<p>美国企业的新一季度财报季正式开始。在接下来的几周内，数百家公司将发布 2025 年第二季度（截至 6 月 30 日）的业绩，但华尔街将特别关注那些推动人工智能（AI）热潮的数万亿美元科技巨头。</p>
<p><strong>亚马逊</strong>（AMZN -0.67%）计划于 7 月 31 日发布其第二季度业绩。尽管电子商务仍然是公司最大的收入来源，但分析师将重点关注亚马逊网络服务（AWS）云计算平台，该平台承载着许多科技巨头最有价值的 AI 项目。</p>
<p>投资者应该在 7 月 31 日的报告之前购买亚马逊股票吗？</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjU4NjUvYW1hem9uLWxvY2tlci13aXRoLXBhY2thZ2UtaW5zaWRlLnBuZyZ3PTcwMA?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" width="700" height="420" original-src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjU4NjUvYW1hem9uLWxvY2tlci13aXRoLXBhY2thZ2UtaW5zaWRlLnBuZyZ3PTcwMA"/></p>
<p>图片来源：亚马逊。</p>
<h2>云收入增长在第二季度可能重新加速</h2>
<p>AWS 是全球最大的云计算平台。它提供数百种服务，旨在帮助企业在数字领域运营，无论他们需要简单的网站托管还是复杂的软件开发工具。但 AWS 现在希望主导 AI 行业的三个核心层面：硬件（数据中心和芯片）、大型语言模型（LLMs）和软件。</p>
<p>AWS 正在疯狂建设新的数据中心，并为其配备来自 <strong>英伟达</strong> 等领先芯片制造商的数千个图形处理单元（GPU）。亚马逊还开发了自己的芯片，如 Trainium2，与竞争硬件相比，可以将 AI 训练工作负载的成本降低多达 40%。</p>
<p>AWS 还通过其 Bedrock 平台提供越来越多的现成 LLMs。它包括亚马逊内部设计的 Nova 系列模型，以及来自知名第三方如 Anthropic 和 <strong>Meta Platforms</strong> 的模型。数据中心基础设施和 LLMs 是创建 AI 软件所需的两个主要成分，因此提供不同的芯片配置和多样化的模型组合使 AWS 成为开发者非常有吸引力的目的地。</p>
<p>AWS 在 2025 年第一季度（截至 3 月 31 日）创造了创纪录的 293 亿美元收入，比去年同期增长了 17%。这一增长率较三个月前的前一季度有所放缓，这表明云业务正在失去一些动力。</p>
<p>然而，AWS 目前对 AI 数据中心容量的需求超过了其供应能力，这影响了该平台的增长能力。亚马逊首席执行官安迪·贾西在 5 月份告诉投资者，这些限制预计将在几个月内缓解，因此 AWS 可能会在 7 月 31 日报告其收入增长的重新加速。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjU4NjUvYW1hem9uLXdlYi1zZXJ2aWNlcy1yZXZlbnVlLXExLTIwMjUuanBnJnc9NzAw?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" width="700" height="700" original-src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjU4NjUvYW1hem9uLXdlYi1zZXJ2aWNlcy1yZXZlbnVlLXExLTIwMjUuanBnJnc9NzAw"/></p>
<h2>亚马逊习惯于超越华尔街的预期</h2>
<p>亚马逊去年在其所有业务中创造了高达 6380 亿美元的总收入，而华尔街的共识估计（由 Yahoo! Finance 提供）表明，2025 年其收入将接近 7000 亿美元。在过去的几年中，该公司专注于通过提高效率来尽可能多地挤压其收入的利润。</p>
<p>AWS 是亚马逊整个组织的盈利引擎。尽管仅占其收入的 19%，但在 2025 年第一季度，它负责了公司 62% 的总营业收入。</p>
<p>另一方面，电子商务仍然是亚马逊按收入计算的最大业务，但由于其目标是为客户提供超低价格，因此其利润率极其微薄。因此，管理层专注于降低成本和提高该部门的效率，而不是提高客户的收费。</p>
<p>在 2023 年，亚马逊将其美国物流网络划分为八个区域，每个履行中心存储的产品现在都是特定于每个地理区域的。这意味着热门商品在到达客户时的运输距离更短，从而降低了成本并加快了交货时间。该公司还在其履行中心投资 AI 工具以节省成本——例如，私人调查项目（Project Private Investigator）利用 AI 和计算机视觉在产品发货前筛选出缺陷产品。这减少了退款和退货的频率。</p>
<p>AWS 的惊人增长和电子商务部门的更高效率共同推动了亚马逊在过去几年的收益激增。2024 年，其每股收益（EPS）为 5.53 美元，比去年同期增长了 90%。该公司在全年四个季度中均超越了华尔街的共识预期，平均超出 23%。</p>
<p>然后，亚马逊在 2025 年第一季度交出了每股收益 1.59 美元，同比增长 62%。这也远高于华尔街的预期 1.36 美元。分析师认为该公司在第二季度的每股收益约为 1.31 美元，但如果再次交出巨大的超预期结果也不要感到惊讶。</p>
<h2>你应该在 7 月 31 日之前购买亚马逊股票吗？</h2>
<p>一份季度报告不太可能改变亚马逊的长期轨迹。但目前其股票并不便宜，因此投资者是否应该在 7 月 31 日之前购买，可能取决于他们的时间视野。</p>
<p>该股票的市盈率（P/E）为 36.8，因此显著高于 <strong>纳斯达克 100</strong> 指数的平均市盈率 32.5。因此，寻求在接下来的几个月内获得短期收益的投资者可能会感到失望。</p>
