<p><strong>亚马逊</strong>（AMZN 3.12%）一直是历史上最好的长期投资之一。但随着其市值达到 2.4 万亿美元，一些投资者担心该股票变得过于昂贵。虽然股票看起来并不便宜，但有一个令人兴奋的增长机会可能会使亚马逊的股票比你想象的更便宜。</p>
<h2>亚马逊的云服务部门是未来</h2>
<p>大多数普通人知道亚马逊是一个电子商务巨头。但精明的投资者将公司理解为两个部分。是的，亚马逊运营着世界上最大的电子商务业务。但它也运营着全球最大的云基础设施业务，通常被称为 AWS。</p>
<p>在过去十年中，亚马逊的 AWS 部门的增长是销售增长的最大因素。如下面所示，AWS 的收入增长在此期间激增了超过 1000%。增长较慢的电子商务部门拖累了平均水平，导致公司总收入增长仅为 496%。</p>
<p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/664295cac4e6568969b157cab4405a6f.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/664295cac4e6568969b157cab4405a6f.png"/></p>
<p>AMZN 年收入数据来自 YCharts</p>
<p>自 2020 年以来，AWS 的收入增长超过 150%。与此同时，亚马逊的在线商店销售仅增长了 26%。但 AWS 不仅仅贡献了收入增长。上个季度，AWS 贡献了亚马逊运营收入的_大部分_。该部门的盈利能力远超电子商务部门。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzAzOTgvY2hpcC1tYWtpbmctbWFjaGluZXJ5LTEzOTA1NTM4NTkuanBnJnc9NzAw?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" width="700" height="525" original-src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzAzOTgvY2hpcC1tYWtpbmctbWFjaGluZXJ5LTEzOTA1NTM4NTkuanBnJnc9NzAw"/></p>
<p>图片来源：Getty Images。</p>
<p>最好的消息是，AWS 可能才刚刚开始。它已经拥有 30% 的全球市场份额——这是所有云基础设施提供商中最大的。这使其具备规模和资本，能够大力投资于增长。那增长将来自哪里？主要来自人工智能支出的增加。AI 公司依赖云计算来训练和运行他们的模型。预计未来十年，AI 支出将以每年超过 30% 的速度增长，AWS 处于快速增长业务的有利位置。</p>
<p>AWS 几乎可以确保亚马逊的增长在未来几年将持续下去，使得该股票在长期内比大多数人预期的更便宜。</p>

亚马逊

亚马逊每日 2 倍做多 ETF - Direxion

<p>亚马逊的股票市值为 2.4 万亿美元，这引发了对其开支的担忧。然而，其 AWS 部门在过去十年中收入增长超过 1000%，是一个重要的增长动力。AWS 贡献了亚马逊大部分的营业收入，并占据了 30% 的全球市场份额。随着人工智能支出预计每年增长超过 30%，AWS 有望继续增长，这表明从长远来看，亚马逊的股票可能比人们认为的更具吸引力</p>

<p><strong>Amazon</strong>(AMZN 3.12%) has been one of the best long-term investments in history. But with its market cap of $2.4 trillion, some investors worry that the stock has become too expensive. Shares don't look dirt cheap, but there's one exciting growth opportunity that could make Amazon stock cheaper than you think.</p>
<div class="lb-trans"><p><strong>亚马逊</strong>（AMZN 3.12%）一直是历史上最好的长期投资之一。但随着其市值达到 2.4 万亿美元，一些投资者担心该股票变得过于昂贵。虽然股票看起来并不便宜，但有一个令人兴奋的增长机会可能会使亚马逊的股票比你想象的更便宜。</p>
</div><h2>Amazon's Web Services division is the future</h2>
<div class="lb-trans"><h2>亚马逊的云服务部门是未来</h2>
</div><p>Most laypeople know Amazon as an e-commerce behemoth. But savvy investors understand the company in two parts. Yes, Amazon operates the largest e-commerce business the world has ever known. But it also operates the world's largest cloud infrastructure business, a division colloquially referred to as AWS.</p>
<div class="lb-trans"><p>大多数普通人知道亚马逊是一个电子商务巨头。但精明的投资者将公司理解为两个部分。是的，亚马逊运营着世界上最大的电子商务业务。但它也运营着全球最大的云基础设施业务，通常被称为 AWS。</p>
</div><p>Over the past decade, growth in Amazon's AWS division has been the biggest factor in sales growth. As you can see below, AWS revenue growth has surged by more than 1,000% over that time period. Slower-growing divisions like e-commerce have dragged down the average, leading to total company revenue growth of just 496%.</p>
<div class="lb-trans"><p>在过去十年中，亚马逊的 AWS 部门的增长是销售增长的最大因素。如下面所示，AWS 的收入增长在此期间激增了超过 1000%。增长较慢的电子商务部门拖累了平均水平，导致公司总收入增长仅为 496%。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/664295cac4e6568969b157cab4405a6f.png" alt="" original-src="https://media.ycharts.com/charts/664295cac4e6568969b157cab4405a6f.png"/></p>
<p>AMZN Revenue (Annual) data by YCharts</p>
<div class="lb-trans"><p>AMZN 年收入数据来自 YCharts</p>
</div><p>Since 2020, AWS revenue has grown by more than 150%. Online store sales for Amazon, meanwhile, have grown by just 26%. But it's not just revenue growth that AWS is contributing to. Last quarter, AWS contributed the <em>majority</em> of Amazon's operating income. Profitability in that segment simply trounces the e-commerce division.</p>
<div class="lb-trans"><p>自 2020 年以来，AWS 的收入增长超过 150%。与此同时，亚马逊的在线商店销售仅增长了 26%。但 AWS 不仅仅贡献了收入增长。上个季度，AWS 贡献了亚马逊运营收入的_大部分_。该部门的盈利能力远超电子商务部门。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzAzOTgvY2hpcC1tYWtpbmctbWFjaGluZXJ5LTEzOTA1NTM4NTkuanBnJnc9NzAw" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F830398%2Fchip-making-machinery-1390553859.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><p>The best news is that AWS may be just getting started. It already holds a 30% global market share -- the largest of any cloud infrastructure provider. This gives it the scale and capital to invest heavily in growth. Where will that growth be coming from? Mostly from increased artificial intelligence spending. AI companies rely on cloud computing to train and run their models. With AI spending expected to grow by more than 30% per year over the next decade, AWS is in a prime position to grow its business rapidly.</p>
<div class="lb-trans"><p>最好的消息是，AWS 可能才刚刚开始。它已经拥有 30% 的全球市场份额——这是所有云基础设施提供商中最大的。这使其具备规模和资本，能够大力投资于增长。那增长将来自哪里？主要来自人工智能支出的增加。AI 公司依赖云计算来训练和运行他们的模型。预计未来十年，AI 支出将以每年超过 30% 的速度增长，AWS 处于快速增长业务的有利位置。</p>
</div><p>AWS nearly ensures that Amazon's growth will continue for years to come, making the stock cheaper than most expect over the long term.</p>
<div class="lb-trans"><p>AWS 几乎可以确保亚马逊的增长在未来几年将持续下去，使得该股票在长期内比大多数人预期的更便宜。</p>
</div>

Think Amazon Is Expensive? This 1 Chart Might Change Your Mind.

- 亚马逊的云服务部门 AWS 是未来增长的关键。  
- AWS 收入在过去十年增长超过 1,000%，推动公司整体销售增长。  
- 随着 AI 支出预计每年增长超过 30%，AWS 有望继续快速增长。  

觉得亚马逊价格高吗？这张图表可能会让你改变看法