<p>上週，當 <strong>亞馬遜</strong>（AMZN -0.89%）公佈了驚人的第三季度財報時，市場給予了熱烈的掌聲。很難相信，僅僅兩年前，它的價值就縮水了一半，而現在仍在恢復——過去三年僅上漲了 13%。</p>
<p>投資者再次對亞馬遜充滿熱情。自從在上一個熊市中下跌以來，它推出了一個龐大的生成性人工智能（AI）業務，增長率達到了三位數。亞馬遜再次在一個新行業中佔據主導地位。投資者可以期待亞馬遜在五年後會是什麼樣子？</p>
<h2>生成性 AI 革命</h2>
<p>所有的目光都集中在亞馬遜的 AI 能力上。生成性 AI 為企業提供了以更快、更具成本效益的方式工作的驚人方法，這些服務在幾年前是無法想象的。亞馬遜為其亞馬遜網絡服務（AWS）客户提供生成性 AI 解決方案，並不斷推出新服務、改進和解決方案，以滿足各種需求和預算。</p>
<p>這也是它相較於其他提供商的一個優勢——當亞馬遜進入一個新領域時，它會大舉投入，努力滿足所有人的需求。大多數公司無法做到這一點，通常更適合專注於某個細分市場。亞馬遜是一個罕見的公司，不需要依賴細分市場。</p>
<p>還有一些隱藏的好處。管理層多次指出，儘管雲計算正在快速增長，但公司信息技術支出的 90% 仍未轉移到雲上。這類業務改革需要時間，但首席執行官安迪·賈西（Andy Jassy）認為這一趨勢將會逆轉。</p>
<p>但每當這樣的改革開始加速時，這將是亞馬遜的一個轉折點。它可能已經開始：隨着公司看到生成性 AI 的作用，他們意識到需要上雲，以最有效地利用這些解決方案。這對 AWS 整體產生了影響，AWS 的銷售在第三季度加速增長了 19%。</p>
<p>賈西指出，生成性 AI 業務的增長率達到了三位數，年化收入已達到數十億美元，並且在這一發展階段的表現超出了 AWS 的預期。潛力非常巨大，五年後，隨着更多客户加入 AWS 和現有客户擴大合作關係，增長可能會加速。</p>
<h2>電子商務沒有放緩</h2>
<p>儘管 AI 革命令人興奮，投資者也不應一刻忘記電子商務。這仍然是亞馬遜的核心業務，為其整體運營和各個業務板塊的投資提供了動力。</p>
<p>亞馬遜去年將其物流網絡從全國性重組為區域性，仍在享受更快的交付和更低的履行成本帶來的好處。</p>
<p>它正在改善入庫庫存鏈，確保區域倉庫有現貨，並且其在區域配送中心的庫存移動能力在第三季度提高了 25%。在這一季度，它開設了更多的當日履行中心，當日交付的訂單發送給了超過 4000 萬客户，同比增長了 25%。</p>
<p>該公司還在路易斯安那州開設了其技術最先進的配送中心，在那裏試點其最新的機器人系統，並將交付速度提高了 25%。預計成本也將降低 25%。</p>
<p>這只是一箇中心。隨着技術在美國的推廣，它應該會繼續改善交付時間並降低成本。</p>
<p>五年後，亞馬遜應該會實現更快的交付速度，同時降低成本。隨着 Prime 會員對其平台的依賴加深，它可能會獲得更大的市場份額，創造更高的收入。亞馬遜甚至可能超越 <strong>沃爾瑪</strong>，成為美國銷售額最大的公司。</p>
<h2>全面進展</h2>
<p>亞馬遜已經發展出一個競爭力強的廣告業務，報告了強勁的銷售增長。它將所有的 AI 和數據分析能力應用於廣告業務，例如從產品圖像創建視頻的能力。這一業務已經成為亞馬遜增長最快的業務之一，但隨着 AWS 的重新加速，它們在第三季度的增長率達到了 19%。</p>
<p>這裏有很長的增長空間，因為亞馬遜現在在其龐大的多平台帝國中提供廣告，包括電子商務網站、音頻和視頻。</p>
<p>它在亞馬遜藥房方面也在取得進展。90% 的處方仍在實體藥房中配藥，而大多數在線藥房需要 5 到 10 天才能將訂單送到客户手中。亞馬遜可以在兩天內將訂單送達 95% 的 Prime 會員，20% 的會員則可以在一天內收到訂單。它計劃在未來一年內在 20 個新城市開設業務。</p>
<p>亞馬遜以其收購和新業務嘗試而聞名。目前，它看起來將重心放在了 AI 上。五年後，它可能仍會忙於管理已經運營的業務。</p>
<p>亞馬遜的股票在財報發佈後上漲，今年已上漲 30%。五年後，它可能會繼續保持這一勢頭，為長期投資者提供穩定的價值。</p>

亞馬遜

<p>亞馬遜最近發佈的第三季度財報重新點燃了投資者的熱情，AWS 銷售增長了 19%，生成性人工智能業務蓬勃發展。該公司正在重組其物流，以實現更快的交付和更低的成本，同時還在擴展其廣告和藥房服務。在未來五年內，亞馬遜旨在增強其人工智能能力，提高電子商務效率，並有可能在銷售額上超越沃爾瑪，同時在各個業務板塊保持強勁增長</p>

