<p><strong>英伟达</strong>（NVDA 1.38%）将在 5 月 20 日公布财报，关于人工智能（AI）的讨论往往始于此，也止于此。但资助 AI 繁荣的公司——购买英伟达的芯片并建设数据中心——可能是现在更值得投资的新领域。</p>
<p><strong>微软</strong>（MSFT +0.36%）、<strong>Alphabet</strong>（GOOGL 0.13%）（GOOG 0.19%）和 <strong>亚马逊</strong>（AMZN +0.21%）的 2026 年资本支出合计预计将达到约 5700 亿美元。这是一个前所未有的资本配置水平，即使对于大型科技公司来说也是如此。尽管这三家云巨头各自都有吸引投资者的理由，但最新的季度业绩表明，长期来看更好的投资机会可能并不是投资者所预期的那些名字。</p>
<p>以下是对每个公司的更详细分析。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-dXJsPWh0dHBzOi8vZy5mb29sY2RuLmNvbS9lZGl0b3JpYWwvaW1hZ2VzLzg3MDgwMi9iZXR0ZXItYnV5LXRoYW4tbnZpZGlhLmpwZxZ3PTM4NDAWb3A9cmVzaXpl?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" original-src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-dXJsPWh0dHBzOi8vZy5mb29sY2RuLmNvbS9lZGl0b3JpYWwvaW1hZ2VzLzg3MDgwMi9iZXR0ZXItYnV5LXRoYW4tbnZpZGlhLmpwZxZ3PTM4NDAWb3A9cmVzaXpl"/></p>
<p>图片来源：Getty Images。</p>
<h2>微软</h2>
<p>微软 可能是一家软件巨头，但它也是一家成熟的 AI 领导者——其业务受益于广泛的市场势头。</p>
<p>在 2026 财年第三季度（截至 2026 年 3 月 31 日），收入同比增长 18%，达到 829 亿美元，Azure 和其他云服务增长了 40%。在 AI 需求的推动下，微软云收入超过 540 亿美元。</p>
<p>公司的盈利增长也非常显著。微软的 每股收益 在 2026 财年第三季度同比增长 23%。</p>
<p>展开</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-dXJsPWh0dHBzOi8vZy5mb29sY2RuLmNvbS9hcnQvY29tcGFueWxvZ29zL21hcmsvTVNGVC5wbmcWdz0xMjgWb3A9cmVzaXpl?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="微软股票报价" original-src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-dXJsPWh0dHBzOi8vZy5mb29sY2RuLmNvbS9hcnQvY29tcGFueWxvZ29zL21hcmsvTVNGVC5wbmcWdz0xMjgWb3A9cmVzaXpl"/></p>
<h2>NASDAQ: MSFT</h2>
<p>微软</p>
<p>今日变动</p>
<p>(0.36%) $1.50</p>
<p>当前价格</p>
<p>$423.43</p>
<h3>关键数据点</h3>
<p>市值</p>
<p>$3.1 万亿</p>
<p>日内区间</p>
<p>$415.66 - $425.12</p>
<p>52 周区间</p>
<p>$356.28 - $555.45</p>
<p>成交量</p>
<p>1.7M</p>
<p>平均成交量</p>
<p>34M</p>
<p>毛利率</p>
<p>68.31%</p>
<p>股息收益率</p>
<p>0.63%</p>
<p>此外，公司的商业剩余履约义务（本质上是未来合同收入的积压）同比几乎翻了一番，达到 6270 亿美元。</p>
<p>但更新中最引人注目的数字是什么？微软首席执行官萨提亚·纳德拉表示，公司与 AI 相关的业务目前的年收入运行率为 370 亿美元，同比增长 123%。</p>
<p>但支持这一增长的支出配置是相当高的。微软首席财务官艾米·胡德预计 2026 年日历年的资本支出将达到约 1900 亿美元，比 2025 年增长约 61%，其中约 250 亿美元的增长与更高的内存和组件成本有关。尽管公司正在努力上线新的 图形处理单元（GPU） 和存储能力，但预计到 2026 年仍将面临产能限制。</p>
<h2>Alphabet</h2>
<p>而 Alphabet 在其 云计算 业务 Google Cloud 的快速增长中脱颖而出。</p>
<p>Alphabet 第一季度的收入增长 22%，达到 1099 亿美元。Google Cloud 的收入激增 63%，达到 200 亿美元。这与前一季度 48% 的增长相比，显著加速。</p>
<p>积压订单的情况也讲述了类似的故事。</p>
<p>Google Cloud 的合同未来收入在一个季度内几乎翻了一番，达到约 4620 亿美元，管理层表示预计将在未来 24 个月内将超过一半的积压订单确认作为收入。</p>
