<p><strong>苹果</strong> 是全球第三大公司，领先于第四名的 <strong>谷歌母公司</strong> 有着 1 万亿美元的差距。然而，我认为在未来五年内，包括第五名的 <strong>亚马逊</strong>（AMZN -0.00%）在内的几家公司预计将超过苹果的市场份额，亚马逊的估值约为 2.4 万亿美元，而苹果为 3.5 万亿美元。</p>
<p>在五年内弥补如此大的差距并不容易，但从亚马逊的增长动力与苹果的对比来看，显然亚马逊是更好的股票选择。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjkzMjgvcGVyc29uLWxvb2tpbmctYXQtYS1jb21wdXRlci13aXRoLWEtc3RvY2stcHJpY2UtZ3JhcGgtb24taXQuanBnJnc9NzAw?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" width="700" height="465" original-src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjkzMjgvcGVyc29uLWxvb2tpbmctYXQtYS1jb21wdXRlci13aXRoLWEtc3RvY2stcHJpY2UtZ3JhcGgtb24taXQuanBnJnc9NzAw"/></p>
<p>图片来源：Getty Images。</p>
<h2>亚马逊有两个业务部门推动利润增长</h2>
<p>苹果的业务相对简单；它是领先的消费科技品牌，通过销售 iPhone 和其他苹果生态系统中的产品产生可观的收入。亚马逊则复杂一些，它有大多数投资者熟悉的在线商店，但这并不是投资它的最佳理由。</p>
<p>尽管其在线商店部门在很长一段时间内实现了最佳季度（收入同比增长 11%），但真正的明星是亚马逊网络服务（AWS）和其广告服务部门。</p>
<p>AWS 是亚马逊的云计算平台，受到传统工作负载迁移到云端以及新的人工智能（AI）工作负载推动，需求强劲。AWS 在第二季度的收入同比增长 17%，考虑到该季度的收入接近 310 亿美元，这一增长相当强劲。然而，AWS 的主要竞争对手（<strong>微软</strong> 的 Azure 和谷歌云）在各自的季度中实现了更强的增长率，因此投资者对 AWS 在该领域的长期表现能力感到担忧，尽管它是市场份额的领导者。</p>
<p>由于其规模，AWS 可能会继续表现不及同行，但 17% 的增长并不容小觑。AWS 也是亚马逊利润的重要组成部分。在第二季度，它占亚马逊运营利润的 53%，尽管仅占收入的 18%。分析师仍然预计云计算在未来几年将快速增长，如果亚马逊超过苹果的市值，这将是主要原因。</p>
<p>广告服务是亚马逊增长最快的部门，收入同比增长 23%，比前几个季度的增长率加速。亚马逊是互联网广告的最有利可图的地方之一，因为消费者已经来到他们的平台进行购买。支付将产品放在亚马逊搜索顶部几乎可以保证销售增加。这对其广告客户来说价值不菲，并将在未来几年成为亚马逊投资论点的关键部分。</p>
<h2>亚马逊的利润率正在上升</h2>
<p>亚马逊并不是一个收入增长的故事；它是一个利润增长的故事。高利润率业务如 AWS 和广告服务的崛起帮助亚马逊在过去几年提升了利润率。</p>
<p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/d5a849e9a9f22d67c414eb1c75eca792.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/d5a849e9a9f22d67c414eb1c75eca792.png"/></p>
<p>AMZN 利润率数据来源于 YCharts</p>
<p>随着其两个高利润率业务部门的增长速度快于其他业务部分，亚马逊自然会有更高的利润增长率。在第二季度，亚马逊的运营收入同比增长 31%。</p>
<p>与此相比，苹果在 2025 财年第三季度（截至 6 月 28 日）的运营收入仅增长 11%。亚马逊的利润增长率要快得多。在五年内，30% 的增长率将使其运营收入增加 271%，而 11% 的增长率仅使运营收入增加 69%。</p>
<p>这将足以推动亚马逊的利润超过苹果，从而使其在规模上超越苹果。亚马逊是未来五年的优秀股票选择，今天的价格买入毫无疑问。</p>

