<p><strong>沃尔玛</strong>(WMT -1.24%) 和 <strong>亚马逊</strong>(AMZN 0.73%) 是美国销售额最大的两家公司，排名依次。然而，亚马逊正在缩小差距，可能很快会超过沃尔玛。</p>
<p>你可能会认为，拥有所有人工智能（AI）的亚马逊今天是更好的投资选择。但事情并没有那么简单。让我们看看为什么这可能没有你想象的那么简单。</p>
<h2>支持亚马逊的理由：人工智能</h2>
<p>亚马逊是美国最大的电子商务公司，也是全球最大的云计算公司。这两项业务使其成为一个难以超越的强大企业，而这两个行业都在快速增长，提供了令人难以置信的有机增长机会。</p>
<p>但这不仅仅是有机增长机会，也不仅限于电子商务和云计算。让我们从人工智能开始，因为这是今天大家关注的焦点。首席执行官安迪·贾西表示，人工智能业务已经带来了数十亿美元的收入，他认为这仅仅是个开始。</p>
<p>他相信，云业务才刚刚开始，他设想公司将以我们现在无法想象的水平转向云解决方案。亚马逊正在大力投资各种人工智能，以为这一转变做好准备，这可能会成为公司的游戏规则改变者。</p>
<p>在电子商务领域，亚马逊仍然遥遥领先，占美国电子商务总额的三分之一以上。沃尔玛排名第二，但仅占总额的约 6%。亚马逊可能通过升级其系统来扩大领先优势，例如引入新的机器人技术，将处理时间缩短 25%。它不断提高速度，扩大当日送达的覆盖范围，赢得了 Prime 会员的忠诚，确保他们继续在亚马逊购物。</p>
<p>它拥有竞争力的流媒体服务，一个每季度产生数十亿美元的强大广告业务，以及许多其他领域，如医疗保健和设备，构成了一个无与伦比的商业企业。</p>
<h2>支持沃尔玛的理由：价值</h2>
<p>沃尔玛在美国拥有 4600 家门店，全球约 10600 家，品牌各异。尽管规模庞大，但它始终报告销售和利润的增长。这是因为，像亚马逊一样，它不断升级其平台，寻找更新自身和与客户群体产生共鸣的方法。</p>
<p>如今，它通过数字渠道实现这一目标。尽管在电子商务方面远远落后于亚马逊，但它在门店网络方面具有显著优势。它可以提供亚马逊无法提供的全渠道选项，顾客也越来越接受全渠道模式。</p>
<p>这也使沃尔玛接触到更多人群和更富裕的消费者，因为它可以在线提供更多非必需品的产品，吸引这种类型的购物者。沃尔玛的电子商务销售在 2025 财年第三季度（截至 10 月 31 日）同比增长了 27%。</p>
<p>投资者还应考虑沃尔玛的股息。虽然它的股息收益率并不是最高的，但它稳定且持续增长。当前价格下的收益率为 0.9%，由于股票价格较高，低于通常水平。</p>
<h2>哪个表现更好？</h2>
<p>根据你回溯的时间点，沃尔玛和亚马逊在不同时间段表现优异。沃尔玛比亚马逊成立得早得多——它在 1970 年上市，给了它比亚马逊多 27 年的时间。这转化为市场上令人瞩目的 677,000% 的收益。自 1997 年首次公开募股以来，亚马逊的收益为 232,000%。</p>
<p>这是过去的情况，但我的观点是，亚马逊并没有轻易地超越沃尔玛。事实上，尽管在过去 10 年中，亚马逊的收益是沃尔玛的三倍，但在过去五年中，两者的收益是相同的，而在过去三年中，沃尔玛的表现更佳。</p>
<p>亚马逊在人工智能方面的优势可能对市场的价值并不如沃尔玛的稳定性和零售实力那么重要。事实上，尽管亚马逊今年表现强劲，对人工智能的热情高涨，但在年末时，沃尔玛的表现超过了它：</p>
<p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/14308fbe2ef64c1b19c4d77f7406d2a4.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/14308fbe2ef64c1b19c4d77f7406d2a4.png"/></p>
<p>AMZN 总回报水平；数据来源于 YCharts。</p>
<p>让我们比较一下最近的表现。</p>
<table>
<thead>
<tr>
<th>指标</th>
<th>Q3 24</th>
<th>Q2 24</th>
<th>Q1 24</th>
<th>Q4 23</th>
</tr>
</thead>
<tbody>
<tr>
<td>亚马逊销售增长</td>
<td>11%</td>
<td>10%</td>
<td>13%</td>
<td>14%</td>
</tr>
<tr>
<td>沃尔玛销售增长</td>
<td>5.5%</td>
<td>4.8%</td>
<td>6%</td>
<td>5.7%</td>
</tr>
<tr>
<td>亚马逊营业收入增长</td>
<td>55%</td>
<td>91%</td>
<td>218%</td>
<td>389%</td>
</tr>
<tr>
<td>沃尔玛营业收入增长</td>
<td>8.2%</td>
<td>8.5%</td>
<td>9.6%</td>
<td>30.4%</td>
</tr>
</tbody>
</table>
<p>数据来源：亚马逊和沃尔玛的季度报告。沃尔玛的季度数据为 2025 财年。</p>
<p>尽管亚马逊的表现更好，但市场目前更看重沃尔玛的一致性和价值。亚马逊在人工智能方面确实具有优势，但沃尔玛在稳定性方面具有真正的优势。</p>
<p>我会说，如果你在寻找增长并且更能接受风险，亚马逊仍然是你的股票，尽管沃尔玛今年的表现超过了它。如果你在寻找价值和被动收入，沃尔玛是你的选择，而且它的股票表现也不错。</p>

