<p>对于大多数投资者来说，财报季是每个季度的巅峰。在六周的时间里，股市中最具影响力的企业揭开它们的面纱，让投资者了解它们在过去三个月的表现。这是华尔街健康状况的一个极佳晴雨表。</p>
<p>但财报并不是判断哪些股票和趋势表现良好的唯一方式。</p>
<p>在每个季度结束后的不超过 45 个日历日内，管理资产超过 1 亿美元的机构投资者必须向证券交易委员会提交 13F 表格。该文件允许投资者跟踪华尔街最聪明的资金经理在最新季度买卖了哪些股票、交易所交易基金和特定期权。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzYzMjUvYW16bi1wYWNrYWdlLWRlbGl2ZXJ5LWZhdGhlci1kYXVnaHRlci1odWIuanBnJnc9NzAw?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzYzMjUvYW16bi1wYWNrYWdlLWRlbGl2ZXJ5LWZhdGhlci1kYXVnaHRlci1odWIuanBnJnc9NzAw"/></p>
<p>图片来源：亚马逊。</p>
<p>然而，上述声明有一个前提：13F 并不限于个人。投资超过 1 亿美元的公司也必须通过 13F 披露其持股情况。这包括万亿俱乐部成员 <strong>亚马逊</strong>（AMZN 0.61%），其在 6 月季度结束时的管理资产超过 24 亿美元。</p>
<h2>亚马逊不仅仅是电子商务和 AWS</h2>
<p>大多数人都熟悉亚马逊，因为它拥有全球领先的电子商务平台，每月吸引数十亿独特访客。尽管在线销售商品是收入的主要驱动力，而电子商务作为公司的面向消费者品牌，但这通常是一个低利润率的领域，对盈利能力并不太重要。</p>
<p>可以说，定义亚马逊成功的最大拼图是其云基础设施服务平台亚马逊网络服务（AWS），根据科技分析公司 Omdia 的数据，AWS 在第二季度占全球云基础设施服务支出的 32%。</p>
<p>尽管在 2025 年上半年，AWS 的净销售额不到亚马逊总销售额的 19%，但它却占据了近 58% 的运营收入。与通过在线市场销售商品相关的运营利润率相比，AWS 的运营利润率高得多。AWS 的年同比增长率保持在高十几的百分比，随着人工智能（AI）解决方案的融入，增长前景有望重新加速。</p>
<p>但亚马逊不仅仅是在线零售销售、AWS 和快速增长的订阅及广告服务的公司。它还是一些商业合作伙伴的投资者。</p>
<p>截至 6 月 30 日，亚马逊持有九家上市公司的股份。其中最大的股份源于六年前对电动车制造商 <strong>Rivian Automotive</strong>（RIVN -0.99%）的投资。亚马逊的物流部门还向 Rivian 订购了 10 万辆电动送货车。当 Rivian 在 2021 年正式成为上市公司时，亚马逊开始通过 13F 报告其持股情况。</p>
<p>虽然 Rivian 占据了亚马逊投资持股价值的 89%，但这个价值 24.3 亿美元的投资组合中最新的加入者却引起了人们的关注。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzYzMjUvc2lsdmVyLWRpY2UtYnV5LXNlbGwtc3RvY2stY2hhcnQtdm9sdW1lLWJpbGxpb25haXJlLWdldHR5LmpwZyZ3PTcwMA?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzYzMjUvc2lsdmVyLWRpY2UtYnV5LXNlbGwtc3RvY2stY2hhcnQtdm9sdW1lLWJpbGxpb25haXJlLWdldHR5LmpwZyZ3PTcwMA"/></p>
<p>图片来源：Getty Images。</p>
<h2>华尔街的量子计算宠儿在亚马逊的菜单上</h2>
<p>尽管人工智能在过去三年中无疑是最热门的技术，但可以说量子计算股票甚至更火热。量子计算依赖于量子力学来解决传统计算机无法处理的复杂问题。它在药物开发的精炼和加速 AI 算法帮助系统学习和提高效率方面具有特别的潜力。</p>
<p>截至 10 月 3 日收盘，过去 12 个月中，量子计算股票的涨幅如下：</p>
<ul>
<li><strong>IonQ</strong>（IONQ 7.90%）：696%</li>
<li><strong>Rigetti Computing</strong>：5,130%</li>
<li><strong>D-Wave Quantum</strong>：3,460%</li>
<li><strong>Quantum Computing</strong>：3,630%</li>
</ul>
<p>在第二季度，亚马逊的 13F 显示其唯一的购买是 854,207 股 IonQ，当时的市场价值为 3670 万美元。如果亚马逊没有出售任何股份，截至 10 月 3 日，这一持仓的价值将达到 6260 万美元。</p>
<p>与其他万亿俱乐部投资者，如 <strong>Nvidia</strong> 和 <strong>Alphabet</strong> 类似，亚马逊的投资通常集中在其商业合作伙伴上。IonQ 无疑符合这一标准。</p>
<p>尽管与亚马逊的在线市场、AWS、Prime 订阅和广告相比，IonQ 的运营模式仍处于初期阶段，但亚马逊确实拥有一个名为 Braket 的量子云计算服务（运行在 AWS 上）。这个按需平台允许客户访问量子计算机以运行模拟和/或执行算法。IonQ 的捕获离子量子计算机正在被 Braket 使用，这就是亚马逊与华尔街量子计算宠儿之间的联系。</p>
<p>虽然一些行业专家预计量子计算股票将实现惊人的增长，波士顿咨询集团预测到 2040 年这一技术将创造 4500 亿到 8500 亿美元的经济价值，但亚马逊最新投资的估值中确实存在相当多的泡沫。</p>
<p>一方面，IonQ 的销售增长预测令人瞩目，预计今年的收入将比去年同期增长 112%。另一方面，IonQ 的起点较低。即使预计 2024 年至 2026 年销售额将增长四倍，其未来的市销率（P/S）比率也高达 138！</p>
