哪怕市場(chǎng)寵兒終有一天也會(huì)失去光彩。最近多只科技股遭受重創(chuàng),，其中既包括社交網(wǎng)絡(luò)巨頭,，也包括芯片制造商，有些公司因?yàn)殡[私和數(shù)據(jù)泄露丑聞受罰,，有些遭遇用戶增長(zhǎng)放緩,，有些因?yàn)槭袌?chǎng)對(duì)新款蘋(píng)果iPhone的需求不確定，有些是因?yàn)殛P(guān)稅上漲導(dǎo)致中國(guó)進(jìn)口成本上升,。但無(wú)論是爭(zhēng)議還是不斷發(fā)酵的貿(mào)易戰(zhàn)都無(wú)法阻止各國(guó)轉(zhuǎn)向互聯(lián)網(wǎng)消費(fèi)媒體,。“除非有人能讓我相信所有人都要回到電視機(jī)和收音機(jī)年代,，否則我仍然認(rèn)為數(shù)字廣告將繼續(xù)保持增長(zhǎng),。”哥倫比亞線程投資公司（Columbia Threadneedle Investments）的全球股票副總裁梅爾達(dá)·莫爾根表示,。

這對(duì)想購(gòu)買(mǎi)Facebook和Alphabet的投資者來(lái)說(shuō)是個(gè)好消息,，因?yàn)榻衲昵锾焖鼈兊墓善倍继幱谛苁校瑸橥顿Y者提供了一個(gè)難得的打折季,。以Facebook為例,，它目前的市盈率史上最低,，僅為19 ——大約是標(biāo)普500指數(shù)的平均水平，僅僅是該公司一年前市盈率的一半,?！斑@可能是適合買(mǎi)入的最后時(shí)機(jī)了?！蓖瑫r(shí)持有這兩只股票的投資公司Fred Alger Investments的首席執(zhí)行官兼首席信息官丹·鐘說(shuō),。

20多年來(lái)，Alphabet已經(jīng)從谷歌搜索引擎發(fā)展成為一家擁有8個(gè)產(chǎn)品的公司,，每個(gè)產(chǎn)品的用戶數(shù)都超過(guò)10億（云端存儲(chǔ)平臺(tái)Google Drive在今年早些時(shí)候加入了Alphabet）,。公司旗下越來(lái)越多的產(chǎn)品需要依靠人工智能的發(fā)展?！八阉饕媸强梢猿浞?jǐn)U展的數(shù)據(jù)寶庫(kù),。”投資規(guī)模達(dá)196億美元的Fidelity OTC基金的投資組合經(jīng)理克里斯·林說(shuō),，Alphabet是該基金持有最多的股票之一,。“如果人工智能和機(jī)器學(xué)習(xí)是計(jì)算機(jī)發(fā)展的下一個(gè)趨勢(shì),，這類(lèi)公司就處于發(fā)展的最前沿,。”盡管最近Alphabet和Facebook控制的個(gè)人數(shù)據(jù)規(guī)模成為公司公眾形象的痛點(diǎn),，招致了監(jiān)管審查,，但兩家公司也宣布采取措施，更好地保護(hù)消費(fèi)者,?！拔艺J(rèn)為存在一種誤解，認(rèn)為他們只是在銷(xiāo)售數(shù)據(jù),，”在談起Alphabet時(shí)林說(shuō)道,。 “谷歌實(shí)際上對(duì)此非常謹(jǐn)慎?！?/p>

還有一種媒體形式,，消費(fèi)者熱度不減?！耙曨l游戲仍然是一種非常非常實(shí)惠,、實(shí)際上可能太過(guò)實(shí)惠的娛樂(lè)形式?！绷终f(shuō),。他們公司持有動(dòng)視暴雪（Activision Blizzard）的股票，暴雪以60美元甚至更低的價(jià)格銷(xiāo)售《使命召喚》（Call of Duty）等游戲,。NPD集團(tuán)稱,，美國(guó)玩家2018年平均每周打游戲的時(shí)間為12小時(shí),，以這個(gè)價(jià)格計(jì)算，用戶平均花在游戲上的費(fèi)用為每小時(shí)10美分,。這樣口袋里有點(diǎn)小錢(qián)的玩家就可以在游戲里花錢(qián)購(gòu)買(mǎi)虛擬服裝,、武器和其他設(shè)備等附加裝備，這部分銷(xiāo)售有望在暴雪今年74億美元的預(yù)計(jì)銷(xiāo)售額中占40多億美元,?！拔覀冋J(rèn)為西方消費(fèi)者肯定愿意花錢(qián)買(mǎi)這些東西?！辩娧a(bǔ)充說(shuō)。鐘還看好Take-Two互動(dòng)軟件公司,，該公司的新游戲《荒野大鏢客：救贖》（Red Dead Redemption 2）在10月創(chuàng)造了發(fā)行第一周周末銷(xiāo)售的新紀(jì)錄,，該游戲發(fā)行前三天收入達(dá)7.25億美元。

