<p><strong>亚马逊</strong>(AMZN 1.39%) 是股市中的一股强大力量，收入飙升，在电子商务和云计算中扮演着关键角色，市值超过 2.3 万亿美元。</p>
<p>但亚马逊的股票今年迄今仅上涨不到 2%，而且在云计算领域的主导地位开始下滑，因为竞争对手 <strong>微软</strong> 的 Azure 和 <strong>Alphabet</strong> 的 Google Cloud 正在逐步侵蚀市场。此外，唐纳德·特朗普总统时不时提出的关税威胁再次浮现，许多关税预计将在八月生效，这给亚马逊的电子商务业务带来了额外压力。</p>
<p>如果你在投资亚马逊的股票，自然会想知道公司将如何保护其云计算的主导地位，并开始再次提升股价。现在你应该关注的就是这一点。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjUxNjAvYm94LXdpdGgtbG9nby5qcGcmdz03MDA?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-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjUxNjAvYm94LXdpdGgtbG9nby5qcGcmdz03MDA"/></p>
<p>图片来源：亚马逊。</p>
<h2>对于亚马逊，关注资金流向</h2>
<p>亚马逊是一台赚钱的机器。该公司在第一季度的收入达到了 1557 亿美元，比去年增长了 8.6%。利润也有所上升，达到了 171 亿美元，每股收益为 1.59 美元，而去年同期为 104 亿美元，每股收益为 0.98 美元。</p>
<p>所以你可以看到，亚马逊几乎是以与收入相当的速度花费这些钱。它们都花到哪里去了？</p>
<p>其中很多用于电子商务，这对亚马逊来说运营成本非常高。考虑到运营仓库、维护交付车辆、员工成本、商品和管理供应链，电子商务的开支确实大大削弱了公司的盈利能力。</p>
<table>
<thead>
<tr>
<th>业务部门</th>
<th>2025 年第一季度销售额</th>
<th>2025 年第一季度支出</th>
<th>2025 年第一季度利润</th>
<th>2025 年第一季度利润率</th>
</tr>
</thead>
<tbody>
<tr>
<td>北美</td>
<td>928.8 亿美元</td>
<td>870.4 亿美元</td>
<td>58.4 亿美元</td>
<td>6.3%</td>
</tr>
<tr>
<td>国际</td>
<td>335.1 亿美元</td>
<td>324.9 亿美元</td>
<td>10.1 亿美元</td>
<td>3%</td>
</tr>
<tr>
<td>AWS</td>
<td>292.6 亿美元</td>
<td>177.2 亿美元</td>
<td>115.4 亿美元</td>
<td>39.4%</td>
</tr>
</tbody>
</table>
<p>数据来源：亚马逊 2025 年第一季度财务报表。</p>
<p>虽然亚马逊的电子商务至关重要，但我认为现在更好的业务是 AWS，因为它的利润率要好得多。但如果亚马逊不小心，这个业务可能会面临风险。</p>
<p>在 2022 年，AWS 在云计算领域占据了 33% 的市场份额，微软 Azure 占 22%，Google Cloud 占 10%。但到 2024 年底，亚马逊的市场份额降至仅 30%，而 Google Cloud 升至 12%。</p>
<p>这三大云计算公司，以及 <strong>阿里巴巴</strong>、<strong>甲骨文</strong>、<strong>Salesforce</strong>、<strong>国际商业机器公司</strong> 和 <strong>腾讯</strong> 等较小的竞争对手，正在大规模投资以构建更多的能力和功能在他们的云平台上。亚马逊的很多资金被用于购买新的 <strong>Nvidia</strong> 芯片，以支持人工智能和大型语言模型的产品，以及其用于人工智能和机器学习应用的 AWS Trainium 芯片。</p>
<p>这就是为什么亚马逊近年来的支出急剧增加——也是为什么其自由现金流开始下降。亚马逊去年在资本支出上花费了 830 亿美元，预计今年将超过 1000 亿美元。其第一季度的支出为 243 亿美元。</p>
<p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/1d3f89735e019c95ec58e9a7781772e6.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" width="720" height="456" original-src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/1d3f89735e019c95ec58e9a7781772e6.png"/></p>
<p>AMZN 自由现金流数据来自 YCharts</p>
<p>“大部分支出是为了支持对技术基础设施日益增长的需求。这主要与 AWS 相关，因为我们投资以支持对我们人工智能服务的需求，并越来越多地投资于像 Trainium 这样的定制硅，以及支持我们北美和国际业务的技术基础设施，” 首席财务官布莱恩·奥尔萨夫斯基在公司 2025 年第一季度财报电话会议上表示。</p>
<h2>结论</h2>
<p>亚马逊 <em>需要</em> 现在花费这些资金。AWS 对公司的底线至关重要。随着公司转向基于云的解决方案来运行他们的生成性人工智能程序，亚马逊有一个难得的机会将自己重塑为一个主导的人工智能即服务公司，其利润率远超其电子商务业务。</p>
<p>所以如果我是亚马逊的投资者，我希望看到资本支出数字的增长。我希望亚马逊投资于改善其数据中心，使其更快、更适应客户的需求。我希望亚马逊在云计算领域保持领先地位，并抵御竞争。所有这些都需要花费资金。</p>
<p>亚马逊是一家伟大的公司，但其股票目前有些停滞不前。它需要维持并扩大其在云计算领域的第一地位，这就是我现在密切关注资本支出情况的原因。</p>

