美股研究社·2025-09-30 12:06Core Viewpoint - Google is emerging as a leader in the artificial intelligence sector, with signs of improved performance and a strong outlook for AI, despite its stock price not reflecting this leadership [1][4]. Group 1: Google and AI Leadership - Since the launch of ChatGPT, Google has been recognized as a leader in AI, with its performance beginning to show more signs of leadership in the sector [1]. - Google Cloud's backlog has increased significantly, with a quarter-over-quarter growth of 18%, reaching $108 billion, driven by over 85,000 enterprises collaborating with Gemini, resulting in a year-over-year usage increase of 35 times [7]. - The market share of Gemini in generative AI has grown to 10.8%, up from 4.9% six months ago, indicating its rising dominance in the sector [3]. Group 2: Competitive Landscape - Meta is investing heavily in AI, including a $10 billion cloud agreement with Google Cloud, but has not maintained a leading position in the AI field [2]. - Apple is also looking to leverage Gemini to enhance Siri's user experience, indicating a competitive interest in Google's AI advancements [3]. Group 3: Financial Metrics and Valuation - Despite signs of being a leader in AI, Google's expected price-to-earnings ratio remains at a low level compared to competitors like Apple and Microsoft, which have higher valuations despite lacking a strong AI strategy [8][10]. - Google's stock price aligns with Meta's expected earnings target of approximately 25 times, but when excluding significant stock compensation, the stock appears much cheaper [10]. - The company has committed to a capital expenditure of $85 billion this year, yet maintains positive free cash flow, suggesting strong financial health [10]. Group 4: Market Perception and Investment Outlook - There are indications that the market has not fully recognized Google's position as a quiet leader in AI, as evidenced by its stock price decline [11]. - Given the current low stock price relative to its historical highs and the strong growth potential in AI, it is suggested that investors should consider investing in Google [11].