谷歌-2026 年 PM 层级展望
2026-01-14 05:05

AI cycle moving in the right direction for Alphabet In 2025, Alphabet stock (up 65% y/y) outperformed major indices (NASDAQ up 20%) and FANG peers (Meta +13%). While estimates moved higher, the majority of Alphabet's 2025 stock returns were driven by multiple expansion driven by a change in AI sentiment, and a relatively favorable Search remedy decision. With forward P/E valuation somewhat elevated (versus history), the key question for 2026 is if there is room for further multiple expansion on top of the S ...