Investment flows into mutual funds and exchange-traded funds reinforce the degree to which large technology stocks have dominated the U.S. stock market this year—that is, until this month's well-documented rotation out of those stocks. Technology funds attracted $4.2 billion in net inflows in the second quarter, wrapping up a first half in which when they gathered $17 billion, according to an LPL analysis of Morningstar data. Of the 10 market sectors composing the benchmark S&P 500 Index, only two others—i ...

证券研究报告 | 公司动态点评 2024 年 07 月 25 日 谷歌（NASDAQ:GOOGL） 24Q2 实现稳健增长，AI 持续赋能各业务领域 | --- | --- | --- | --- | --- | --- | --- | --- | |--------------------------------------------|------------|------------|------------|------------|------------|----------------------------------|--------------| | 财务指标 | 2022A | 2023A | 2024E | 2025E | 2026E | 买入（维持评级） | | | 营业收入（百万美元） | 282,836.00 | 307,394.00 | 339,731.85 | 376,898.51 | 419,224.22 | 股票信息 | | | 增长率 yoy（%） | 9.78 | 8.68 | 10.52 | 10.94 | 11.23 | | | | 归母净利润（百万美元） | 5 ...

Despite meeting analysts’ expectations in its recent earnings report, Alphabet (NASDAQ: GOOGL) stock experienced a notable sell-off. This downturn was primarily driven by CEO Sundar Pichai’s comments on the prolonged timeline for artificial intelligence (AI) to yield significant returns. According to sources, Pichai emphasized the need for continued efforts to unlock AI value, which led to profit-taking among traders in the tech sector.In Q2 2024, Alphabet posted strong results in search advertising and clo ...

证券研究报告 | 季报点评 2024 年 07 月 25 日 谷歌-A（GOOGL.O） 广告和云强劲增长，持续探索 AI 应用 谷歌 2024Q2 收入高增长。Alphabet 2024Q2 营收 847.4 亿美元，yoy+ 14%。 分业务看，谷歌服务、谷歌云、Other Bets 分别为 739.3、103.5、3.7 亿美元， yoy+11.5%/28.8%/28.1%。净利润为 236.2 亿美元，yoy+28.6%。 2024Q2 公司资本支出为 132 亿美元，公司预计全年几个季度资本支出将保持在 类似一季度 120 亿美元的水平或者更高。分红方面，本次财报谷歌宣布将向股东 派发每股 0.20 美元的现金股息。 谷歌广告表现强劲。2024Q2 谷歌广告收入 646.2 亿美元，yoy+11.1%。其中， 谷歌搜索及其他收入 485.1 亿美元、yoy+13.8%，主要受益于零售行业的增长， YouTube 广告收入为 86.6 亿美元、yoy+13%，主要受益于品牌广告和效果广告 的增长，谷歌 Network 收入为 74.4 亿美元，yoy-5.2%。 谷歌云收入首次单季度突破 100 亿美 ...

Meta founder and CEO Mark Zuckerberg speaks during the Meta Connect event at Meta headquarters in Menlo Park, California, on Sept. 27, 2023.Meta CEO Mark Zuckerberg has been assembling a large stockpile of Nvidia chips, spending billions of dollars so his company can develop and train advanced artificial intelligence models.But even he says the AI hype may be driving too much investment."I think that there's a meaningful chance that a lot of the companies are overbuilding now and that you look back and you' ...

证券研究报告 | 2024年07月25日 谷歌(ALPHABET)-A（GOOGL.O)24Q2 财报点评 优于大市 云增速持续提升，广告业务在宏观承压下保持稳健 业绩总览：广告业务持续加速增长，云增速恢复，利润率显著提升。① 整体：FY24Q2 公司营收 847 亿美元（同比+13.6%，CC+15%），GAAP 毛 利率 58.1%，营业利润 274 亿美元（营业利润率 32.36%）。②分业务： 谷歌服务收入 739 亿美元（同比+11.5%），营业利润率 40%，其中包括 谷歌广告收入 646 亿美元（同比+11.13%）和其他非广告业务收入 93 亿 美元（同比+14.4%）。广告收入包括谷歌搜索广告收入 485.1 亿美元（同 比+13.8%），YouTube 广告收入 86.6 亿美元（同比+13%），谷歌网络联 盟收入 74 亿美元（同比-5.2%）。谷歌云收入 103.5 亿美元（同比+28.8%、 环比+8%）；Other Bets（创新业务）收入 3.65 亿美元（同比+28.1%）。 业务重点：①广告业务在宏观经济弱化下保持整体稳健增长：广告收入 同比 11%（环比-2pcts），北美 ...

