<p>尽管亚马逊公司（Amazon.com Inc NASDAQ: AMZN）的股价在过去两周略微回落，但在四月份经历了一次爆炸性的上涨后，它仍然保持着大部分涨幅，并且股价仅略低于最近的历史最高点。</p>
<p>这种韧性出现在上周的一个头条新闻之后，这个新闻乍一看可能让许多投资者感到不安：唐纳德·特朗普最近透露他在二月份出售了亚马逊的股票。</p>
<p>表面上，这自然引发了疑问。每当一个高调的公众人物报告出售这样一只重要股票时，投资者自然会怀疑这是否意味着对公司的信心下降或对公司前景的某种更深层次的担忧。然而，在亚马逊的案例中，证据表明他们可能不应该对此过度解读。</p>
<p>事实上，当你放大视角，关注实际的商业基本面而不是头条本身时，亚马逊仍然看起来是今天市场上最强大的巨型股票之一。现在的问题是，投资者是否应该关注这一披露，还是亚马逊日益改善的前景更为重要。让我们深入探讨一下。</p>
<h2>特朗普的出售看起来戏剧化，但背景很重要</h2>
<p>投资者需要理解的第一件事是，亚马逊并不是唯一涉及此次披露的股票。报告显示，特朗普上个季度的交易包括在一系列股票中的买卖，包括其他大型科技股。</p>
<p>这个背景很重要，因为它使得这些交易看起来不像是针对亚马逊的明确看空信号，而更像是一般的投资组合管理。例如，他还减持了部分 Meta Platforms, Inc NASDAQ: META 的股份，同时购买了 ServiceNow NYSE: NOW、NVIDIA Corp NASDAQ: NVDA 和 Broadcom Inc NASDAQ: AVGO 等股票。</p>
<p>尽管该股票在同一时间段内出现了抛售，令投资者感到不安，因为其资本支出计划不断上升，但几乎没有证据表明去年二月份的出售反映了特朗普对亚马逊长期前景的看法恶化。如果说有什么的话，他可能希望自己能再持有这只股票一段时间，因为自那时以来它只是在不断上涨。</p>
<p>上个月的报告在很大程度上平息了对资本支出飙升的担忧，投资者越来越相信公司的激进支出计划将会带来回报。</p>
<h2>AWS 再次成为主要驱动力</h2>
<p>目前，这种情况最明显的表现之一就是在 AWS 上。去年某个时期，确实对 AWS 的增长轨迹和 AI 基础设施竞争的加剧产生了担忧。然而，这些担忧现在似乎越来越过时。</p>
<p>Jefferies 最近的评论表明，AWS 实际上仍处于重新加速的早期阶段，因为额外的产能正在上线，长期的 AI 合作伙伴关系开始带来收入。这正是投资者想要听到的评论，因为它强化了亚马逊在 AI 上的所有支出（而且支出相当庞大）开始转化为实际成果的观点。</p>
<h2>股票仍然有许多顺风因素</h2>
<p>重要的是，尽管亚马逊股价最近的回落可能让特朗普的出售看起来合理，但有一个更响亮的论点认为这实际上是健康的。在四月和五月初急剧上涨后，该股票在技术上处于极度超买的状态。这使得追逐入场变得困难，因为总是存在风险，即在没有一些波动性获利回吐的情况下，反弹是不可持续的。</p>
<p>随着这一创伤现在被揭开，对于我们这些考虑参与的人来说，技术形势已经大大改善。换句话说，亚马逊似乎已经消化了最近的反弹，同时仍然保持着大部分的涨幅。</p>
<p>更广泛的市场背景也依然支持。尽管整体股票在过去一周有所回落，但投资者对高质量 AI 和云基础设施公司的需求仍然非常强劲。正如我们一直强调的，亚马逊在这些主题中成功地将自己置于中心位置。</p>
<p>华尔街的前景进一步增强了所有这些乐观情绪。TD Cowen 的分析师上周重申了他们的看涨立场，设定了 350 美元的新目标价，暗示还有多达 30% 的上涨空间。这与本月早些时候来自 BNP Paribas 和 New Street Research 等机构的类似看涨评级相呼应。</p>
<h2>投资者应该跟随特朗普出售吗？</h2>
<p>目前，几乎没有证据表明他们应该这样做。特朗普在去年二月份披露的亚马逊出售可能会引发头条新闻，但自那时以来发生了很多事情——几乎所有都是积极的。</p>
<p>AWS 的增长正在改善，AI 需求依然强劲，股票的技术形势已经正常化，而华尔街仍然看到当前水平的可观上涨空间。</p>
<p>当然，风险依然存在。亚马逊的估值不再便宜，预期很高，任何 AI 基础设施需求的放缓都可能迅速影响市场情绪。然而，在这种情况发生之前，投资者有比三个月前谁出售了一些股票更重要的事情需要关注。</p>
<h2>你现在应该投资 1,000 美元在亚马逊吗？</h2>
<p>在考虑亚马逊之前，你需要听听这个。</p>
<p>MarketBeat 跟踪华尔街顶级评级和表现最佳的研究分析师，以及他们每天向客户推荐的股票。MarketBeat 已经识别出五只顶级分析师正在悄悄向客户推荐的股票，建议在更广泛的市场注意到之前买入……而亚马逊并不在名单上。</p>
<p>尽管亚马逊目前在分析师中获得了中等买入评级，但顶级分析师认为这五只股票更值得购买。</p>
<p>在这里查看这五只股票</p>

