<p>今年市场表现强劲，<strong>标准普尔 500 指数</strong> 和 <strong>纳斯达克</strong> 创下新高，但 <strong>亚马逊</strong>（AMZN 0.78%）的股票却处于观望状态，基本持平。这种脱节值得关注。亚马逊在多个业务领域都在全力以赴，并已为未来几年产生更强的利润奠定了基础。</p>
<p>虽然股票看起来停滞不前，但其基本面却在朝着正确的方向发展。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzQ3MzMvYW1hem9uLXBhY2thZ2VkLWRlbGl2ZXJ5LW9ubGluZS1zaG9wcGluZy1lLWNvbW1lcmNlLW1lcmNhZG9saWJyZS5qcGcmdz03MDA?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-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzQ3MzMvYW1hem9uLXBhY2thZ2VkLWRlbGl2ZXJ5LW9ubGluZS1zaG9wcGluZy1lLWNvbW1lcmNlLW1lcmNhZG9saWJyZS5qcGcmdz03MDA"/></p>
<p>图片来源：Getty Images。</p>
<h2>云计算增长与运营效率</h2>
<p>大多数投资者仍将亚马逊视为一家电子商务公司，但其最大的利润引擎是云计算部门。亚马逊网络服务（AWS）上个季度的收入增长了 17.5%，接近 310 亿美元，运营收入超过 100 亿美元。这种运营利润率与其电子商务业务的微薄利润形成鲜明对比。</p>
<p>更重要的是，AWS 正在成为人工智能（AI）开发的中心。其 Bedrock 解决方案使客户能够利用领先的基础大型语言模型（LLMs），以便根据自己的需求进行定制，而 SageMaker 则为公司提供了一个训练和部署自己模型的平台。亚马逊还拥有自己的 AI 芯片 Trainium 和 Inferentia，为客户提供比图形处理单元（GPU）更便宜、更高效的替代方案。</p>
<p>随着对 AI 工作负载需求的激增，AWS 成为了强有力的受益者。该公司最近还推出了 Strands 和 Agentcore 等新解决方案，以帮助构建 AI 代理，这可能成为另一个增长驱动力。</p>
<p>与此同时，亚马逊正在其整个电子商务生态系统中嵌入 AI。这是未来几年公司盈利增长的主要来源之一。</p>
<p>亚马逊一个常被忽视的领域是其在机器人技术方面的领导地位。亚马逊在其履行中心已经拥有超过一百万台机器人，这些机器今天的功能远不止于搬运箱子。有些机器人能够在发货前检测到损坏的商品，从而减少昂贵的退货，而其他机器人则能够自我修复。同时，其 Deepfleet AI 模型协调这些机器人的移动，确保它们尽可能高效。</p>
<p>亚马逊还利用 AI 来缩短运输时间。它使用 AI 预测哪些仓库最适合存储物品，并优化配送路线。它甚至利用 AI 帮助送货司机找到大型公寓等地方难以找到的投递地点。这些小改进可以随着时间的推移转化为数十亿美元的成本节约。</p>
<p>除了履行和物流，亚马逊还利用 AI 改善其电子商务运营的其他领域。其 Rufus AI 助手旨在帮助客户找到适合其需求的产品，从而增加消费并减少退货。它还利用 AI 改善第三方列表，并帮助广告客户更好地定位潜在买家。</p>
<p>广告是亚马逊另一个被低估的增长驱动力。其赞助广告业务拥有高毛利率，并且是其业务中增长最快的部分之一。综合来看，亚马逊在其电子商务业务中看到了巨大的运营杠杆。这在上个季度得到了充分展示，当时其北美运营收入增长了 47%，达到 75 亿美元，而收入仅增长了 11%，达到了 1001 亿美元。</p>
<p>投资亚马逊并非没有风险。该公司在数据中心上的支出很大，以跟上云计算和 AI 的需求，如果过度建设并最终拥有过多的产能，这种资本支出（capex）可能会对利润率造成压力。云计算的竞争也非常激烈，<strong>微软</strong>、<strong>谷歌母公司 Alphabet</strong> 和 <strong>甲骨文</strong> 也在大力投资以捕捉强劲的需求。同时，就像每个零售商一样，如果经济放缓，其销售可能会受到影响。尽管如此，这些并不是新风险，亚马逊之前已经成功应对过更严峻的挑战。</p>
<h2>现在是买入股票的时候吗？</h2>
<p>随着亚马逊的股票在今年持平，现在看起来是购买股票的好时机。该股票在大型科技公司中表现滞后，但我不会轻易放弃亚马逊。</p>
<p>该公司有着大规模投资以获得大规模回报的历史，现在在 AI 领域也不例外。随着许多积极因素在内部发生，当前水平的股票看起来是一个不容错过的买入机会。</p>

