<p><strong>亞馬遜</strong>（AMZN 0.73%）是歷史上表現最好的股票之一，自 1997 年上市以來上漲超過 200,000%。當時的 1,000 美元投資今天將變成超過 200 萬美元。</p>
<p>對於早期持有該股票的投資者來説，亞馬遜帶來了改變人生的回報。它通過開創並確立自己在電子商務和雲計算這兩個龐大行業中的領導地位，實現了這一點，並利用這一優勢支持了高利潤業務的增長，如廣告、第三方市場和其雲基礎設施服務——亞馬遜網絡服務。</p>
<p>然而，過去的表現並不能保證未來在股市上的回報。亞馬遜是否仍然有潛力讓你一生受益？讓我們來調查一下。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MDE3MTIvYW1hem9uLXZhbi5qcGcmdz03MDA?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://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MDE3MTIvYW1hem9uLXZhbi5qcGcmdz03MDA"/></p>
<p>圖片來源：亞馬遜。</p>
<h2>亞馬遜的當前前景</h2>
<p>在其幾乎所有的歷史中，亞馬遜的收入每季度都以 20% 或更高的速度增長，像時鐘一樣規律。然而，隨着公司的成熟，這些日子似乎終於結束了。亞馬遜現在是全球第二大公司，僅次於 <strong>沃爾瑪</strong>，預計今年將產生 6380 億美元的收入。</p>
<p>在第三季度，亞馬遜的收入增長了 11%，達到 158.9 億美元，其中超過一半的收入來自其北美部門，主要由電子商務構成。</p>
<p>自疫情結束以來，亞馬遜的收入增長模式穩定在約 10%，公司已從關注收入增長轉向擴大利潤率。例如，它在亞馬遜 Prime 中增加了廣告，並對第三方賣家收取新費用，進一步鞏固了其在已佔主導地位市場的控制力。它還縮減了全球擴張，現在在國際市場上實現了盈利。</p>
<p>亞馬遜商業模式的成功之處在於，它利用低利潤業務，如其第一方電子商務和 Prime 會員計劃，來擴大客户基礎並與消費者建立信任。在此基礎上，公司能夠通過其第三方市場、AWS 和廣告推動利潤增長，這些業務在第一方電子商務業務成功之前是不存在的。</p>
<p>亞馬遜似乎有望實現更多的底線增長，但公司也專注於新業務，特別是人工智能。它已投資 80 億美元於 Anthropic，這是一家以 Claude 為人知的人工智能初創公司，其 AI 聊天機器人與 OpenAI 的 ChatGPT 競爭。公司還進行了其他投資，如收購自動駕駛技術公司 Zoox。</p>
<p>該公司在人工智能領域的地位似乎不確定。它正在開發用於訓練和推理的芯片，稱為 Trainium 和 Inferentia，併為 AI 工作負載提供名為亞馬遜 Bedrock 的託管服務。然而，亞馬遜的人工智能戰略並不像許多 “七大巨頭” 同行那樣引人注目，其中一些似乎在 ChatGPT 推出之前就已為人工智能做好了準備。</p>
<h2>亞馬遜能否帶來鉅額回報？</h2>
<p>亞馬遜與其早期歷史中的公司不同，現在的市值超過 2 萬億美元。在這個估值下，股票開始面臨大數法則的問題。</p>
<p>如果亞馬遜的股票從這裏翻倍，它的市值將需要從 2.3 萬億美元增長到 4.6 萬億美元，這並不是一件容易的事情。相比之下，股票從 500 億美元翻倍到 1000 億美元要容易得多。</p>
<p>在其高企的市值和放緩的增長率之間，亞馬遜在這一點上似乎不太可能帶來改變人生的回報。這並不意味着亞馬遜不值得擁有。考慮到其眾多競爭優勢，該股票仍然看起來是超越市場的良好選擇。</p>
<p>但如果你在尋找有潛力成為十倍股的股票，最好還是去別處找。一個增長速度更快的小公司將更有可能產生改變人生的回報。</p>

亞馬遜

<p>亞馬遜（AMZN）自上市以來交出了顯著的回報，但其增長在疫情後已放緩至約 10%。該公司正專注於利潤擴張和新業務，包括人工智能，但由於其龐大的市值，面臨挑戰。儘管亞馬遜仍然是一個強勁的投資選擇，但可能無法像過去那樣提供改變生活的回報。尋求顯著增長的投資者可能需要考慮具有更高增長潛力的小型公司</p>