<p>然而，基于亚马逊未来潜在收益的估值则呈现出不同的画面。华尔街的共识估计表明，该公司在 2026 年将交出每股收益 7.29 美元，使得该股票的前瞻市盈率约为 31。这表明在接下来的 18 个月内有上涨空间，特别是如果我们考虑到亚马逊在超越分析师预期方面的良好记录。</p>
<p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/ed214feb291f89efa677ec509519475b.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/ed214feb291f89efa677ec509519475b.png"/></p>
<p>亚马逊市盈率数据来自 YCharts</p>
<p>希望最大化潜在回报的投资者应该计划将亚马逊股票持有五年或更长时间，因为这将为公司在人工智能等领域的努力创造价值提供足够的时间。如果投资者在 7 月 31 日之前购买该股票，尽管目前估值较高，他们很可能会表现良好。</p>

亚马逊

亚马逊每日 2 倍做多 ETF - Direxion

<p>亚马逊计划于 7 月 31 日发布其 2025 年第二季度财报，重点关注其 AWS 云平台，该平台对人工智能项目至关重要。尽管 AWS 的增长最近有所放缓，但对人工智能数据中心容量的需求仍然很高。分析师预计亚马逊的每股收益约为 1.31 美元，但该公司有超出预期的历史。预计 2025 年总收入接近 7000 亿美元，投资者正在权衡是否在财报发布前购买亚马逊股票，尽管其当前估值被认为较高</p>

<p>A new quarterly earnings season is officially underway in corporate America. Hundreds of companies will release their results for the second quarter of 2025 (ended June 30) over the next few weeks, but Wall Street will be particularly focused on the multitrillion-dollar tech giants that are fueling the artificial intelligence (AI) boom.</p>
<div class="lb-trans"><p>美国企业的新一季度财报季正式开始。在接下来的几周内，数百家公司将发布 2025 年第二季度（截至 6 月 30 日）的业绩，但华尔街将特别关注那些推动人工智能（AI）热潮的数万亿美元科技巨头。</p>
</div><p><strong>Amazon</strong>(AMZN -0.67%) is scheduled to release its second-quarter results on July 31. Although e-commerce remains the company's largest source of revenue, analysts will be keying in on the Amazon Web Services (AWS) cloud computing platform, which is home to many of the tech giant's most valuable AI projects.</p>
<div class="lb-trans"><p><strong>亚马逊</strong>（AMZN -0.67%）计划于 7 月 31 日发布其第二季度业绩。尽管电子商务仍然是公司最大的收入来源，但分析师将重点关注亚马逊网络服务（AWS）云计算平台，该平台承载着许多科技巨头最有价值的 AI 项目。</p>
</div><p>Should investors buy Amazon stock ahead of the July 31 report?</p>
<div class="lb-trans"><p>投资者应该在 7 月 31 日的报告之前购买亚马逊股票吗？</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjU4NjUvYW1hem9uLWxvY2tlci13aXRoLXBhY2thZ2UtaW5zaWRlLnBuZyZ3PTcwMA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F825865%2Famazon-locker-with-package-inside.png&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>Cloud revenue growth could reaccelerate in Q2</h2>
<div class="lb-trans"><h2>云收入增长在第二季度可能重新加速</h2>
</div><p>AWS is the world's largest cloud computing platform. It offers hundreds of services designed to help businesses operate in the digital sphere, whether they need simple website hosting or complex software development tools. But AWS is now looking to dominate the AI industry's three core layers: hardware (data centers and chips), large language models (LLMs), and software.</p>
<div class="lb-trans"><p>AWS 是全球最大的云计算平台。它提供数百种服务，旨在帮助企业在数字领域运营，无论他们需要简单的网站托管还是复杂的软件开发工具。但 AWS 现在希望主导 AI 行业的三个核心层面：硬件（数据中心和芯片）、大型语言模型（LLMs）和软件。</p>
