《Alphabet (GOOGL): The Megacap That Still Might Be Underrated》
Alphabet 是一家拥有持久护城河和强劲增长的卓越企业，但由于资本密集度上升以及 AI 回报的不确定性，其估值如今比一年前更接近合理水平。
大约18个月前，Shawn曾推荐Alphabet，认为它是Mag 7中最便宜的一只，当时市场正忙着为搜索的消亡定价。但自那之后，该股大约翻了一倍，而搜索的消亡始终没有真正出现。
About 18 months ago, Shawn pitched Alphabet as the cheapest of the Mag 7 back when the market was busy pricing in the death of search. But since that episode, the stock has roughly doubled and the death of search never actually showed up.
真正出现的是这样一家公司：它如今计划在单一年份里投入约2000亿美元用于数据中心，已完全停止回购自家股票，并已筹集超过1000亿美元资金来为这些支出提供资金。
What did show up as a company that now plans to spend around $200 billion in a single year on data centers, has stopped buying back its own stock entirely, and has raised over hundred billion in capital to fund this spending.