亚马逊

亚马逊每日 2 倍做多 ETF - Direxion

<p>亚马逊的股票（AMZN）今年上涨幅度不足 2%，面临来自微软 Azure 和谷歌云的云计算竞争，以及潜在的关税压力。尽管在 2025 年第一季度实现了 1557 亿美元的收入，利润上升至 171 亿美元，但亚马逊在电子商务和云基础设施上的支出仍然很大。该公司正在大力投资于 AWS，以维持其市场份额，目前已降至 30%。投资者应密切关注亚马逊的资本支出，以确保其在云服务和人工智能技术方面的竞争优势</p>

<p><strong>Amazon</strong>(AMZN 1.39%) is a powerhouse name in the stock market, with soaring revenues, a key role in both e-commerce and cloud computing, and a market capitalization of more than $2.3 trillion.</p>
<div class="lb-trans"><p><strong>亚马逊</strong>(AMZN 1.39%) 是股市中的一股强大力量，收入飙升，在电子商务和云计算中扮演着关键角色，市值超过 2.3 万亿美元。</p>
</div><p>But Amazon stock is only up less than 2% so far this year and its dominance in the cloud computing space is beginning to slip as rivals <strong>Microsoft</strong> Azure and <strong>Alphabet</strong>'s Google Cloud make inroads. And President Donald Trump's on-again, off-again threat of tariffs is back on, with many set to go into effect in August, putting additional pressure on Amazon's e-commerce business.</p>
<div class="lb-trans"><p>但亚马逊的股票今年迄今仅上涨不到 2%，而且在云计算领域的主导地位开始下滑，因为竞争对手 <strong>微软</strong> 的 Azure 和 <strong>Alphabet</strong> 的 Google Cloud 正在逐步侵蚀市场。此外，唐纳德·特朗普总统时不时提出的关税威胁再次浮现，许多关税预计将在八月生效，这给亚马逊的电子商务业务带来了额外压力。</p>
</div><p>If you're investing in Amazon stock, it's only natural to wonder how the company will protect its cloud computing dominance and begin elevating the stock price again. Here's the one thing you should be watching now.</p>
<div class="lb-trans"><p>如果你在投资亚马逊的股票，自然会想知道公司将如何保护其云计算的主导地位，并开始再次提升股价。现在你应该关注的就是这一点。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjUxNjAvYm94LXdpdGgtbG9nby5qcGcmdz03MDA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F825160%2Fbox-with-logo.jpg&amp;op=resize&amp;w=700"/></p>
<p>Image source: Amazon.</p>
<div class="lb-trans"><p>图片来源：亚马逊。</p>
</div><h2>For Amazon, follow the money</h2>
<div class="lb-trans"><h2>对于亚马逊，关注资金流向</h2>
</div><p>Amazon is a money machine. The company brought in $155.7 billion in revenue in the first quarter, up 8.6% from the previous year. Profits were also up, coming in at $17.1 billion and $1.59 per share versus $10.4 billion and $0.98 per share in the same quarter a year ago.</p>
<div class="lb-trans"><p>亚马逊是一台赚钱的机器。该公司在第一季度的收入达到了 1557 亿美元，比去年增长了 8.6%。利润也有所上升，达到了 171 亿美元，每股收益为 1.59 美元，而去年同期为 104 亿美元，每股收益为 0.98 美元。</p>
</div><p>So as you can see, Amazon is spending that money almost as fast as it makes it. Where's it all going?</p>
<div class="lb-trans"><p>所以你可以看到，亚马逊几乎是以与收入相当的速度花费这些钱。它们都花到哪里去了？</p>
</div><p>A lot of it goes into the e-commerce side, which is very expensive for Amazon to run. When you consider operating warehouses, maintaining a fleet of delivery vehicles, employee costs, merchandise, and managing the supply chain, there's a lot that goes into e-commerce that really eats into the company's profitability.</p>