</div><p>AWS is frantically building new data centers and fitting them with thousands of graphics processing units (GPUs) from leading chipmakers like <strong>Nvidia</strong>. Amazon also developed its own chips, like Trainium2, which can reduce the cost of AI training workloads by as much as 40% compared to competing hardware.</p>
<div class="lb-trans"><p>AWS 正在疯狂建设新的数据中心，并为其配备来自 <strong>英伟达</strong> 等领先芯片制造商的数千个图形处理单元（GPU）。亚马逊还开发了自己的芯片，如 Trainium2，与竞争硬件相比，可以将 AI 训练工作负载的成本降低多达 40%。</p>
</div><p>AWS also offers a growing selection of ready-made LLMs through its Bedrock platform. It includes the Nova family of models which Amazon designed in-house, and models from prominent third parties like Anthropic and <strong>Meta Platforms</strong>. Data center infrastructure and LLMs are the two main ingredients required to create AI software, so offering different chip configurations and a diverse portfolio of models makes AWS a very attractive destination for developers.</p>
<div class="lb-trans"><p>AWS 还通过其 Bedrock 平台提供越来越多的现成 LLMs。它包括亚马逊内部设计的 Nova 系列模型，以及来自知名第三方如 Anthropic 和 <strong>Meta Platforms</strong> 的模型。数据中心基础设施和 LLMs 是创建 AI 软件所需的两个主要成分，因此提供不同的芯片配置和多样化的模型组合使 AWS 成为开发者非常有吸引力的目的地。</p>
</div><p>AWS generated a record $29.3 billion in revenue during the first quarter of 2025 (ended March 31), which was a 17% increase from the year-ago period. That growth rate decelerated from the previous quarter three months earlier, which suggests the cloud segment is losing a little bit of momentum.</p>
<div class="lb-trans"><p>AWS 在 2025 年第一季度（截至 3 月 31 日）创造了创纪录的 293 亿美元收入，比去年同期增长了 17%。这一增长率较三个月前的前一季度有所放缓，这表明云业务正在失去一些动力。</p>
</div><p>However, AWS has more demand for AI data center capacity than it can supply right now, which is hurting the platform's ability to grow. Back in May, Amazon CEO Andy Jassy told investors those constraints were expected to ease within months, so it's possible AWS will report a reacceleration in its revenue growth on July 31.</p>
<div class="lb-trans"><p>然而，AWS 目前对 AI 数据中心容量的需求超过了其供应能力，这影响了该平台的增长能力。亚马逊首席执行官安迪·贾西在 5 月份告诉投资者，这些限制预计将在几个月内缓解，因此 AWS 可能会在 7 月 31 日报告其收入增长的重新加速。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjU4NjUvYW1hem9uLXdlYi1zZXJ2aWNlcy1yZXZlbnVlLXExLTIwMjUuanBnJnc9NzAw" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F825865%2Famazon-web-services-revenue-q1-2025.jpg&amp;op=resize&amp;w=700"/></p>
<h2>Amazon makes a habit of beating Wall Street's expectations</h2>
<div class="lb-trans"><h2>亚马逊习惯于超越华尔街的预期</h2>