當(dāng)然,，無(wú)論是游戲,、計(jì)算還是人工智能，都離不開(kāi)半導(dǎo)體,。這種元件體積小但力量大,，最近由于市場(chǎng)擔(dān)心中國(guó)需求放緩，半導(dǎo)體股票下跌,，而貿(mào)易戰(zhàn)的可能性更是起到了推波助瀾的作用,。投資規(guī)模達(dá)12億美元的T. Rowe Price全球股票基金的投資組合經(jīng)理戴夫·艾斯威爾特表示，德州儀器公司（Texas Instruments）在此期間受到了不公平的懲罰,。艾斯威爾特表示,，這家芯片制造商的資產(chǎn)負(fù)債表數(shù)據(jù)十分強(qiáng)勁，公司幾乎把全部自由現(xiàn)金流都返還給股東,，目前其交易價(jià)格比其峰值低20％,，股息率因此超過(guò)3.2％，高于多年水平,。此外,，他補(bǔ)充說(shuō)，投資者可能高估了德州儀器公司在貿(mào)易戰(zhàn)中面臨的風(fēng)險(xiǎn)：雖然該公司44%的銷(xiāo)售額確實(shí)來(lái)自運(yùn)往中國(guó)的產(chǎn)品,，但其中許多商品最終出口目的地為其他地方,，可能無(wú)需征收中國(guó)關(guān)稅。（財(cái)富中文網(wǎng)）

本文另一版本刊登在2018年12月1日的《財(cái)富》雜志,，作為《2019年股票基金投資指南：穩(wěn)健與收益并行》文章的一部分,。

譯者：Agatha

Even market darlings eventually lose their luster. Tech stocks from social networking giants to chipmakers have taken a beating in recent months—punished for privacy and data-leaking scandals, slowing user growth, uncertain demand for new Apple iPhones, and, in some cases, higher costs on Chinese imports thanks to tariffs. But neither controversy nor a brewing trade war can stop global society’s shift to consuming media on the Internet. “Unless someone convinces me that all of us are going to go back to TVs and radios, I still think digital advertising is a place where the growth will continue,” says Melda Mergen, deputy global head of equities for Columbia Threadneedle Investments.

That’s good news for Facebook and Alphabet, whose stocks were both in bear market territory this fall, providing a rare chance for investors to get in at a discount. Facebook, for one, is trading at its lowest valuation ever, just 19 times earnings—about the average of the S&P 500 and half as expensive as it was a year ago. “This may end up being one of the last buying opportunities,” says Dan Chung, CEO and CIO of Fred Alger Investments, who owns both stocks.

Over 20 years, Alphabet has grown from the Google search engine into a portfolio that includes eight products with more than 1 billion users apiece (the cloud storage platform Google Drive joined the club earlier this year). That portfolio is increasingly powered by artificial intelligence. “Search is a wonderfully scalable treasure trove of data,” says Chris Lin, portfolio manager of the $19.6 billion Fidelity OTC fund, of which Alphabet is among the largest holdings. “If A.I. and machine learning are the next trend in computing, they are at the forefront.” And while the sheer scale of personal data that Alphabet and Facebook control has lately become a sore point for their public images and drawn regulatory scrutiny, the companies have also announced steps to better protect consumers. “I think there is this misconception that they’re just selling data,” Lin says of Alphabet. “Google has actually been pretty careful around this.”

There’s another form of media that consumers show no signs of kicking: video games. “Video games still represent a very, very affordable and, in fact, maybe too affordable form of entertainment,” says Lin. He owns Activision Blizzard, which sells games like Call of Duty for $60 or less. At that price, customers who play 12 hours a week—the average amount for U.S. gamers in 2018, according to NPD Group—spend about 10 cents an hour on the activity in a year. That should leave players with pocket change to spend on in-game purchases of add-ons like virtual costumes, weapons, and other equipment—which are on track to account for more than $4 billion of Activision’s expected $7.4 billion in sales this year. “We think the Western consumer is certainly willing to spend on those things,” adds Chung. Chung also likes Take-Two Interactive Software, which in October set a new record for opening weekend sales with its new game, Red Dead Redemption 2, grossing $725 million in three days.

Of course, neither gaming, computing, nor A.I. would be possible without semiconductors, those tiny but powerful bits whose stocks have tumbled recently over worries about a slowdown in Chinese demand, potentially exacerbated by a trade war. One company that has been unfairly punished is Texas Instruments, says Dave Eiswert, portfolio manager of the $1.2 billion T. Rowe Price Global Stock fund. The chipmaker, whose balance sheet is so robust it returns virtually all of its free cash flow to shareholders, is trading 20% below its peak, giving it a dividend yield of more than 3.2%, higher than it’s been in years, Eiswert says. Besides, he adds, investors are likely overestimating the company’s trade war risks: While Texas Instruments does derive about 44% of its sales from products shipped to China, many of those goods are ultimately exported elsewhere, likely ducking Chinese tariffs.

A version of this article appears in the December 1, 2018 issue of Fortune, as part of the story “2019 Investor’s Guide Stocks and Funds: Safety Meets Strength.”