$GOOGL · Mark Roussin, CPA · 2026-11-03
Alphabet仍是说话者的最大持仓，他并未卖出，理由是Search、YouTube、Cloud、Android和AI资产具有价值，但广告业务连续两个季度不及预期，且AI可能冲击一项核心利润引擎。在加仓方面他更看好Amazon，理由是Amazon营业利润增长约61%，而Alphabet约30%。
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我们还会把这些结果与我的另一项重大投资 Alphabet 进行比较，并判断当前估值是否足够有吸引力，让我大幅增持。
We will also compare those results with another major investment of mine, Alphabet, and determine whether the current valuation is attractive enough for me to significantly increase my stake.
作为投资者，看到 Microsoft、Alphabet 以及现在 Amazon 这些公司的云业务增长数据，你没法跟我说人工智能正在放缓。你根本没法这么说。
I mean, as an investor, you can't look at these cloud growth numbers that we've seen from companies like Microsoft, Alphabet, and now Amazon, and then tell me that AI is slowing down. You simply cannot do that.
Google Cloud 是 Alphabet 财报中的亮点。我们刚刚从这些公司近期的业绩中看到了这一点。
Google Cloud was the bright spot in Alphabet's earnings report. We have just seen that through the recent results of those companies.
这正是事情变得特别有意思的地方，因为 Alphabet 仍然是我最大的单只股票持仓。我最近发布了一个视频，讨论我为什么对它们的财报感到担忧。我想说清楚，我并没有卖出 Alphabet 的股票。
我仍然相信 Google 拥有世界上一些最有价值的业务：Google 搜索引擎、YouTube、Google Cloud、Android，以及一系列卓越的人工智能技术。
This is where things get particularly interesting, because Alphabet remains my largest individual stock holding. I recently posted a video in which I discuss why I'm concerned about their report.
And I want to be clear , I am not selling Alphabet shares. I still believe that Google has some of the most valuable businesses in the world. Google search engine, YouTube, Google Cloud, Android, and an exceptional array of artificial intelligence technologies.
但在审阅了 Alphabet 和 Amazon 双方的最新财报之后，我的下一笔投资更倾向于 Amazon。原因如下。
But after reviewing the latest earnings reports for both Alphabet and Amazon, I prefer Amazon for my next investment. Here's why.
看 Alphabet，其广告收入作为支柱业务，连续两个季度的表现都远低于预期。两家公司的云业务数据都特别强劲。但看 Alphabet 的话，其云业务数据在其业务中占比并不大。
Looking at Alphabet, their advertising revenue, their mainstay, came in well below expectations for two consecutive quarters. The cloud numbers were particularly strong for both companies.
But when you look at Alphabet, their cloud numbers aren't a big part of their business.
是的，两家公司花的现金都多于它们产生的现金，这是负面因素。但在我看来，两者之中 Amazon 似乎处于好得多的位置。
Yes, both companies spend more cash than they generate, and that's a negative thing. But of the two, Amazon seems to be in a much better position in my opinion.
人工智能可能在 Google 的某些领域正在增长，但你应该问自己的问题是：这是否会让其核心业务面临风险？这就是问题所在。这是我正在密切关注的事情。
Artificial intelligence may be growing in some areas of Google, but the question you should ask yourself is: Does that put their core business at risk? That is the question. This is something I am monitoring closely.
但这是我的观点。Amazon 似乎有更大的机会利用人工智能来扩大其当前的盈利能力，而 Alphabet 则面临人工智能颠覆其最赚钱业务之一的直接风险。这就是我所关注的差别。
But here's my point of view. Amazon appears to have greater opportunities to use artificial intelligence to expand its current profitability, while Alphabet faces a direct risk of AI disrupting one of its most profitable businesses. This is the distinction I'm focusing on.
以下是我更倾向于 Amazon 的下一个原因。它们有经营动能。Amazon 的合并营业利润增长了约 61%。Alphabet 的营业利润增长了约 30%。两者都是强劲的业绩，但 Amazon 在多项业务上展现出极高的运营效率，这让我对该公司随着时间扩大盈利能力更有信心。
Here's the next reason why I prefer Amazon. They have operational momentum. Amazon's consolidated operating income rose by approximately 61%. Alphabet's operating income rose by about 30%.
Both are strong results, but Amazon demonstrates great operational efficiency across multiple businesses, and this gives me more confidence in the company's ability to expand its profitability over time.
然而，在它们最近的财报发布后，我把 Amazon 与 Alphabet 进行比较时，对于追加投资，我很容易就倾向于 Amazon。
However, when I compare Amazon to Alphabet after their recent earnings reports, I easily prefer Amazon for the additional investment.
再说一次，这并不意味着我要放弃 Alphabet。它仍然是我最大的投资。在这些最新财报发布之后，未来五年你更愿意持有哪只股票，Amazon 还是 Alphabet？
This does not mean, again, that I am abandoning Alphabet. It is still my biggest investment. Following these recent earnings reports, which stock would you prefer to own for the next five years, Amazon or Alphabet?
这个频道对 $GOOGL 的历次判断
Mark Roussin, CPA 在这只股票上共 5 条判断，这里只列相邻的几条。