亚马逊

亚马逊每日 2 倍做多 ETF - Direxion

<p>亚马逊的股票在今年尽管市场表现强劲，但仍然保持平稳。然而，该公司在其云计算部门 AWS 方面正在经历增长，上个季度报告的收入增长为 17.5%。亚马逊还在其运营中利用人工智能，提高效率并降低成本。尽管存在重大的资本支出和竞争等风险，但基本面表明未来盈利增长的潜力。鉴于当前股价停滞，分析师认为这是投资亚马逊股票的有利时机</p>

<p>The market has put up a strong run this year, with the <strong>S&amp;P 500</strong> and <strong>Nasdaq</strong> charging to fresh highs, but <strong>Amazon</strong>'s (AMZN 0.78%) stock has sat on the sidelines, basically flat. That disconnect is worth paying attention to. Amazon is firing on multiple cylinders across its businesses and has put itself in a position to generate stronger profits in the years ahead.</p>
<div class="lb-trans"><p>今年市场表现强劲，<strong>标准普尔 500 指数</strong> 和 <strong>纳斯达克</strong> 创下新高，但 <strong>亚马逊</strong>（AMZN 0.78%）的股票却处于观望状态，基本持平。这种脱节值得关注。亚马逊在多个业务领域都在全力以赴，并已为未来几年产生更强的利润奠定了基础。</p>
</div><p>While the stock may look stuck, the fundamentals underneath are moving in the right direction.</p>
<div class="lb-trans"><p>虽然股票看起来停滞不前，但其基本面却在朝着正确的方向发展。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzQ3MzMvYW1hem9uLXBhY2thZ2VkLWRlbGl2ZXJ5LW9ubGluZS1zaG9wcGluZy1lLWNvbW1lcmNlLW1lcmNhZG9saWJyZS5qcGcmdz03MDA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F834733%2Famazon-packaged-delivery-online-shopping-e-commerce-mercadolibre.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>Cloud growth and operating efficiency</h2>
<div class="lb-trans"><h2>云计算增长与运营效率</h2>
</div><p>Most investors still think of Amazon as an e-commerce company, but its biggest profit engine is its cloud computing unit. Amazon Web Services (AWS) revenue jumped 17.5% last quarter to nearly $31 billion, with operating income climbing past $10 billion. That kind of operating margin profile stands in stark contrast to the thin margins in its e-commerce operations.</p>
<div class="lb-trans"><p>大多数投资者仍将亚马逊视为一家电子商务公司，但其最大的利润引擎是云计算部门。亚马逊网络服务（AWS）上个季度的收入增长了 17.5%，接近 310 亿美元，运营收入超过 100 亿美元。这种运营利润率与其电子商务业务的微薄利润形成鲜明对比。</p>
</div><p>What is more important, though, is that AWS is becoming a hub for artificial intelligence (AI) development. Its Bedrock solution lets customers tap into leading foundation large language models (LLMs) so they can customize them for their needs, while SageMaker gives companies a platform to train and deploy their own models. Amazon also has its own AI chips, Trainium and Inferentia, which give customers a cheaper and more efficient alternative to graphics processing units (GPUs).</p>
<div class="lb-trans"><p>更重要的是，AWS 正在成为人工智能（AI）开发的中心。其 Bedrock 解决方案使客户能够利用领先的基础大型语言模型（LLMs），以便根据自己的需求进行定制，而 SageMaker 则为公司提供了一个训练和部署自己模型的平台。亚马逊还拥有自己的 AI 芯片 Trainium 和 Inferentia，为客户提供比图形处理单元（GPU）更便宜、更高效的替代方案。</p>
</div><p>With demand for AI workloads surging, AWS has been a strong beneficiary. The company also recently rolled out new solutions like Strands and Agentcore to help build AI agents, which could become another growth driver.</p>
<div class="lb-trans"><p>随着对 AI 工作负载需求的激增，AWS 成为了强有力的受益者。该公司最近还推出了 Strands 和 Agentcore 等新解决方案，以帮助构建 AI 代理，这可能成为另一个增长驱动力。</p>
</div><p>At the same time, Amazon is embedding AI across its entire e-commerce ecosystem. This is where a lot of the company's earnings growth could come from in the years ahead.</p>
<div class="lb-trans"><p>与此同时，亚马逊正在其整个电子商务生态系统中嵌入 AI。这是未来几年公司盈利增长的主要来源之一。</p>
</div><p>One area of Amazon that is often overlooked is its leadership in robotics. Amazon already has more than a million robots working in its fulfillment centers, and the machines today are doing much more than just moving boxes. Some can detect damaged goods before they are shipped, reducing costly returns, while others are actually able to repair themselves. Meanwhile, its Deepfleet AI model orchestrates how these robots move, making sure they are as efficient as possible.</p>