亚马逊

沃尔玛

<p>沃尔玛和亚马逊是美国销售额最大的两家公司，亚马逊正在缩小差距。亚马逊在电子商务和云计算方面领先，正在大力投资人工智能，而沃尔玛则在其广泛的门店网络和全渠道选项上表现出色。两家公司都显示出增长，但沃尔玛的稳定性和股息收益率对保守投资者具有吸引力。最近的业绩指标显示，亚马逊的销售额和营业收入增长更高，但市场目前更青睐沃尔玛的一致性。寻求增长的投资者可能更倾向于亚马逊，而重视稳定性的投资者则可能更倾向于沃尔玛</p>

<p><strong>Walmart</strong>(WMT -1.24%) and <strong>Amazon</strong>(AMZN 0.73%) are the two largest U.S. companies by sales, in that order. However, Amazon is closing the gap and is likely to soon overtake Walmart.</p>
<div class="lb-trans"><p><strong>沃尔玛</strong>(WMT -1.24%) 和 <strong>亚马逊</strong>(AMZN 0.73%) 是美国销售额最大的两家公司，排名依次。然而，亚马逊正在缩小差距，可能很快会超过沃尔玛。</p>
</div><p>You might think it's obvious that Amazon, with all of its artificial intelligence (AI), is the better buy today. But not so fast. Let's see why it may not be as simple as you think.</p>
<div class="lb-trans"><p>你可能会认为，拥有所有人工智能（AI）的亚马逊今天是更好的投资选择。但事情并没有那么简单。让我们看看为什么这可能没有你想象的那么简单。</p>
</div><h2>The case for Amazon: AI</h2>
<div class="lb-trans"><h2>支持亚马逊的理由：人工智能</h2>
</div><p>Amazon is the largest e-commerce company in the country, and it's also the largest cloud computing company in the world. These twin businesses make it a formidable enterprise that's hard to beat, and both of these industries are fast-growing, providing incredible organic growth opportunities.</p>
<div class="lb-trans"><p>亚马逊是美国最大的电子商务公司，也是全球最大的云计算公司。这两项业务使其成为一个难以超越的强大企业，而这两个行业都在快速增长，提供了令人难以置信的有机增长机会。</p>
</div><p>But it's much more than organic growth opportunities, and much more than e-commerce and cloud computing. Let's start with AI, since that's what's on everyone's mind today. CEO Andy Jassy said that the AI business is already bringing in billions of dollars, and he thinks it's just the beginning.</p>
<div class="lb-trans"><p>但这不仅仅是有机增长机会，也不仅限于电子商务和云计算。让我们从人工智能开始，因为这是今天大家关注的焦点。首席执行官安迪·贾西表示，人工智能业务已经带来了数十亿美元的收入，他认为这仅仅是个开始。</p>
</div><p>He believes that the cloud business has barely been cracked open, and he envisions companies turning toward cloud solutions at levels we can't really imagine right now. Amazon is heavily investing in all kinds of AI to be ready for that shift, and it could be a game-changer for the company.</p>
<div class="lb-trans"><p>他相信，云业务才刚刚开始，他设想公司将以我们现在无法想象的水平转向云解决方案。亚马逊正在大力投资各种人工智能，以为这一转变做好准备，这可能会成为公司的游戏规则改变者。</p>
</div><p>It's still tops in e-commerce, by far, accounting for more than a third of all U.S. e-commerce. Walmart is second, but it has only about 6% of the total. Amazon could be widening its lead by upgrading its systems, such as introducing new robotics technology that's cutting processing time by 25%. It's constantly improving speed and expanding its same-day delivery coverage, generating loyalty from Prime members and ensuring they keep shopping at Amazon.</p>
<div class="lb-trans"><p>在电子商务领域，亚马逊仍然遥遥领先，占美国电子商务总额的三分之一以上。沃尔玛排名第二，但仅占总额的约 6%。亚马逊可能通过升级其系统来扩大领先优势，例如引入新的机器人技术，将处理时间缩短 25%。它不断提高速度，扩大当日送达的覆盖范围，赢得了 Prime 会员的忠诚，确保他们继续在亚马逊购物。</p>
