<p><strong>亚马逊</strong>（AMZN -0.29%）在美国电子商务市场占据主导地位已有数十年，但近年来其在线商店的销售并不是公司主要的增长动力。公司的摇钱树是云计算。</p>
<p>一些投资者可能没有意识到，亚马逊网络服务（AWS）产生了亚马逊大部分的利润，而不是在线零售。近年来，AWS 的增长在很多方面增强了亚马逊的电子商务业务。例如，亚马逊通过 AWS 获得的人工智能（AI）能力以新的 AI 购物助手如 Rufus 的形式渗透到了其在线商店。</p>
<p>但其云计算和电子商务业务之间的协同效应引发了对 AWS 近期增长的一些担忧。虽然 AWS 在云市场中多年来一直保持着最高的市场份额，但像 <strong>微软</strong> 的 Azure（MSFT -0.52%）和 <strong>Alphabet</strong> 的 Google Cloud（GOOGL 1.27%）（GOOG 1.29%）这样的较小竞争对手正在以更快的速度增长。事实上，微软正逐渐接近超越亚马逊在云市场的领先地位。</p>
<p>但 AWS 的增长放缓是否真的是一个警示信号？自 2022 年以来，亚马逊的股票飙升了 170%，在撰写时市值达到了 2.4 万亿美元，使其成为全球最有价值的公司之一。要全面了解亚马逊的竞争地位，投资者必须看看 AWS 如何惠及其其他业务。在此之前，让我们看看谁在云市场中获胜以及原因。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjkyMjIvYW5hbHlzdC1zdG9ja3MuanBnJnc9NzAw?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-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjkyMjIvYW5hbHlzdC1zdG9ja3MuanBnJnc9NzAw"/></p>
<p>图片来源：Getty Images。</p>
<h2>微软和谷歌在云计算领域加速前进</h2>
<p>在第二季度，AWS 的收入同比增长了 17%。这显著低于其竞争对手。微软 Azure 在第一季度的增长加速，Azure 的收入同比增长了 39%。谷歌云在云市场的市场份额排名第三，上季度同比增长了 32%。</p>
<p>虽然亚马逊经历了导致云增长放缓的产能限制，但值得注意的是，微软 Azure 和谷歌云也面临同样的逆风，但仍然以更快的速度增长。</p>
<p>那么，为什么企业选择微软和谷歌而不是 AWS 呢？可能有很多原因，但从高层次来看，微软多年来一直是个人和企业信任的软件提供商，它可以利用这一专业知识来发展其云业务。微软能够将其生产力软件如 Office 与 Azure 服务集成，这可能是企业的一个关键卖点。</p>
<p>对于谷歌来说，它在 2025 年拥有最强大的 AI 模型之一——Gemini。Gemini 为其消费者应用程序如 Gmail 和搜索提供 AI 功能，并为谷歌云中的企业 AI 服务提供支持。谷歌刚刚与 <strong>Meta Platforms</strong> 达成了一项价值 100 亿美元的多年协议，Meta 选择了谷歌云而非 AWS。</p>
<h2>亚马逊最大的优势</h2>
<p>亚马逊的一个优势是其产生的收入远远超过其他任何 “七大巨头” 公司，包括微软和谷歌。亚马逊在过去 12 个月的收入达 6700 亿美元，而微软为 2810 亿美元，Alphabet 为 3710 亿美元。</p>
<p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/7183344633b474859abf4141e127e78b.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" width="720" height="404" original-src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/7183344633b474859abf4141e127e78b.png"/></p>
<p>收入（TTM）数据来源于 YCharts</p>
<p>产生如此多收入的优势体现在亚马逊每年的研发（R&amp;D）支出上。亚马逊的支出预算是全球任何企业中最大的之一。这一点很重要，因为从事 AI 工作的技术工程师的薪酬包含在研发费用中。在大科技公司争夺顶尖人才和投资 AI 项目的竞赛中，亚马逊能够超越其他所有公司。</p>
<p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/69a5cb4795ab2015f58bb4d1b9501b03.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" width="720" height="404" original-src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/69a5cb4795ab2015f58bb4d1b9501b03.png"/></p>
<p>研发费用（TTM）数据来源于 YCharts</p>
<p>虽然考虑到其更快的增长速度，微软可能会在云市场超越亚马逊，但这并不意味着亚马逊是一个糟糕的投资。</p>
<h2>AWS 如何为亚马逊投资者解锁价值</h2>
<p>亚马逊在电子商务、云计算、广告、订阅和第三方履行费用等方面产生的大量收入正在为投资机会提供资金，使得该股票在长期内值得持有。</p>
<p>亚马逊的 Project Kuiper 是一个很好的例子，说明公司如何利用 AWS 的能力来惠及其整个业务。Kuiper 是亚马逊正在投资的卫星宽带互联网服务。它将进入全球至少 4 亿个缺乏宽带互联网的家庭的大市场。</p>
<p>但卫星宽带能够为偏远地区提供服务的能力对企业和政府也将非常有价值。这些组织需要能够从太空获取数据并立即将其放入云中进行数据分析和 AI。Kuiper 与 AWS 的整合将为亚马逊在这个市场提供重大优势。</p>
<p>Project Kuiper 与 AWS 之间的协同效应是投资者不应仅仅根据云表现来评判亚马逊，而应考虑业务各部分如何相互配合的原因。</p>
<p>亚马逊非零售业务的增长，产生了高利润率，近年来为强劲的利润增长做出了贡献。其总营业利润在第二季度同比增长了 31%。值得注意的是，自 2022 年以来，亚马逊的股票表现优于微软和谷歌，华尔街分析师预计，随着公司越来越依赖于 AI 技术（得益于 AWS）来降低电子商务业务的成本，亚马逊的利润在未来几年将继续以两位数的速度增长。</p>
<p>考虑到亚马逊每年近 1000 亿美元的研发支出，长期来看，它很可能会在投资机会方面带来超出预期的惊喜。像比尔·阿克曼这样的知名亿万富翁今年一直在购买该股票，这表明其回报前景吸引人。正因如此，亚马逊仍然是值得持有的顶级成长股。</p>

