<p><strong>沃爾瑪</strong>(WMT -1.24%) 和 <strong>亞馬遜</strong>(AMZN 0.73%) 是美國銷售額最大的兩家公司，排名依次。然而，亞馬遜正在縮小差距，可能很快會超過沃爾瑪。</p>
<p>你可能會認為，擁有所有人工智能（AI）的亞馬遜今天是更好的投資選擇。但事情並沒有那麼簡單。讓我們看看為什麼這可能沒有你想象的那麼簡單。</p>
<h2>支持亞馬遜的理由：人工智能</h2>
<p>亞馬遜是美國最大的電子商務公司，也是全球最大的雲計算公司。這兩項業務使其成為一個難以超越的強大企業，而這兩個行業都在快速增長，提供了令人難以置信的有機增長機會。</p>
<p>但這不僅僅是有機增長機會，也不僅限於電子商務和雲計算。讓我們從人工智能開始，因為這是今天大家關注的焦點。首席執行官安迪·賈西表示，人工智能業務已經帶來了數十億美元的收入，他認為這僅僅是個開始。</p>
<p>他相信，雲業務才剛剛開始，他設想公司將以我們現在無法想象的水平轉向雲解決方案。亞馬遜正在大力投資各種人工智能，以為這一轉變做好準備，這可能會成為公司的遊戲規則改變者。</p>
<p>在電子商務領域，亞馬遜仍然遙遙領先，佔美國電子商務總額的三分之一以上。沃爾瑪排名第二，但僅佔總額的約 6%。亞馬遜可能通過升級其系統來擴大領先優勢，例如引入新的機器人技術，將處理時間縮短 25%。它不斷提高速度，擴大當日送達的覆蓋範圍，贏得了 Prime 會員的忠誠，確保他們繼續在亞馬遜購物。</p>
<p>它擁有競爭力的流媒體服務，一個每季度產生數十億美元的強大廣告業務，以及許多其他領域，如醫療保健和設備，構成了一個無與倫比的商業企業。</p>
<h2>支持沃爾瑪的理由：價值</h2>
<p>沃爾瑪在美國擁有 4600 家門店，全球約 10600 家，品牌各異。儘管規模龐大，但它始終報告銷售和利潤的增長。這是因為，像亞馬遜一樣，它不斷升級其平台，尋找更新自身和與客户羣體產生共鳴的方法。</p>
<p>如今，它通過數字渠道實現這一目標。儘管在電子商務方面遠遠落後於亞馬遜，但它在門店網絡方面具有顯著優勢。它可以提供亞馬遜無法提供的全渠道選項，顧客也越來越接受全渠道模式。</p>
<p>這也使沃爾瑪接觸到更多人羣和更富裕的消費者，因為它可以在線提供更多非必需品的產品，吸引這種類型的購物者。沃爾瑪的電子商務銷售在 2025 財年第三季度（截至 10 月 31 日）同比增長了 27%。</p>
<p>投資者還應考慮沃爾瑪的股息。雖然它的股息收益率並不是最高的，但它穩定且持續增長。當前價格下的收益率為 0.9%，由於股票價格較高，低於通常水平。</p>
<h2>哪個表現更好？</h2>
<p>根據你回溯的時間點，沃爾瑪和亞馬遜在不同時間段表現優異。沃爾瑪比亞馬遜成立得早得多——它在 1970 年上市，給了它比亞馬遜多 27 年的時間。這轉化為市場上令人矚目的 677,000% 的收益。自 1997 年首次公開募股以來，亞馬遜的收益為 232,000%。</p>
<p>這是過去的情況，但我的觀點是，亞馬遜並沒有輕易地超越沃爾瑪。事實上，儘管在過去 10 年中，亞馬遜的收益是沃爾瑪的三倍，但在過去五年中，兩者的收益是相同的，而在過去三年中，沃爾瑪的表現更佳。</p>
<p>亞馬遜在人工智能方面的優勢可能對市場的價值並不如沃爾瑪的穩定性和零售實力那麼重要。事實上，儘管亞馬遜今年表現強勁，對人工智能的熱情高漲，但在年末時，沃爾瑪的表現超過了它：</p>
<p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/14308fbe2ef64c1b19c4d77f7406d2a4.png?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://media.ycharts.com/charts/14308fbe2ef64c1b19c4d77f7406d2a4.png"/></p>
<p>AMZN 總回報水平；數據來源於 YCharts。</p>
<p>讓我們比較一下最近的表現。</p>
<table>
<thead>
<tr>
<th>指標</th>
<th>Q3 24</th>
<th>Q2 24</th>
<th>Q1 24</th>
<th>Q4 23</th>
</tr>
</thead>
<tbody>
<tr>
<td>亞馬遜銷售增長</td>
<td>11%</td>
<td>10%</td>
<td>13%</td>
<td>14%</td>
</tr>
<tr>
<td>沃爾瑪銷售增長</td>
<td>5.5%</td>
<td>4.8%</td>
<td>6%</td>
<td>5.7%</td>
</tr>
<tr>
<td>亞馬遜營業收入增長</td>
<td>55%</td>
<td>91%</td>
<td>218%</td>
<td>389%</td>
</tr>
<tr>
<td>沃爾瑪營業收入增長</td>
<td>8.2%</td>
<td>8.5%</td>
<td>9.6%</td>
<td>30.4%</td>
</tr>
</tbody>
</table>
<p>數據來源：亞馬遜和沃爾瑪的季度報告。沃爾瑪的季度數據為 2025 財年。</p>
<p>儘管亞馬遜的表現更好，但市場目前更看重沃爾瑪的一致性和價值。亞馬遜在人工智能方面確實具有優勢，但沃爾瑪在穩定性方面具有真正的優勢。</p>
<p>我會説，如果你在尋找增長並且更能接受風險，亞馬遜仍然是你的股票，儘管沃爾瑪今年的表現超過了它。如果你在尋找價值和被動收入，沃爾瑪是你的選擇，而且它的股票表現也不錯。</p>

