<p>我将 2022 年 11 月 30 日视为人工智能（AI）革命的非正式开始。这一天，OpenAI 向公众发布了 ChatGPT。</p>
<p>自从 ChatGPT 成为主流文化的一部分以来，<strong>标准普尔 500 指数</strong>（SNPINDEX: ^GSPC）和 <strong>纳斯达克综合指数</strong>（NASDAQINDEX: ^IXIC）屡创新高，这在很大程度上得益于大型科技股的指数级上涨。在资本市场中，表现最好的股票是被称为 “七大奇迹” 的股票。</p>
<p>在这一群体中，<strong>Nvidia</strong> 和 <strong>Meta Platforms</strong> 的表现遥遥领先，截至目前（3 月 17 日），分别上涨了 601% 和 409%。</p>
<p>排名第三的是电子商务和云计算领导者 <strong>亚马逊</strong>（AMZN 0.63%），自 ChatGPT 发布以来，其股价飙升了 102%。虽然这一回报远高于标准普尔 500 和纳斯达克的涨幅，但我认为亚马逊的未来更值得期待。</p>
<p>让我们探讨亚马逊如何在人工智能领域掀起波澜，并分析该公司在技术上的投资如何已经开始结出硕果。此外，我还将审视亚马逊的估值，并阐述为什么我认为现在是大量购买该股票并准备长期持有的绝佳时机。</p>
<h2>亚马逊在人工智能领域的十亿美元投资正在获得丰厚回报</h2>
<p>虽然像 Nvidia、<strong>微软</strong> 和 <strong>特斯拉</strong> 这样的公司在人工智能叙事中备受关注，但亚马逊一直在悄然进行一些重大举措。</p>
<p>首先，该公司向 OpenAI 的一个近亲公司 Anthropic 投资了高达 80 亿美元。作为他们联盟的一部分，Anthropic 正在亚马逊的云基础设施上训练其生成性 AI 模型。此外，AI 开发者还利用了亚马逊的定制 Trainium 和 Inferentia 芯片——我认为这一举措可能在未来与 Nvidia 及其图形处理单元（GPU）巨头形成竞争。</p>
<p>自 2023 年 9 月亚马逊与 Anthropic 合作以来，该公司的云业务——亚马逊网络服务（AWS）经历了显著加速。具体来说，2023 年第四季度 AWS 的收入同比增长了 13%，同时营业收入同比增长了 39%。</p>
<p>然而，截至 2024 年第四季度，AWS 的收入同比增长了 19%，营业收入增长幅度扩大至 48%。</p>
<p>尽管这一切都令人鼓舞，但亚马逊似乎并没有止步于此。根据多份公司新闻稿，亚马逊计划在未来几年内在乔治亚州、俄亥俄州、密西西比州和墨西哥投资超过 300 亿美元用于数据中心。</p>
<p>在我看来，这里存在一个有趣的循环，即亚马逊在 AWS 中整合 AI 导致了持续的现金流增长，而公司又将这些现金重新投资于 AI 驱动的服务。</p>
<p>最后，除了芯片技术、云基础设施和数据中心外，亚马逊还在人工智能机器人方面进行了大量投资，特别是在公司的仓库中实施机器人，以自动化履行流程。我认为这是亚马逊的明智选择，因为该公司可能能够在电子商务业务中释放出显著的效率，补充云业务中已经看到的利润率扩大。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MTE0NzAvZ2V0dHlpbWFnZXMtMTM0NDI0NzU3MC0zLmpwZyZ3PTcwMA?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-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MTE0NzAvZ2V0dHlpbWFnZXMtMTM0NDI0NzU3MC0zLmpwZyZ3PTcwMA"/></p>
<p>图片来源：Getty Images。</p>
<h2>亚马逊股票的估值极具吸引力，值得投资</h2>
<p>Nvidia 迄今为止是人工智能革命的宠儿，虽然我认为该公司的未来光明，但我对 Nvidia 股票在未来 10 年能否飙升数百个百分点持怀疑态度。在某个时刻，Nvidia 的增长可能会显现出放缓的迹象——尤其是随着更多竞争芯片的出现。</p>
<p>相比之下，我认为亚马逊的人工智能增长阶段仍处于初期。该公司有多个不同的项目在进行，管理层似乎专注于在电子商务和 AWS 等主要业务领域加速收入和改善利润率的有利组合。</p>
<p>尽管如此，亚马逊的前瞻性市盈率仅为 31 倍。正如下图所示，亚马逊当前的前瞻性市盈率相较于公司五年平均水平显著折价，并且徘徊在一年多来的最低水平。</p>
<p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/cf0959690560216ebb9fa76f7fe4d580.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/cf0959690560216ebb9fa76f7fe4d580.png"/></p>
<p>AMZN 市盈率（前瞻性）数据来源于 YCharts</p>
<p>考虑到公司当前的增长速度以及随着人工智能在亚马逊生态系统中越来越普及而可能带来的收益，我认为当前的估值趋势是一个绝佳的买入机会。寻求健康增长与持续盈利组合的投资者可能希望现在就考虑购买亚马逊股票，并准备紧紧持有。</p>

亚马逊

<p>这篇文章讨论了亚马逊作为 “七大巨头” 股票中顶级投资选择的潜力，特别是在 ChatGPT 发布引发的人工智能革命背景下。亚马逊已向人工智能公司 Anthropic 投资了 80 亿美元，增强了其云服务，并推动了亚马逊网络服务（AWS）的显著收入增长。该公司计划在数据中心投资 300 亿美元，并且还专注于用于仓库自动化的人工智能机器人。文章指出，亚马逊的前瞻性市盈率为 31 倍，认为现在是购买亚马逊股票以实现长期增长的良好时机</p>