亚马逊

亚马逊每日 2 倍做多 ETF - Direxion

<p>亚马逊的增长已从在线零售转向其云计算部门 AWS，该部门产生了大部分利润。然而，AWS 的增长正在放缓，微软 Azure 和谷歌云等竞争对手的增长速度更快。尽管如此，亚马逊的整体收入仍显著高于其竞争对手，使其能够进行大量的研发投资。像 Project Kuiper 这样的项目展示了 AWS 如何增强亚马逊更广泛的商业战略。投资者应考虑 AWS 与其他业务之间的协同效应，而不仅仅关注 AWS 的云计算表现</p>

<p><strong>Amazon</strong>(AMZN -0.29%) has dominated the U.S. e-commerce market for decades, but sales from its online store haven't been the company's main growth driver in recent years. The company's golden goose is cloud computing.</p>
<div class="lb-trans"><p><strong>亚马逊</strong>（AMZN -0.29%）在美国电子商务市场占据主导地位已有数十年，但近年来其在线商店的销售并不是公司主要的增长动力。公司的摇钱树是云计算。</p>
</div><p>Some investors may not realize that Amazon Web Services (AWS) generates most of Amazon's profit, not online retail. The growth in AWS in recent years has, in a lot of ways, strengthened Amazon's e-commerce business. For example, the artificial intelligence (AI) capabilities Amazon has gained through AWS have trickled over to its online store in the form of new AI shopping assistants like Rufus.</p>
<div class="lb-trans"><p>一些投资者可能没有意识到，亚马逊网络服务（AWS）产生了亚马逊大部分的利润，而不是在线零售。近年来，AWS 的增长在很多方面增强了亚马逊的电子商务业务。例如，亚马逊通过 AWS 获得的人工智能（AI）能力以新的 AI 购物助手如 Rufus 的形式渗透到了其在线商店。</p>
</div><p>But this synergy between its cloud and e-commerce business raises some concern about the recent growth of AWS. While AWS has held the top market share spot in the cloud market for many years, smaller rivals like <strong>Microsoft</strong> Azure (MSFT -0.52%) and <strong>Alphabet</strong>'s Google Cloud (GOOGL 1.27%)(GOOG 1.29%) are growing faster. In fact, Microsoft is inching closer to overtaking Amazon's top spot in the cloud market.</p>
<div class="lb-trans"><p>但其云计算和电子商务业务之间的协同效应引发了对 AWS 近期增长的一些担忧。虽然 AWS 在云市场中多年来一直保持着最高的市场份额，但像 <strong>微软</strong> 的 Azure（MSFT -0.52%）和 <strong>Alphabet</strong> 的 Google Cloud（GOOGL 1.27%）（GOOG 1.29%）这样的较小竞争对手正在以更快的速度增长。事实上，微软正逐渐接近超越亚马逊在云市场的领先地位。</p>
</div><p>But is slowing growth for AWS a true red flag? Amazon stock has soared 170% since 2022 and has reached a market cap of $2.4 trillion at the time of writing, making it one of the most valuable companies in the world. To fully understand Amazon's competitive position, investors have to look at how AWS benefits the rest of the business. Before doing that, let's look at who is winning the cloud market and why.</p>
<div class="lb-trans"><p>但 AWS 的增长放缓是否真的是一个警示信号？自 2022 年以来，亚马逊的股票飙升了 170%，在撰写时市值达到了 2.4 万亿美元，使其成为全球最有价值的公司之一。要全面了解亚马逊的竞争地位，投资者必须看看 AWS 如何惠及其其他业务。在此之前，让我们看看谁在云市场中获胜以及原因。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjkyMjIvYW5hbHlzdC1zdG9ja3MuanBnJnc9NzAw" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F829222%2Fanalyst-stocks.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>Microsoft and Google are racing ahead in the cloud</h2>
<div class="lb-trans"><h2>微软和谷歌在云计算领域加速前进</h2>
</div><p>In the second quarter, AWS posted revenue growth of 17% year over year. This is notably slower than its rivals. Microsoft Azure posted accelerating growth over the first quarter, with Azure revenue increasing by 39% over the year-ago quarter. Google Cloud's market share ranks third in the cloud market, and it grew 32% year over year last quarter.</p>
<div class="lb-trans"><p>在第二季度，AWS 的收入同比增长了 17%。这显著低于其竞争对手。微软 Azure 在第一季度的增长加速，Azure 的收入同比增长了 39%。谷歌云在云市场的市场份额排名第三，上季度同比增长了 32%。</p>
