$GOOGL · The Motley Fool · 2026-11-05
Alphabet是说话者在其所在领域唯一持有的公司；他称其为稳健的公司，提到其TPU取得成功，且跌幅小于大盘和纳斯达克100指数。他对公司为AI资本开支而承担的杠杆略感失望，但只要投资资本回报率仍远高于资本成本，他就接受这些支出，并称明年资本开支可能接近3000亿美元。
逐段跳播
如果你看 GCP、看 Azure、看 AWS，这些都是行业巨头，数字只会越来越大。所以显然使用量在上升，支出在上升，收入也越来越多地产生。
if you look at GCP, if you look at Azure, if you look at AWS, those are giants in the industry where the numbers are just getting bigger and bigger. So clearly the usage is going up, spending is going up and revenue gets gets generated more, more and more.
以 Alphabet 为例。我想我们最近在节目里谈过这个。他们2026年第四季度，也就是我们当前所在季度的资本支出数字，如果把它平移到2027年全年，你几乎就达到3000亿美元的资本支出。
let's take Alphabet as the example. I think we talked about this on a show recently. Their capex number for the fourth quarter of 2026, so the current quarter that we're in, if you just flatline that for the next year for 2027, you're almost at $300 billion worth of capex.
不过 Google，只有 Alphabet，跌幅小于市场，显著小于 NASDAQ 100。
Google though, Alphabet only that's down less than the market significantly less than the than the NASDAQ 100.
我们看到 Google 的 TPU 取得了巨大成功。
we've seen Google with TPUs huge success
即使 Google 明年是3000亿美元，那仍比他们今年要花的钱多出近1000亿美元。
Even if it's $300 billion for Google next year, it's still almost hundred billion dollar more than what they're going to spend this year.
Alphabet、Amazon，这些是，Apple 也许不是最好的 AI 标的，但确实是一家非常稳健的公司。
Alphabet, Amazon, you know, these are Apple maybe maybe isn't the best AI play, but you know, really solid company.
我甚至有点失望，像 Alphabet 这样的公司为了建设这轮 AI 基础设施而承担这么多杠杆。我理解他们业务带来了大量现金，而且他们目前资产负债表上也有大量现金，因为他们算是提前做了功课。
I'm even a little bit disappointed that a company like Alphabet is taking on as much leverage as they are to build out this AI buildout. I understand they have a ton of cash coming in from their business, but uh and they have a ton of cash on the balance sheet at this point because they've kind of done their work ahead of time.
对于 Alphaba，我认为他们大多数人已经谈过，他们认为投资资本回报率仍远高于资本成本，这就是他们正在做这些事的原因。只要对他们来说情况仍然如此，那就是合理的。
with with Alphaba, I think most of them have talked about the fact that they see the return on invested capital still being much higher than the cost of capital and that's why they're doing what they're doing.
And as long as that's that remains the case for them, then it makes sense.
但自从其他这些公司，Meta、Google，我是说，Sofi 自财报以来确实涨了一点，不过 Nebus，或者甚至 Nvidia 之类的，或者 Axon 也回升了一些。
But since all the others, a Meta, a Google, I mean, Sofi did go up a little bit or since the earnings, but a Nebus or or even an Nvidia or whatever or Axon also recovered a bit.
Alphabet 是我在那个领域里唯一持有的公司。
Alphabet's the only company I own in that kind of space.
那些有希望最终成长为 Amazon、Alphabet 和 Meta 的公司，比如我知道 Meta 是2004年创立的，但就是这类公司。
companies that hopefully end up turn turning into Amazon and Alphabet and Meta companies like I know Meta was started in 2004 but the companies like that
这个频道对 $GOOGL 的历次判断
The Motley Fool 在这只股票上共 17 条判断，这里只列相邻的几条。