</div><p>Amazon generated a whopping $638 billion in total revenue across all of its businesses last year, and Wall Street's consensus estimate (provided by Yahoo! Finance) suggests it will deliver close to $700 billion in 2025. Over the last couple of years, the company focused on squeezing as much profit as possible out of its top line by focusing on efficiency.</p>
<div class="lb-trans"><p>亚马逊去年在其所有业务中创造了高达 6380 亿美元的总收入，而华尔街的共识估计（由 Yahoo! Finance 提供）表明，2025 年其收入将接近 7000 亿美元。在过去的几年中，该公司专注于通过提高效率来尽可能多地挤压其收入的利润。</p>
</div><p>AWS is the profitability engine behind Amazon's entire organization. It was responsible for 62% of the company's total operating income in the first quarter of 2025, despite accounting for just 19% of its revenue.</p>
<div class="lb-trans"><p>AWS 是亚马逊整个组织的盈利引擎。尽管仅占其收入的 19%，但在 2025 年第一季度，它负责了公司 62% 的总营业收入。</p>
</div><p>E-commerce, on the other hand, is still Amazon's largest business by revenue, but it operates on razor-thin profit margins because its goal is to offer customers ultra-low prices. Therefore, management focused on cutting costs and boosting efficiency in this segment rather than charging its customers more.</p>
<div class="lb-trans"><p>另一方面，电子商务仍然是亚马逊按收入计算的最大业务，但由于其目标是为客户提供超低价格，因此其利润率极其微薄。因此，管理层专注于降低成本和提高该部门的效率，而不是提高客户的收费。</p>
</div><p>In 2023, Amazon split its U.S. logistics network into eight regions, and the products it stores in each fulfillment center are now specific to each geographic area. This means popular goods travel shorter distances to reach customers, resulting in lower costs and faster delivery times. The company is also investing in AI tools in its fulfillment centers to save money -- like Project Private Investigator, which uses AI and computer vision to weed out defective products before they are shipped. This reduces the frequency of refunds and returns.</p>
<div class="lb-trans"><p>在 2023 年，亚马逊将其美国物流网络划分为八个区域，每个履行中心存储的产品现在都是特定于每个地理区域的。这意味着热门商品在到达客户时的运输距离更短，从而降低了成本并加快了交货时间。该公司还在其履行中心投资 AI 工具以节省成本——例如，私人调查项目（Project Private Investigator）利用 AI 和计算机视觉在产品发货前筛选出缺陷产品。这减少了退款和退货的频率。</p>
</div><p>The incredible growth of AWS, and the e-commerce segment's higher efficiency, combined to drive a surge in Amazon's earnings over the last couple of years. It generated $5.53 in earnings per share (EPS) during 2024, which was a whopping 90% increase from the year-ago period. The company beat Wall Street's consensus estimates in all four quarters throughout the year, by an average of 23%.</p>
<div class="lb-trans"><p>AWS 的惊人增长和电子商务部门的更高效率共同推动了亚马逊在过去几年的收益激增。2024 年，其每股收益（EPS）为 5.53 美元，比去年同期增长了 90%。该公司在全年四个季度中均超越了华尔街的共识预期，平均超出 23%。</p>
</div><p>Then, Amazon delivered $1.59 in EPS during the first quarter of 2025, which was up 62% year over year. It was also far above the Street's estimate of $1.36. Analysts think the company generated around $1.31 in EPS during the second quarter, but don't be surprised if it delivers another huge beat.</p>