</div><p>While Amazon experienced capacity constraints that is contributing to slower cloud growth, it's worth noting that Microsoft Azure and Google Cloud are experiencing the same headwind but still growing much faster than AWS.</p>
<div class="lb-trans"><p>虽然亚马逊经历了导致云增长放缓的产能限制，但值得注意的是，微软 Azure 和谷歌云也面临同样的逆风，但仍然以更快的速度增长。</p>
</div><p>So why are businesses choosing Microsoft and Google over AWS? There could be many reasons, but from a high-level perspective, Microsoft has been the trusted software provider for individuals and businesses for many years, and it can leverage this expertise to grow its cloud business. Microsoft is able to integrate its productivity software like Office with Azure services, which could be a key selling point for businesses.</p>
<div class="lb-trans"><p>那么，为什么企业选择微软和谷歌而不是 AWS 呢？可能有很多原因，但从高层次来看，微软多年来一直是个人和企业信任的软件提供商，它可以利用这一专业知识来发展其云业务。微软能够将其生产力软件如 Office 与 Azure 服务集成，这可能是企业的一个关键卖点。</p>
</div><p>For Google, it has one of the most capable AI models in 2025 with Gemini. Gemini powers the AI features in its consumer apps like Gmail and Search, in addition to enterprise AI services in Google Cloud. Google just scored a $10 billion multi-year deal with <strong>Meta Platforms</strong>, which chose Google Cloud over AWS.</p>
<div class="lb-trans"><p>对于谷歌来说，它在 2025 年拥有最强大的 AI 模型之一——Gemini。Gemini 为其消费者应用程序如 Gmail 和搜索提供 AI 功能，并为谷歌云中的企业 AI 服务提供支持。谷歌刚刚与 <strong>Meta Platforms</strong> 达成了一项价值 100 亿美元的多年协议，Meta 选择了谷歌云而非 AWS。</p>
</div><h2>Amazon's greatest advantage</h2>
<div class="lb-trans"><h2>亚马逊最大的优势</h2>
</div><p>One advantage for Amazon is that it generates far more revenue than any other &#34;Magnificent Seven&#34; company, including Microsoft and Google. Amazon generated $670 billion in trailing-12-month revenue, compared to $281 billion for Microsoft and $371 billion for Alphabet.</p>
<div class="lb-trans"><p>亚马逊的一个优势是其产生的收入远远超过其他任何 “七大巨头” 公司，包括微软和谷歌。亚马逊在过去 12 个月的收入达 6700 亿美元，而微软为 2810 亿美元，Alphabet 为 3710 亿美元。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/7183344633b474859abf4141e127e78b.png" alt="" original-src="https://media.ycharts.com/charts/7183344633b474859abf4141e127e78b.png"/></p>
<p>Revenue (TTM) data by YCharts</p>
<div class="lb-trans"><p>收入（TTM）数据来源于 YCharts</p>
</div><p>The advantage of generating so much revenue can be seen in Amazon's annual spending on research and development (R&amp;D). Amazon has one of the largest spending budgets of any business in the world. This is important because compensation for tech engineers that work on AI is included in R&amp;D expense. In the race among big tech to land top talent and invest in AI initiatives, Amazon is able to outspend everyone else.</p>
<div class="lb-trans"><p>产生如此多收入的优势体现在亚马逊每年的研发（R&amp;D）支出上。亚马逊的支出预算是全球任何企业中最大的之一。这一点很重要，因为从事 AI 工作的技术工程师的薪酬包含在研发费用中。在大科技公司争夺顶尖人才和投资 AI 项目的竞赛中，亚马逊能够超越其他所有公司。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/69a5cb4795ab2015f58bb4d1b9501b03.png" alt="" original-src="https://media.ycharts.com/charts/69a5cb4795ab2015f58bb4d1b9501b03.png"/></p>
<p>Research and Development Expense (TTM) data by YCharts</p>
<div class="lb-trans"><p>研发费用（TTM）数据来源于 YCharts</p>