亚马逊

AMZW

云计算 ETF - GlobalX

零售业 ETF - VanEck Vectors

电子商务 ETF - GlobalX

标普零售指数 ETF - SPDR

线上零售 ETF - Amplify

AMZZ

亚马逊每日 2 倍做多 ETF - Direxion

在线零售 ETF - ProShares

<p>唐纳德·特朗普最近出售亚马逊股票可能引发担忧，但该公司的长期前景依然强劲。尽管股价略有回落，亚马逊的基本面依然稳固，尤其是 AWS 显示出增长迹象。分析师们保持乐观态度，价格目标暗示有显著的上涨空间。总体而言，这笔出售似乎更多与投资组合管理有关，而非对亚马逊的负面看法</p>

<p>While shares of Amazon.com Inc NASDAQ: AMZN have cooled slightly over the past fortnight, after an explosive rally through April, they’re still holding onto most of their gains and sit just below their recent all-time high.</p>
<div class="lb-trans"><p>尽管亚马逊公司（Amazon.com Inc NASDAQ: AMZN）的股价在过去两周略微回落，但在四月份经历了一次爆炸性的上涨后，它仍然保持着大部分涨幅，并且股价仅略低于最近的历史最高点。</p>
</div><p>That resilience is coming despite a headline last week that might have spooked many investors at first glance: Donald Trump recently disclosed that he sold Amazon stock back in February.</p>
<div class="lb-trans"><p>这种韧性出现在上周的一个头条新闻之后，这个新闻乍一看可能让许多投资者感到不安：唐纳德·特朗普最近透露他在二月份出售了亚马逊的股票。</p>
</div><p>On the surface, that naturally raises questions. Whenever a high-profile public figure reports selling a major stock like this, investors are right to wonder if it signals deteriorating confidence or some deeper concern about the company’s outlook. In Amazon’s case, however, the evidence suggests they probably shouldn’t read too much into the move.</p>
<div class="lb-trans"><p>表面上，这自然引发了疑问。每当一个高调的公众人物报告出售这样一只重要股票时，投资者自然会怀疑这是否意味着对公司的信心下降或对公司前景的某种更深层次的担忧。然而，在亚马逊的案例中，证据表明他们可能不应该对此过度解读。</p>
</div><p>In fact, when you zoom out and focus on the actual business fundamentals rather than the headline itself, Amazon still looks like one of the strongest mega-cap setups in the market today. The question now is whether investors should pay attention to the disclosure at all, or whether Amazon’s improving outlook counts for far more. Let’s jump in and take a closer look below.</p>
<div class="lb-trans"><p>事实上，当你放大视角，关注实际的商业基本面而不是头条本身时，亚马逊仍然看起来是今天市场上最强大的巨型股票之一。现在的问题是，投资者是否应该关注这一披露，还是亚马逊日益改善的前景更为重要。让我们深入探讨一下。</p>
</div><h2>The Trump Sale Looks Dramatic, But Context Matters</h2>
<div class="lb-trans"><h2>特朗普的出售看起来戏剧化，但背景很重要</h2>
</div><p>The first thing investors need to understand is that Amazon was not the only stock involved in the disclosure. Reports showed that Trump’s transactions from last quarter included sales and purchases across a broad range of equities, including other large-cap tech stocks.</p>
<div class="lb-trans"><p>投资者需要理解的第一件事是，亚马逊并不是唯一涉及此次披露的股票。报告显示，特朗普上个季度的交易包括在一系列股票中的买卖，包括其他大型科技股。</p>
</div><p>That context matters because it makes the transactions look far less like a targeted bearish call against Amazon specifically and far more like general portfolio management. For example, he also unloaded some of his position in Meta Platforms, Inc NASDAQ: META too, while buying the likes of ServiceNow NYSE: NOW, NVIDIA Corp NASDAQ: NVDA and Broadcom Inc NASDAQ: AVGO.</p>
<div class="lb-trans"><p>这个背景很重要，因为它使得这些交易看起来不像是针对亚马逊的明确看空信号，而更像是一般的投资组合管理。例如，他还减持了部分 Meta Platforms, Inc NASDAQ: META 的股份，同时购买了 ServiceNow NYSE: NOW、NVIDIA Corp NASDAQ: NVDA 和 Broadcom Inc NASDAQ: AVGO 等股票。</p>