<p>展开</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-dXJsPWh0dHBzOi8vZy5mb29sY2RuLmNvbS9hcnQvY29tcGFueWxvZ29zL21hcmsvR09PRy5wbmcWdz0xMjgWb3A9cmVzaXpl?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="Alphabet 股票报价" original-src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-dXJsPWh0dHBzOi8vZy5mb29sY2RuLmNvbS9hcnQvY29tcGFueWxvZ29zL21hcmsvR09PRy5wbmcWdz0xMjgWb3A9cmVzaXpl"/></p>
<h2>NASDAQ: GOOG</h2>
<p>Alphabet</p>
<p>今日变动</p>
<p>(-0.19%) $-0.75</p>
<p>当前价格</p>
<p>$392.57</p>
<h3>关键数据点</h3>
<p>市值</p>
<p>$4.8 万亿</p>
<p>日内区间</p>
<p>$390.92 - $404.44</p>
<p>52 周区间</p>
<p>$163.33 - $404.47</p>
<p>成交量</p>
<p>668K</p>
<p>平均成交量</p>
<p>19M</p>
<p>毛利率</p>
<p>60.43%</p>
<p>股息收益率</p>
<p>0.21%</p>
<p>与此同时，Google 服务部门——许多投资者最初认为 AI 最终会侵蚀的部分——也表现良好。搜索和其他收入增长 19%，Alphabet 首席执行官桑达尔·皮查伊表示，查询量达到了历史最高水平，AI 模式和 AI 概述等 AI 功能推动了用户参与。公司还开始直接向少数云客户销售其定制的张量处理单元（TPU），开辟了与其自家硅片相关的额外收入来源。</p>
<h2>亚马逊</h2>
<p>亚马逊同样实现了两位数的收入增长和云业务的加速。</p>
<p>2026 年第一季度，净销售额增长 17%，达到 1815 亿美元，亚马逊网络服务（AWS）增长 28%，达到 376 亿美元——这是云部门四年来最快的增速，相较于 2025 年第四季度的 24% 增长有了显著提升。AWS 的营业收入达到 142 亿美元，部门营业利润率上升至约 38%。</p>
<p>展开</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-dXJsPWh0dHBzOi8vZy5mb29sY2RuLmNvbS9hcnQvY29tcGFueWxvZ29zL21hcmsvQU1aTi5wbmcWdz0xMjgWb3A9cmVzaXpl?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-dXJsPWh0dHBzOi8vZy5mb29sY2RuLmNvbS9hcnQvY29tcGFueWxvZ29zL21hcmsvQU1aTi5wbmcWdz0xMjgWb3A9cmVzaXpl"/></p>
<h2>NASDAQ: AMZN</h2>
<p>亚马逊</p>
<p>今日变动</p>
<p>(0.21%) $0.56</p>
<p>当前价格</p>
<p>$264.70</p>
<h3>关键数据点</h3>
<p>市值</p>
<p>$2.8 万亿</p>
<p>日内区间</p>
<p>$262.55 - $268.83</p>
<p>52 周区间</p>
<p>$196.00 - $278.56</p>
<p>成交量</p>
<p>1.7M</p>
<p>平均成交量</p>
<p>46M</p>
<p>毛利率</p>
<p>50.60%</p>
<p>亚马逊首席执行官安迪·贾西在第一季度财报电话会议上花费了大量时间讨论公司的定制硅片。</p>
<p>“我们的 Trainium2 芯片的性价比比同类 GPU 高出约 30%，并且几乎售罄，” 他说。“刚刚在 2026 年初开始发货的 Trainium3 芯片的性价比比 Trainium2 高出 30-40%，几乎已经完全预订。而 Trainium4 芯片仍需约 18 个月才能广泛供应，但已经有很多预订。”</p>
<p>总的来说，亚马逊现在与 Trainium 相关的收入承诺超过 2250 亿美元，主要客户包括 Anthropic 和 OpenAI。</p>
<p>但是，与微软和 Alphabet 一样，这种增长模式需要大量支出。仅在这一季度，资本支出就达到了 442 亿美元，2026 年的全年支出预计将达到 2000 亿美元。</p>
<h2>更好的投资选择</h2>
<p>这三者中的任何一个都有可能成为 2030 年最顶尖的人工智能股票。但如果让我选择，我会倾向于 Alphabet 和亚马逊，Alphabet 略微领先于亚马逊。</p>
<p>Alphabet 的云业务是该组中增长最快的，拥有一个正在重新加速的人工智能辅助搜索引擎，一个开始向外部客户交付的定制人工智能芯片项目，甚至还有通过 Waymo 运营的自动驾驶汽车业务，目前每周超过 50 万次完全自主的乘车服务。</p>
<p>与此同时，亚马逊拥有 AWS 的重新加速故事，一个价值 200 亿美元并持续增长的定制芯片业务，锁定了多年承诺，广告业务快速增长，过去 12 个月的收入超过 700 亿美元，零售利润率也在结构性改善。</p>
<p>微软的季度表现非常出色，按照约 25 的市盈率计算，该股票是三者中最便宜的。但 Azure 的 40% 增长落后于谷歌云的 63%，而保持步伐所需的巨额资本可能会对自由现金流造成压力，甚至持续到明年。</p>
<p>当然，这些名字都存在真实风险；在支出跟上之前，人工智能需求的放缓将影响到三者。不过，亚马逊和 Alphabet 似乎提供了略微更为多样化的催化剂组合，其估值在长期内可能会带来回报，而 Alphabet 的云业务增长更快，利润率飙升，使其在我看来成为最终赢家。</p>