</div><p>While Microsoft may overtake Amazon in the cloud market considering its faster rate of growth, this doesn't make Amazon a bad investment.</p>
<div class="lb-trans"><p>虽然考虑到其更快的增长速度，微软可能会在云市场超越亚马逊，但这并不意味着亚马逊是一个糟糕的投资。</p>
</div><h2>How AWS is unlocking value for Amazon investors</h2>
<div class="lb-trans"><h2>AWS 如何为亚马逊投资者解锁价值</h2>
</div><p>The massive amount of revenue Amazon generates across e-commerce, cloud, advertising, subscriptions, and third-party fulfillment fees are funding investments in opportunities that make the stock worth owning for the long term.</p>
<div class="lb-trans"><p>亚马逊在电子商务、云计算、广告、订阅和第三方履行费用等方面产生的大量收入正在为投资机会提供资金，使得该股票在长期内值得持有。</p>
</div><p>Amazon's Project Kuiper is a great example of how the company leverages capabilities from AWS to benefit its entire business. Kuiper is a satellite broadband internet service that Amazon has been investing in. It will tap into a large market of at least 400 million households worldwide that lack access to broadband internet.</p>
<div class="lb-trans"><p>亚马逊的 Project Kuiper 是一个很好的例子，说明公司如何利用 AWS 的能力来惠及其整个业务。Kuiper 是亚马逊正在投资的卫星宽带互联网服务。它将进入全球至少 4 亿个缺乏宽带互联网的家庭的大市场。</p>
</div><p>But the ability for satellite broadband to provide service to remote areas will also be valuable for enterprises and governments. These organizations need to be able to take data from space and immediately put it in the cloud for data analytics and AI. The integration of Kuiper with AWS will give Amazon a major advantage in this market.</p>
<div class="lb-trans"><p>但卫星宽带能够为偏远地区提供服务的能力对企业和政府也将非常有价值。这些组织需要能够从太空获取数据并立即将其放入云中进行数据分析和 AI。Kuiper 与 AWS 的整合将为亚马逊在这个市场提供重大优势。</p>
</div><p>The synergy between Project Kuiper and AWS is why investors shouldn't judge Amazon by its cloud performance alone but consider how all the parts of the business fit together.</p>
<div class="lb-trans"><p>Project Kuiper 与 AWS 之间的协同效应是投资者不应仅仅根据云表现来评判亚马逊，而应考虑业务各部分如何相互配合的原因。</p>
</div><p>Growth in Amazon's non-retail businesses, which generate high margins, have contributed to strong profit growth for several years. Its total operating profit grew 31% year over year in Q2. It's worth noting that Amazon stock has outperformed Microsoft and Google since 2022, and Wall Street analysts expect Amazon's profits to continue growing at double-digit rates in the coming years, as the company increasingly leans on AI technology (thanks to AWS) to lower costs in the e-commerce business.</p>
<div class="lb-trans"><p>亚马逊非零售业务的增长，产生了高利润率，近年来为强劲的利润增长做出了贡献。其总营业利润在第二季度同比增长了 31%。值得注意的是，自 2022 年以来，亚马逊的股票表现优于微软和谷歌，华尔街分析师预计，随着公司越来越依赖于 AI 技术（得益于 AWS）来降低电子商务业务的成本，亚马逊的利润在未来几年将继续以两位数的速度增长。</p>
</div><p>Given the nearly $100 billion it is spending on R&amp;D every year, Amazon is more than likely going to surprise to the upside over the long term as it invests in opportunities. Notable billionaires like Bill Ackman have been buying the stock this year, indicating attractive return prospects. It's for these reasons Amazon remains a top growth stock worth holding.</p>
<div class="lb-trans"><p>考虑到亚马逊每年近 1000 亿美元的研发支出，长期来看，它很可能会在投资机会方面带来超出预期的惊喜。像比尔·阿克曼这样的知名亿万富翁今年一直在购买该股票，这表明其回报前景吸引人。正因如此，亚马逊仍然是值得持有的顶级成长股。</p>
</div>

Is Amazon's Golden Goose Turning Into a Red Flag?

- 亚马逊的云计算业务 AWS 是其主要利润来源，而非在线零售。  
- AWS 的增长放缓引发对其市场地位的担忧，微软和谷歌云增长更快。  
- 亚马逊通过巨额研发支出和项目整合，持续推动整体业务增长。  

亚马逊的摇钱树是否正在变成一个警示信号？