<p>到 2024 年底，一个名为量子计算的新兴人工智能（AI）领域开始引起投资界的广泛关注。似乎一夜之间，<strong>IonQ</strong>、<strong>D-Wave Quantum</strong> 和 <strong>Rigetti Computing</strong> 等股票成为了量子计算领域的热门名称。</p>
<p>聪明的投资者明白，仅仅因为一家公司开始受到关注，并不一定意味着它是一个明智的投资选择。虽然上述公司在过去几个月中经历了显著的增长，但大部分买入活动是基于动量驱动的叙述。正如我之前所表达的，如果你打算投资量子计算，我认为最明智的选择是围绕&#34;七大奇迹&#34;成员，如 <strong>Nvidia</strong> 或 <strong>Alphabet</strong>。</p>
<p>就在几天前，我最喜欢的七大奇迹股票 <strong>亚马逊</strong>（AMZN 0.48%）宣布了一项与公司量子计算努力相关的有趣进展。接下来，让我们探讨亚马逊如何在量子革命中崭露头角，并评估这将如何在长期内助力公司的 AI 雄心。</p>
<h2>亚马逊在量子计算中扮演了什么角色？</h2>
<p>经典计算（即我们今天使用的计算方式）是建立在二进制代码或比特（如 0 和 1）的基础上的。量子计算并不遵循这样的线性方法。在量子力学中，量子比特（qubits）可以同时存在于多种状态中——这一现象被称为叠加态。理论上，这种方法使量子计算机能够以比今天的经典计算机更快的速度处理复杂算法。</p>
<p>虽然这一切听起来很不错，但亚马逊的科学家指出：</p>
<blockquote>
<p>振动、热量、来自手机和 Wi-Fi 网络的电磁干扰，甚至来自外太空的宇宙射线和辐射，都可能使量子比特失去其量子状态，从而导致量子计算中的错误。</p>
</blockquote>
<p>这种去相干现象导致量子比特错误率高，这是亚马逊希望解决的问题。该公司的新量子芯片 Ocelot 在其架构中集成了错误修正。这是一种独特的方法，因为这意味着需要集成的量子比特数量较少，以抵消错误修正。因此，计算过程应该更加高效（成本更低），这可能使亚马逊在构建一个易于扩展的量子平台时占据优势。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MDk2MDcvZ2V0dHlpbWFnZXMtMjE1NjYxNTg2Mi0yLmpwZyZ3PTcwMA?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://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MDk2MDcvZ2V0dHlpbWFnZXMtMjE1NjYxNTg2Mi0yLmpwZyZ3PTcwMA"/></p>
<p>图片来源：Getty Images。</p>
<h2>量子计算将如何在长期内帮助亚马逊？</h2>
<p>在过去的几年中，亚马逊在一项激进的 AI 基础设施计划中投资了数十亿美元。该公司一些更显著的举措包括向 Anthropic 投资 80 亿美元，以及开发自己的定制硅解决方案——Trainium 和 Inferentia 芯片。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MDk2MDcvc2NyZWVuc2hvdC0yMDI1LTAzLTAyLTExMzYyNS5qcGcmdz03MDA?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://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MDk2MDcvc2NyZWVuc2hvdC0yMDI1LTAzLTAyLTExMzYyNS5qcGcmdz03MDA"/></p>
<p>图片来源：投资者关系。</p>
<p>到目前为止，亚马逊不断上升的资本支出（capex）似乎正在获得回报。该公司在其云基础设施业务——亚马逊网络服务（AWS）中见证了显著的加速，同时利润也在上升。收入加速和利润率扩大的结合为亚马逊提供了财务灵活性，使其能够加大对 AI 基础设施的投资，现在还包括进入量子计算领域。</p>
<p>尽管该公司仍需面对来自微软和 Alphabet 的竞争，但我认为亚马逊在 Ocelot 方面的差异化方法与可扩展性相关，可能会导致更快的客户获取。因此，我将量子计算视为 AWS 的一个令人兴奋的新篇章——这可能在长期内带来更进一步的收入和利润增长。</p>
<h2>现在亚马逊股票值得购买吗？</h2>
<p>在过去一个月中，亚马逊股票下跌了约 11%。虽然一些抛售可能与围绕通货膨胀的宏观经济担忧或华盛顿新关税政策的未知影响有关，但我确实认为与亚马逊相关的某些风险被认为是存在的。</p>
<p>具体来说，该公司的管理层预计今年的资本支出将超过 1000 亿美元。我认为一些投资者可能会对这个巨额数字感到不安。但正如我上面所指出的，该公司的资本支出大部分是针对 AWS——一个在收入和利润两方面都在加速增长的业务。</p>
<p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/26d03f6bbd11d8108ff56195e3fe5df3.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/26d03f6bbd11d8108ff56195e3fe5df3.png"/></p>
<p>AMZN 自由现金流价格数据来源于 YCharts。</p>
<p>尽管如此，投资者似乎并没有看好亚马逊的激进增长战略。目前，亚马逊股票的自由现金流（P/FCF）倍数为 69——远低于该公司五年平均的 104。我觉得这种差异有点讽刺，因为亚马逊今天是一个比几年前更大、更有盈利能力的企业。此外，我认为随着 AI 在亚马逊更广泛的生态系统中得到更深入的整合，该公司的当前增长水平有很大的机会进一步上升。</p>
<p>该公司对量子计算的探索凸显了亚马逊致力于构建一个多元化 AI 平台的承诺，我认为这将代表又一项在长期内获得丰厚回报的投资。对我来说，亚马逊股票现在对于具有长期投资视野的投资者来说是一个便宜的选择。</p>

亚马逊

<p>亚马逊在量子计算方面取得了进展，推出了新芯片 Ocelot，该芯片集成了错误修正以提高效率。这一发展与亚马逊在人工智能基础设施方面的更广泛投资相一致，包括在其云服务 AWS 上的重大资本支出。尽管最近股价因宏观经济担忧和高资本支出指引而下跌了 11%，但亚马逊的增长战略和量子计算的进展可能在长期内带来收入和利润的增加。目前，亚马逊的股票交易价格相较于其五年平均水平的自由现金流倍数较低，暗示随着人工智能整合的扩展，存在增长的潜力</p>