亚马逊

谷歌-A

微软

2 倍做多 MSFT ETF - GraniteShares

MSFO

微软每日 1 倍做空 ETF - Direxion

微软每日 2 倍做多 ETF - Direxion

MSFX

MSFY

<p>随着英伟达准备发布财报，市场的关注点转向三家主要的云计算公司：微软、谷歌母公司 Alphabet 和亚马逊，这些公司正在大力投资于人工智能基础设施。微软预计 2026 年的资本支出将达到 1900 亿美元，人工智能收入同比增长 123%。Alphabet 的谷歌云收入激增 63%，而亚马逊的 AWS 则增长了 28%。每家公司都准备迎来显著增长，使它们成为 2030 年前潜在的顶级人工智能股票</p>

<p><strong>Nvidia</strong>( NVDA 1.38%) reports earnings on May 20, and the conversation around artificial intelligence (AI) tends to start and end with the chipmaker. But the companies funding the AI boom -- buying Nvidia's chips and building the data centers that house them -- may be a more interesting place to put new money to work right now.</p>
<div class="lb-trans"><p><strong>英伟达</strong>（NVDA 1.38%）将在 5 月 20 日公布财报，关于人工智能（AI）的讨论往往始于此，也止于此。但资助 AI 繁荣的公司——购买英伟达的芯片并建设数据中心——可能是现在更值得投资的新领域。</p>
</div><p>Combined 2026 capital spending from <strong>Microsoft</strong>( MSFT +0.36%), <strong>Alphabet</strong>( GOOGL 0.13%)( GOOG 0.19%), and <strong>Amazon</strong>( AMZN +0.21%) is tracking to roughly $570 billion. That is an unprecedented level of capital allocation, even for big tech. And while each of these three cloud giants has its own reasons for investor excitement, the latest quarterly results suggest the better long-term ideas may not be the names investors might expect.</p>
<div class="lb-trans"><p><strong>微软</strong>（MSFT +0.36%）、<strong>Alphabet</strong>（GOOGL 0.13%）（GOOG 0.19%）和 <strong>亚马逊</strong>（AMZN +0.21%）的 2026 年资本支出合计预计将达到约 5700 亿美元。这是一个前所未有的资本配置水平，即使对于大型科技公司来说也是如此。尽管这三家云巨头各自都有吸引投资者的理由，但最新的季度业绩表明，长期来看更好的投资机会可能并不是投资者所预期的那些名字。</p>
</div><p>Here is a closer look at each one.</p>
<div class="lb-trans"><p>以下是对每个公司的更详细分析。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84NzA4MDIvYmV0dGVyLWJ1eS10aGFuLW52aWRpYS5qcGcmdz0zODQw" alt="Rows of computer servers in a large data center." original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F870802%2Fbetter-buy-than-nvidia.jpg&amp;w=3840&amp;op=resize"/></p>
<p>Image source: Getty Images.</p>
<div class="lb-trans"><p>图片来源：Getty Images。</p>
</div><h2>Microsoft</h2>
<div class="lb-trans"><h2>微软</h2>
</div><p>Microsoft may be a software giant, but it's also an established AI leader -- and its business is benefiting from broad-based momentum.</p>
<div class="lb-trans"><p>微软 可能是一家软件巨头，但它也是一家成熟的 AI 领导者——其业务受益于广泛的市场势头。</p>
</div><p>In its fiscal third quarter of 2026 (the period ended March 31, 2026), revenue rose 18% year over year to $82.9 billion, with Azure and other cloud services climbing 40%. With help from AI demand, Microsoft Cloud revenue crossed $54 billion.</p>
<div class="lb-trans"><p>在 2026 财年第三季度（截至 2026 年 3 月 31 日），收入同比增长 18%，达到 829 亿美元，Azure 和其他云服务增长了 40%。在 AI 需求的推动下，微软云收入超过 540 亿美元。</p>
</div><p>And the company's profitability growth has been exceptional. Microsoft's earnings per share grew 23% year over year during fiscal Q3.</p>
