<p>亿万富翁比尔·阿克曼最近透露，他的 Pershing Square Capital Management 投资基金在四月份对 <strong>亚马逊</strong>(AMZN -0.37%) 进行了大规模投资。阿克曼是在唐纳德·特朗普总统宣布 “解放日” 关税后，市场动荡之际购买该股票的，亚马逊也受到影响。</p>
<p>Pershing Square 的首席投资官瑞安·以色列最近与分析师讨论了这项投资，表示该基金以 “极具吸引力” 的估值收购了一个 “出色的特许经营”，并且亚马逊能够应对任何因关税引发的经济放缓。此外，他还赞扬了亚马逊首席执行官安迪·贾西和公司的双重商业模式，表示其能够实现超过 20% 的盈利增长。</p>
<p>随着亚马逊股票从低点反弹，投资者是否应该在当前水平跟随阿克曼投资亚马逊成为了一个问题。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjAyNjEvcGFja2FnZS1kZWxpdmVyeS1hbWF6b24tdXBzLWZlZGV4MS5qcGcmdz03MDA?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" width="700" height="466" original-src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjAyNjEvcGFja2FnZS1kZWxpdmVyeS1hbWF6b24tdXBzLWZlZGV4MS5qcGcmdz03MDA"/></p>
<p>图片来源：Getty Images。</p>
<h2>不再是特价商品，但仍然具有吸引力</h2>
<p>在四月份，亚马逊的股票交易时的前瞻市盈率 (P/E) 在 20 多倍，而今天已经回升到约 33 倍。尽管已经脱离低点，但该股票仍处于历史上最低的估值之一。</p>
<p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/73c4087654165ec2cf77ff55feabf37a.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" width="720" height="539" original-src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/73c4087654165ec2cf77ff55feabf37a.png"/></p>
<p>AMZN 前瞻市盈率数据来源于 YCharts</p>
<p>与此同时，亚马逊有两个具有吸引力的市场领先业务：电子商务和云计算。该公司以其电子商务业务而闻名，既销售自己的商品，也作为第三方销售产品的市场。由于其无与伦比的物流和仓储网络，亚马逊已成为全球电子商务的主导者。</p>
<p>与此同时，它现在正在利用人工智能 (AI) 在这些领域提高效率。例如，该公司正在使用 AI 更好地规划送货司机的路线，甚至预测潜在的交通和道路封闭。但这还不仅限于此，该公司还利用 AI 预测哪些仓库存放物品，以减少运输距离。</p>
<p>在仓库中，该公司正在使用 AI 和计算机视觉来提高效率并降低劳动力成本。AI 驱动的机器人可以处理多项任务，例如搬运重物、分类和搬运包裹，且不需要休息，错误率也低于人类。亚马逊甚至拥有能够比人类更好地识别损坏商品的 AI 驱动机器人，识别能力是人类的三倍，从而防止这些商品被发货并减少昂贵的退货。</p>
<p>所有这些都有助于降低成本并加快交货时间。同时，该公司还利用 AI 帮助平台上的第三方商家更轻松地列出商品，并通过其赞助广告网络针对潜在买家。</p>
<p>亚马逊已成长为全球最大的数字广告平台之一，这一高利润业务的增长，加上其 AI 效率，正在为亚马逊的电子商务业务带来强大的经营杠杆。这在上个季度得到了体现，其北美部门的收入增长了 8%，而部门营业收入增长了 16%。</p>
<h2>云计算是增长驱动力</h2>
<p>虽然亚马逊以其电子商务业务而闻名，但其最大的、增长最快的盈利部门是云计算业务——亚马逊网络服务 (AWS)。亚马逊是出于自身在扩展业务和遇到基础设施瓶颈的挫折而创造了整个云计算、基础设施即服务的商业模式。如今，它仍然是最大的云计算提供商，市场份额接近 30%。</p>
<p>AWS 继续受益于云计算的强劲势头，其中很大一部分是由 AI 推动的。客户正在使用其服务，如 Bedrock 和 SageMaker，来构建和部署自己的 AI 模型和应用程序。Bedrock 使他们能够访问可以自定义的顶级基础模型，而 SageMaker 则是一个更全面的解决方案，让他们从头开始构建、训练和启动模型。一旦这些模型和应用程序上线，它们就会在 AWS 基础设施上运行。</p>
<p>亚马逊的一个优势是它通过其 Annapurna Labs 子公司开发了自己的定制 AI 芯片。它有一款芯片 Trainium，专为训练大型语言模型 (LLMs) 而设计，另一款 Inferentia 则针对推理进行了优化。</p>
<p>定制芯片在特定任务上表现更好，且功耗低于大众市场的图形处理单元 (GPU)，这有助于降低整体拥有成本。这使得亚马逊在竞争对手中具有成本优势，并应在该部门带来强大的经营杠杆。</p>
<p>与此同时，该公司正在大量投资以建立 AI 基础设施，以跟上持续上升的需求。</p>
<h2>投资者应该购买亚马逊股票吗？</h2>
<p>购买亚马逊股票并非没有风险，因为其电子商务业务面临潜在的关税和经济逆风，同时公司也有可能过度建设其 AI 基础设施。尽管如此，这是一家有着大手笔投资以赢得大胜的公司，如果历史有任何指示，它应该会成为 AI 领域的赢家。</p>
<p>虽然其估值不再像阿克曼购买股票时那么低，但该股票仍然具有吸引力。因此，我认为投资者仍然可以跟随阿克曼投资亚马逊股票，并在当前水平上进行购买。</p>

