Arauca Capital on Alphabet Inc. (GOOG)
主要经营地 Mountain View, California（美国）
详细的生意模式 广告（Search/YouTube）+Cloud+Other Bets；AI内嵌搜索与云
护城河 分发入口+数据规模+算力基础设施；监管与AI竞争上升
估值水平 FCF/EV=1.0%；EV/EBITDA=24.1x；P/E=29.2x
EV/Market Cap 0.98x
网络观点 🟡 多项熊论被证伪；AI提升搜索体验与变现；Waymo等隐含资产被低估
AI的观点 ✅高质量大盘：估值取决于AI capex→利润转化效率 ✅核对：AI搜索广告位变化、云利润率、capex/折旧节奏 ⚠️反垄断与AI竞争仍是长期变量
作者简介 专业✅是；顶级✅是；13F❌否；回报43.6% (8 trades)；@jptissot1
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