<div class="lb-trans"><p>公司的盈利增长也非常显著。微软的 每股收益 在 2026 财年第三季度同比增长 23%。</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-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vYXJ0L2NvbXBhbnlsb2dvcy9tYXJrL01TRlQucG5nJnc9MTI4" alt="Microsoft Stock Quote" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Fart%2Fcompanylogos%2Fmark%2FMSFT.png&amp;w=128&amp;op=resize"/></p>
<h2>NASDAQ: MSFT</h2>
<div class="lb-trans"><h2>NASDAQ: MSFT</h2>
</div><p>Microsoft</p>
<div class="lb-trans"><p>微软</p>
</div><p>Today's Change</p>
<div class="lb-trans"><p>今日变动</p>
</div><p>(0.36%) $1.50</p>
<div class="lb-trans"><p>(0.36%) $1.50</p>
</div><p>Current Price</p>
<div class="lb-trans"><p>当前价格</p>
</div><p>$423.43</p>
<div class="lb-trans"><p>$423.43</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>$3.1T</p>
<div class="lb-trans"><p>$3.1 万亿</p>
</div><p>Day's Range</p>
<div class="lb-trans"><p>日内区间</p>
</div><p>$415.66 - $425.12</p>
<div class="lb-trans"><p>$415.66 - $425.12</p>
</div><p>52wk Range</p>
<div class="lb-trans"><p>52 周区间</p>
</div><p>$356.28 - $555.45</p>
<div class="lb-trans"><p>$356.28 - $555.45</p>
</div><p>Volume</p>
<div class="lb-trans"><p>成交量</p>
</div><p>1.7M</p>
<div class="lb-trans"><p>1.7M</p>
</div><p>Avg Vol</p>
<div class="lb-trans"><p>平均成交量</p>
</div><p>34M</p>
<div class="lb-trans"><p>34M</p>
</div><p>Gross Margin</p>
<div class="lb-trans"><p>毛利率</p>
</div><p>68.31%</p>
<div class="lb-trans"><p>68.31%</p>
</div><p>Dividend Yield</p>
<div class="lb-trans"><p>股息收益率</p>
</div><p>0.63%</p>
<div class="lb-trans"><p>0.63%</p>
</div><p>Further, the company's commercial remaining performance obligations (essentially a backlog of contracted future revenue) nearly doubled year over year to $627 billion.</p>
<div class="lb-trans"><p>此外，公司的商业剩余履约义务（本质上是未来合同收入的积压）同比几乎翻了一番，达到 6270 亿美元。</p>
</div><p>But the most eye-catching figure from the update? Microsoft CEO Satya Nadella said the company's AI-related business is now running at a $37 billion annual revenue run rate -- up 123% year over year.</p>
<div class="lb-trans"><p>但更新中最引人注目的数字是什么？微软首席执行官萨提亚·纳德拉表示，公司与 AI 相关的业务目前的年收入运行率为 370 亿美元，同比增长 123%。</p>
</div><p>But the spending profile to support this growth is steep. Microsoft chief financial officer Amy Hood guided to capital spending of roughly $190 billion for calendar 2026 -- up about 61% from 2025, with about $25 billion of that increase tied to higher memory and component costs. The company also expects to remain capacity-constrained through 2026, even as it works to bring new graphics processing units (GPUs) and storage capacity online.</p>
<div class="lb-trans"><p>但支持这一增长的支出配置是相当高的。微软首席财务官艾米·胡德预计 2026 年日历年的资本支出将达到约 1900 亿美元，比 2025 年增长约 61%，其中约 250 亿美元的增长与更高的内存和组件成本有关。尽管公司正在努力上线新的 图形处理单元（GPU） 和存储能力，但预计到 2026 年仍将面临产能限制。</p>
</div><h2>Alphabet</h2>