<p>I use Nov. 30, 2022, as the unofficial start of the artificial intelligence (AI) revolution. This is the day that OpenAI released ChatGPT to the general public.</p>
<div class="lb-trans"><p>我将 2022 年 11 月 30 日视为人工智能（AI）革命的非正式开始。这一天，OpenAI 向公众发布了 ChatGPT。</p>
</div><p>Since ChatGPT became part of mainstream culture, the <strong>S&amp;P 500</strong>(SNPINDEX: ^GSPC) and <strong>Nasdaq Composite</strong>(NASDAQINDEX: ^IXIC) indexes have notched multiple highs -- thanks in large part to megacap technology stocks witnessing parabolic rises. Among the biggest gainers in the capital markets have been the &#34;Magnificent Seven&#34; stocks.</p>
<div class="lb-trans"><p>自从 ChatGPT 成为主流文化的一部分以来，<strong>标准普尔 500 指数</strong>（SNPINDEX: ^GSPC）和 <strong>纳斯达克综合指数</strong>（NASDAQINDEX: ^IXIC）屡创新高，这在很大程度上得益于大型科技股的指数级上涨。在资本市场中，表现最好的股票是被称为 “七大奇迹” 的股票。</p>
</div><p>Within that cohort, <strong>Nvidia</strong> and <strong>Meta Platforms</strong> have been the top performers by a mile -- gaining 601% and 409%, respectively, as of this writing (March 17).</p>
<div class="lb-trans"><p>在这一群体中，<strong>Nvidia</strong> 和 <strong>Meta Platforms</strong> 的表现遥遥领先，截至目前（3 月 17 日），分别上涨了 601% 和 409%。</p>
</div><p>Coming in third place is e-commerce and cloud computing leader <strong>Amazon</strong>(AMZN 0.63%), whose stock has rocketed 102% since the release of ChatGPT. While this return is multiples higher than gains seen across the S&amp;P 500 and Nasdaq, I think even better days are ahead for Amazon.</p>
<div class="lb-trans"><p>排名第三的是电子商务和云计算领导者 <strong>亚马逊</strong>（AMZN 0.63%），自 ChatGPT 发布以来，其股价飙升了 102%。虽然这一回报远高于标准普尔 500 和纳斯达克的涨幅，但我认为亚马逊的未来更值得期待。</p>
</div><p>Let's explore how Amazon is making waves in the AI arena and analyze how the company's investments in the technology are already bearing fruit. In addition, I'll review Amazon's valuation and make the case for why I think now is a great time to buy the stock hand over fist and prepare to hold for the long run.</p>
<div class="lb-trans"><p>让我们探讨亚马逊如何在人工智能领域掀起波澜，并分析该公司在技术上的投资如何已经开始结出硕果。此外，我还将审视亚马逊的估值，并阐述为什么我认为现在是大量购买该股票并准备长期持有的绝佳时机。</p>
</div><h2>Amazon's billion-dollar bets in AI are paying off big time</h2>
<div class="lb-trans"><h2>亚马逊在人工智能领域的十亿美元投资正在获得丰厚回报</h2>
</div><p>While companies such as Nvidia, <strong>Microsoft</strong>, and <strong>Tesla</strong> fetch a lot of the attention surrounding the AI narrative, Amazon has quietly been making some major moves of its own.</p>
<div class="lb-trans"><p>虽然像 Nvidia、<strong>微软</strong> 和 <strong>特斯拉</strong> 这样的公司在人工智能叙事中备受关注，但亚马逊一直在悄然进行一些重大举措。</p>