<p>更糟的是，IonQ 离盈利并不特别近。事实上，2025 年上半年其运营亏损超过翻倍，达到了 2.363 亿美元，相比去年同期大幅增加。更高的研发成本可能会使 IonQ 在未来许多年里继续处于亏损状态。</p>
<p>最后，过去 30 多年中每一次颠覆性技术进步都需要时间来成熟，并经历过早期泡沫破裂事件。投资者（和企业）总是高估新技术的早期采用率和/或实用性——而量子计算很可能并不是这一不成文规则的例外。</p>

亚马逊

IONQ

<p>亚马逊投资了 IonQ，这是一家领先的量子计算股票，在第二季度购买了 854,207 股，价值 3670 万美元。这项投资与亚马逊支持其商业伙伴的战略相一致，因为 IonQ 的技术已集成到亚马逊的量子云计算服务 Braket 中。量子计算正在获得关注，预计在未来几年将有显著的增长潜力，尽管当前的估值可能被高估。亚马逊的多元化投资组合还包括其他公司的股份，其中 Rivian Automotive 最为显著</p>

<p>For most investors, earnings season is the pinnacle of every quarter. Over a six-week period, the stock market's most-influential businesses lift their proverbial hoods and give investors a look at how they've performed over the prior three-month period. It serves as an excellent barometer of Wall Street's health.</p>
<div class="lb-trans"><p>对于大多数投资者来说，财报季是每个季度的巅峰。在六周的时间里，股市中最具影响力的企业揭开它们的面纱，让投资者了解它们在过去三个月的表现。这是华尔街健康状况的一个极佳晴雨表。</p>
</div><p>But earnings reports aren't the only way to judge which stocks and trends are firing on all cylinders.</p>
<div class="lb-trans"><p>但财报并不是判断哪些股票和趋势表现良好的唯一方式。</p>
</div><p>No later than 45 calendar days following the end to a quarter, institutional investors with at least $100 million in assets under management (AUM) are required to file Form 13F with the Securities and Exchange Commission. This filing allows investors to track which stocks, exchange-traded funds, and select options Wall Street's shrewdest money managers bought and sold in the latest quarter.</p>
<div class="lb-trans"><p>在每个季度结束后的不超过 45 个日历日内，管理资产超过 1 亿美元的机构投资者必须向证券交易委员会提交 13F 表格。该文件允许投资者跟踪华尔街最聪明的资金经理在最新季度买卖了哪些股票、交易所交易基金和特定期权。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzYzMjUvYW16bi1wYWNrYWdlLWRlbGl2ZXJ5LWZhdGhlci1kYXVnaHRlci1odWIuanBnJnc9NzAw" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F836325%2Famzn-package-delivery-father-daughter-hub.jpg&amp;op=resize&amp;w=700"/></p>
<p>Image source: Amazon.</p>
<div class="lb-trans"><p>图片来源：亚马逊。</p>
</div><p>However, there's a catch to the above statement: 13Fs aren't limited to individuals. Companies that are investing more than $100 million in AUM are also required to disclose their holdings via 13F. This includes trillion-dollar club member <strong>Amazon</strong>(AMZN 0.61%), which closed out the June quarter with more than $2.4 billion in AUM.</p>
<div class="lb-trans"><p>然而，上述声明有一个前提：13F 并不限于个人。投资超过 1 亿美元的公司也必须通过 13F 披露其持股情况。这包括万亿俱乐部成员 <strong>亚马逊</strong>（AMZN 0.61%），其在 6 月季度结束时的管理资产超过 24 亿美元。</p>
</div><h2>Amazon is much more than just e-commerce and AWS</h2>
<div class="lb-trans"><h2>亚马逊不仅仅是电子商务和 AWS</h2>