亞馬遜

沃爾瑪

<p>沃爾瑪和亞馬遜是美國銷售額最大的兩家公司，亞馬遜正在縮小差距。亞馬遜在電子商務和雲計算方面領先，正在大力投資人工智能，而沃爾瑪則在其廣泛的門店網絡和全渠道選項上表現出色。兩家公司都顯示出增長，但沃爾瑪的穩定性和股息收益率對保守投資者具有吸引力。最近的業績指標顯示，亞馬遜的銷售額和營業收入增長更高，但市場目前更青睞沃爾瑪的一致性。尋求增長的投資者可能更傾向於亞馬遜，而重視穩定性的投資者則可能更傾向於沃爾瑪</p>

<p><strong>Walmart</strong>(WMT -1.24%) and <strong>Amazon</strong>(AMZN 0.73%) are the two largest U.S. companies by sales, in that order. However, Amazon is closing the gap and is likely to soon overtake Walmart.</p>
<div class="lb-trans"><p><strong>沃爾瑪</strong>(WMT -1.24%) 和 <strong>亞馬遜</strong>(AMZN 0.73%) 是美國銷售額最大的兩家公司，排名依次。然而，亞馬遜正在縮小差距，可能很快會超過沃爾瑪。</p>
</div><p>You might think it's obvious that Amazon, with all of its artificial intelligence (AI), is the better buy today. But not so fast. Let's see why it may not be as simple as you think.</p>
<div class="lb-trans"><p>你可能會認為，擁有所有人工智能（AI）的亞馬遜今天是更好的投資選擇。但事情並沒有那麼簡單。讓我們看看為什麼這可能沒有你想象的那麼簡單。</p>
</div><h2>The case for Amazon: AI</h2>
<div class="lb-trans"><h2>支持亞馬遜的理由：人工智能</h2>
</div><p>Amazon is the largest e-commerce company in the country, and it's also the largest cloud computing company in the world. These twin businesses make it a formidable enterprise that's hard to beat, and both of these industries are fast-growing, providing incredible organic growth opportunities.</p>
<div class="lb-trans"><p>亞馬遜是美國最大的電子商務公司，也是全球最大的雲計算公司。這兩項業務使其成為一個難以超越的強大企業，而這兩個行業都在快速增長，提供了令人難以置信的有機增長機會。</p>
</div><p>But it's much more than organic growth opportunities, and much more than e-commerce and cloud computing. Let's start with AI, since that's what's on everyone's mind today. CEO Andy Jassy said that the AI business is already bringing in billions of dollars, and he thinks it's just the beginning.</p>
<div class="lb-trans"><p>但這不僅僅是有機增長機會，也不僅限於電子商務和雲計算。讓我們從人工智能開始，因為這是今天大家關注的焦點。首席執行官安迪·賈西表示，人工智能業務已經帶來了數十億美元的收入，他認為這僅僅是個開始。</p>
</div><p>He believes that the cloud business has barely been cracked open, and he envisions companies turning toward cloud solutions at levels we can't really imagine right now. Amazon is heavily investing in all kinds of AI to be ready for that shift, and it could be a game-changer for the company.</p>
<div class="lb-trans"><p>他相信，雲業務才剛剛開始，他設想公司將以我們現在無法想象的水平轉向雲解決方案。亞馬遜正在大力投資各種人工智能，以為這一轉變做好準備，這可能會成為公司的遊戲規則改變者。</p>
</div><p>It's still tops in e-commerce, by far, accounting for more than a third of all U.S. e-commerce. Walmart is second, but it has only about 6% of the total. Amazon could be widening its lead by upgrading its systems, such as introducing new robotics technology that's cutting processing time by 25%. It's constantly improving speed and expanding its same-day delivery coverage, generating loyalty from Prime members and ensuring they keep shopping at Amazon.</p>
<div class="lb-trans"><p>在電子商務領域，亞馬遜仍然遙遙領先，佔美國電子商務總額的三分之一以上。沃爾瑪排名第二，但僅佔總額的約 6%。亞馬遜可能通過升級其系統來擴大領先優勢，例如引入新的機器人技術，將處理時間縮短 25%。它不斷提高速度，擴大當日送達的覆蓋範圍，贏得了 Prime 會員的忠誠，確保他們繼續在亞馬遜購物。</p>
