<p>中国电子商务公司 <strong>阿里巴巴</strong>( BABA +6.43%) 发布了 2026 财年第四季度的混合财报。在今天的盘前发布中，阿里巴巴报告了强劲的收入增长，得益于人工智能相关云收入的 40% 激增。</p>
<p>但与此同时，该公司严重未能达到分析师的盈利预期，净收入为 8600 万元人民币（1200 万美元），较去年近 300 亿元人民币大幅下降，并且自 2021 年以来首次出现运营亏损。每股收益为 0.19 美元，远低于分析师共识预期的 0.84 美元，或去年同期的 1.84 美元。</p>
<p>对阿里巴巴来说，好消息是投资者似乎愿意忽视亏损，专注于阿里巴巴不断增长的云收入。该股在早盘交易中上涨了 7%。然而，我不认为如果 <strong>亚马逊</strong>( AMZN +0.94%) 在下一个财报中发布类似结果，会得到同样的待遇。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84Njk3NTQvNmFjOGZjZWE2MTUyMDQ0ZGIwMzY5NzU3OTQ4NDQ5ODc1ZDRjYjlkMS5wbmcmdz0zODQw?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="亚马逊和阿里巴巴的公司标志" original-src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84Njk3NTQvNmFjOGZjZWE2MTUyMDQ0ZGIwMzY5NzU3OTQ4NDQ5ODc1ZDRjYjlkMS5wbmcmdz0zODQw"/></p>
<p>图片来源：The Motley Fool。</p>
<h2>亚马逊的待遇与阿里巴巴不同</h2>
<p>亚马逊和阿里巴巴有很多共同点。两者都是电子商务公司，分别总部位于美国和中国。两者都有快速增长的 云计算 部门，随着公司和开发者越来越多地转向云环境来设计、训练和运行人工智能程序，具有显著的增长潜力。</p>
<p>去年，阿里巴巴宣布计划在三年内投资 559 亿美元，以改善其人工智能基础设施和云计算能力。市场对此表示欢迎，阿里巴巴的股票在管理层发布该公告的当月上涨了 34%。</p>
<p>展开</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vYXJ0L2NvbXBhbnlsb2dvcy9tYXJrL0JBQkEucG5nJnc9MTI4?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="阿里巴巴集团股票报价" original-src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vYXJ0L2NvbXBhbnlsb2dvcy9tYXJrL0JBQkEucG5nJnc9MTI4"/></p>
<h2>NYSE: BABA</h2>
<p>阿里巴巴集团</p>
<p>今日变动</p>
<p>(6.43%) $8.67</p>
<p>当前价格</p>
<p>$143.45</p>
<h3>关键数据点</h3>
<p>市值</p>
<p>$3230 亿</p>
<p>日内区间</p>
<p>$130.33 - $146.00</p>
<p>52 周区间</p>
<p>$103.71 - $192.67</p>
<p>成交量</p>
<p>150 万</p>
<p>平均成交量</p>
<p>1100 万</p>
<p>毛利率</p>
<p>40.43%</p>
<p>股息收益率</p>
<p>0.78%</p>
<p>与此同时，<strong>亚马逊</strong> 在 2025 年已在人工智能基础设施上花费了 1318 亿美元。但当它宣布计划在今年将该投资增加到 2000 亿美元时，市场动荡不安。亚马逊的股票在当月下跌了 12%，头条新闻都在讨论亚马逊是否花费过多、过快，以及是否能够看到投资回报。</p>
<p>亚马逊在人工智能上的支出已经削弱了其自由现金流——今年再花费 700 亿美元在人工智能上，可能会使其自由现金流变为负值。亚马逊在第一季度的报告中表示，过去 12 个月的自由现金流降至 12 亿美元，较去年 25.9 亿美元大幅下降。</p>
<p>展开</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vYXJ0L2NvbXBhbnlsb2dvcy9tYXJrL0FNWk4ucG5nJnc9MTI4?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="亚马逊股票报价" original-src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vYXJ0L2NvbXBhbnlsb2dvcy9tYXJrL0FNWk4ucG5nJnc9MTI4"/></p>
<h2>NASDAQ: AMZN</h2>
<p>亚马逊</p>
<p>今日变动</p>
<p>(0.94%) $2.51</p>
<p>当前价格</p>
<p>$268.33</p>
<h3>关键数据点</h3>
<p>市值</p>
<p>$2.9 万亿</p>
<p>日内区间</p>
<p>$263.22 - $269.36</p>
<p>52 周区间</p>
<p>$196.00 - $278.56</p>
<p>成交量</p>
<p>77.3 万</p>
<p>平均成交量</p>
<p>4800 万</p>
<p>毛利率</p>
<p>50.60%</p>
<h2>亚马逊对 AWS 的依赖日益加深</h2>