</div><p>Most people are familiar with Amazon because of its world-leading e-commerce platform, which draws billions of unique visitors to its site each month. Though selling goods online is a key driver of revenue, and e-commerce acts as the consumer-facing brand for the company, it's a generally low-margin segment that isn't too important to profitability.</p>
<div class="lb-trans"><p>大多数人都熟悉亚马逊，因为它拥有全球领先的电子商务平台，每月吸引数十亿独特访客。尽管在线销售商品是收入的主要驱动力，而电子商务作为公司的面向消费者品牌，但这通常是一个低利润率的领域，对盈利能力并不太重要。</p>
</div><p>Arguably the biggest puzzle piece that defines Amazon's success is its cloud infrastructure service platform Amazon Web Services (AWS), which accounted for 32% of global cloud infrastructure service spend in the second quarter, per tech-analysis firm Omdia.</p>
<div class="lb-trans"><p>可以说，定义亚马逊成功的最大拼图是其云基础设施服务平台亚马逊网络服务（AWS），根据科技分析公司 Omdia 的数据，AWS 在第二季度占全球云基础设施服务支出的 32%。</p>
</div><p>Despite representing less than 19% of Amazon's net sales through the first-half of 2025, AWS is responsible for close to 58% of its operating income. The operating margin associated with AWS is light years higher than the operating margin associated with selling goods through an online marketplace. AWS has been growing at a consistent high-teens percentage on a year-over-year basis, with the prospect of growth reaccelerating thanks to the incorporation of artificial intelligence (AI) solutions into the platform.</p>
<div class="lb-trans"><p>尽管在 2025 年上半年，AWS 的净销售额不到亚马逊总销售额的 19%，但它却占据了近 58% 的运营收入。与通过在线市场销售商品相关的运营利润率相比，AWS 的运营利润率高得多。AWS 的年同比增长率保持在高十几的百分比，随着人工智能（AI）解决方案的融入，增长前景有望重新加速。</p>
</div><p>But Amazon is more than just online retail sales, AWS, and a company with fast-growing subscription and advertising services. It's also an investor in some of its business partners.</p>
<div class="lb-trans"><p>但亚马逊不仅仅是在线零售销售、AWS 和快速增长的订阅及广告服务的公司。它还是一些商业合作伙伴的投资者。</p>
</div><p>As of June 30, Amazon held stakes in nine publicly traded companies. The largest of these stakes stems from an investment made in electric-vehicle manufacturer <strong>Rivian Automotive</strong>(RIVN -0.99%) six years ago. Amazon's logistics division also placed an order for 100,000 electric delivery vans from Rivian. When Rivian officially became a public company in 2021, Amazon began reporting its stake via 13Fs.</p>
<div class="lb-trans"><p>截至 6 月 30 日，亚马逊持有九家上市公司的股份。其中最大的股份源于六年前对电动车制造商 <strong>Rivian Automotive</strong>（RIVN -0.99%）的投资。亚马逊的物流部门还向 Rivian 订购了 10 万辆电动送货车。当 Rivian 在 2021 年正式成为上市公司时，亚马逊开始通过 13F 报告其持股情况。</p>
</div><p>While Rivian accounts for 89% of the value of Amazon's investment holdings, it's the newest addition to this $2.43 billion portfolio that's turning heads.</p>
