谷歌主动分拆会更值钱？分析师：估值能翻倍

凤凰网科技2025-06-03

凤凰网科技讯北京时间6月3日，据《纽约时报》报道，谷歌已被美国法院裁定违反反垄断法，目前正在就分拆事宜与美国司法部争论不休。然而，有分析师提出，谷歌业务繁杂，应该主动分拆业务，这样能将其整体估值提高近一倍。目前，美国司法部希望谷歌出售其Chrome浏览器、广告网络，甚至可能包括Android移动业务，以解决其垄断问题。然而，投资公司D.A. Davidson & Company的科技分析师吉尔·...

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冯榕
2025-06-03
冯榕
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Davidson & Company的科技分析师吉尔·...</p>\n\n<a href=\"https://finance.jrj.com.cn/2025/06/03105750818203.shtml\">网页链接</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"LU0211327993.USD","symbol_name":"TEMPLETON GLOBAL EQUITY INCOME \"A\" (USD) ACC","start_time":0,"source_url":"https://finance.jrj.com.cn/2025/06/03105750818203.shtml","article_id":"2540743932","we_media_id":null,"thumbnails":[],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2540743932","pubTimestamp":1748919479,"columns":[],"sourceInfo":{"source_id":"jinrongjie_stock","name":"金融界"},"weMediaInfo":null,"summary":"然而，有分析师提出，谷歌业务繁杂，应该主动分拆业务，这样能将其整体估值提高近一倍。谷歌目前的2万亿美元市值主要依赖于搜索广告，这项业务为公司贡献了一半以上的收入。卢里亚估计，如果将谷歌所有业务部门分拆让它们单独运营，总估值可能超过3.7万亿美元，几乎是当前整体市值的两倍。由于担心败诉，AT&T最终同意主动分拆自身业务，保留长途电话业务，剥离出七家负责本地通话的区域公司。","collect":0,"end_time":0,"defaultTopTitle":"jrj.com.cn","property":[],"viewcount":null,"language":"zh","relate_stocks":{"LU0211327993.USD":"TEMPLETON GLOBAL EQUITY INCOME \"A\" (USD) ACC","LU0823434740.USD":"BNP PARIBAS US GROWTH \"C\" (USD) INC","LU1935043536.SGD":"MANULIFE GF GLOBAL MULTI-ASSET DIVERSIFIED INCOME \"AA\" (SGDHDG) INC A","LU1642822529.SGD":"THREADNEEDLE (LUX) GLOBAL TECHNOLOGY \"A\" (SGD) ACC","LU0354030438.USD":"富国美国大盘成长基金Cl A Acc","LU1551013425.SGD":"Allianz Income and Growth Cl AMg2 DIS H2-SGD","IE0009356076.USD":"JANUS HENDERSON GLOBAL TECHNOLOGY AND INNOVATION \"A2\" (USD) ACC","LU2077746001.SGD":"Blackrock ESG Multi-Asset A2 SGD-H","LU2097829019.USD":"AZ EQUITY - BORLETTI GLOBAL LIFESTYLE \"AI\" (USD) ACC","GOOG":"谷歌","LU0345768153.USD":"NINETY ONE GSF GLOBAL STRATEGIC MANAGED \"A\" (USD) ACC","IE00BWXC8680.SGD":"PINEBRIDGE US LARGE CAP RESEARCH ENHANCED \"A5\" (SGD) ACC","LU1232071149.USD":"AZ FUND 1 GLOBAL GROWTH SELECTOR \"AAZ\" (USDHDG) ACC","LU2236285917.USD":"ALLIANZ GLOBAL INCOME \"AMG\" (USD) INC","BK4525":"远程办公概念","LU1934455277.USD":"AB SICAV I LOW VOLATILITY TOTAL RETURN EQUITY PORT \"AD\" (USD) INC","GOOGL":"谷歌A","SGXZ81514606.USD":"大华环球创新基金A