GOOGL 是一家顶级科技公司，也是安全的长期持有标的；搜索和云业务增长正在加速，AI 产品获得大规模采用，且估值相对同业具有吸引力。

The first company is Alphabet, Google. Most people know Google. It is one of the largest companies on Earth. Whenever we think about technology or the internet, we probably think of Google.

The interesting thing about Google is that a year or a year and a half ago, people thought this company was finished. ChatGPT appeared two years ago, and it was said at the time that the search, their " golden goose" , would disappear, right?

We cannot imagine a world where people stop using Google search to find things.

Well, ironically, that didn't happen. People still use Google search.

Not only that, but we've actually seen search revenues accelerate over the past two quarters. In the last quarter, it actually rose by 16.7% year-on-year. Now, the whole thing about Google is that you can look at it as a kind of " Berkshire" when you look at technology or things that can be built thanks to the internet.

But going back to why I put Google's "Alphabet" in this position, it's simply because if you're unsure what kind of technology might succeed, Google has a footprint in many, many areas.

If you don't want to bet on what might work in the future, then dealing with a company like Google, which I believe will always be at the forefront of innovation, might be the right strategy .

Then, going back to the reason for the market's misjudgment of this company, they completely forgot about "Google Cloud". In 2025, Google Cloud was growing very rapidly, of course with a small financial base compared to other big players in the cloud field, but for some reason that didn't matter.

It didn't matter that it might become a multi-billion-billion company on its own. But at the moment , what we have seen is that growth there is accelerating.

I believe it has grown by approximately 82% year-on-year. The margins also widen to around 35 or 36%. And yes, after a year the company doubled in size and is now worth about $4 trillion .

You have YouTube, which is also a major asset they own, and they have subscription services, and they have what is called a great option in self- driving vehicles with Waymo.

In my opinion, it is truly one of the best technology companies out there . If you are looking for something that can be described as safe without having to take too much risk, Google is in a very good position.

And look, in this world of artificial intelligence, having a highly profitable core business is a huge advantage. Yes, as a long-term shareholder in Alphabet , I have certainly heard the pessimistic view of this business a lot in the past few years.

I mean, going back to Google Cloud's activity, their future contracted revenues, i.e., their backlog, reached $514 billion in the last quarter. So, we are seeing strong growth there, much of it driven by artificial intelligence.

Of course, artificial intelligence is now enhancing basic research activity, as I pointed out, which many feared would disappear with the emergence of these new foundational models.

Then you have the Gemini app, which has reached one billion monthly active users. "Gemini Enterprise," their product dedicated to artificial intelligence for businesses. It is now used by nearly 90% of Fortune 100 companies.

There was one statement that really caught my attention from the second quarter earnings call. Sundar Pichai, CEO of Alphabet, essentially explained why Google Cloud cannot grow faster despite the huge demand.

He said: "We are still facing supply constraints." What does this mean? They have no difficulty finding customers for their AI solutions. They are struggling to build data centers and purchase chips quickly enough to keep up with existing demand.

We are seeing search revenues grow at double-digit rates. Once again , that incredible backlog of demand for the cloud. I believe we continue to see a company truly designed to innovate for each generation, being improved for it and continuing to grow within it.

It is one of the companies I have kept in my portfolio for many years, and it tends to trade at a more favorable valuation compared to other "Great Seven" companies . And some of the recent stock performance is separate from the nature of the actual business.

I believe this is one of the key companies in the AI race that is in a much better financial position than we see in many other major technology companies right now. What is interesting here, especially when returning to the pessimistic forecasts, is that the percentage of search revenue in the company’s total revenue is declining.

It is now 52.8%, whereas it was closer to 57% about two years ago, while the rest of the business as a percentage of total revenues continues to rise. It is now approaching 47%.

I think it's only a matter of time before we see a 50/50 split, at which point the concentration risks that make research account for the majority of revenue will slowly but steadily fade away.

I think that if you own shares in this company, I remain very optimistic about its long-term growth prospects.

Oh no, I chose Google as my first choice. I said that Google “Alphabet” is one of the best internet or technology companies out there.

Neil and I talked about four completely different companies today. On one hand, we had two key members of the Big Seven, Alphabet and Amazon, who are long-standing favorites in my investment portfolio.