<div class="lb-trans"><p>虽然 Rivian 占据了亚马逊投资持股价值的 89%，但这个价值 24.3 亿美元的投资组合中最新的加入者却引起了人们的关注。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzYzMjUvc2lsdmVyLWRpY2UtYnV5LXNlbGwtc3RvY2stY2hhcnQtdm9sdW1lLWJpbGxpb25haXJlLWdldHR5LmpwZyZ3PTcwMA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F836325%2Fsilver-dice-buy-sell-stock-chart-volume-billionaire-getty.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>Wall Street's quantum computing darling is on Amazon's menu</h2>
<div class="lb-trans"><h2>华尔街的量子计算宠儿在亚马逊的菜单上</h2>
</div><p>Although AI has arguably been the hottest thing since sliced bread over the last three years, a strong case can be made that quantum computing stocks are even hotter. Quantum computing relies on quantum mechanics to solve complex problems that traditional computers can't do. It has the potential to be particularly helpful in refining drug development and speeding up the pace by which AI algorithms help systems learn and become more efficient.</p>
<div class="lb-trans"><p>尽管人工智能在过去三年中无疑是最热门的技术，但可以说量子计算股票甚至更火热。量子计算依赖于量子力学来解决传统计算机无法处理的复杂问题。它在药物开发的精炼和加速 AI 算法帮助系统学习和提高效率方面具有特别的潜力。</p>
</div><p>Over the trailing-12-month period, as of the closing bell on Oct. 3, we've witnessed gains in quantum computing stocks of:</p>
<div class="lb-trans"><p>截至 10 月 3 日收盘，过去 12 个月中，量子计算股票的涨幅如下：</p>
</div><ul>
<li><strong>IonQ</strong>(IONQ 7.90%): 696%</li>
<li><strong>Rigetti Computing</strong>: 5,130%</li>
<li><strong>D-Wave Quantum</strong>: 3,460%</li>
<li><strong>Quantum Computing</strong>: 3,630%</li>
</ul>
<div class="lb-trans"><ul>
<li><strong>IonQ</strong>（IONQ 7.90%）：696%</li>
<li><strong>Rigetti Computing</strong>：5,130%</li>
<li><strong>D-Wave Quantum</strong>：3,460%</li>
<li><strong>Quantum Computing</strong>：3,630%</li>
</ul>
</div><p>During the second quarter, Amazon's 13F shows the only purchase it made was 854,207 shares of IonQ, which at the time had a market value of $36.7 million. If Amazon hasn't sold a share, this same position would be worth $62.6 million, as of Oct. 3.</p>
<div class="lb-trans"><p>在第二季度，亚马逊的 13F 显示其唯一的购买是 854,207 股 IonQ，当时的市场价值为 3670 万美元。如果亚马逊没有出售任何股份，截至 10 月 3 日，这一持仓的价值将达到 6260 万美元。</p>
</div><p>Similar to other trillion-dollar club investors, such as <strong>Nvidia</strong> and <strong>Alphabet</strong>, the investment positions Amazon takes tend to be in its business partners. IonQ certainly fits the bill.</p>
<div class="lb-trans"><p>与其他万亿俱乐部投资者，如 <strong>Nvidia</strong> 和 <strong>Alphabet</strong> 类似，亚马逊的投资通常集中在其商业合作伙伴上。IonQ 无疑符合这一标准。</p>