</div><p>It has a competitive streaming service, a robust advertising business that's generating billions quarterly, and plenty of other segments like healthcare and devices that create an unmatched business enterprise.</p>
<div class="lb-trans"><p>它拥有竞争力的流媒体服务，一个每季度产生数十亿美元的强大广告业务，以及许多其他领域，如医疗保健和设备，构成了一个无与伦比的商业企业。</p>
</div><h2>The case for Walmart: Value</h2>
<div class="lb-trans"><h2>支持沃尔玛的理由：价值</h2>
</div><p>Walmart has 4,600 stores in the U.S. and about 10,600 worldwide under different local banners. Despite its size, it consistently reports growth in sales and profits. That's because, like Amazon, it is constantly upgrading its platform and finding ways to renew itself and resonate with its client base.</p>
<div class="lb-trans"><p>沃尔玛在美国拥有 4600 家门店，全球约 10600 家，品牌各异。尽管规模庞大，但它始终报告销售和利润的增长。这是因为，像亚马逊一样，它不断升级其平台，寻找更新自身和与客户群体产生共鸣的方法。</p>
</div><p>One way it's doing that these days is through its digital channels. Although it's way behind Amazon in e-commerce, it has a significant advantage in its store network. It can provide omnichannel options that Amazon can't, and customers are increasingly embracing the omnichannel model.</p>
<div class="lb-trans"><p>如今，它通过数字渠道实现这一目标。尽管在电子商务方面远远落后于亚马逊，但它在门店网络方面具有显著优势。它可以提供亚马逊无法提供的全渠道选项，顾客也越来越接受全渠道模式。</p>
</div><p>It also gives Walmart exposure to more people, and a more affluent consumer, since it can offer a greater selection of products outside of essentials online that appeal to this type of shopper. Walmart's e-commerce sales increased 27% year over year in the 2025 fiscal third quarter (ended Oct. 31).</p>
<div class="lb-trans"><p>这也使沃尔玛接触到更多人群和更富裕的消费者，因为它可以在线提供更多非必需品的产品，吸引这种类型的购物者。沃尔玛的电子商务销售在 2025 财年第三季度（截至 10 月 31 日）同比增长了 27%。</p>
</div><p>Investors should also consider Walmart's dividend. It's not the highest-yielding dividend, but it's stable and growing. It yields 0.9% at the current price, lower than usual because the stock is so high.</p>
<div class="lb-trans"><p>投资者还应考虑沃尔玛的股息。虽然它的股息收益率并不是最高的，但它稳定且持续增长。当前价格下的收益率为 0.9%，由于股票价格较高，低于通常水平。</p>
</div><h2>Which one has performed better?</h2>
<div class="lb-trans"><h2>哪个表现更好？</h2>
</div><p>Depending on when you go back to, Walmart and Amazon have outperformed at different times. Walmart is much older than Amazon -- it went public in in 1970, giving it a 27-year head start on Amazon. That translates into a market-crushing gain of 677,000%. Amazon, since its initial public offering in 1997, has gained 232,000%.</p>
<div class="lb-trans"><p>根据你回溯的时间点，沃尔玛和亚马逊在不同时间段表现优异。沃尔玛比亚马逊成立得早得多——它在 1970 年上市，给了它比亚马逊多 27 年的时间。这转化为市场上令人瞩目的 677,000% 的收益。自 1997 年首次公开募股以来，亚马逊的收益为 232,000%。</p>
</div><p>That's the past, but my point is that it isn't so clear that Amazon has easily crushed Walmart over time. In fact, although it has gained triple Walmart stock's gain over the past 10 years, they have delivered the same gain over the past five years, and Walmart has outperformed over the past three years.</p>