<p>很难夸大亚马逊的云计算部门—— 亚马逊网络服务 (AWS) -- 对公司的重要性。亚马逊从其电子商务销售中获得了 1439.3 亿美元的收入，较去年 1264 亿美元有所增长。这是一个稳健的增长，达到了 13.9%。但与此同时，该部门的运营费用为 1342.4 亿美元，这意味着亚马逊.com 部门的利润率仅为 6.7%。</p>
<p>与此同时，AWS 的收入为 375.8 亿美元，同比增长 28.4%，其利润率为 37.7%。简而言之，AWS 占据了亚马逊本季度大部分利润，并且增长速度远快于电子商务。</p>
<p>亚马逊与 <strong>Meta Platforms</strong> 签署协议，部署数千万个 AWS Graviton 核心，以支持 Meta 的自主人工智能，并与 OpenAI 和 Anthropic 签署协议，通过其 Trainium 芯片提供总计 7 吉瓦的计算能力。总体而言，亚马逊的人工智能芯片年收入运行率超过 200 亿美元。</p>
<p>自 4 月 29 日财报发布以来，亚马逊的股票仅上涨了 1%，在 7 月底之前还有充足的时间来发布第二季度财报。虽然我认为亚马逊在人工智能上的支出是合理的——对公司的未来至关重要——但如果亚马逊的激进支出再次让投资者感到不安，我也不会感到惊讶。</p>

阿里巴巴-W

亚马逊

阿里巴巴

<p>阿里巴巴 2026 财年第四季度的财报显示，云收入增长强劲，但净利润大幅下滑至 8600 万元，较去年近 300 亿元的净利润大幅减少。尽管如此，阿里巴巴的股价仍上涨了 7%。相比之下，亚马逊在人工智能方面的重磅投资引发了担忧，宣布将人工智能支出增加至 2000 亿美元时，股价下跌了 12%。亚马逊的 AWS 仍然至关重要，产生了可观的利润，但其电子商务部门面临低利润率的困境。投资者可能会对亚马逊即将发布的财报与阿里巴巴的反应有所不同</p>

<p>Chinese e-commerce company <strong>Alibaba</strong>( BABA +6.43%) posted a mixed earnings report for the fourth quarter of fiscal 2026. In a pre-market release today, Alibaba reported strong revenue growth, driven by a 40% jump in artificial intelligence-related cloud revenue.</p>
<div class="lb-trans"><p>中国电子商务公司 <strong>阿里巴巴</strong>( BABA +6.43%) 发布了 2026 财年第四季度的混合财报。在今天的盘前发布中，阿里巴巴报告了强劲的收入增长，得益于人工智能相关云收入的 40% 激增。</p>
</div><p>But at the same time, the company badly missed analysts' earnings expectations, as net income of 86 million yuan ($12 million) was down from nearly 30 billion yuan a year ago, and it posted its first operating loss since 2021. Earnings of $0.19 per share were far below analysts' consensus expectations of $0.84 per share, or the $1.84 per share that it posted a year ago.</p>
<div class="lb-trans"><p>但与此同时，该公司严重未能达到分析师的盈利预期，净收入为 8600 万元人民币（1200 万美元），较去年近 300 亿元人民币大幅下降，并且自 2021 年以来首次出现运营亏损。每股收益为 0.19 美元，远低于分析师共识预期的 0.84 美元，或去年同期的 1.84 美元。</p>
</div><p>The good news for Alibaba is that investors appear willing to shake off the loss and focus on Alibaba's growing cloud revenue. The stock was up 7% in morning trading. However, I don't expect that <strong>Amazon</strong>( AMZN +0.94%) would get the same treatment if it posts similar results in its next earnings report.</p>
<div class="lb-trans"><p>对阿里巴巴来说，好消息是投资者似乎愿意忽视亏损，专注于阿里巴巴不断增长的云收入。该股在早盘交易中上涨了 7%。然而，我不认为如果 <strong>亚马逊</strong>( AMZN +0.94%) 在下一个财报中发布类似结果，会得到同样的待遇。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84Njk3NTQvNmFjOGZjZWE2MTUyMDQ0ZGIwMzY5NzU3OTQ4NDQ5ODc1ZDRjYjlkMS5wbmcmdz0zODQw" alt="Company logos for Amazon and Alibaba" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F869754%2F6ac8fcea6152044db0369757948449875d4cb9d1.png&amp;w=3840&amp;op=resize"/></p>