</div><p>It has a competitive streaming service, a robust advertising business that's generating billions quarterly, and plenty of other segments like healthcare and devices that create an unmatched business enterprise.</p>
<div class="lb-trans"><p>它擁有競爭力的流媒體服務，一個每季度產生數十億美元的強大廣告業務，以及許多其他領域，如醫療保健和設備，構成了一個無與倫比的商業企業。</p>
</div><h2>The case for Walmart: Value</h2>
<div class="lb-trans"><h2>支持沃爾瑪的理由：價值</h2>
</div><p>Walmart has 4,600 stores in the U.S. and about 10,600 worldwide under different local banners. Despite its size, it consistently reports growth in sales and profits. That's because, like Amazon, it is constantly upgrading its platform and finding ways to renew itself and resonate with its client base.</p>
<div class="lb-trans"><p>沃爾瑪在美國擁有 4600 家門店，全球約 10600 家，品牌各異。儘管規模龐大，但它始終報告銷售和利潤的增長。這是因為，像亞馬遜一樣，它不斷升級其平台，尋找更新自身和與客户羣體產生共鳴的方法。</p>
</div><p>One way it's doing that these days is through its digital channels. Although it's way behind Amazon in e-commerce, it has a significant advantage in its store network. It can provide omnichannel options that Amazon can't, and customers are increasingly embracing the omnichannel model.</p>
<div class="lb-trans"><p>如今，它通過數字渠道實現這一目標。儘管在電子商務方面遠遠落後於亞馬遜，但它在門店網絡方面具有顯著優勢。它可以提供亞馬遜無法提供的全渠道選項，顧客也越來越接受全渠道模式。</p>
</div><p>It also gives Walmart exposure to more people, and a more affluent consumer, since it can offer a greater selection of products outside of essentials online that appeal to this type of shopper. Walmart's e-commerce sales increased 27% year over year in the 2025 fiscal third quarter (ended Oct. 31).</p>
<div class="lb-trans"><p>這也使沃爾瑪接觸到更多人羣和更富裕的消費者，因為它可以在線提供更多非必需品的產品，吸引這種類型的購物者。沃爾瑪的電子商務銷售在 2025 財年第三季度（截至 10 月 31 日）同比增長了 27%。</p>
</div><p>Investors should also consider Walmart's dividend. It's not the highest-yielding dividend, but it's stable and growing. It yields 0.9% at the current price, lower than usual because the stock is so high.</p>
<div class="lb-trans"><p>投資者還應考慮沃爾瑪的股息。雖然它的股息收益率並不是最高的，但它穩定且持續增長。當前價格下的收益率為 0.9%，由於股票價格較高，低於通常水平。</p>
</div><h2>Which one has performed better?</h2>
<div class="lb-trans"><h2>哪個表現更好？</h2>
</div><p>Depending on when you go back to, Walmart and Amazon have outperformed at different times. Walmart is much older than Amazon -- it went public in in 1970, giving it a 27-year head start on Amazon. That translates into a market-crushing gain of 677,000%. Amazon, since its initial public offering in 1997, has gained 232,000%.</p>
<div class="lb-trans"><p>根據你回溯的時間點，沃爾瑪和亞馬遜在不同時間段表現優異。沃爾瑪比亞馬遜成立得早得多——它在 1970 年上市，給了它比亞馬遜多 27 年的時間。這轉化為市場上令人矚目的 677,000% 的收益。自 1997 年首次公開募股以來，亞馬遜的收益為 232,000%。</p>
</div><p>That's the past, but my point is that it isn't so clear that Amazon has easily crushed Walmart over time. In fact, although it has gained triple Walmart stock's gain over the past 10 years, they have delivered the same gain over the past five years, and Walmart has outperformed over the past three years.</p>