Investment Rating - The report maintains a "Buy" rating for Google (GOOGL US) with a target price of $208 [2][3] Core Views - Google's FY24Q2 revenue and profit slightly exceeded expectations, driven by strong performance in search and cloud businesses [1] - AI is identified as a key growth driver, with the company optimistic about AI prospects [1] - FY24Q2 revenue reached $84 74 billion, up 14% YoY, surpassing market expectations of $84 37 billion [2] - Adjusted EPS for FY24Q2 was $1 89, up 31% YoY, slightly above the market expectation of $1 84 [2] - Operating margin improved to 32%, up 3 2 percentage points YoY, due to effective cost and expense control [2] Business Segment Performance - Google Services revenue grew 11 5% YoY to $73 9 billion in FY24Q2 [2] - Search advertising revenue reached $64 6 billion, up 11% YoY, driven by retail and financial advertising growth [2] - YouTube advertising revenue grew 13% YoY, while Google Network revenue declined 5 2% [2] - Google Cloud revenue surged 29% YoY to $10 3 billion, achieving $1 billion in operating profit [2] - AI infrastructure and generative AI solutions have generated billions in revenue, with over 2 million developers using these services [2] Financial Projections - Revenue forecasts for FY2024E-FY2026E adjusted to $349 5/$383 0/$414 8 billion (previous $356 7/$393 0/$427 9 billion) [2] - Net profit forecasts for FY2024E-FY2026E raised to $94 6/$107 3/$115 8 billion (previous $86 6/$98 6/$106 7 billion) [2] - 2025 P/E ratio set at 24X, implying a target market capitalization of $2 58 trillion [2] Capital Expenditure - FY24Q2 CAPEX reached $13 2 billion, up 91% YoY, driven by infrastructure needs [12] - The company expects quarterly CAPEX to remain at or slightly above $12 billion for FY2024 [1][2] Market Data - Current stock price: $183 60 [3] - 52-week price range: $121 26-$193 31 [4] - Current market capitalization: $2 27 trillion [4]

Investment Rating - The report assigns an "Overweight" rating to Google (GOOGL.US) [1][3]. Core Insights - Google's Q2 FY24 revenue and profit slightly exceeded expectations, driven by strong growth in search and cloud businesses, with AI being a significant growth driver [1][3]. - The company remains optimistic about the future of AI, expecting quarterly CAPEX to maintain or slightly exceed $12 billion in FY24 [1][3]. Revenue and Profit Performance - Google achieved Q2 FY24 revenue of $84.74 billion, a year-on-year increase of 14%, slightly above the market expectation of $84.37 billion [3]. - Adjusted EPS for Q2 FY24 was $1.89, up 31% year-on-year, also exceeding market expectations of $1.84 [3]. - Operating margin for Q2 FY24 was 32%, up 3.2 percentage points year-on-year, attributed to ongoing cost and expense control [3][8]. Segment Revenue Growth - Revenue from Google Services in Q2 FY24 was $73.9 billion, a year-on-year increase of 11.5%, with advertising revenue reaching $64.6 billion, up 11% [3]. - Google Cloud revenue for Q2 FY24 was $10.3 billion, a year-on-year increase of 29%, contributing $1 billion in operating profit [3][10]. Capital Expenditure and AI Investment - Capital expenditure for Q2 FY24 reached $13.2 billion, primarily driven by infrastructure needs, with expectations for FY24 quarterly CAPEX to remain at or slightly above $12 billion [3][12]. - The company believes that the risks of insufficient investment in AI far outweigh those of over-investment [3][12]. Financial Forecasts - Revenue forecasts for FY2024E-FY2026E have been adjusted to $349.5 billion, $383 billion, and $414.8 billion, respectively, with net profit forecasts raised to $94.6 billion, $107.3 billion, and $115.8 billion [3][13]. - The target price for Google has been raised to $208, with a P/E ratio of 24X for 2025, corresponding to a target market capitalization of $2.58 trillion [3][13].

leventince/E+ via Getty Images Stock-Based Compensation (SBC) is a practice that originated some 75 years ago, as some companies began offering their management personnel opportunities for a stake in their employer's equity as an alternative to, or in replacement of, cash salary and wages. Remember that this was back in the day when discount brokerages didn't exist, meaning significantly fewer individuals had the means to own stocks. This article really isn't about the advantages for a company having th ...

Key TakeawaysShares of Google parent Alphabet lost ground Wednesday amid concerns about higher spending on artificial intelligence (AI) investments. Analysts were more bullish, with several raising their price targets based on Google's strengths and signs of benefits from AI.However, some warned Alphabet could still face an "uphill climb ahead" in the second half due to tougher comps and expected search and YouTube deceleration. Shares of Google parent Alphabet (GOOGL) lost ground Wednesday amid concerns ab ...