<div class="lb-trans"><h2>Alphabet</h2>
</div><p>And Alphabet is standing out with its sharp acceleration in its cloud computing business, Google Cloud.</p>
<div class="lb-trans"><p>而 Alphabet 在其 云计算 业务 Google Cloud 的快速增长中脱颖而出。</p>
</div><p>Alphabet's first-quarter revenue rose 22% to $109.9 billion. And Google Cloud revenue surged 63% to $20 billion. That was a significant acceleration compared to 48% growth in the prior quarter.</p>
<div class="lb-trans"><p>Alphabet 第一季度的收入增长 22%，达到 1099 亿美元。Google Cloud 的收入激增 63%，达到 200 亿美元。这与前一季度 48% 的增长相比，显著加速。</p>
</div><p>The backlog tells a similar story.</p>
<div class="lb-trans"><p>积压订单的情况也讲述了类似的故事。</p>
</div><p>Google Cloud's contracted future revenue nearly doubled in a single quarter to about $462 billion, with management saying it expects to recognize just over half of that backlog as revenue over the next 24 months.</p>
<div class="lb-trans"><p>Google Cloud 的合同未来收入在一个季度内几乎翻了一番，达到约 4620 亿美元，管理层表示预计将在未来 24 个月内将超过一半的积压订单确认作为收入。</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-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vYXJ0L2NvbXBhbnlsb2dvcy9tYXJrL0dPT0cucG5nJnc9MTI4" alt="Alphabet Stock Quote" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Fart%2Fcompanylogos%2Fmark%2FGOOG.png&amp;w=128&amp;op=resize"/></p>
<h2>NASDAQ: GOOG</h2>
<div class="lb-trans"><h2>NASDAQ: GOOG</h2>
</div><p>Alphabet</p>
<div class="lb-trans"><p>Alphabet</p>
</div><p>Today's Change</p>
<div class="lb-trans"><p>今日变动</p>
</div><p>(-0.19%) $-0.75</p>
<div class="lb-trans"><p>(-0.19%) $-0.75</p>
</div><p>Current Price</p>
<div class="lb-trans"><p>当前价格</p>
</div><p>$392.57</p>
<div class="lb-trans"><p>$392.57</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>$4.8T</p>
<div class="lb-trans"><p>$4.8 万亿</p>
</div><p>Day's Range</p>
<div class="lb-trans"><p>日内区间</p>
</div><p>$390.92 - $404.44</p>
<div class="lb-trans"><p>$390.92 - $404.44</p>
</div><p>52wk Range</p>
<div class="lb-trans"><p>52 周区间</p>
</div><p>$163.33 - $404.47</p>
<div class="lb-trans"><p>$163.33 - $404.47</p>
</div><p>Volume</p>
<div class="lb-trans"><p>成交量</p>
</div><p>668K</p>
<div class="lb-trans"><p>668K</p>
</div><p>Avg Vol</p>
<div class="lb-trans"><p>平均成交量</p>
</div><p>19M</p>
<div class="lb-trans"><p>19M</p>
</div><p>Gross Margin</p>
<div class="lb-trans"><p>毛利率</p>
</div><p>60.43%</p>
<div class="lb-trans"><p>60.43%</p>
</div><p>Dividend Yield</p>
<div class="lb-trans"><p>股息收益率</p>
</div><p>0.21%</p>
<div class="lb-trans"><p>0.21%</p>
</div><p>Meanwhile, the Google services side -- the part many investors initially thought AI would eventually erode -- is holding up well, too. Search and other revenue grew 19%, and Alphabet CEO Sundar Pichai said queries are at an all-time high, with AI features like AI Mode and AI Overviews driving engagement. The company has also begun selling its custom tensor processing units (TPUs) directly to a small group of cloud customers, opening up an additional revenue stream tied to its in-house silicon.</p>