亚马逊

亚马逊每日 2 倍做多 ETF - Direxion

<p>亿万富翁比尔·阿克曼的 Pershing Square Capital Management 已在亚马逊中获得了重要股份，认为其是一个 “极好的特许经营”，估值 “极具吸引力”。尽管亚马逊的股价有所回升，但其估值仍处于历史最低水平之一。该公司正在利用人工智能提升电子商务和云计算的效率，其中 AWS 是主要的增长驱动力。然而，潜在风险包括关税和可能影响其电子商务业务的经济挑战。投资者需要考虑是否在当前水平跟随阿克曼投资亚马逊股票</p>

<p>Billionaire Bill Ackman recently revealed that his Pershing Square Capital Management investment fund took a large stake in <strong>Amazon</strong>(AMZN -0.37%) in April. Ackman was buying the stock following the market downturn after President Donald Trump's &#34;Liberation Day&#34; tariff announcements roiled the market, including Amazon.</p>
<div class="lb-trans"><p>亿万富翁比尔·阿克曼最近透露，他的 Pershing Square Capital Management 投资基金在四月份对 <strong>亚马逊</strong>(AMZN -0.37%) 进行了大规模投资。阿克曼是在唐纳德·特朗普总统宣布 “解放日” 关税后，市场动荡之际购买该股票的，亚马逊也受到影响。</p>
</div><p>Pershing Square's chief investment officer Ryan Israel recently discussed the investment with analysts, stating that the fund acquired a &#34;fantastic franchise&#34; at an &#34;extremely attractive&#34; valuation, and that Amazon would be able to navigate any tariff-induced slowdown. Furthermore, he praised Amazon CEO Andy Jassy and the company's dual business model, stating that it can deliver more than 20% earnings growth.</p>
<div class="lb-trans"><p>Pershing Square 的首席投资官瑞安·以色列最近与分析师讨论了这项投资，表示该基金以 “极具吸引力” 的估值收购了一个 “出色的特许经营”，并且亚马逊能够应对任何因关税引发的经济放缓。此外，他还赞扬了亚马逊首席执行官安迪·贾西和公司的双重商业模式，表示其能够实现超过 20% 的盈利增长。</p>
</div><p>With Amazon shares having rallied off their lows, the question is whether investors should follow Ackman into Amazon at current levels.</p>
<div class="lb-trans"><p>随着亚马逊股票从低点反弹，投资者是否应该在当前水平跟随阿克曼投资亚马逊成为了一个问题。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjAyNjEvcGFja2FnZS1kZWxpdmVyeS1hbWF6b24tdXBzLWZlZGV4MS5qcGcmdz03MDA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F820261%2Fpackage-delivery-amazon-ups-fedex1.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>No longer in the bargain bin, but still attractive</h2>
<div class="lb-trans"><h2>不再是特价商品，但仍然具有吸引力</h2>
</div><p>Back in April, Amazon's stock traded down to a forward price-to-earnings ratio (P/E) in the mid-20s, while today it's back up to around a 33 times multiple. Although off its lows, the stock is still at one of the lowest valuations in its history.</p>
<div class="lb-trans"><p>在四月份，亚马逊的股票交易时的前瞻市盈率 (P/E) 在 20 多倍，而今天已经回升到约 33 倍。尽管已经脱离低点，但该股票仍处于历史上最低的估值之一。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/73c4087654165ec2cf77ff55feabf37a.png" alt="" original-src="https://media.ycharts.com/charts/73c4087654165ec2cf77ff55feabf37a.png"/></p>
<p>AMZN PE Ratio (Forward) data by YCharts</p>
<div class="lb-trans"><p>AMZN 前瞻市盈率数据来源于 YCharts</p>
</div><p>At the same time, Amazon has two attractive market-leading businesses: e-commerce and cloud computing. The company is best known for its e-commerce business, where it sells both its own goods and acts as a marketplace for third parties to sell products. Amazon has become the dominant global player in e-commerce due to its unparalleled logistics and warehouse network.</p>