</div><p>For starters, the company has invested a whopping $8 billion into a close peer of OpenAI called Anthropic. As part of their alliance, Anthropic is training its generative AI models on Amazon's cloud infrastructure. In addition, the AI developer is also leveraging Amazon's custom Trainium and Inferentia chips -- a move that I think could prove competitive to Nvidia and its graphics processing unit (GPU) behemoth down the road.</p>
<div class="lb-trans"><p>首先，该公司向 OpenAI 的一个近亲公司 Anthropic 投资了高达 80 亿美元。作为他们联盟的一部分，Anthropic 正在亚马逊的云基础设施上训练其生成性 AI 模型。此外，AI 开发者还利用了亚马逊的定制 Trainium 和 Inferentia 芯片——我认为这一举措可能在未来与 Nvidia 及其图形处理单元（GPU）巨头形成竞争。</p>
</div><p>Since Amazon partnered with Anthropic in September 2023, the company has witnessed significant acceleration in its cloud business -- Amazon Web Services (AWS). To add some color here, revenue in AWS grew at 13% annually in the fourth quarter of 2023 all while growing operating income by 39% year over year.</p>
<div class="lb-trans"><p>自 2023 年 9 月亚马逊与 Anthropic 合作以来，该公司的云业务——亚马逊网络服务（AWS）经历了显著加速。具体来说，2023 年第四季度 AWS 的收入同比增长了 13%，同时营业收入同比增长了 39%。</p>
</div><p>However, as of Q4 2024 AWS grew at 19% year over year and widened its operating income growth to 48%.</p>
<div class="lb-trans"><p>然而，截至 2024 年第四季度，AWS 的收入同比增长了 19%，营业收入增长幅度扩大至 48%。</p>
</div><p>While this is all encouraging, Amazon doesn't appear to be resting on its laurels. According to various company press releases, Amazon is planning to spend upward of $30 billion on data centers in Georgia, Ohio, Mississippi, and Mexico over the next several years.</p>
<div class="lb-trans"><p>尽管这一切都令人鼓舞，但亚马逊似乎并没有止步于此。根据多份公司新闻稿，亚马逊计划在未来几年内在乔治亚州、俄亥俄州、密西西比州和墨西哥投资超过 300 亿美元用于数据中心。</p>
</div><p>To me, there's an interesting cycle at play here in that Amazon's integration of AI across AWS is leading to consistent cash flow growth, which the company then reinvests right back into AI-powered services.</p>
<div class="lb-trans"><p>在我看来，这里存在一个有趣的循环，即亚马逊在 AWS 中整合 AI 导致了持续的现金流增长，而公司又将这些现金重新投资于 AI 驱动的服务。</p>
</div><p>Lastly, outside of chip technology, cloud infrastructure, and data centers, Amazon is also investing heavily into AI robotics, specifically, robotics that are implemented in the company's warehouses in an effort to automate fulfillment processes. I think this is a savvy choice by Amazon, as the company could be able to unlock significant efficiencies in the e-commerce business, complementing the widening margins already witnessed in the cloud segment.</p>
<div class="lb-trans"><p>最后，除了芯片技术、云基础设施和数据中心外，亚马逊还在人工智能机器人方面进行了大量投资，特别是在公司的仓库中实施机器人，以自动化履行流程。我认为这是亚马逊的明智选择，因为该公司可能能够在电子商务业务中释放出显著的效率，补充云业务中已经看到的利润率扩大。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MTE0NzAvZ2V0dHlpbWFnZXMtMTM0NDI0NzU3MC0zLmpwZyZ3PTcwMA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F811470%2Fgettyimages-1344247570-3.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>Amazon stock is trading at a prime valuation that's too good to pass up</h2>