<div class="lb-trans"><p>与此同时，Google 服务部门——许多投资者最初认为 AI 最终会侵蚀的部分——也表现良好。搜索和其他收入增长 19%，Alphabet 首席执行官桑达尔·皮查伊表示，查询量达到了历史最高水平，AI 模式和 AI 概述等 AI 功能推动了用户参与。公司还开始直接向少数云客户销售其定制的张量处理单元（TPU），开辟了与其自家硅片相关的额外收入来源。</p>
</div><h2>Amazon</h2>
<div class="lb-trans"><h2>亚马逊</h2>
</div><p>Amazon similarly saw double-digit revenue growth and an acceleration in its cloud business.</p>
<div class="lb-trans"><p>亚马逊同样实现了两位数的收入增长和云业务的加速。</p>
</div><p>Net sales rose 17% to $181.5 billion in its first quarter of 2026, and Amazon Web Services (AWS) jumped 28% to $37.6 billion -- the cloud segment's fastest pace in roughly four years and a meaningful step up from 24% growth in the fourth quarter of 2025. AWS operating income reached $14.2 billion, with segment operating margin climbing to about 38%.</p>
<div class="lb-trans"><p>2026 年第一季度，净销售额增长 17%，达到 1815 亿美元，亚马逊网络服务（AWS）增长 28%，达到 376 亿美元——这是云部门四年来最快的增速，相较于 2025 年第四季度的 24% 增长有了显著提升。AWS 的营业收入达到 142 亿美元，部门营业利润率上升至约 38%。</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>(0.21%) $0.56</p>
<div class="lb-trans"><p>(0.21%) $0.56</p>
</div><p>Current Price</p>
<div class="lb-trans"><p>当前价格</p>
</div><p>$264.70</p>
<div class="lb-trans"><p>$264.70</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>$2.8T</p>
<div class="lb-trans"><p>$2.8 万亿</p>
</div><p>Day's Range</p>
<div class="lb-trans"><p>日内区间</p>
</div><p>$262.55 - $268.83</p>
<div class="lb-trans"><p>$262.55 - $268.83</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>1.7M</p>
<div class="lb-trans"><p>1.7M</p>
</div><p>Avg Vol</p>
<div class="lb-trans"><p>平均成交量</p>
</div><p>46M</p>
<div class="lb-trans"><p>46M</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><p>Amazon CEO Andy Jassy spent much of the first-quarter earnings call on the company's custom silicon.</p>
<div class="lb-trans"><p>亚马逊首席执行官安迪·贾西在第一季度财报电话会议上花费了大量时间讨论公司的定制硅片。</p>
</div><p>&#34;Our Trainium2 chip has about 30% better price-performance than comparable GPUs, and has largely sold out,&#34; he said. &#34;Trainium3, which just started shipping at the start of 2026 and is 30-40% more price-performant than Trainium2, is nearly fully subscribed. And, much of Trainium4, which is still about 18 months from broad availability, has already been reserved.&#34;</p>
<div class="lb-trans"><p>“我们的 Trainium2 芯片的性价比比同类 GPU 高出约 30%，并且几乎售罄，” 他说。“刚刚在 2026 年初开始发货的 Trainium3 芯片的性价比比 Trainium2 高出 30-40%，几乎已经完全预订。而 Trainium4 芯片仍需约 18 个月才能广泛供应，但已经有很多预订。”</p>
</div><p>All told, Amazon now has more than $225 billion in revenue commitments tied to Trainium, with anchor customers including Anthropic and OpenAI.</p>
<div class="lb-trans"><p>总的来说，亚马逊现在与 Trainium 相关的收入承诺超过 2250 亿美元，主要客户包括 Anthropic 和 OpenAI。</p>