<div class="lb-trans"><p>与此同时，亚马逊有两个具有吸引力的市场领先业务：电子商务和云计算。该公司以其电子商务业务而闻名，既销售自己的商品，也作为第三方销售产品的市场。由于其无与伦比的物流和仓储网络，亚马逊已成为全球电子商务的主导者。</p>
</div><p>Meanwhile, it is now using artificial intelligence (AI) to become more efficient in these areas. For example, the company is using AI to better plan routes for its delivery drivers, even predicting potential traffic and road closures. But it goes beyond even that, with the company using AI to predict which warehouses to store items in order to reduce travel distances.</p>
<div class="lb-trans"><p>与此同时，它现在正在利用人工智能 (AI) 在这些领域提高效率。例如，该公司正在使用 AI 更好地规划送货司机的路线，甚至预测潜在的交通和道路封闭。但这还不仅限于此，该公司还利用 AI 预测哪些仓库存放物品，以减少运输距离。</p>
</div><p>In the warehouse, meanwhile, the company is using AI and computer vision to improve efficiency and lower labor costs. AI-powered robots can handle a number of tasks, such as lifting heavy objects, sorting, and carrying packages, without taking breaks and making fewer mistakes than humans. Amazon even has AI-powered robots that can recognize damaged goods three times better than humans, preventing them being shipped and reducing costly returns.</p>
<div class="lb-trans"><p>在仓库中，该公司正在使用 AI 和计算机视觉来提高效率并降低劳动力成本。AI 驱动的机器人可以处理多项任务，例如搬运重物、分类和搬运包裹，且不需要休息，错误率也低于人类。亚马逊甚至拥有能够比人类更好地识别损坏商品的 AI 驱动机器人，识别能力是人类的三倍，从而防止这些商品被发货并减少昂贵的退货。</p>
</div><p>All this is helping to reduce costs and speed up delivery times. At the same time, the company is also using AI to help third-party merchants on its platform more easily list items and to target potential buyers through its sponsored ad network.</p>
<div class="lb-trans"><p>所有这些都有助于降低成本并加快交货时间。同时，该公司还利用 AI 帮助平台上的第三方商家更轻松地列出商品，并通过其赞助广告网络针对潜在买家。</p>
</div><p>Amazon has grown to become one of the largest digital ad platforms in the world, and the growth of this high-margin business, together with its AI efficiencies, is leading to strong operating leverage in Amazon's e-commerce business. This could be seen last quarter, when its North American segment revenue rose 8%, while its segment operating income climbed 16%.</p>
<div class="lb-trans"><p>亚马逊已成长为全球最大的数字广告平台之一，这一高利润业务的增长，加上其 AI 效率，正在为亚马逊的电子商务业务带来强大的经营杠杆。这在上个季度得到了体现，其北美部门的收入增长了 8%，而部门营业收入增长了 16%。</p>
</div><h2>Cloud computing is a growth driver</h2>
<div class="lb-trans"><h2>云计算是增长驱动力</h2>
</div><p>While it's most known for its e-commerce operations, Amazon's largest, fastest-growing segment by profitability is its cloud computing business, Amazon Web Services (AWS). Amazon created the whole cloud computing, infrastructure-as-a-service business model out of its own frustrations scaling up its business and the infrastructure bottlenecks it ran into. Today, it remains the largest cloud computing provider, with a nearly 30% market share.</p>
<div class="lb-trans"><p>虽然亚马逊以其电子商务业务而闻名，但其最大的、增长最快的盈利部门是云计算业务——亚马逊网络服务 (AWS)。亚马逊是出于自身在扩展业务和遇到基础设施瓶颈的挫折而创造了整个云计算、基础设施即服务的商业模式。如今，它仍然是最大的云计算提供商，市场份额接近 30%。</p>
