<p>股市在今年表现强劲，截至周一收盘，<strong>标准普尔 500 指数</strong> 上涨了 14%。令人有些惊讶的是，科技巨头 <strong>亚马逊</strong>（AMZN 0.32%）的涨幅不到 4%。尽管在科技领域名声显赫并且投资于人工智能（AI），但最近似乎对该股票的热度并不高。</p>
<p>亚马逊的股票是否出现了问题，以至于它似乎不再受到成长型投资者的青睐？让我们仔细看看今年该公司的情况，以及是否确实有理由现在避开亚马逊，或者这是否可能是一个绝佳的买入时机。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzQxMDcvcGVyc29uLXN0cmVzc2VkLXNpdHRpbmctYXQtYS1jb21wdXRlci5qcGcmdz03MDA?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-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzQxMDcvcGVyc29uLXN0cmVzc2VkLXNpdHRpbmctYXQtYS1jb21wdXRlci5qcGcmdz03MDA"/></p>
<p>图片来源：Getty Images。</p>
<h2>亚马逊的增长率依然强劲</h2>
<p>在过去三年中，亚马逊的平均增长率约为 11%。虽然各个时期之间有所波动，但总体来说，双位数的增长一直是一个安全的选择。在最近一个季度（截至 6 月 30 日），其营收增长了 13%，达到了 1677 亿美元。</p>
<p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/611caadcec254d3588db5c566f8dfd02.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" width="720" height="441" original-src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/611caadcec254d3588db5c566f8dfd02.png"/></p>
<p>AMZN 收入（季度同比增长）数据来源于 YCharts</p>
<p>然而，分析师可能对该公司的期望更高，因为其在人工智能方面的重大投资。亚马逊计划在今年花费多达 1000 亿美元用于人工智能。根据当前季度的指导，预计运营收入在 155 亿美元到 205 亿美元之间，这意味着中间值低于华尔街预期的 195 亿美元。人们越来越担心人工智能投资可能未能为公司带来回报，这些担忧可能对亚马逊的股票造成压力，尤其是在其最近的预测背景下。</p>
<h2>亚马逊是否真的不再受到科技投资者的青睐？</h2>
<p>亚马逊的增长率与往年相当，但这可能还不够，尤其是在其他科技公司以更快的速度增长，以及与人工智能相关的支出受到更多关注的情况下。</p>
<p>可供投资的人工智能股票数量也在增加，如果亚马逊的业绩和指导没有像数据分析公司 <strong>Palantir Technologies</strong> 那样出色，投资者可能会选择其他股票。尽管 Palantir 的盈利能力远不及亚马逊，但由于人工智能的推动，其增长非常迅猛。今年其股价上涨超过 135%。数据存储公司 <strong>西部数据</strong> 虽然与人工智能没有直接关系，但由于与人工智能相关的支出增加而受益。随着其增长率加速，西部数据成为今年标准普尔 500 指数中最热门的股票之一，涨幅达到 166%。</p>
<p>不幸的是，亚马逊在人工智能投资方面几乎没有成果，可能不再赢得投资者的青睐。其市盈率为 35 倍，显著低于其历史平均水平，以前常常超过 50 倍和 60 倍。</p>
<p>投资者面临的问题是，较低的溢价是否合理，是否应该成为亚马逊的新常态，或者这是否是一个便宜的买入机会。</p>
<h2>为什么我今天会买亚马逊</h2>
<p>其他科技股票可能比亚马逊增长更快，但这家公司在人工智能方面有许多实际应用。从提升在线购物体验到提高仓库机器人效率，亚马逊是我不怀疑其能在长期受益于人工智能的股票之一。</p>
<p>投资可能需要时间才能见效，考虑到亚马逊多年来的出色增长和业绩，投资者应该信任其流程和为股东创造最大价值的能力。这就是为什么我认为在任何折扣下购买该股票都是长期投资的一个好选择。</p>