<div class="lb-trans"><p>这是过去的情况，但我的观点是，亚马逊并没有轻易地超越沃尔玛。事实上，尽管在过去 10 年中，亚马逊的收益是沃尔玛的三倍，但在过去五年中，两者的收益是相同的，而在过去三年中，沃尔玛的表现更佳。</p>
</div><p>Amazon's perceived edge from AI may not be as valuable to the market as Walmart's stability and retail power. In fact, despite Amazon's strong performance this year and enthusiasm about AI, Walmart is beating it as we close out the year:</p>
<div class="lb-trans"><p>亚马逊在人工智能方面的优势可能对市场的价值并不如沃尔玛的稳定性和零售实力那么重要。事实上，尽管亚马逊今年表现强劲，对人工智能的热情高涨，但在年末时，沃尔玛的表现超过了它：</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/14308fbe2ef64c1b19c4d77f7406d2a4.png" alt="" original-src="https://media.ycharts.com/charts/14308fbe2ef64c1b19c4d77f7406d2a4.png"/></p>
<p>AMZN total return level; data by YCharts.</p>
<div class="lb-trans"><p>AMZN 总回报水平；数据来源于 YCharts。</p>
</div><p>Let's compare recent performance.</p>
<div class="lb-trans"><p>让我们比较一下最近的表现。</p>
</div><table>
<thead>
<tr>
<th>Metric</th>
<th>Q3 24</th>
<th>Q2 24</th>
<th>Q1 24</th>
<th>Q4 23</th>
</tr>
</thead>
<tbody>
<tr>
<td>Amazon sales growth</td>
<td>11%</td>
<td>10%</td>
<td>13%</td>
<td>14%</td>
</tr>
<tr>
<td>Walmart sales growth</td>
<td>5.5%</td>
<td>4.8%</td>
<td>6%</td>
<td>5.7%</td>
</tr>
<tr>
<td>Amazon operating income growth</td>
<td>55%</td>
<td>91%</td>
<td>218%</td>
<td>389%</td>
</tr>
<tr>
<td>Walmart operating income growth</td>
<td>8.2%</td>
<td>8.5%</td>
<td>9.6%</td>
<td>30.4%</td>
</tr>
</tbody>
</table>
<div class="lb-trans"><table>
<thead>
<tr>
<th>指标</th>
<th>Q3 24</th>
<th>Q2 24</th>
<th>Q1 24</th>
<th>Q4 23</th>
</tr>
</thead>
<tbody>
<tr>
<td>亚马逊销售增长</td>
<td>11%</td>
<td>10%</td>
<td>13%</td>
<td>14%</td>
</tr>
<tr>
<td>沃尔玛销售增长</td>
<td>5.5%</td>
<td>4.8%</td>
<td>6%</td>
<td>5.7%</td>
</tr>
<tr>
<td>亚马逊营业收入增长</td>
<td>55%</td>
<td>91%</td>
<td>218%</td>
<td>389%</td>
</tr>
<tr>
<td>沃尔玛营业收入增长</td>
<td>8.2%</td>
<td>8.5%</td>
<td>9.6%</td>
<td>30.4%</td>
</tr>
</tbody>
</table>
</div><p>Data source: Amazon and Walmart quarterly reports. Walmart's quarters are for the fiscal year 2025.</p>
<div class="lb-trans"><p>数据来源：亚马逊和沃尔玛的季度报告。沃尔玛的季度数据为 2025 财年。</p>
</div><p>Even though Amazon has been performing better, the market is valuing Walmart's consistency and value right now. Amazon has a real advantage in AI, but Walmart has a real edge in its stability.</p>
<div class="lb-trans"><p>尽管亚马逊的表现更好，但市场目前更看重沃尔玛的一致性和价值。亚马逊在人工智能方面确实具有优势，但沃尔玛在稳定性方面具有真正的优势。</p>
</div><p>I would say that if you're looking for growth and have more of an appetite for risk, Amazon is still your stock, even though Walmart is outperforming it this year. If you're looking for value and passive income, Walmart is your choice, and its stock performance isn't too shabby, either.</p>
<div class="lb-trans"><p>我会说，如果你在寻找增长并且更能接受风险，亚马逊仍然是你的股票，尽管沃尔玛今年的表现超过了它。如果你在寻找价值和被动收入，沃尔玛是你的选择，而且它的股票表现也不错。</p>
</div>

Best Stock to Buy Right Now: Amazon vs. Walmart

- 亚马逊和沃尔玛是美国销售额最大的两家公司，亚马逊正逐渐缩小差距。  
- 亚马逊在电商和云计算领域占据领先地位，且 AI 业务正在快速增长。  
- 沃尔玛则凭借其庞大的门店网络和稳定的股息吸引投资者，表现出色。

当前最值得购买的股票：亚马逊 vs. 沃尔玛