<div class="lb-trans"><p>其中很多用于电子商务，这对亚马逊来说运营成本非常高。考虑到运营仓库、维护交付车辆、员工成本、商品和管理供应链，电子商务的开支确实大大削弱了公司的盈利能力。</p>
</div><table>
<thead>
<tr>
<th>Segment</th>
<th>Q1 2025 Sales</th>
<th>Q1 2025 Expenses</th>
<th>Q1 2025 Profit</th>
<th>Q1 2025 Margin</th>
</tr>
</thead>
<tbody>
<tr>
<td>North America</td>
<td>$92.88 billion</td>
<td>$87.04 billion</td>
<td>$5.84 billion</td>
<td>6.3%</td>
</tr>
<tr>
<td>International</td>
<td>$33.51 billion</td>
<td>$32.49 billion</td>
<td>$1.01 billion</td>
<td>3%</td>
</tr>
<tr>
<td>AWS</td>
<td>$29.26 billion</td>
<td>$17.72 billion</td>
<td>$11.54 billion</td>
<td>39.4%</td>
</tr>
</tbody>
</table>
<div class="lb-trans"><table>
<thead>
<tr>
<th>业务部门</th>
<th>2025 年第一季度销售额</th>
<th>2025 年第一季度支出</th>
<th>2025 年第一季度利润</th>
<th>2025 年第一季度利润率</th>
</tr>
</thead>
<tbody>
<tr>
<td>北美</td>
<td>928.8 亿美元</td>
<td>870.4 亿美元</td>
<td>58.4 亿美元</td>
<td>6.3%</td>
</tr>
<tr>
<td>国际</td>
<td>335.1 亿美元</td>
<td>324.9 亿美元</td>
<td>10.1 亿美元</td>
<td>3%</td>
</tr>
<tr>
<td>AWS</td>
<td>292.6 亿美元</td>
<td>177.2 亿美元</td>
<td>115.4 亿美元</td>
<td>39.4%</td>
</tr>
</tbody>
</table>
</div><p>Data source: Amazon Q1 financial statement.</p>
<div class="lb-trans"><p>数据来源：亚马逊 2025 年第一季度财务报表。</p>
</div><p>While Amazon's e-commerce is critical, I think that the better business right now is AWS because its margins are so much better. But it's that business that could be in jeopardy if Amazon's not careful.</p>
<div class="lb-trans"><p>虽然亚马逊的电子商务至关重要，但我认为现在更好的业务是 AWS，因为它的利润率要好得多。但如果亚马逊不小心，这个业务可能会面临风险。</p>
</div><p>In 2022, AWS commanded a 33% market share in the cloud computing space, with Microsoft Azure at 22% and Google Cloud at 10%. But by the end of 2024, Amazon slipped to just a 30% share, with Google Cloud gaining to 12%.</p>
<div class="lb-trans"><p>在 2022 年，AWS 在云计算领域占据了 33% 的市场份额，微软 Azure 占 22%，Google Cloud 占 10%。但到 2024 年底，亚马逊的市场份额降至仅 30%，而 Google Cloud 升至 12%。</p>
</div><p>The big three cloud computing companies, along with smaller competitors like <strong>Alibaba</strong>, <strong>Oracle</strong>, <strong>Salesforce</strong>, <strong>International Business Machines</strong>, and <strong>Tencent</strong>, are spending massively to build more capacity and features in their cloud platforms. Much of Amazon's money is being spent on new <strong>Nvidia</strong> chips to power artificial intelligence and products featuring large language modules, as well as its AWS Trainium chip, which is used for AI and machine learning applications.</p>
<div class="lb-trans"><p>这三大云计算公司，以及 <strong>阿里巴巴</strong>、<strong>甲骨文</strong>、<strong>Salesforce</strong>、<strong>国际商业机器公司</strong> 和 <strong>腾讯</strong> 等较小的竞争对手，正在大规模投资以构建更多的能力和功能在他们的云平台上。亚马逊的很多资金被用于购买新的 <strong>Nvidia</strong> 芯片，以支持人工智能和大型语言模型的产品，以及其用于人工智能和机器学习应用的 AWS Trainium 芯片。</p>