</div><p>While the stock had been selling off around the same time, spooking investors with its rising capital expenditure plans, there’s little evidence that the sale from last February reflected a deteriorating view from Trump on Amazon’s longer-term prospects. If anything, he’s possibly wishing he’d held onto the stock a little longer, as it’s only gone from strength to strength since then.</p>
<div class="lb-trans"><p>尽管该股票在同一时间段内出现了抛售，令投资者感到不安，因为其资本支出计划不断上升，但几乎没有证据表明去年二月份的出售反映了特朗普对亚马逊长期前景的看法恶化。如果说有什么的话，他可能希望自己能再持有这只股票一段时间，因为自那时以来它只是在不断上涨。</p>
</div><p>Last month’s report largely silenced concerns about soaring capex, and investors are increasingly convinced that the company’s aggressive spending plans will pay off.</p>
<div class="lb-trans"><p>上个月的报告在很大程度上平息了对资本支出飙升的担忧，投资者越来越相信公司的激进支出计划将会带来回报。</p>
</div><h2>AWS Is Becoming the Main Driver, Again</h2>
<div class="lb-trans"><h2>AWS 再次成为主要驱动力</h2>
</div><p>One of the most obvious ways this is playing out right now is in AWS. Sure, for a period last year, there were concerns about AWS’s growth trajectory and the increasing competition in the AI infrastructure race. However, those concerns now appear increasingly outdated.</p>
<div class="lb-trans"><p>目前，这种情况最明显的表现之一就是在 AWS 上。去年某个时期，确实对 AWS 的增长轨迹和 AI 基础设施竞争的加剧产生了担忧。然而，这些担忧现在似乎越来越过时。</p>
</div><p>Recent commentary from Jefferies suggests AWS is actually still in the early stages of a reacceleration as additional capacity comes online and long-term AI partnerships start delivering revenue. That’s exactly the kind of commentary investors want to hear because it reinforces the idea that all of Amazon’s AI spending, and there is a lot of it, is beginning to translate into real results.</p>
<div class="lb-trans"><p>Jefferies 最近的评论表明，AWS 实际上仍处于重新加速的早期阶段，因为额外的产能正在上线，长期的 AI 合作伙伴关系开始带来收入。这正是投资者想要听到的评论，因为它强化了亚马逊在 AI 上的所有支出（而且支出相当庞大）开始转化为实际成果的观点。</p>
</div><h2>The Stock Still Has Many Tailwinds</h2>
<div class="lb-trans"><h2>股票仍然有许多顺风因素</h2>
</div><p>Importantly, while the recent cooling in Amazon shares might make Trump’s selling look justified, there’s a louder argument that it’s actually healthy. Having surged sharply through April and into the start of May, the stock was technically in extremely overbought territory. This makes it difficult to chase an entry as there’s always a risk the rally is unsustainable without some volatile profit-taking.</p>
<div class="lb-trans"><p>重要的是，尽管亚马逊股价最近的回落可能让特朗普的出售看起来合理，但有一个更响亮的论点认为这实际上是健康的。在四月和五月初急剧上涨后，该股票在技术上处于极度超买的状态。这使得追逐入场变得困难，因为总是存在风险，即在没有一些波动性获利回吐的情况下，反弹是不可持续的。</p>
</div><p>With that band-aid now ripped off, the technical setup has improved considerably for those of us thinking about getting involved. In other words, it looks like Amazon has managed to digest its recent rally while still holding onto most of its gains.</p>
<div class="lb-trans"><p>随着这一创伤现在被揭开，对于我们这些考虑参与的人来说，技术形势已经大大改善。换句话说，亚马逊似乎已经消化了最近的反弹，同时仍然保持着大部分的涨幅。</p>