Acc USD","LU0158827948.USD":"ALLIANZ GLOBAL SUSTAINABILITY \"A\" (USD) INC","LU1084165304.USD":"FIDELITY WORLD \"A\" (USD) ACC","LU2028103732.USD":"ALLIANZ GLOBAL SUSTAINABILITY \"AMG\" (USD) INC","LU2237443978.SGD":"Aberdeen Standard SICAV I - Global Dynamic Dividend A Acc SGD-H","LU0198837287.USD":"UBS (LUX) EQUITY SICAV - USA GROWTH \"P\" (USD) ACC","USJW.SI":"ALPHAB 3xLongSG261006","LU2089283258.USD":"安联环球可持续基金Cl AM Dis","LU0316494557.USD":"FRANKLIN GLOBAL FUNDAMENTAL STRATEGIES \"A\" ACC","LU2357305700.SGD":"Allianz Global Artificial Intelligence ET H2-SGD","LU1116320737.USD":"BGF SYSTEMATIC GLOBAL ENHANCED EQUITY YIELD \"A6\" (USD) INC","IE00BFXG0V08.USD":"BNY MELLON GLOBAL LEADERS \"B\" (USD) ACC","LU1506573853.SGD":"MANULIFE GF GLOBAL EQUITY \"AA\" (SGD) INC","LU1791710400.SGD":"Fidelity Global Demographics A-ACC-SGD","IE0034235303.USD":"PINEBRIDGE US RESEARCH ENHANCED CORE EQUITY \"A\" (USD) ACC","LU0957791311.USD":"THREADNEEDLE (LUX) GLOBAL FOCUS \"ZU\" (USD) ACC","SG9999014906.USD":"大华全球优质成长基金Acc USD","LU0289941410.SGD":"AB FCP I Dynamic Diversified AX SGD","BK4602":"量子计算概念","LU0640476718.USD":"THREADNEEDLE (LUX) US CONTRARIAN CORE EQ \"AU\" (USD) ACC","LU0080751232.USD":"富达环球多元动力基金A","IE00B4JS1V06.HKD":"JANUS HENDERSON BALANCED \"A2\" (HKD) ACC","LU0211328371.USD":"TEMPLETON GLOBAL EQUITY INCOME \"A\" (MDIS) (USD)   INC","SGXZ51526630.SGD":"大华环球创新基金A Acc SGD","LU2168564065.EUR":"AZ ALLOCATION - TREND \"AAZ\" (EUR) ACC","LU2098885051.SGD":"JPMorgan Funds - Multi-Manager Alternatives A (acc) SGD","LU1116320901.HKD":"BGF SYSTEMATIC GLOBAL ENHANCED EQUITY YIELD \"A6\" (HKD) INC","LU2247934214.USD":"FIDELITY FUNDS SUSTAINABLE FUTURE CONNECTIVITY \"A\" (USD) ACC","LU1046421795.USD":"富达环球科技A-ACC","LU1974910355.USD":"Allianz Thematica Cl AMg DIS USD","LU0128525929.USD":"TEMPLETON GLOBAL \"A\" (USD) ACC","LU2746668461.USD":"MANULIFE DYNAMIC LEADERS \"AA\" (USD) ACC","LU0456855351.SGD":"JPMorgan Funds - Global Equity A (acc) SGD"},"translate_title":"Will Google's active spin-off be more valuable? Analyst: Valuation can double","themeId":"","isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"GOOG":1,"GOOGL":1,"USJW.SI":0.6},"content_text":"凤凰网科技讯 北京时间6月3日，据《纽约时报》报道，谷歌已被美国法院裁定违反反垄断法，目前正在就分拆事宜与美国司法部争论不休。然而，有分析师提出，谷歌业务繁杂，应该主动分拆业务，这样能将其整体估值提高近一倍。目前，美国司法部希望谷歌出售其Chrome浏览器、广告网络，甚至可能包括Android移动业务，以解决其垄断问题。