</div><p>That's why Amazon's spending is taking off in recent years -- and why it free cash flow is starting to dip. Amazon spent $83 billion on capital expenditures last year, and is expected to spend more than $100 billion this year. Its Q1 spending was $24.3 billion.</p>
<div class="lb-trans"><p>这就是为什么亚马逊近年来的支出急剧增加——也是为什么其自由现金流开始下降。亚马逊去年在资本支出上花费了 830 亿美元，预计今年将超过 1000 亿美元。其第一季度的支出为 243 亿美元。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/1d3f89735e019c95ec58e9a7781772e6.png" alt="" original-src="https://media.ycharts.com/charts/1d3f89735e019c95ec58e9a7781772e6.png"/></p>
<p>AMZN Free Cash Flow data by YCharts</p>
<div class="lb-trans"><p>AMZN 自由现金流数据来自 YCharts</p>
</div><p>&#34;The majority of the spend is to support the growing need for technology infrastructure. This primarily relates to AWS as we invest to support demand for our AI services, and increasingly in custom silicon like Trainium, as well as tech infrastructure to support our North America and international segments,&#34; CFO Brian Olsavsky said during the company's first quarter 2025 earnings call.</p>
<div class="lb-trans"><p>“大部分支出是为了支持对技术基础设施日益增长的需求。这主要与 AWS 相关，因为我们投资以支持对我们人工智能服务的需求，并越来越多地投资于像 Trainium 这样的定制硅，以及支持我们北美和国际业务的技术基础设施，” 首席财务官布莱恩·奥尔萨夫斯基在公司 2025 年第一季度财报电话会议上表示。</p>
</div><h2>The bottom line</h2>
<div class="lb-trans"><h2>结论</h2>
</div><p>Amazon <em>needs</em> to be spending this money right now. AWS is too important to the company's bottom line. And as companies turn to cloud-based solutions to run their generative AI programs, Amazon has a rare opportunity to reshape itself into a dominant AI-as-a-Service company with margins that far outstrip anything that its e-commerce side could do.</p>
<div class="lb-trans"><p>亚马逊 <em>需要</em> 现在花费这些资金。AWS 对公司的底线至关重要。随着公司转向基于云的解决方案来运行他们的生成性人工智能程序，亚马逊有一个难得的机会将自己重塑为一个主导的人工智能即服务公司，其利润率远超其电子商务业务。</p>
</div><p>So if I'm an Amazon investor, I want to see that capex number grow. I want Amazon to be investing in making its data centers better, faster, and more adaptive to anything that its customers want to ask of them. I want Amazon to maintain its lead in the cloud computing space and push back the competition. All that is going to cost money.</p>
<div class="lb-trans"><p>所以如果我是亚马逊的投资者，我希望看到资本支出数字的增长。我希望亚马逊投资于改善其数据中心，使其更快、更适应客户的需求。我希望亚马逊在云计算领域保持领先地位，并抵御竞争。所有这些都需要花费资金。</p>
</div><p>Amazon is a great company, but its stock is a little bit in a rut right now. It needs to maintain and expand its position as the No. 1 company in cloud computing, and that's why I'm watching the capex spending very closely right now.</p>
<div class="lb-trans"><p>亚马逊是一家伟大的公司，但其股票目前有些停滞不前。它需要维持并扩大其在云计算领域的第一地位，这就是我现在密切关注资本支出情况的原因。</p>
</div>

Own Amazon Stock (AMZN)? This Is the 1 Thing to Watch Now.

- 亚马逊在云计算市场的主导地位面临竞争压力。  
- 第一季度收入为 1557 亿美元，利润为 171 亿美元。  
- 亚马逊需增加资本支出以维持云计算领先地位。  

持有亚马逊股票（AMZN）？这是目前需要关注的一个关键点