</div><p>The broader market backdrop also remains supportive. While equities in general have been cooling over the past week, investor appetite for high-quality AI and cloud infrastructure names remains extremely strong. As we’ve been highlighting, Amazon has done well to position itself directly in the center of those themes.</p>
<div class="lb-trans"><p>更广泛的市场背景也依然支持。尽管整体股票在过去一周有所回落，但投资者对高质量 AI 和云基础设施公司的需求仍然非常强劲。正如我们一直强调的，亚马逊在这些主题中成功地将自己置于中心位置。</p>
</div><p>Wall Street’s outlook reinforces all this optimism. The folks at TD Cowen reiterated their bullish stance last week with a fresh $350 price target, implying there’s as much as another 30% of upside. This echoed similarly bullish ratings earlier this month from the likes of BNP Paribas and New Street Research.</p>
<div class="lb-trans"><p>华尔街的前景进一步增强了所有这些乐观情绪。TD Cowen 的分析师上周重申了他们的看涨立场，设定了 350 美元的新目标价，暗示还有多达 30% 的上涨空间。这与本月早些时候来自 BNP Paribas 和 New Street Research 等机构的类似看涨评级相呼应。</p>
</div><h2>Should Investors Follow Trump and Sell?</h2>
<div class="lb-trans"><h2>投资者应该跟随特朗普出售吗？</h2>
</div><p>Right now, there is little evidence suggesting that they should. Trump’s disclosed Amazon sale from last February may generate headlines, but a lot has happened since then—almost all of it positive.</p>
<div class="lb-trans"><p>目前，几乎没有证据表明他们应该这样做。特朗普在去年二月份披露的亚马逊出售可能会引发头条新闻，但自那时以来发生了很多事情——几乎所有都是积极的。</p>
</div><p>AWS growth is improving, AI demand remains robust, the stock’s technical setup has normalized, while Wall Street still sees considerable upside from current levels.</p>
<div class="lb-trans"><p>AWS 的增长正在改善，AI 需求依然强劲，股票的技术形势已经正常化，而华尔街仍然看到当前水平的可观上涨空间。</p>
</div><p>Of course, risks remain. Amazon’s valuation is no longer cheap, expectations are high, and any slowdown in AI infrastructure demand could pressure sentiment quickly. Until that starts happening, however, investors have far more important things to focus on than who happened to sell some shares three months ago.</p>
<div class="lb-trans"><p>当然，风险依然存在。亚马逊的估值不再便宜，预期很高，任何 AI 基础设施需求的放缓都可能迅速影响市场情绪。然而，在这种情况发生之前，投资者有比三个月前谁出售了一些股票更重要的事情需要关注。</p>
</div><h2>Should You Invest $1,000 in Amazon.com Right Now?</h2>
<div class="lb-trans"><h2>你现在应该投资 1,000 美元在亚马逊吗？</h2>
</div><p>Before you consider Amazon.com, you'll want to hear this.</p>
<div class="lb-trans"><p>在考虑亚马逊之前，你需要听听这个。</p>
</div><p>MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and Amazon.com wasn't on the list.</p>
<div class="lb-trans"><p>MarketBeat 跟踪华尔街顶级评级和表现最佳的研究分析师，以及他们每天向客户推荐的股票。MarketBeat 已经识别出五只顶级分析师正在悄悄向客户推荐的股票，建议在更广泛的市场注意到之前买入……而亚马逊并不在名单上。</p>
</div><p>While Amazon.com currently has a Moderate Buy rating among analysts, top-rated analysts believe these five stocks are better buys.</p>
<div class="lb-trans"><p>尽管亚马逊目前在分析师中获得了中等买入评级，但顶级分析师认为这五只股票更值得购买。</p>
</div><p>View The Five Stocks Here</p>
<div class="lb-trans"><p>在这里查看这五只股票</p>
</div>

Why Trump’s Amazon Stock Sale May Not Matter at All

- 亚马逊股价在近期略有回落，但仍接近历史高点。  
- 特朗普出售亚马逊股票引发市场关注，实则为个人资产调整。  
- AWS 的增长势头和整体市场情绪依旧强劲，分析师看好其未来表现。

为什么特朗普出售亚马逊股票可能完全无关紧要