苹果

亚马逊

亚马逊每日 2 倍做多 ETF - Direxion

<p>亚马逊有望在 2030 年前超越苹果，成为市值最高的公司，这得益于其高利润业务部门的强劲增长，特别是亚马逊网络服务（AWS）和广告服务。尽管面临竞争，AWS 在第二季度报告了 17% 的收入增长，对亚马逊的利润贡献显著。此外，广告服务的年增长率达到了 23%。相比之下，苹果的营业收入增长仅为 11%。考虑到亚马逊预计的利润增长率，未来五年内，亚马逊被认为是比苹果更好的股票选择</p>

<p><strong>Apple</strong> is the world's third-largest company by a wide margin, with a $1 trillion gap between it and fourth-place <strong>Alphabet</strong>. However, I think several companies are slated to pass Apple in market share over the next five years, including fifth-place <strong>Amazon</strong>(AMZN -0.00%), which is valued at around $2.4 trillion compared to Apple's $3.5 trillion.</p>
<div class="lb-trans"><p><strong>苹果</strong> 是全球第三大公司，领先于第四名的 <strong>谷歌母公司</strong> 有着 1 万亿美元的差距。然而，我认为在未来五年内，包括第五名的 <strong>亚马逊</strong>（AMZN -0.00%）在内的几家公司预计将超过苹果的市场份额，亚马逊的估值约为 2.4 万亿美元，而苹果为 3.5 万亿美元。</p>
</div><p>That's a wide gap to make up in five years, but looking at Amazon's growth tailwinds versus Apple's makes it fairly clear that Amazon is the much better stock pick.</p>
<div class="lb-trans"><p>在五年内弥补如此大的差距并不容易，但从亚马逊的增长动力与苹果的对比来看，显然亚马逊是更好的股票选择。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjkzMjgvcGVyc29uLWxvb2tpbmctYXQtYS1jb21wdXRlci13aXRoLWEtc3RvY2stcHJpY2UtZ3JhcGgtb24taXQuanBnJnc9NzAw" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F829328%2Fperson-looking-at-a-computer-with-a-stock-price-graph-on-it.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 has two business units driving profit growth</h2>
<div class="lb-trans"><h2>亚马逊有两个业务部门推动利润增长</h2>
</div><p>Apple's business is fairly straightforward; it's the leading consumer tech brand and generates significant revenue selling iPhones and other products in the Apple ecosystem. Amazon is a bit more complex, as it has the online store that most investors are familiar with, but that's not the best reason to invest in it.</p>
<div class="lb-trans"><p>苹果的业务相对简单；它是领先的消费科技品牌，通过销售 iPhone 和其他苹果生态系统中的产品产生可观的收入。亚马逊则复杂一些，它有大多数投资者熟悉的在线商店，但这并不是投资它的最佳理由。</p>
</div><p>Although its online stores division posted the best quarter in a long time (revenue rose 11% year over year), the real stars of the show are Amazon Web Services (AWS) and its advertising services division.</p>
<div class="lb-trans"><p>尽管其在线商店部门在很长一段时间内实现了最佳季度（收入同比增长 11%），但真正的明星是亚马逊网络服务（AWS）和其广告服务部门。</p>
</div><p>AWS is Amazon's cloud computing platform, and it is seeing strong demand fueled by the migration of traditional workloads to the cloud, as well as by new artificial intelligence (AI) workloads. AWS grew revenue by 17% year over year in Q2, which is strong growth considering it generated nearly $31 billion in revenue during the quarter. However, AWS's primary competitors ( <strong>Microsoft</strong>'s Azure and Google Cloud) posted stronger growth rates in their corresponding quarters, so investors are worried about AWS's long-term ability to perform in this sector despite its being the market-share leader.</p>
<div class="lb-trans"><p>AWS 是亚马逊的云计算平台，受到传统工作负载迁移到云端以及新的人工智能（AI）工作负载推动，需求强劲。AWS 在第二季度的收入同比增长 17%，考虑到该季度的收入接近 310 亿美元，这一增长相当强劲。然而，AWS 的主要竞争对手（<strong>微软</strong> 的 Azure 和谷歌云）在各自的季度中实现了更强的增长率，因此投资者对 AWS 在该领域的长期表现能力感到担忧，尽管它是市场份额的领导者。</p>