<div class="lb-trans"><h2>亚马逊股票的估值极具吸引力，值得投资</h2>
</div><p>Nvidia has been the darling of the AI revolution so far, and while I think the company's future is bright, I have my doubts over whether Nvidia stock can soar by several hundred percentage points over the next 10 years. At some point, Nvidia's growth will likely exhibit signs of slowing down -- especially as more competing chips begin to break onto the scene.</p>
<div class="lb-trans"><p>Nvidia 迄今为止是人工智能革命的宠儿，虽然我认为该公司的未来光明，但我对 Nvidia 股票在未来 10 年能否飙升数百个百分点持怀疑态度。在某个时刻，Nvidia 的增长可能会显现出放缓的迹象——尤其是随着更多竞争芯片的出现。</p>
</div><p>By contrast, I think Amazon's AI growth phase is still in its early innings. The company has several different projects at hand, and management appears keenly focused on a lucrative combination of accelerating revenue and improving profit margins across major parts of the business -- namely e-commerce and AWS.</p>
<div class="lb-trans"><p>相比之下，我认为亚马逊的人工智能增长阶段仍处于初期。该公司有多个不同的项目在进行，管理层似乎专注于在电子商务和 AWS 等主要业务领域加速收入和改善利润率的有利组合。</p>
</div><p>Nevertheless, Amazon is trading at just 31 times forward earnings estimates. As the chart below illustrates, Amazon's current forward P/E multiple is significantly discounted relative to the company's five-year average and is hovering around its lowest levels in over a year.</p>
<div class="lb-trans"><p>尽管如此，亚马逊的前瞻性市盈率仅为 31 倍。正如下图所示，亚马逊当前的前瞻性市盈率相较于公司五年平均水平显著折价，并且徘徊在一年多来的最低水平。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/cf0959690560216ebb9fa76f7fe4d580.png" alt="" original-src="https://media.ycharts.com/charts/cf0959690560216ebb9fa76f7fe4d580.png"/></p>
<p>AMZN PE Ratio (Forward) data by YCharts</p>
<div class="lb-trans"><p>AMZN 市盈率（前瞻性）数据来源于 YCharts</p>
</div><p>Given the company's current pace of growth and the potential gains in store as AI becomes more of fixture across the Amazon ecosystem, I see the current valuation trends as a tremendous buying opportunity. Investors looking for a healthy combination of growth and consistent profitability might want to consider buying Amazon stock right now and preparing to hold on tight.</p>
<div class="lb-trans"><p>考虑到公司当前的增长速度以及随着人工智能在亚马逊生态系统中越来越普及而可能带来的收益，我认为当前的估值趋势是一个绝佳的买入机会。寻求健康增长与持续盈利组合的投资者可能希望现在就考虑购买亚马逊股票，并准备紧紧持有。</p>
</div>

If I Could Buy Only 1 "Magnificent Seven" Stock Over the Next 10 Years, This Would Be It (Hint: It's Not Nvidia)

- 亚马逊在人工智能领域的投资正在显著回报。  
- 该公司与 Anthropic 合作，投资 80 亿美元，推动云业务增长。  
- 亚马逊股票当前估值吸引，适合长期持有。  

如果我在未来 10 年内只能买入一只 “七大天王” 股票，那将是这只（提示：不是英伟达）