</div><p>But, as with Microsoft and Alphabet, this growth profile requires significant spending. Capital spending in the quarter alone hit $44.2 billion, and full-year 2026 spending is tracking toward $200 billion.</p>
<div class="lb-trans"><p>但是，与微软和 Alphabet 一样，这种增长模式需要大量支出。仅在这一季度，资本支出就达到了 442 亿美元，2026 年的全年支出预计将达到 2000 亿美元。</p>
</div><h2>The better buys</h2>
<div class="lb-trans"><h2>更好的投资选择</h2>
</div><p>Any of these three could turn out to be the top AI stock through 2030. But if I had to choose, I would lean toward Alphabet and Amazon, with Alphabet slightly edging out Amazon.</p>
<div class="lb-trans"><p>这三者中的任何一个都有可能成为 2030 年最顶尖的人工智能股票。但如果让我选择，我会倾向于 Alphabet 和亚马逊，Alphabet 略微领先于亚马逊。</p>
</div><p>Alphabet has the fastest-growing cloud business of the group, an AI-aided search engine that is reaccelerating, a custom AI chip program beginning to ship to outside customers, and even a self-driving car business via Waymo, which now exceeds 500,000 fully autonomous rides per week.</p>
<div class="lb-trans"><p>Alphabet 的云业务是该组中增长最快的，拥有一个正在重新加速的人工智能辅助搜索引擎，一个开始向外部客户交付的定制人工智能芯片项目，甚至还有通过 Waymo 运营的自动驾驶汽车业务，目前每周超过 50 万次完全自主的乘车服务。</p>
</div><p>Meanwhile, Amazon has the AWS reacceleration story, a $20 billion-and-growing custom chips business with multi-year commitments locked in, a fast-growing advertising business at over $70 billion in trailing-twelve-month revenue, and structurally improving retail margins.</p>
<div class="lb-trans"><p>与此同时，亚马逊拥有 AWS 的重新加速故事，一个价值 200 亿美元并持续增长的定制芯片业务，锁定了多年承诺，广告业务快速增长，过去 12 个月的收入超过 700 亿美元，零售利润率也在结构性改善。</p>
</div><p>Microsoft's quarter was excellent, and at a price-to-earnings ratio of about 25, the stock is the cheapest of the three. But Azure's 40% growth trails Google Cloud's 63%, and the sheer scale of capital required to keep pace could pressure free cash flow well into next year.</p>
<div class="lb-trans"><p>微软的季度表现非常出色，按照约 25 的市盈率计算，该股票是三者中最便宜的。但 Azure 的 40% 增长落后于谷歌云的 63%，而保持步伐所需的巨额资本可能会对自由现金流造成压力，甚至持续到明年。</p>
</div><p>Of course, each of these names carries real risk; an AI demand slowdown before the spending catches up would hit all three. Still, Amazon and Alphabet appear to offer a slightly more diversified mix of catalysts at valuations that could prove rewarding over the long haul, with Alphabet's faster-growing cloud business with soaring margins helping it edge out as the ultimate winner in my opinion.</p>
<div class="lb-trans"><p>当然，这些名字都存在真实风险；在支出跟上之前，人工智能需求的放缓将影响到三者。不过，亚马逊和 Alphabet 似乎提供了略微更为多样化的催化剂组合，其估值在长期内可能会带来回报，而 Alphabet 的云业务增长更快，利润率飙升，使其在我看来成为最终赢家。</p>
</div>

Forget Nvidia. 1 of These 3 Hyperscalers Could Be the Top AI Stock Through 2030.

- Nvidia 报告财报于 5 月 20 日，围绕 AI 的讨论仍以芯片制造商为中心。  
- 微软、Alphabet 和亚马逊的资本支出合计 5700 亿美元，显示出前所未有的金额分配。  
- Alphabet 和亚马逊在 AI 和云计算领域表现突出，可能成为更好的投资选择。

抛开英伟达不谈，这三家超大规模计算公司中的一家可能成为到 2030 年为止的顶级 AI 股票