<p>The market gave <strong>Amazon</strong>(AMZN -0.89%) a nice round of applause last week when it reported phenomenal third-quarter earnings. It's hard to believe that only two years ago, it lost half of its value, and it's still recovering -- it's up only 13% over the past three years.</p>
<div class="lb-trans"><p>上週，當 <strong>亞馬遜</strong>（AMZN -0.89%）公佈了驚人的第三季度財報時，市場給予了熱烈的掌聲。很難相信，僅僅兩年前，它的價值就縮水了一半，而現在仍在恢復——過去三年僅上漲了 13%。</p>
</div><p>Investors are enthusiastic about Amazon again. Since its fall in the last bear market, it has unveiled a massive generative artificial intelligence (AI) business that's growing at triple digits. Once again, Amazon is dominating a new industry. Where can investors expect Amazon to be in five years?</p>
<div class="lb-trans"><p>投資者再次對亞馬遜充滿熱情。自從在上一個熊市中下跌以來，它推出了一個龐大的生成性人工智能（AI）業務，增長率達到了三位數。亞馬遜再次在一個新行業中佔據主導地位。投資者可以期待亞馬遜在五年後會是什麼樣子？</p>
</div><h2>The generative AI revolution</h2>
<div class="lb-trans"><h2>生成性 AI 革命</h2>
</div><p>All eyes are on Amazon's AI capabilities. Generative AI has unlocked incredible ways for businesses to work faster and more cost-effectively, with services they couldn't have imagined a few short years ago. Amazon offers generative AI solutions for its Amazon Web Services (AWS) customers, and it hasn't stopped rolling out new services, improvements, and solutions to meet every need and budget.</p>
<div class="lb-trans"><p>所有的目光都集中在亞馬遜的 AI 能力上。生成性 AI 為企業提供了以更快、更具成本效益的方式工作的驚人方法，這些服務在幾年前是無法想象的。亞馬遜為其亞馬遜網絡服務（AWS）客户提供生成性 AI 解決方案，並不斷推出新服務、改進和解決方案，以滿足各種需求和預算。</p>
</div><p>That's one of its strengths compared to other providers -- when Amazon goes into something new, it goes big, and tries to be everything to everyone. Most companies can't get away with that and do better filling a niche. Amazon is the rare company that doesn't need a niche.</p>
<div class="lb-trans"><p>這也是它相較於其他提供商的一個優勢——當亞馬遜進入一個新領域時，它會大舉投入，努力滿足所有人的需求。大多數公司無法做到這一點，通常更適合專注於某個細分市場。亞馬遜是一個罕見的公司，不需要依賴細分市場。</p>
</div><p>There are hidden benefits, too. Management has noted several times that 90% of company information technology spend is still not on the cloud, as fast as it's growing. Those kinds of business overhauls take time, but CEO Andy Jassy thinks it's going to flip.</p>
<div class="lb-trans"><p>還有一些隱藏的好處。管理層多次指出，儘管雲計算正在快速增長，但公司信息技術支出的 90% 仍未轉移到雲上。這類業務改革需要時間，但首席執行官安迪·賈西（Andy Jassy）認為這一趨勢將會逆轉。</p>
</div><p>But whenever such overhauls pick up momentum, it would be a watershed moment for Amazon. It might be starting: As companies see what generative AI is doing, they're realizing that they need to be on the cloud to make the most effective use of the solutions. That's affecting AWS overall, and AWS sales accelerated to a 19% increase in the third quarter.</p>
<div class="lb-trans"><p>但每當這樣的改革開始加速時，這將是亞馬遜的一個轉折點。它可能已經開始：隨着公司看到生成性 AI 的作用，他們意識到需要上雲，以最有效地利用這些解決方案。這對 AWS 整體產生了影響，AWS 的銷售在第三季度加速增長了 19%。</p>
</div><p>Jassy noted that the generative AI business is growing at triple-digit rates, reaching a multi-billion-dollar run rate, and is outperforming where AWS was at this phase of development. The potential is really massive, and in five years from now, it could be accelerating as more clients join AWS and existing clients expand their relationships.</p>
<div class="lb-trans"><p>賈西指出，生成性 AI 業務的增長率達到了三位數，年化收入已達到數十億美元，並且在這一發展階段的表現超出了 AWS 的預期。潛力非常巨大，五年後，隨着更多客户加入 AWS 和現有客户擴大合作關係，增長可能會加速。</p>
</div><h2>No slowing down in e-commerce</h2>
<div class="lb-trans"><h2>電子商務沒有放緩</h2>
</div><p>As exciting as the AI revolution is, investors shouldn't forget about e-commerce for one moment. It's still Amazon's core business, providing the engine it needs to run the total business and invest in all its segments.</p>
<div class="lb-trans"><p>儘管 AI 革命令人興奮，投資者也不應一刻忘記電子商務。這仍然是亞馬遜的核心業務，為其整體運營和各個業務板塊的投資提供了動力。</p>