<p>Image source: The Motley Fool.</p>
<div class="lb-trans"><p>图片来源：The Motley Fool。</p>
</div><h2>Amazon gets treated differently than Alibaba</h2>
<div class="lb-trans"><h2>亚马逊的待遇与阿里巴巴不同</h2>
</div><p>Amazon and Alibaba have a lot in common. Both are e-commerce companies, headquartered in the U.S. and China, respectively. And both have fast-growing cloud computing segments with significant growth potential as companies and developers increasingly turn to cloud environments to design, train, and run AI programs.</p>
<div class="lb-trans"><p>亚马逊和阿里巴巴有很多共同点。两者都是电子商务公司，分别总部位于美国和中国。两者都有快速增长的 云计算 部门，随着公司和开发者越来越多地转向云环境来设计、训练和运行人工智能程序，具有显著的增长潜力。</p>
</div><p>Last year, Alibaba announced plans to invest $55.9 billion over three years to improve its AI infrastructure and cloud computing capabilities.The market celebrated, with Alibaba stock jumping 34% the month that management made that announcement.</p>
<div class="lb-trans"><p>去年，阿里巴巴宣布计划在三年内投资 559 亿美元，以改善其人工智能基础设施和云计算能力。市场对此表示欢迎，阿里巴巴的股票在管理层发布该公告的当月上涨了 34%。</p>
</div><p>Expand</p>
<div class="lb-trans"><p>展开</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vYXJ0L2NvbXBhbnlsb2dvcy9tYXJrL0JBQkEucG5nJnc9MTI4" alt="Alibaba Group Stock Quote" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Fart%2Fcompanylogos%2Fmark%2FBABA.png&amp;w=128&amp;op=resize"/></p>
<h2>NYSE: BABA</h2>
<div class="lb-trans"><h2>NYSE: BABA</h2>
</div><p>Alibaba Group</p>
<div class="lb-trans"><p>阿里巴巴集团</p>
</div><p>Today's Change</p>
<div class="lb-trans"><p>今日变动</p>
</div><p>(6.43%) $8.67</p>
<div class="lb-trans"><p>(6.43%) $8.67</p>
</div><p>Current Price</p>
<div class="lb-trans"><p>当前价格</p>
</div><p>$143.45</p>
<div class="lb-trans"><p>$143.45</p>
</div><h3>Key Data Points</h3>
<div class="lb-trans"><h3>关键数据点</h3>
</div><p>Market Cap</p>
<div class="lb-trans"><p>市值</p>
</div><p>$323B</p>
<div class="lb-trans"><p>$3230 亿</p>
</div><p>Day's Range</p>
<div class="lb-trans"><p>日内区间</p>
</div><p>$130.33 - $146.00</p>
<div class="lb-trans"><p>$130.33 - $146.00</p>
</div><p>52wk Range</p>
<div class="lb-trans"><p>52 周区间</p>
</div><p>$103.71 - $192.67</p>
<div class="lb-trans"><p>$103.71 - $192.67</p>
</div><p>Volume</p>
<div class="lb-trans"><p>成交量</p>
</div><p>1.5M</p>
<div class="lb-trans"><p>150 万</p>
</div><p>Avg Vol</p>
<div class="lb-trans"><p>平均成交量</p>
</div><p>11M</p>
<div class="lb-trans"><p>1100 万</p>
</div><p>Gross Margin</p>