<p>Toward the end of 2024, a new pocket of the artificial intelligence (AI) realm called quantum computing started receiving quite a bit of interest from the investment world. Seemingly overnight, stocks such as <strong>IonQ</strong>, <strong>D-Wave Quantum</strong>, and <strong>Rigetti Computing</strong> emerged as popular names leading the quantum computing charge.</p>
<div class="lb-trans"><p>到 2024 年底，一个名为量子计算的新兴人工智能（AI）领域开始引起投资界的广泛关注。似乎一夜之间，<strong>IonQ</strong>、<strong>D-Wave Quantum</strong> 和 <strong>Rigetti Computing</strong> 等股票成为了量子计算领域的热门名称。</p>
</div><p>Smart investors understand that just because a company begins rising in popularity doesn't necessarily make it a sound investment choice, though. While the companies above have witnessed pronounced gains over the last few months, much of the buying activity is rooted in momentum-driven narratives. As I've previously expressed, if you're going to explore investing in quantum computing, then I think the most prudent options revolve around &#34;Magnificent Seven&#34; members like <strong>Nvidia</strong> or <strong>Alphabet</strong>.</p>
<div class="lb-trans"><p>聪明的投资者明白，仅仅因为一家公司开始受到关注，并不一定意味着它是一个明智的投资选择。虽然上述公司在过去几个月中经历了显著的增长，但大部分买入活动是基于动量驱动的叙述。正如我之前所表达的，如果你打算投资量子计算，我认为最明智的选择是围绕&#34;七大奇迹&#34;成员，如 <strong>Nvidia</strong> 或 <strong>Alphabet</strong>。</p>
</div><p>Just a few days ago, my favorite Magnificent Seven stock, <strong>Amazon</strong>(AMZN 0.48%), announced an interesting development as it pertains to the company's quantum computing efforts. Below, let's explore how Amazon is making a splash in the quantum revolution and assess how it could help supercharge the company's AI ambitions in the long run.</p>
<div class="lb-trans"><p>就在几天前，我最喜欢的七大奇迹股票 <strong>亚马逊</strong>（AMZN 0.48%）宣布了一项与公司量子计算努力相关的有趣进展。接下来，让我们探讨亚马逊如何在量子革命中崭露头角，并评估这将如何在长期内助力公司的 AI 雄心。</p>
</div><h2>How is Amazon playing a role in quantum computing?</h2>
<div class="lb-trans"><h2>亚马逊在量子计算中扮演了什么角色？</h2>
</div><p>Classical computing (which is what we use today) is built on a foundation of binary code or bits, such as 0 and 1. Quantum computing does not follow such a linear approach. In quantum mechanics, qubits (quantum bits) can exist in multiple states at the same time -- a phenomenon known as superposition. In theory, this approach allows quantum computers to process complex algorithms at faster speeds compared to today's classic computers.</p>
<div class="lb-trans"><p>经典计算（即我们今天使用的计算方式）是建立在二进制代码或比特（如 0 和 1）的基础上的。量子计算并不遵循这样的线性方法。在量子力学中，量子比特（qubits）可以同时存在于多种状态中——这一现象被称为叠加态。理论上，这种方法使量子计算机能够以比今天的经典计算机更快的速度处理复杂算法。</p>
</div><p>While this all sounds great, scientists at Amazon point this out:</p>
<div class="lb-trans"><p>虽然这一切听起来很不错，但亚马逊的科学家指出：</p>
</div><blockquote>
<p>Vibrations, heat, electromagnetic interference from cellphones and Wi-Fi networks, or even cosmic rays and radiation from outer space, can all knock qubits out of their quantum state, causing errors in the quantum computation being performed.</p>