<div class="lb-trans"><p>這是過去的情況，但我的觀點是，亞馬遜並沒有輕易地超越沃爾瑪。事實上，儘管在過去 10 年中，亞馬遜的收益是沃爾瑪的三倍，但在過去五年中，兩者的收益是相同的，而在過去三年中，沃爾瑪的表現更佳。</p>
</div><p>Amazon's perceived edge from AI may not be as valuable to the market as Walmart's stability and retail power. In fact, despite Amazon's strong performance this year and enthusiasm about AI, Walmart is beating it as we close out the year:</p>
<div class="lb-trans"><p>亞馬遜在人工智能方面的優勢可能對市場的價值並不如沃爾瑪的穩定性和零售實力那麼重要。事實上，儘管亞馬遜今年表現強勁，對人工智能的熱情高漲，但在年末時，沃爾瑪的表現超過了它：</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/14308fbe2ef64c1b19c4d77f7406d2a4.png" alt="" original-src="https://media.ycharts.com/charts/14308fbe2ef64c1b19c4d77f7406d2a4.png"/></p>
<p>AMZN total return level; data by YCharts.</p>
<div class="lb-trans"><p>AMZN 總回報水平；數據來源於 YCharts。</p>
</div><p>Let's compare recent performance.</p>
<div class="lb-trans"><p>讓我們比較一下最近的表現。</p>
</div><table>
<thead>
<tr>
<th>Metric</th>
<th>Q3 24</th>
<th>Q2 24</th>
<th>Q1 24</th>
<th>Q4 23</th>
</tr>
</thead>
<tbody>
<tr>
<td>Amazon sales growth</td>
<td>11%</td>
<td>10%</td>
<td>13%</td>
<td>14%</td>
</tr>
<tr>
<td>Walmart sales growth</td>
<td>5.5%</td>
<td>4.8%</td>
<td>6%</td>
<td>5.7%</td>
</tr>
<tr>
<td>Amazon operating income growth</td>
<td>55%</td>
<td>91%</td>
<td>218%</td>
<td>389%</td>
</tr>
<tr>
<td>Walmart operating income growth</td>
<td>8.2%</td>
<td>8.5%</td>
<td>9.6%</td>
<td>30.4%</td>
</tr>
</tbody>
</table>
<div class="lb-trans"><table>
<thead>
<tr>
<th>指標</th>
<th>Q3 24</th>
<th>Q2 24</th>
<th>Q1 24</th>
<th>Q4 23</th>
</tr>
</thead>
<tbody>
<tr>
<td>亞馬遜銷售增長</td>
<td>11%</td>
<td>10%</td>
<td>13%</td>
<td>14%</td>
</tr>
<tr>
<td>沃爾瑪銷售增長</td>
<td>5.5%</td>
<td>4.8%</td>
<td>6%</td>
<td>5.7%</td>
</tr>
<tr>
<td>亞馬遜營業收入增長</td>
<td>55%</td>
<td>91%</td>
<td>218%</td>
<td>389%</td>
</tr>
<tr>
<td>沃爾瑪營業收入增長</td>
<td>8.2%</td>
<td>8.5%</td>
<td>9.6%</td>
<td>30.4%</td>
</tr>
</tbody>
</table>
</div><p>Data source: Amazon and Walmart quarterly reports. Walmart's quarters are for the fiscal year 2025.</p>
<div class="lb-trans"><p>數據來源：亞馬遜和沃爾瑪的季度報告。沃爾瑪的季度數據為 2025 財年。</p>
</div><p>Even though Amazon has been performing better, the market is valuing Walmart's consistency and value right now. Amazon has a real advantage in AI, but Walmart has a real edge in its stability.</p>
<div class="lb-trans"><p>儘管亞馬遜的表現更好，但市場目前更看重沃爾瑪的一致性和價值。亞馬遜在人工智能方面確實具有優勢，但沃爾瑪在穩定性方面具有真正的優勢。</p>
</div><p>I would say that if you're looking for growth and have more of an appetite for risk, Amazon is still your stock, even though Walmart is outperforming it this year. If you're looking for value and passive income, Walmart is your choice, and its stock performance isn't too shabby, either.</p>
<div class="lb-trans"><p>我會説，如果你在尋找增長並且更能接受風險，亞馬遜仍然是你的股票，儘管沃爾瑪今年的表現超過了它。如果你在尋找價值和被動收入，沃爾瑪是你的選擇，而且它的股票表現也不錯。</p>
</div>

Best Stock to Buy Right Now: Amazon vs. Walmart

- 亞馬遜和沃爾瑪是美國銷售額最大的兩家公司，亞馬遜正逐漸縮小差距。  
- 亞馬遜在電商和雲計算領域佔據領先地位，且 AI 業務正在快速增長。  
- 沃爾瑪則憑藉其龐大的門店網絡和穩定的股息吸引投資者，表現出色。

當前最值得購買的股票：亞馬遜 vs. 沃爾瑪