</div><p>AWS continues to benefit from strong momentum in cloud computing, a big part of which is being driven by AI. Customers are using its services like Bedrock and SageMaker to build and deploy their own AI models and applications. Bedrock gives them access to top foundation models they can customize, while SageMaker is more of an end-to-end solution that lets them build, train, and launch models from the ground up. Once these models and apps are live, they are then run on AWS infrastructure.</p>
<div class="lb-trans"><p>AWS 继续受益于云计算的强劲势头，其中很大一部分是由 AI 推动的。客户正在使用其服务，如 Bedrock 和 SageMaker，来构建和部署自己的 AI 模型和应用程序。Bedrock 使他们能够访问可以自定义的顶级基础模型，而 SageMaker 则是一个更全面的解决方案，让他们从头开始构建、训练和启动模型。一旦这些模型和应用程序上线，它们就会在 AWS 基础设施上运行。</p>
</div><p>One advantage Amazon has is that it has developed its own custom AI chips through its Annapurna Labs subsidiary. It has one chip, Trainium, that has been designed to train large language models (LLMs), and another, Inferentia, that has been optimized for inference.</p>
<div class="lb-trans"><p>亚马逊的一个优势是它通过其 Annapurna Labs 子公司开发了自己的定制 AI 芯片。它有一款芯片 Trainium，专为训练大型语言模型 (LLMs) 而设计，另一款 Inferentia 则针对推理进行了优化。</p>
</div><p>Custom chips perform better and use less power than mass-market graphics processing units (GPUs) on the specific tasks for which they've been designed, which helps lower the overall cost of ownership. This gives Amazon a cost advantage over its competitors, and should lead to strong operating leverage in this segment as well.</p>
<div class="lb-trans"><p>定制芯片在特定任务上表现更好，且功耗低于大众市场的图形处理单元 (GPU)，这有助于降低整体拥有成本。这使得亚马逊在竞争对手中具有成本优势，并应在该部门带来强大的经营杠杆。</p>
</div><p>Meanwhile, the company is investing heavily to build AI infrastructure to keep up with the continued rising demand.</p>
<div class="lb-trans"><p>与此同时，该公司正在大量投资以建立 AI 基础设施，以跟上持续上升的需求。</p>
</div><h2>Should investors buy Amazon stock?</h2>
<div class="lb-trans"><h2>投资者应该购买亚马逊股票吗？</h2>
</div><p>Buying Amazon stock is not without risks, as its e-commerce business does face potential tariffs and economic headwinds, while there is always the potential that the company overbuilds its AI infrastructure. That said, this is a company that has a history of spending big to win big, and if history is any indication, it should be a big AI winner.</p>
<div class="lb-trans"><p>购买亚马逊股票并非没有风险，因为其电子商务业务面临潜在的关税和经济逆风，同时公司也有可能过度建设其 AI 基础设施。尽管如此，这是一家有着大手笔投资以赢得大胜的公司，如果历史有任何指示，它应该会成为 AI 领域的赢家。</p>
</div><p>While its valuation is not quite as low as when Ackman bought shares, the stock is still attractively valued. As such, I think investors can still follow Ackman into Amazon stock and be buyers at current levels.</p>
<div class="lb-trans"><p>虽然其估值不再像阿克曼购买股票时那么低，但该股票仍然具有吸引力。因此，我认为投资者仍然可以跟随阿克曼投资亚马逊股票，并在当前水平上进行购买。</p>
</div>

Should You Follow Billionaire Bill Ackman Into Amazon Stock?

- 亿万富翁比尔·阿克曼在四月增持亚马逊股份。  
- 阿克曼认为亚马逊在当前估值下仍具吸引力。  
- 亚马逊的电商和云计算业务推动了其盈利增长。

你是否应该跟随亿万富翁比尔·阿克曼投资亚马逊股票？