</div><p>Amazon restructured its logistics network last year from a national to a regional one, and it's still realizing the benefits in faster deliveries and lower fulfillment costs.</p>
<div class="lb-trans"><p>亞馬遜去年將其物流網絡從全國性重組為區域性，仍在享受更快的交付和更低的履行成本帶來的好處。</p>
</div><p>It's working on improving its inbound inventory chain, making sure that regional warehouses have products on hand, and its ability to move inventory throughout its regional distribution centers improved by 25% in the third quarter. It opened more same-day fulfillment centers in the quarter, and same-day deliveries were sent to more than 40 million customers, a 25% increase year over year.</p>
<div class="lb-trans"><p>它正在改善入庫庫存鏈，確保區域倉庫有現貨，並且其在區域配送中心的庫存移動能力在第三季度提高了 25%。在這一季度，它開設了更多的當日履行中心，當日交付的訂單發送給了超過 4000 萬客户，同比增長了 25%。</p>
</div><p>The company also opened its highest-tech distribution center in Louisiana, where it's piloting its newest robotics systems, and it improved delivery speed by 25%. It's expected to cut costs by 25% as well.</p>
<div class="lb-trans"><p>該公司還在路易斯安那州開設了其技術最先進的配送中心，在那裏試點其最新的機器人系統，並將交付速度提高了 25%。預計成本也將降低 25%。</p>
</div><p>That's just one center. As it rolls out the technology throughout the U.S., it should continue to improve delivery times and shave off costs.</p>
<div class="lb-trans"><p>這只是一箇中心。隨着技術在美國的推廣，它應該會繼續改善交付時間並降低成本。</p>
</div><p>In five years from now, Amazon should have faster delivery speeds while cutting down costs. As Prime members become even more reliant on its platform, it could capture greater market share, generating higher revenue. Amazon could even overtake <strong>Walmart</strong> as the largest U.S. company by sales.</p>
<div class="lb-trans"><p>五年後，亞馬遜應該會實現更快的交付速度，同時降低成本。隨着 Prime 會員對其平台的依賴加深，它可能會獲得更大的市場份額，創造更高的收入。亞馬遜甚至可能超越 <strong>沃爾瑪</strong>，成為美國銷售額最大的公司。</p>
</div><h2>Making progress all around</h2>
<div class="lb-trans"><h2>全面進展</h2>
</div><p>Amazon has developed a competitive advertising business that's been reporting robust sales growth. It's bringing all its AI and data analytics capabilities to the ad business, such as the ability to create a video from a product image. It has been Amazon's fastest-growing business for some time, but with the reacceleration in AWS, they tied in the third quarter at 19%.</p>
<div class="lb-trans"><p>亞馬遜已經發展出一個競爭力強的廣告業務，報告了強勁的銷售增長。它將所有的 AI 和數據分析能力應用於廣告業務，例如從產品圖像創建視頻的能力。這一業務已經成為亞馬遜增長最快的業務之一，但隨着 AWS 的重新加速，它們在第三季度的增長率達到了 19%。</p>
</div><p>There's a long growth runway here as Amazon now offers advertisements throughout its vast multi-platform empire, including the e-commerce site, audio, and video.</p>
<div class="lb-trans"><p>這裏有很長的增長空間，因為亞馬遜現在在其龐大的多平台帝國中提供廣告，包括電子商務網站、音頻和視頻。</p>
</div><p>It's also making progress in Amazon Pharmacy. 90% of prescriptions are still filled at physical pharmacies, and most online pharmacies get orders to customers in five to 10 days. Amazon can get orders to customers within two days for 95% of Prime members, and within one day for 20%. It plans to open operations in 20 new cities over the next year.</p>
<div class="lb-trans"><p>它在亞馬遜藥房方面也在取得進展。90% 的處方仍在實體藥房中配藥，而大多數在線藥房需要 5 到 10 天才能將訂單送到客户手中。亞馬遜可以在兩天內將訂單送達 95% 的 Prime 會員，20% 的會員則可以在一天內收到訂單。它計劃在未來一年內在 20 個新城市開設業務。</p>
</div><p>Amazon is known for its acquisitions and attempts at new business. Right now, it looks like that engine is focused on AI. In five years, it could still have its hands full with the businesses it's already running.</p>
<div class="lb-trans"><p>亞馬遜以其收購和新業務嘗試而聞名。目前，它看起來將重心放在了 AI 上。五年後，它可能仍會忙於管理已經運營的業務。</p>
</div><p>Amazon stock jumped after earnings and is up 30% this year. In five years, it's likely to keep that up and provide solid value to long-term investors.</p>
<div class="lb-trans"><p>亞馬遜的股票在財報發佈後上漲，今年已上漲 30%。五年後，它可能會繼續保持這一勢頭，為長期投資者提供穩定的價值。</p>
</div>

Where Will Amazon Be in 5 Years?

- 亞馬遜第三季度財報表現優異，股價上漲 30%。  
- 其生成式人工智能業務增長迅猛，AWS 銷售增長 19%。  
- 電商和廣告業務持續發展，未來五年有望進一步提升市場份額。

亞馬遜五年後會發展到什麼程度？