<div class="lb-trans"><p>亚马逊一个常被忽视的领域是其在机器人技术方面的领导地位。亚马逊在其履行中心已经拥有超过一百万台机器人，这些机器今天的功能远不止于搬运箱子。有些机器人能够在发货前检测到损坏的商品，从而减少昂贵的退货，而其他机器人则能够自我修复。同时，其 Deepfleet AI 模型协调这些机器人的移动，确保它们尽可能高效。</p>
</div><p>Amazon is also using AI to reduce shipment times. It's using AI to predict which warehouses are the best to store items in, and to optimize delivery routes. It's even using AI to help delivery drivers find hard-to-find drop-off locations in places like large apartment complexes. These are small improvements that can translate into billions in cost savings over time.</p>
<div class="lb-trans"><p>亚马逊还利用 AI 来缩短运输时间。它使用 AI 预测哪些仓库最适合存储物品，并优化配送路线。它甚至利用 AI 帮助送货司机找到大型公寓等地方难以找到的投递地点。这些小改进可以随着时间的推移转化为数十亿美元的成本节约。</p>
</div><p>In addition to fulfillment and logistics, Amazon is using AI to improve other areas of its e-commerce operations. Its Rufus AI assistant was designed to help customers find the right products for their needs, helping to increase spending and reduce returns. It's also using AI to make its third-party listings better and to help advertisers better target potential buyers.</p>
<div class="lb-trans"><p>除了履行和物流，亚马逊还利用 AI 改善其电子商务运营的其他领域。其 Rufus AI 助手旨在帮助客户找到适合其需求的产品，从而增加消费并减少退货。它还利用 AI 改善第三方列表，并帮助广告客户更好地定位潜在买家。</p>
</div><p>Advertising is another one of Amazon's underrated growth drivers. Its sponsored ad business carries high gross margins and has been one of the fastest-growing parts of its business. Add it all up, and Amazon is seeing a ton of operating leverage in its e-commerce business. This was on full display last quarter, when its North American operating income surged 47% to $7.5 billion on just an 11% increase in revenue to $100.1 billion.</p>
<div class="lb-trans"><p>广告是亚马逊另一个被低估的增长驱动力。其赞助广告业务拥有高毛利率，并且是其业务中增长最快的部分之一。综合来看，亚马逊在其电子商务业务中看到了巨大的运营杠杆。这在上个季度得到了充分展示，当时其北美运营收入增长了 47%，达到 75 亿美元，而收入仅增长了 11%，达到了 1001 亿美元。</p>
</div><p>An investment in Amazon is not risk-free. The company is spending heavily on data centers to keep up with cloud and AI demand, and that kind of capital expenditures (capex) could pressure margins if it overbuilds and ends up with too much capacity. Competition in cloud computing is also intense, with <strong>Microsoft</strong>, <strong>Alphabet</strong>, and <strong>Oracle</strong> also investing heavily to capture strong demand. Meanwhile, just like every retailer, if the economy slows, its sales could take a hit. That said, these are not new risks, and Amazon has navigated through tougher challenges before.</p>
<div class="lb-trans"><p>投资亚马逊并非没有风险。该公司在数据中心上的支出很大，以跟上云计算和 AI 的需求，如果过度建设并最终拥有过多的产能，这种资本支出（capex）可能会对利润率造成压力。云计算的竞争也非常激烈，<strong>微软</strong>、<strong>谷歌母公司 Alphabet</strong> 和 <strong>甲骨文</strong> 也在大力投资以捕捉强劲的需求。同时，就像每个零售商一样，如果经济放缓，其销售可能会受到影响。尽管如此，这些并不是新风险，亚马逊之前已经成功应对过更严峻的挑战。</p>
</div><h2>Is it time to buy the stock?</h2>
<div class="lb-trans"><h2>现在是买入股票的时候吗？</h2>
</div><p>With Amazon's stock flat on the year, now looks like a great time to scoop up shares. The stock has been a laggard among big tech names, but Amazon is not a stock I would count out.</p>
<div class="lb-trans"><p>随着亚马逊的股票在今年持平，现在看起来是购买股票的好时机。该股票在大型科技公司中表现滞后，但我不会轻易放弃亚马逊。</p>
</div><p>The company has a history of investing big to win big, and it's no different now with AI. With a lot of good things happening under the hood, the stock looks like a no-brainer buy at current levels.</p>
<div class="lb-trans"><p>该公司有着大规模投资以获得大规模回报的历史，现在在 AI 领域也不例外。随着许多积极因素在内部发生，当前水平的股票看起来是一个不容错过的买入机会。</p>
</div>

With Its Stock Flat Year to Date, Is Amazon Stock a No-Brainer Buy?

- 亚马逊的股价在市场强劲上涨中表现平平，基本持平。  
- 其云计算业务 AWS 收入增长 17.5%，成为主要利润来源。  
- 亚马逊正利用 AI 提升电商和物流效率，未来盈利潜力巨大。  

亚马逊股票自年初以来表现平平，现在是否是一个显而易见的买入机会？