<div class="lb-trans"><p>毛利率</p>
</div><p>40.43%</p>
<div class="lb-trans"><p>40.43%</p>
</div><p>Dividend Yield</p>
<div class="lb-trans"><p>股息收益率</p>
</div><p>0.78%</p>
<div class="lb-trans"><p>0.78%</p>
</div><p>Amazon, meanwhile, had spent $131.8 billion on AI infrastructure in 2025. But when it announced plans to increase that to $200 billion this year, the market roiled. Amazon's stock fell 12% that month, and headlines were all about whether Amazon was spending too much, too fast, and if it would be able to see a return on its investment.</p>
<div class="lb-trans"><p>与此同时，<strong>亚马逊</strong> 在 2025 年已在人工智能基础设施上花费了 1318 亿美元。但当它宣布计划在今年将该投资增加到 2000 亿美元时，市场动荡不安。亚马逊的股票在当月下跌了 12%，头条新闻都在讨论亚马逊是否花费过多、过快，以及是否能够看到投资回报。</p>
</div><p>Amazon's spending on AI is already cutting into its free cash flow -- spending an additional $70 billion on AI this year will likely push its free cash flow into the negative. Amazon reported in its first-quarter results that trailing 12-month free cash flow dropped to $1.2 billion, down from $25.9 billion a year ago.</p>
<div class="lb-trans"><p>亚马逊在人工智能上的支出已经削弱了其自由现金流——今年再花费 700 亿美元在人工智能上，可能会使其自由现金流变为负值。亚马逊在第一季度的报告中表示，过去 12 个月的自由现金流降至 12 亿美元，较去年 25.9 亿美元大幅下降。</p>
</div><p>Expand</p>
<div class="lb-trans"><p>展开</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vYXJ0L2NvbXBhbnlsb2dvcy9tYXJrL0FNWk4ucG5nJnc9MTI4" alt="Amazon Stock Quote" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Fart%2Fcompanylogos%2Fmark%2FAMZN.png&amp;w=128&amp;op=resize"/></p>
<h2>NASDAQ: AMZN</h2>
<div class="lb-trans"><h2>NASDAQ: AMZN</h2>
</div><p>Amazon</p>
<div class="lb-trans"><p>亚马逊</p>
</div><p>Today's Change</p>
<div class="lb-trans"><p>今日变动</p>
</div><p>(0.94%) $2.51</p>
<div class="lb-trans"><p>(0.94%) $2.51</p>
</div><p>Current Price</p>
<div class="lb-trans"><p>当前价格</p>
</div><p>$268.33</p>
<div class="lb-trans"><p>$268.33</p>
</div><h3>Key Data Points</h3>
<div class="lb-trans"><h3>关键数据点</h3>
</div><p>Market Cap</p>
<div class="lb-trans"><p>市值</p>
</div><p>$2.9T</p>
<div class="lb-trans"><p>$2.9 万亿</p>
</div><p>Day's Range</p>
<div class="lb-trans"><p>日内区间</p>
</div><p>$263.22 - $269.36</p>
<div class="lb-trans"><p>$263.22 - $269.36</p>
</div><p>52wk Range</p>
<div class="lb-trans"><p>52 周区间</p>
</div><p>$196.00 - $278.56</p>
<div class="lb-trans"><p>$196.00 - $278.56</p>
</div><p>Volume</p>
<div class="lb-trans"><p>成交量</p>
</div><p>773K</p>
<div class="lb-trans"><p>77.3 万</p>
</div><p>Avg Vol</p>
<div class="lb-trans"><p>平均成交量</p>
</div><p>48M</p>
