Alphabet凭借现有用户基础拥有获客成本优势，且其估值倍数低于特斯拉。
逐段跳播
那么，让我们来看看Waymo与特斯拉之间这场争端的细节，以及它最终对Alphabet和特斯拉股票投资者意味着什么。
So, let's take a look at the details of this Waymo-Tesla dispute, and what it ultimately means for Alphabet and Tesla stock investors.
然而，Waymo周二还宣布了三个新市场，扩大了其机器人出租车网络，为美国十几个城市的客户提供服务。因此，与特斯拉相比，Waymo在测试车辆数量和提供的出行次数方面明显领先。
However, Waymo also announced three new markets on Tuesday, expanding its robotic taxi network serving customers in more than a dozen U.S. cities. So, Waymo is significantly ahead in terms of the number of vehicles it tests and the number of trips it provides compared to Tesla.
换句话说，这位分析师的意思是，Waymo已经建立了一个注定要过时的网络，并且正在试图捍卫它，但它无能为力，因为其技术已经过时。
In other words, what this analyst is saying is that Waymo has built a network destined for obsolescence, and it is trying to defend it, but it can't do anything because its technology has become outdated.
据负责驾驶软件的Waymo副总裁在公司博客上所述，那里的官员接着说，摄像头很棒，但还不够。多年来，人们一直在争论仅靠摄像头是否足以实现完全自动驾驶，但在现实世界中行驶超过2亿英里后，数据变得越来越清晰。
安全的大规模自动驾驶运营需要更多。通过结合摄像头、激光雷达和雷达的数据，Waymo驾驶员创造了一个丰富的、重复的世界视图，这是任何单一传感器都无法复制的。
Officials there went on to say that the cameras are amazing, but not enough, according to a Waymo vice president overseeing driving software, as stated on the company blog. For years, there has been debate about whether cameras alone are sufficient to achieve full autonomous driving, but after more than 200 million miles in the real world, the data is becoming clear. Safe, large-scale autonomous driving operations require more. By combining data from cameras, lidar, and radar, the Waymo driver creates a rich, repeating world view that no single sensor can replicate.
因此，Waymo目前在14个城市拥有约4000辆机器人出租车，每周提供50万次付费出行。
Therefore, Waymo now has a fleet of approximately 4,000 robot taxis across 14 cities and provides 500,000 paid rides per week.
但Waymo和特斯拉等公司致力于无人驾驶汽车技术的原因，是它们相信自己能够以比目前有司机在车内的成本更低的价格将这一产品推向市场。
But the reason companies like Waymo and Tesla are working on driverless car technology is their confidence that they can bring this product to market at a lower cost than you get today with drivers in the vehicle.
如果加入雷达和激光雷达，肯定会更安全，但如果其成本与目前市场上的产品相似，就不太可能获得很大的市场份额。这就是这里的大问号。谁能以更具吸引力的价格将这项技术推向市场？
If you were to include radar and lidar, it would certainly be safer, but if its cost were similar to what is available on the market today, it is unlikely to gain a large market share. And that's the big question mark here. Who can bring this technology to market at a much more attractive price?
在这方面，Alphabet在获取客户的成本方面具有显著优势，因为Alphabet在全球已经拥有数十亿产品用户。不是吗？因此，它可以轻松地向这些用户推销其自动驾驶汽车技术服务，而特斯拉则需要花费巨额资金进行营销以吸引客户。
In this respect, Alphabet has a significant advantage in terms of the cost of acquiring customers because Alphabet already has billions of users of its products around the world. Isn't that so? Therefore, it can easily market its self-driving car technology service to these users, while Tesla will need to spend huge sums of money on marketing to attract customers.
Alphabet或许能够与之匹敌，因为它以非常大的规模运营。它可以与生产商和制造商签订合同，以与特斯拉生产其车辆相似的成本生产这些车辆。
Alphabet may be able to match that because it operates on a very large scale. It can contract with producers and manufacturers to produce these vehicles at a cost similar to that at which Tesla produces its vehicles.
对于投资者来说，我认为重要的是要记住，特斯拉的远期市盈率为164，而Alphabet的远期市盈率为22。特斯拉的估值是Alphabet的八倍。
For investors, I think it's important to remember that Tesla is trading at a forward P/E ratio of 164, while Alphabet is trading at a forward P/E ratio of 22. Tesla's valuation is eight times that of Alphabet.
至于Alphabet，如果Waymo的成功平平，没有带来有意义的市场份额，那么它不太可能对Alphabet的股价产生重大影响。我认为反应不会接近对特斯拉的负面反应程度。
As for Alphabet, if Waymo's success is average and does not lead to a meaningful market share, it is unlikely to have a significant impact on Alphabet's stock price. I don't think the reaction will be anywhere near the levels of negative reaction towards Tesla.
因此，这两种技术中哪一种将成为必然的赢家，还有待观察。然而，对于Alphabet来说，跌幅不那么显著。
So, it remains to be seen which of these two technologies will be the inevitable winner. With Alphabet, however, the decline is less significant.
这个频道对 $GOOGL 的历次判断
Parkev Tatevosian, CFA 在这只股票上只有这一条判断。