've noticed , they've almost turned Google Search into , in my own interpretation, a chatbot experience.

Therefore, they introduced two new types of products: AI Mode and AI Research Overview . The bottom line so far is that what has happened has clearly led to an increase in queries.

So, people come to Google Search, they look for something, and then the chatbot experience drives more interaction, engagement, and more queries, and therefore more revenue generation.

So, this is a business, you know, with annual revenues of a few hundred billion dollars, which is growing now, its growth rate has accelerated again to the mid- tens. So, it actually still accounts for a share of total advertising spending, which is a truly remarkable story.

Therefore, I still believe the research is strong. I really think there are concerns that artificial intelligence, or different, new and original experiments with artificial intelligence, may marginally affect research work , you know, over the coming years.

Yes, and as we talk about expectations for DeepMind and Gemini after the launch of the Aragon model, for example, we had BNP Paribas just talking about Google undercutting some competitors in terms of price as it now moves into enterprise, and it was kind of positive, and they have a target of 425, sorry, a target of 420 for Google, which is currently valued at 349.

Well, they talked about Google undercutting some AI competitors in price, and that sounds like something that could be good. I have spoken a lot about the margins. Is this the place where that would fit?

I think the strategy at DeepMind is much more focused on staying ahead, staying in competition with Anthropic and OpenAI, you know, and continuing to release really strong models at a good pace.

Therefore, I think they are less focused on monetization than Gemini is today. I think they are much more focused on staying competitive with OpenAI and Anthropic, and I think they believe that having a model layer will be a winning strategy in the long run, that a lot of the economic returns will go to the companies that own the models, and that in the long run only two companies will emerge at the forefront .

This is the company that invented the " Transformer" model. I believe that if there is any company capable of competing in this evolving field, it is Google. A company that has always been known for its engineering and research capabilities.

DeepMind is also a highly successful artificial intelligence research laboratory . So, yes, I definitely think they will be able to continue competing here.

Yes. I was also looking into other things, such as their fuel cell project in the energy sector . There are different stories within the story, but as a huge cloud computing company and part of the Big Seven , does it look like a top-tier company overall ?

Do you see potential for the stock to rise? Or has a lot of good news already been reflected in its price?

No, I'm definitely looking at it over a longer time frame. This is a leading and trusted company. She is a clear beneficiary of artificial intelligence. It is a pioneer in the development of artificial intelligence technology.

It is a company where the fundamentals are generally accelerating. The margins are expanding. Revenues are accelerating. Strong earnings growth and trading at a level close to the market's price-to-earnings ratio.

Therefore, I believe this is still a fundamental investment.

Yes. John, it's great to see him. We were delighted to have you with us today. As you know , from now until the end of the month, we will be closely monitoring some key results from Google and what they tell us.

Would you like to comment on any of that? One last word, John. Is this about Google's profits or profits in general?

No, Google's profits or what you would add in the end , what we should be watching, and how we feel about the overall situation. Well, I mean, in the context of what's happening in the market , there's still this debate about the return on artificial intelligence and all this capital that's being invested in it.

Will companies get a return on this capital? I think companies like Google and some other cloud computing companies have already proven that they deliver strong returns on invested capital, and I expect we will continue to hear such messages when earnings are announced later this month.