</div><p>AWS will likely continue to underperform its peers due to its size, but 17% growth is nothing to sneer at. AWS is also a large part of Amazon's profit picture. In Q2, it accounted for 53% of Amazon's operating profits despite accounting for only 18% of revenue. Analysts still expect cloud computing to grow rapidly over the next few years, and if Amazon surpasses Apple in market cap, this will be a primary reason why.</p>
<div class="lb-trans"><p>由于其规模，AWS 可能会继续表现不及同行，但 17% 的增长并不容小觑。AWS 也是亚马逊利润的重要组成部分。在第二季度，它占亚马逊运营利润的 53%，尽管仅占收入的 18%。分析师仍然预计云计算在未来几年将快速增长，如果亚马逊超过苹果的市值，这将是主要原因。</p>
</div><p>Advertising services is Amazon's fastest-growing segment, with revenue rising 23% year over year, an acceleration over previous quarters' growth rate. Amazon has one of the most lucrative places to advertise on the internet, as consumers are already coming to their platform to make purchases. Paying to place a product at the top of an Amazon search almost guarantees increased sales. This is worth a lot to its advertising clients and will be a key part of Amazon's investment thesis over the next few years.</p>
<div class="lb-trans"><p>广告服务是亚马逊增长最快的部门，收入同比增长 23%，比前几个季度的增长率加速。亚马逊是互联网广告的最有利可图的地方之一，因为消费者已经来到他们的平台进行购买。支付将产品放在亚马逊搜索顶部几乎可以保证销售增加。这对其广告客户来说价值不菲，并将在未来几年成为亚马逊投资论点的关键部分。</p>
</div><h2>Amazon's margins are rising</h2>
<div class="lb-trans"><h2>亚马逊的利润率正在上升</h2>
</div><p>Amazon isn't a revenue growth story; it's a profit growth story. The rise of high-margin businesses like AWS and advertising services has helped Amazon boost its profit margins over the past few years.</p>
<div class="lb-trans"><p>亚马逊并不是一个收入增长的故事；它是一个利润增长的故事。高利润率业务如 AWS 和广告服务的崛起帮助亚马逊在过去几年提升了利润率。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/d5a849e9a9f22d67c414eb1c75eca792.png" alt="" original-src="https://media.ycharts.com/charts/d5a849e9a9f22d67c414eb1c75eca792.png"/></p>
<p>AMZN Profit Margin data by YCharts</p>
<div class="lb-trans"><p>AMZN 利润率数据来源于 YCharts</p>
</div><p>With its two high-margin business segments growing faster than other parts of its business, Amazon will naturally have elevated profit growth rates. In Q2, Amazon's operating income rose 31% year over year.</p>
<div class="lb-trans"><p>随着其两个高利润率业务部门的增长速度快于其他业务部分，亚马逊自然会有更高的利润增长率。在第二季度，亚马逊的运营收入同比增长 31%。</p>
</div><p>Contrast that with Apple, whose Q3 FY 2025 (ending June 28) operating income increased by 11%. Amazon's profit growth rate is much faster. Over five years, a 30% growth rate will increase its operating income by 271% while an 11% growth rate increases operating income by only 69%.</p>
<div class="lb-trans"><p>与此相比，苹果在 2025 财年第三季度（截至 6 月 28 日）的运营收入仅增长 11%。亚马逊的利润增长率要快得多。在五年内，30% 的增长率将使其运营收入增加 271%，而 11% 的增长率仅使运营收入增加 69%。</p>
</div><p>That would be enough to drive Amazon's profits higher than Apple's, propelling it to surpass it in size along the way. Amazon is an excellent stock pick for the next five years and a no-brainer buy at today's prices.</p>
<div class="lb-trans"><p>这将足以推动亚马逊的利润超过苹果，从而使其在规模上超越苹果。亚马逊是未来五年的优秀股票选择，今天的价格买入毫无疑问。</p>
</div>

1 Brilliant Artificial Intelligence (AI) Stock That Will Be Worth More Than Apple by 2030

- 苹果公司市值为 3.5 万亿美元，亚马逊市值约 2.4 万亿美元。  
- 亚马逊的云计算和广告服务推动利润增长，Q2 操作收入增长 31%。  
- 预计亚马逊将在未来五年内超越苹果，成为市场领导者。  

到 2030 年，一只杰出的人工智能（AI）股票的价值将超过苹果