哪怕市場寵兒終有一天也會失去光彩。最近多只科技股遭受重創，其中既包括社交網絡巨頭，也包括芯片制造商，有些公司因為隱私和數據泄露丑聞受罰，有些遭遇用戶增長放緩，有些因為市場對新款蘋果iPhone的需求不確定，有些是因為關稅上漲導致中國進口成本上升。但無論是爭議還是不斷發酵的貿易戰都無法阻止各國轉向互聯網消費媒體。“除非有人能讓我相信所有人都要回到電視機和收音機年代，否則我仍然認為數字廣告將繼續保持增長。”哥倫比亞線程投資公司（Columbia Threadneedle Investments）的全球股票副總裁梅爾達·莫爾根表示。

這對想購買Facebook和Alphabet的投資者來說是個好消息，因為今年秋天它們的股票都處于熊市，為投資者提供了一個難得的打折季。以Facebook為例，它目前的市盈率史上最低，僅為19 ——大約是標普500指數的平均水平，僅僅是該公司一年前市盈率的一半。“這可能是適合買入的最后時機了。”同時持有這兩只股票的投資公司Fred Alger Investments的首席執行官兼首席信息官丹·鐘說。

20多年來，Alphabet已經從谷歌搜索引擎發展成為一家擁有8個產品的公司，每個產品的用戶數都超過10億（云端存儲平臺Google Drive在今年早些時候加入了Alphabet）。公司旗下越來越多的產品需要依靠人工智能的發展。“搜索引擎是可以充分擴展的數據寶庫。”投資規模達196億美元的Fidelity OTC基金的投資組合經理克里斯·林說，Alphabet是該基金持有最多的股票之一。“如果人工智能和機器學習是計算機發展的下一個趨勢，這類公司就處于發展的最前沿。”盡管最近Alphabet和Facebook控制的個人數據規模成為公司公眾形象的痛點，招致了監管審查，但兩家公司也宣布采取措施，更好地保護消費者。“我認為存在一種誤解，認為他們只是在銷售數據，”在談起Alphabet時林說道。 “谷歌實際上對此非常謹慎。”

還有一種媒體形式，消費者熱度不減。“視頻游戲仍然是一種非常非常實惠、實際上可能太過實惠的娛樂形式。”林說。他們公司持有動視暴雪（Activision Blizzard）的股票，暴雪以60美元甚至更低的價格銷售《使命召喚》（Call of Duty）等游戲。NPD集團稱，美國玩家2018年平均每周打游戲的時間為12小時，以這個價格計算，用戶平均花在游戲上的費用為每小時10美分。這樣口袋里有點小錢的玩家就可以在游戲里花錢購買虛擬服裝、武器和其他設備等附加裝備，這部分銷售有望在暴雪今年74億美元的預計銷售額中占40多億美元。“我們認為西方消費者肯定愿意花錢買這些東西。”鐘補充說。鐘還看好Take-Two互動軟件公司，該公司的新游戲《荒野大鏢客：救贖》（Red Dead Redemption 2）在10月創造了發行第一周周末銷售的新紀錄，該游戲發行前三天收入達7.25億美元。

當然，無論是游戲、計算還是人工智能，都離不開半導體。這種元件體積小但力量大，最近由于市場擔心中國需求放緩，半導體股票下跌，而貿易戰的可能性更是起到了推波助瀾的作用。投資規模達12億美元的T. Rowe Price全球股票基金的投資組合經理戴夫·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負債表數據十分強勁，公司幾乎把全部自由現金流都返還給股東，目前其交易價格比其峰值低20％，股息率因此超過3.2％，高于多年水平。此外，他補充說，投資者可能高估了德州儀器公司在貿易戰中面臨的風險：雖然該公司44%的銷售額確實來自運往中國的產品，但其中許多商品最終出口目的地為其他地方，可能無需征收中國關稅。（財富中文網）

本文另一版本刊登在2018年12月1日的《財富》雜志，作為《2019年股票基金投資指南：穩健與收益并行》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.”