<div class="lb-trans"><p>然后，亚马逊在 2025 年第一季度交出了每股收益 1.59 美元，同比增长 62%。这也远高于华尔街的预期 1.36 美元。分析师认为该公司在第二季度的每股收益约为 1.31 美元，但如果再次交出巨大的超预期结果也不要感到惊讶。</p>
</div><h2>Should you buy Amazon stock before July 31?</h2>
<div class="lb-trans"><h2>你应该在 7 月 31 日之前购买亚马逊股票吗？</h2>
</div><p>One quarterly report is unlikely to change Amazon's long-term trajectory. But its stock isn't cheap right now, so whether or not investors should buy it ahead of July 31 probably depends on their time horizon.</p>
<div class="lb-trans"><p>一份季度报告不太可能改变亚马逊的长期轨迹。但目前其股票并不便宜，因此投资者是否应该在 7 月 31 日之前购买，可能取决于他们的时间视野。</p>
</div><p>The stock is trading at a price-to-earnings (P/E) ratio of 36.8, so it's notably more expensive than the <strong>Nasdaq-100</strong> index average P/E ratio of 32.5. Therefore, investors who are looking for short-term gains over the next few months or so might be left disappointed.</p>
<div class="lb-trans"><p>该股票的市盈率（P/E）为 36.8，因此显著高于 <strong>纳斯达克 100</strong> 指数的平均市盈率 32.5。因此，寻求在接下来的几个月内获得短期收益的投资者可能会感到失望。</p>
</div><p>However, valuing Amazon stock based on its future potential earnings paints a different picture. Wall Street's consensus estimate suggests the company will deliver $7.29 in EPS in 2026, placing the stock at a forward P/E ratio of around 31. That suggests there is room for upside over the next 18 months, especially if we factor in Amazon's track record when it comes to beating analysts' estimates.</p>
<div class="lb-trans"><p>然而，基于亚马逊未来潜在收益的估值则呈现出不同的画面。华尔街的共识估计表明，该公司在 2026 年将交出每股收益 7.29 美元，使得该股票的前瞻市盈率约为 31。这表明在接下来的 18 个月内有上涨空间，特别是如果我们考虑到亚马逊在超越分析师预期方面的良好记录。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/ed214feb291f89efa677ec509519475b.png" alt="" original-src="https://media.ycharts.com/charts/ed214feb291f89efa677ec509519475b.png"/></p>
<p>AMZN PE Ratio data by YCharts</p>
<div class="lb-trans"><p>亚马逊市盈率数据来自 YCharts</p>
</div><p>Investors who want to maximize their potential returns should aim to hold Amazon stock for a longer period of five years or more, because it will give the company sufficient time to create value from its efforts in areas like AI. Investors in that camp are likely to do just fine if they buy the stock ahead of July 31, despite its presently elevated valuation.</p>
<div class="lb-trans"><p>希望最大化潜在回报的投资者应该计划将亚马逊股票持有五年或更长时间，因为这将为公司在人工智能等领域的努力创造价值提供足够的时间。如果投资者在 7 月 31 日之前购买该股票，尽管目前估值较高，他们很可能会表现良好。</p>
</div>

Should You Buy Amazon Stock Before July 31?

- 美国企业的季度财报季已开始，亚马逊将于 7 月 31 日发布第二季度业绩。  
- AWS 云计算平台是亚马逊的关键业务，预计将推动收入增长。  
- 投资者应考虑长期持有亚马逊股票，以获取未来潜在收益。

你是否应该在 7 月 31 日之前购买亚马逊的股票？