</blockquote>
<div class="lb-trans"><blockquote>
<p>振动、热量、来自手机和 Wi-Fi 网络的电磁干扰，甚至来自外太空的宇宙射线和辐射，都可能使量子比特失去其量子状态，从而导致量子计算中的错误。</p>
</blockquote>
</div><p>This decoherence results in high levels of qubit errors, a problem that Amazon is looking to solve. The company's new quantum chip, dubbed Ocelot, integrates error correction into its architecture. This is a unique approach, as it implies that fewer qubits need to be integrated to counter error correction. As such, computation processes should be more efficient (less expensive), which potentially gives Amazon an edge as it looks to build a quantum platform that can be easily scaled.</p>
<div class="lb-trans"><p>这种去相干现象导致量子比特错误率高，这是亚马逊希望解决的问题。该公司的新量子芯片 Ocelot 在其架构中集成了错误修正。这是一种独特的方法，因为这意味着需要集成的量子比特数量较少，以抵消错误修正。因此，计算过程应该更加高效（成本更低），这可能使亚马逊在构建一个易于扩展的量子平台时占据优势。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MDk2MDcvZ2V0dHlpbWFnZXMtMjE1NjYxNTg2Mi0yLmpwZyZ3PTcwMA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F809607%2Fgettyimages-2156615862-2.jpg&amp;op=resize&amp;w=700"/></p>
<p>Image source: Getty Images.</p>
<div class="lb-trans"><p>图片来源：Getty Images。</p>
</div><h2>How could quantum computing help Amazon in the long run?</h2>
<div class="lb-trans"><h2>量子计算将如何在长期内帮助亚马逊？</h2>
</div><p>Over the last couple of years, Amazon has invested billions into an aggressive AI infrastructure plan. Some of the company's more notable moves include investing $8 billion into Anthropic, as well as developing its own custom silicon solutions -- Trainium and Inferentia chips.</p>
<div class="lb-trans"><p>在过去的几年中，亚马逊在一项激进的 AI 基础设施计划中投资了数十亿美元。该公司一些更显著的举措包括向 Anthropic 投资 80 亿美元，以及开发自己的定制硅解决方案——Trainium 和 Inferentia 芯片。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MDk2MDcvc2NyZWVuc2hvdC0yMDI1LTAzLTAyLTExMzYyNS5qcGcmdz03MDA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F809607%2Fscreenshot-2025-03-02-113625.jpg&amp;op=resize&amp;w=700"/></p>
<p>Image source: Investor Relations.</p>
<div class="lb-trans"><p>图片来源：投资者关系。</p>
</div><p>So far, Amazon's rising capital expenditures (capex) appear to be paying off. The company is witnessing notable acceleration in its cloud infrastructure business, Amazon Web Services (AWS), coupled with rising profits. The combination of accelerating revenue and widening profit margins is providing Amazon with the financial flexibility to double down on its AI infrastructure investments, which now include a foray into quantum computing.</p>
<div class="lb-trans"><p>到目前为止，亚马逊不断上升的资本支出（capex）似乎正在获得回报。该公司在其云基础设施业务——亚马逊网络服务（AWS）中见证了显著的加速，同时利润也在上升。收入加速和利润率扩大的结合为亚马逊提供了财务灵活性，使其能够加大对 AI 基础设施的投资，现在还包括进入量子计算领域。</p>
</div><p>While the company should continue to witness competition from Microsoft and Alphabet, I think Amazon's differentiated approach with Ocelot as it relates to scalability could lead to faster customer acquisition. As a result, I see quantum computing as an exciting new chapter for AWS -- and one that could lead to even further revenue and profit growth in the long run.</p>