亚马逊

亚马逊每日 2 倍做多 ETF - Direxion

<p>亚马逊的股票今年上涨不到 4%，尽管标准普尔 500 指数上涨了 14%。分析师对亚马逊寄予厚望，原因是其 1000 亿美元的人工智能投资，但其最近的指引未能达到华尔街的预期。尽管亚马逊的增长率仍然强劲，达到 11%，但它面临来自增长更快的科技股的竞争。该公司的市盈率低于其历史平均水平，这引发了对其估值的质疑。然而，亚马逊在实际人工智能应用方面的表现暗示了潜在的长期收益，使其成为投资者可能的廉价选择</p>

<p>The stock market is having another solid year, with the <strong>S&amp;P 500</strong> up by 14% as of Monday's close. What's a bit surprising is that tech giant <strong>Amazon</strong>(AMZN 0.32%), has risen by less than 4%. Despite being a big name in tech and investing in artificial intelligence (AI), there doesn't appear to be much hype around the stock these days.</p>
<div class="lb-trans"><p>股市在今年表现强劲，截至周一收盘，<strong>标准普尔 500 指数</strong> 上涨了 14%。令人有些惊讶的是，科技巨头 <strong>亚马逊</strong>（AMZN 0.32%）的涨幅不到 4%。尽管在科技领域名声显赫并且投资于人工智能（AI），但最近似乎对该股票的热度并不高。</p>
</div><p>Is there something wrong with Amazon's stock for it to have seemingly fallen out of favor with growth investors? Let's take a closer look at what's been going on with the business this year and if there is indeed a reason to avoid Amazon right now, or if instead, this could be a glorious time to buy it.</p>
<div class="lb-trans"><p>亚马逊的股票是否出现了问题，以至于它似乎不再受到成长型投资者的青睐？让我们仔细看看今年该公司的情况，以及是否确实有理由现在避开亚马逊，或者这是否可能是一个绝佳的买入时机。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzQxMDcvcGVyc29uLXN0cmVzc2VkLXNpdHRpbmctYXQtYS1jb21wdXRlci5qcGcmdz03MDA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F834107%2Fperson-stressed-sitting-at-a-computer.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's growth rate continues to be strong</h2>
<div class="lb-trans"><h2>亚马逊的增长率依然强劲</h2>
</div><p>Over the past three years, Amazon has averaged a growth rate of around 11%. There have been fluctuations from one period to another, but it has generally been a safe bet to grow by double digits. And in its most recent quarter, which ended on June 30, its top line rose by 13% to $167.7 billion.</p>
<div class="lb-trans"><p>在过去三年中，亚马逊的平均增长率约为 11%。虽然各个时期之间有所波动，但总体来说，双位数的增长一直是一个安全的选择。在最近一个季度（截至 6 月 30 日），其营收增长了 13%，达到了 1677 亿美元。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/611caadcec254d3588db5c566f8dfd02.png" alt="" original-src="https://media.ycharts.com/charts/611caadcec254d3588db5c566f8dfd02.png"/></p>
<p>AMZN Revenue (Quarterly YoY Growth) data by YCharts</p>
<div class="lb-trans"><p>AMZN 收入（季度同比增长）数据来源于 YCharts</p>
</div><p>Analysts, however, may have been expecting more from the business given its significant investments into AI. Amazon plans to spend up to $100 billion on AI this year. And with a guidance for the current quarter of $15.5 billion to $20.5 billion in operating income, that means the mid-point is less than Wall Street estimates of $19.5 billion. There's a growing concern that AI investments may not be paying off for companies, and those fears could be weighing on Amazon's stock, especially in light of its recent projections.</p>
<div class="lb-trans"><p>然而，分析师可能对该公司的期望更高，因为其在人工智能方面的重大投资。亚马逊计划在今年花费多达 1000 亿美元用于人工智能。根据当前季度的指导，预计运营收入在 155 亿美元到 205 亿美元之间，这意味着中间值低于华尔街预期的 195 亿美元。人们越来越担心人工智能投资可能未能为公司带来回报，这些担忧可能对亚马逊的股票造成压力，尤其是在其最近的预测背景下。</p>
</div><h2>Has Amazon simply fallen out of favor with tech investors?</h2>