</div><p>Although it's a nascent operating model when compared to Amazon's online marketplace, AWS, Prime subscriptions, and advertising, Amazon does have a quantum cloud-computing service known as Braket (which runs on AWS). This on-demand platform allows clients access to quantum computers to run simulations and/or execute algorithms. IonQ's trapped-ion quantum computers are being used by Braket, which is the connection Amazon has to Wall Street's quantum computing darling.</p>
<div class="lb-trans"><p>尽管与亚马逊的在线市场、AWS、Prime 订阅和广告相比，IonQ 的运营模式仍处于初期阶段，但亚马逊确实拥有一个名为 Braket 的量子云计算服务（运行在 AWS 上）。这个按需平台允许客户访问量子计算机以运行模拟和/或执行算法。IonQ 的捕获离子量子计算机正在被 Braket 使用，这就是亚马逊与华尔街量子计算宠儿之间的联系。</p>
</div><p>While some industry pundits expect sky-high growth from quantum computing stocks, with Boston Consulting Group projecting $450 billion to $850 billion in economic value created by this technology come 2040, there's quite a bit of frothiness built into the valuation of Amazon's newest investment.</p>
<div class="lb-trans"><p>虽然一些行业专家预计量子计算股票将实现惊人的增长，波士顿咨询集团预测到 2040 年这一技术将创造 4500 亿到 8500 亿美元的经济价值，但亚马逊最新投资的估值中确实存在相当多的泡沫。</p>
</div><p>On one hand, sales growth forecasts for IonQ are eyebrow-raising, with revenue projected to increase 112% this year from the prior-year period. On the other hand, IonQ is starting from a low basis. Even with sales forecast to quadruple from 2024 to 2026, its forward-year price-to-sales (P/S) ratio is an absurd 138!</p>
<div class="lb-trans"><p>一方面，IonQ 的销售增长预测令人瞩目，预计今年的收入将比去年同期增长 112%。另一方面，IonQ 的起点较低。即使预计 2024 年至 2026 年销售额将增长四倍，其未来的市销率（P/S）比率也高达 138！</p>
</div><p>To add fuel to the fire, IonQ isn't particularly close to being profitable. In fact, its operating loss more than doubled to $236.3 million through the first-half of 2025 compared to the comparable period last year. Higher research and development costs are likely to keep IonQ in the red for many years to come.</p>
<div class="lb-trans"><p>更糟的是，IonQ 离盈利并不特别近。事实上，2025 年上半年其运营亏损超过翻倍，达到了 2.363 亿美元，相比去年同期大幅增加。更高的研发成本可能会使 IonQ 在未来许多年里继续处于亏损状态。</p>
</div><p>Lastly, every game-changing technological advancement for more than 30 years has needed time to mature and endured an early stage bubble-bursting event. Investors (and businesses) consistently overestimate the early innings adoption rate and/or utility of new technologies -- and there's a <em>very</em> high probability quantum computing isn't the exception to this unwritten rule.</p>
<div class="lb-trans"><p>最后，过去 30 多年中每一次颠覆性技术进步都需要时间来成熟，并经历过早期泡沫破裂事件。投资者（和企业）总是高估新技术的早期采用率和/或实用性——而量子计算很可能并不是这一不成文规则的例外。</p>
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News Flash: Amazon Is Piling Into Wall Street's Hottest Quantum Computing Stock

- 亚马逊在第二季度通过 13F 报告购买了 854,207 股 IonQ，市值约 3670 万美元。  
- IonQ 的销售预计在 2025 年增长 112%，但其市销率高达 138。  
- 量子计算技术的经济价值预计到 2040 年可达 4500 亿至 8500 亿美元。  

新闻快讯：亚马逊正在大举投资华尔街最热门的量子计算股票