然而，投资公司D.A. Davidson & Company的科技分析师吉尔·卢里亚(Gil Luria)提出的想法则更激进。D.A. Davidson位于美国蒙大拿州，管理着60亿美元资产。单独发展价值更高卢里亚在5月12日发表研报称，谷歌已经变成了一家“企业集团”。这并不是一句褒奖，他的意思是说，谷歌提供种类繁多的产品和服务，但彼此之间往往没有太大关联，比如自动驾驶出租车服务Waymo、YouTube、云存储业务、搜索业务和广告网络等。谷歌目前的2万亿美元市值主要依赖于搜索广告，这项业务为公司贡献了一半以上的收入。但是，谷歌搜索业务正面临巨大压力，因为AI开始取代它来回答用户问题。今年4月，谷歌在苹果Safari浏览器上的搜索量首次出现下滑，这也是谷歌股价今年下跌超过9%的一个重要原因。与此同时，谷歌的其他业务并未获得应有的估值。卢里亚指出，如果Waymo是家独立上市公司，投资者对它的估值可能更接近特斯拉的1万亿美元市值，尤其是考虑到特斯拉的自动驾驶出租车计划目前还停留在概念阶段。同样的情况也适用于YouTube，与其对手Netflix相比，它在华尔街的受欢迎程度远远不够。卢里亚估计，如果将谷歌所有业务部门分拆让它们单独运营，总估值可能超过3.7万亿美元，几乎是当前整体市值的两倍。他写道：投资者想要的是一场轰轰烈烈的大分拆，而不是零零散散的小分拆。”他说，这样做的好处不仅仅体现在财务层面。分拆将促进竞争，被解放的工程师们或许能创造出如初代谷歌搜索引擎那样惊艳的产品。大约25年前，谷歌搜索让初次使用者赞叹不已。卢里亚知道，他的提议不大可能被采纳。“谷歌董事会朝着这个方向推进的可能性大概不到10%，”他在一次采访中说道，“但这个可能性每天都在增加。”有先例其他资产管理公司也表示，他们认为分拆的逻辑非常清晰。“虽然从理论上讲，公司分拆通常有望提升股东价值，但在实际操作中却往往以失败告终，但此次案例似乎是个例外，它有可能实现真正的价值增值。”深水资产管理公司的管理合伙人吉恩·蒙斯特(Gene Munster)表示。而且，主动分拆模式也有前例可循。上世纪80年代初，美国运营商AT&T与司法部缠斗多年。由于担心败诉，AT&T最终同意主动分拆自身业务，保留长途电话业务，剥离出七家负责本地通话的区域公司。在随后的至少十年里，市场竞争得以恢复。谷歌拒绝直接评论卢里亚的观点，其发言人援引了一篇博客文章的内容，该文章称：“Chrome和Android是我们耗费多年精力打造、并免费提供的平台。美国司法部提出的将它们分离出去的提议将会破坏这些平台，损害基于这些平台建立起来的企业，并削弱其安全性。”(作者/箫雨)\n\n\r\n            责任编辑：栎树","kind":"news","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"1","news_tag":"","news_rank":0,"isVideo":false,"video":null,"symbols":[],"gpt_button":0,"need_auth":false,"need_login_tip":false,"code":"91000000","status":"200"},"commentList":[{"id":442127954661504,"gmtCreate":1748964255016,"gmtModify":1748966321270,"author":{"id":"3475143061422691","authorId":"3475143061422691","name":"冯榕","avatar":"https://static.laohu8.com/default-avatar.jpg","vip":1,"crmLevel":1,"crmLevelSwitch":0,"wearingBadges":[],"authorIdStr":"3475143061422691","idStr":"3475143061422691"},"htmlText":"你烂吧！","listText":"你烂吧！","text":"你烂吧！","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/442127954661504","repostId":2540743932,"repostType":2,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"CN"}],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":1,"repostSize":2,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":false,"tenantId":"TBCN","deviceId":"web-server-community-laohu8-v3","version":"4.43.1","shortVersion":"4.43.1","platform":"web","vendor":"web","appName":"laohu8","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2540743932","isCrawlerRequest":true}