<div class="lb-trans"><p>尽管该公司仍需面对来自微软和 Alphabet 的竞争，但我认为亚马逊在 Ocelot 方面的差异化方法与可扩展性相关，可能会导致更快的客户获取。因此，我将量子计算视为 AWS 的一个令人兴奋的新篇章——这可能在长期内带来更进一步的收入和利润增长。</p>
</div><h2>Is Amazon stock a buy right now?</h2>
<div class="lb-trans"><h2>现在亚马逊股票值得购买吗？</h2>
</div><p>Over the past month, Amazon stock has fallen by about 11%. While some of the selling is likely tied to macroeconomic concerns surrounding inflation or the unknown impacts of new tariff policies out of Washington, I do think there is some perceived risk at it relates to Amazon specifically.</p>
<div class="lb-trans"><p>在过去一个月中，亚马逊股票下跌了约 11%。虽然一些抛售可能与围绕通货膨胀的宏观经济担忧或华盛顿新关税政策的未知影响有关，但我确实认为与亚马逊相关的某些风险被认为是存在的。</p>
</div><p>Namely, the company's management is guiding for over $100 billion of capex spending just this year. I think some investors may be skittish over that huge sum. But as I pointed out above, the majority of the company's capex spend has been geared toward AWS -- a business that is accelerating across both the top and bottom lines.</p>
<div class="lb-trans"><p>具体来说，该公司的管理层预计今年的资本支出将超过 1000 亿美元。我认为一些投资者可能会对这个巨额数字感到不安。但正如我上面所指出的，该公司的资本支出大部分是针对 AWS——一个在收入和利润两方面都在加速增长的业务。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/26d03f6bbd11d8108ff56195e3fe5df3.png" alt="" original-src="https://media.ycharts.com/charts/26d03f6bbd11d8108ff56195e3fe5df3.png"/></p>
<p>AMZN Price to Free Cash Flow data by YCharts.</p>
<div class="lb-trans"><p>AMZN 自由现金流价格数据来源于 YCharts。</p>
</div><p>Nevertheless, investors don't seem to have bought into Amazon's aggressive growth strategy. Right now, Amazon stock trades for a price-to-free cash flow (P/FCF) multiple of 69 -- well below the company's five-year average of 104. I find this disparity a little ironic considering Amazon is a larger, more profitable business today than it was years ago. Moreover, I think the company's current growth levels have a good chance of rising further as AI becomes more integrated across Amazon's broader ecosystem.</p>
<div class="lb-trans"><p>尽管如此，投资者似乎并没有看好亚马逊的激进增长战略。目前，亚马逊股票的自由现金流（P/FCF）倍数为 69——远低于该公司五年平均的 104。我觉得这种差异有点讽刺，因为亚马逊今天是一个比几年前更大、更有盈利能力的企业。此外，我认为随着 AI 在亚马逊更广泛的生态系统中得到更深入的整合，该公司的当前增长水平有很大的机会进一步上升。</p>
</div><p>The company's exploration of quantum computing underscores Amazon's commitment to building a diversified AI platform, and I think it will represent yet another investment that pays off in spades in the long run. To me, Amazon stock is a bargain right now for investors with a long-term time horizon.</p>
<div class="lb-trans"><p>该公司对量子计算的探索凸显了亚马逊致力于构建一个多元化 AI 平台的承诺，我认为这将代表又一项在长期内获得丰厚回报的投资。对我来说，亚马逊股票现在对于具有长期投资视野的投资者来说是一个便宜的选择。</p>
</div>

My Favorite "Magnificent Seven" Stock Just Joined the Quantum Computing Revolution (Hint: It's Not Nvidia)

- 2024 年底，量子计算引起投资者关注，IonQ、D-Wave Quantum 等公司股票上涨。  
- 亚马逊推出新量子芯片 Ocelot，集成错误修正，提升计算效率。  
- 亚马逊在 AI 基础设施上投资数十亿美元，量子计算有望推动长期收入增长。

我最喜欢的 “七大天王” 股票刚刚加入了量子计算革命（提示：它不是英伟达）