<div class="lb-trans"><p>4800 万</p>
</div><p>Gross Margin</p>
<div class="lb-trans"><p>毛利率</p>
</div><p>50.60%</p>
<div class="lb-trans"><p>50.60%</p>
</div><h2>Amazon's increasing reliance on AWS</h2>
<div class="lb-trans"><h2>亚马逊对 AWS 的依赖日益加深</h2>
</div><p>It's difficult to overstate how important Amazon's cloud computing division -- Amazon Web Services (AWS) -- is to the company. Amazon got $143.93 billion in revenue from its e-commerce sales, up from $126.40 billion a year ago. That's a solid increase of 13.9%. But at the same time, operating expenses for that segment were $134.24 billion, meaning that the Amazon.com division is generating a profit margin of only 6.7%.</p>
<div class="lb-trans"><p>很难夸大亚马逊的云计算部门—— 亚马逊网络服务 (AWS) -- 对公司的重要性。亚马逊从其电子商务销售中获得了 1439.3 亿美元的收入，较去年 1264 亿美元有所增长。这是一个稳健的增长，达到了 13.9%。但与此同时，该部门的运营费用为 1342.4 亿美元，这意味着亚马逊.com 部门的利润率仅为 6.7%。</p>
</div><p>Meanwhile, AWS's revenue of $37.58 billion was up 28.4% year over year, and its profit margin was 37.7%. In short, AWS accounted for most of Amazon's profits for the quarter and is growing much faster than e-commerce.</p>
<div class="lb-trans"><p>与此同时，AWS 的收入为 375.8 亿美元，同比增长 28.4%，其利润率为 37.7%。简而言之，AWS 占据了亚马逊本季度大部分利润，并且增长速度远快于电子商务。</p>
</div><p>Amazon signed an agreement with <strong>Meta Platforms</strong> to deploy tens of millions of its AWS Graviton cores to support Meta's agentic AI, and signed agreements with OpenAI and Anthropic for a combined 7 gigawatts of computing capacity through its Trainium chips. Overall, Amazon has an annual revenue run rate of more than $20 billion for its AI chips.</p>
<div class="lb-trans"><p>亚马逊与 <strong>Meta Platforms</strong> 签署协议，部署数千万个 AWS Graviton 核心，以支持 Meta 的自主人工智能，并与 OpenAI 和 Anthropic 签署协议，通过其 Trainium 芯片提供总计 7 吉瓦的计算能力。总体而言，亚马逊的人工智能芯片年收入运行率超过 200 亿美元。</p>
</div><p>Amazon stock is only up 1% since its April 29 earnings report, and it has plenty of time before it reports Q2 earnings sometime in late July. While I think that Amazon's spending on AI is justified -- and important to the future of the company -- I won't be surprised in the least if Amazon's aggressive spending unnerves investors yet again.</p>
<div class="lb-trans"><p>自 4 月 29 日财报发布以来，亚马逊的股票仅上涨了 1%，在 7 月底之前还有充足的时间来发布第二季度财报。虽然我认为亚马逊在人工智能上的支出是合理的——对公司的未来至关重要——但如果亚马逊的激进支出再次让投资者感到不安，我也不会感到惊讶。</p>
</div>

Why Alibaba's Earnings Report May Spell Trouble for Amazon

- 阿里巴巴公布 2026 财年第四季度财报，营收增长 40%。  
- 净利润仅 8600 万元，远低于分析师预期的每股 0.84 美元。  
- 与阿里巴巴不同，亚马逊因 AI 支出下降，股价反应较为负面。

为什么阿里巴巴的财报可能会对亚马逊造成困扰