<div class="lb-trans"><h2>亚马逊是否真的不再受到科技投资者的青睐？</h2>
</div><p>Amazon's growth rate is on par for the course and in line with how it has done in previous year. But that might not be enough, particularly at a time when other tech companies are growing at faster rates and when AI-related spending is coming more under the microscope.</p>
<div class="lb-trans"><p>亚马逊的增长率与往年相当，但这可能还不够，尤其是在其他科技公司以更快的速度增长，以及与人工智能相关的支出受到更多关注的情况下。</p>
</div><p>There are also a growing number of AI stocks to invest in, and if Amazon isn't knocking it out of the park with its numbers and guidance the way data analytics stock <strong>Palantir Technologies</strong> is, investors may simply opt for other stocks. Palantir is not nearly as profitable as Amazon, yet it has experienced tremendous growth due to AI. Its shares are up over 135% this year. Data storage company <strong>Seagate</strong>, although not directly involved with AI, has benefited from an uptick in business due to AI-related spending. With its growth rate accelerating, Seagate has been one of the hottest stocks on the S&amp;P 500 this year, up 166%.</p>
<div class="lb-trans"><p>可供投资的人工智能股票数量也在增加，如果亚马逊的业绩和指导没有像数据分析公司 <strong>Palantir Technologies</strong> 那样出色，投资者可能会选择其他股票。尽管 Palantir 的盈利能力远不及亚马逊，但由于人工智能的推动，其增长非常迅猛。今年其股价上涨超过 135%。数据存储公司 <strong>西部数据</strong> 虽然与人工智能没有直接关系，但由于与人工智能相关的支出增加而受益。随着其增长率加速，西部数据成为今年标准普尔 500 指数中最热门的股票之一，涨幅达到 166%。</p>
</div><p>Amazon, unfortunately, with little to show from its AI investments, may simply not be winning investors over anymore. It trades at a price-to-earnings multiple of 35, which is significantly lower than its historical average, when it wasn't uncommon to see it trade at more than 50 and 60 times its profits.</p>
<div class="lb-trans"><p>不幸的是，亚马逊在人工智能投资方面几乎没有成果，可能不再赢得投资者的青睐。其市盈率为 35 倍，显著低于其历史平均水平，以前常常超过 50 倍和 60 倍。</p>
</div><p>The question for investors is whether a lower premium is justifiable and should be the new norm for Amazon, or if it is a bargain buy.</p>
<div class="lb-trans"><p>投资者面临的问题是，较低的溢价是否合理，是否应该成为亚马逊的新常态，或者这是否是一个便宜的买入机会。</p>
</div><h2>Why I'd buy Amazon today</h2>
<div class="lb-trans"><h2>为什么我今天会买亚马逊</h2>
</div><p>Other tech stocks may be experiencing faster growth than Amazon, but this company has many practical use cases for AI. From enhancing the online shopping experience to making the robots in its warehouses more efficient, Amazon is one stock where I don't doubt that it can benefit from AI in the long run.</p>
<div class="lb-trans"><p>其他科技股票可能比亚马逊增长更快，但这家公司在人工智能方面有许多实际应用。从提升在线购物体验到提高仓库机器人效率，亚马逊是我不怀疑其能在长期受益于人工智能的股票之一。</p>
</div><p>Investments can take time to pay off, and given Amazon's impressive growth and results over the years, investors should trust in its processes and ability to unlock the most value for its shareholders. And that's why I think buying the stock at any type of discount can be a great move for the long haul.</p>
<div class="lb-trans"><p>投资可能需要时间才能见效，考虑到亚马逊多年来的出色增长和业绩，投资者应该信任其流程和为股东创造最大价值的能力。这就是为什么我认为在任何折扣下购买该股票都是长期投资的一个好选择。</p>
</div>

What's Wrong With Amazon's Stock?

- 亚马逊股价上涨不足 4%，与 S&P 500 的 14% 增长形成对比。  
- 尽管亚马逊在人工智能领域投资巨大，但市场对其前景的信心减弱。  
- 投资者需评估亚马逊的低市盈率是否意味着买入机会。  

亚马逊的股票究竟出了什么问题？