<p><strong>Amazon</strong>(AMZN 0.73%) is one of the best-performing stocks of all time, up more than 200,000% since its IPO in 1997. A $1,000 investment back then would have turned into more than $2 million today.</p>
<div class="lb-trans"><p><strong>亞馬遜</strong>（AMZN 0.73%）是歷史上表現最好的股票之一，自 1997 年上市以來上漲超過 200,000%。當時的 1,000 美元投資今天將變成超過 200 萬美元。</p>
</div><p>For early investors who held the stock, Amazon has delivered life-changing returns. It's done so by pioneering and establishing itself as a leader in two massive industries, e-commerce and cloud computing, and it has used that to support the growth of high-margin businesses like advertising, its third-party marketplace, and its cloud infrastructure service, Amazon Web Services.</p>
<div class="lb-trans"><p>對於早期持有該股票的投資者來説，亞馬遜帶來了改變人生的回報。它通過開創並確立自己在電子商務和雲計算這兩個龐大行業中的領導地位，實現了這一點，並利用這一優勢支持了高利潤業務的增長，如廣告、第三方市場和其雲基礎設施服務——亞馬遜網絡服務。</p>
</div><p>However, past performance doesn't guarantee future returns on the stock market. Does Amazon still have the potential to set you up for life? Let's investigate.</p>
<div class="lb-trans"><p>然而，過去的表現並不能保證未來在股市上的回報。亞馬遜是否仍然有潛力讓你一生受益？讓我們來調查一下。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MDE3MTIvYW1hem9uLXZhbi5qcGcmdz03MDA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F801712%2Famazon-van.jpg&amp;op=resize&amp;w=700"/></p>
<p>Image source: Amazon.</p>
<div class="lb-trans"><p>圖片來源：亞馬遜。</p>
</div><h2>Amazon's current prospects</h2>
<div class="lb-trans"><h2>亞馬遜的當前前景</h2>
</div><p>For nearly all of its history, Amazon grew its revenue by 20% or more every quarter like clockwork. However, those days seem to have finally come to an end as the company has matured. Amazon is now the second-biggest company in the world by revenue behind only <strong>Walmart</strong>, and it's on track to generate $638 billion this year.</p>
<div class="lb-trans"><p>在其幾乎所有的歷史中，亞馬遜的收入每季度都以 20% 或更高的速度增長，像時鐘一樣規律。然而，隨着公司的成熟，這些日子似乎終於結束了。亞馬遜現在是全球第二大公司，僅次於 <strong>沃爾瑪</strong>，預計今年將產生 6380 億美元的收入。</p>
</div><p>In the third quarter, Amazon's revenue rose 11% to $158.9 million, with more than half of its revenue coming from its North America segment, which is primarily made up of e-commerce.</p>
<div class="lb-trans"><p>在第三季度，亞馬遜的收入增長了 11%，達到 158.9 億美元，其中超過一半的收入來自其北美部門，主要由電子商務構成。</p>
</div><p>Amazon settled into a pattern of revenue growth of around 10% since the end of the pandemic, and the company has shifted from a focus on revenue growth to instead expanding margins. For example, it's added advertising to Amazon Prime and added new fees on its third-party sellers, tightening its grip over a market it already dominates. It also scaled back its global expansion and is now turning a profit in international markets.</p>
<div class="lb-trans"><p>自疫情結束以來，亞馬遜的收入增長模式穩定在約 10%，公司已從關注收入增長轉向擴大利潤率。例如，它在亞馬遜 Prime 中增加了廣告，並對第三方賣家收取新費用，進一步鞏固了其在已佔主導地位市場的控制力。它還縮減了全球擴張，現在在國際市場上實現了盈利。</p>
</div><p>What works so well about Amazon's business model is that it's used low-margin businesses like its first-party e-commerce and its Prime membership program to grow its customer base and establish trust with consumers. From there, the company has been able to drive margin growth through its third-party marketplace, AWS, and advertising, all businesses that wouldn't exist without the success of the first-party e-commerce business.</p>
<div class="lb-trans"><p>亞馬遜商業模式的成功之處在於，它利用低利潤業務，如其第一方電子商務和 Prime 會員計劃，來擴大客户基礎並與消費者建立信任。在此基礎上，公司能夠通過其第三方市場、AWS 和廣告推動利潤增長，這些業務在第一方電子商務業務成功之前是不存在的。</p>
</div><p>Amazon seems likely to generate more bottom-line growth, but the company is also focused on new businesses, in particular AI. It has invested $8 billion in Anthropic, an AI start-up known for Claude, its AI chatbot that competes with OpenAI's ChatGPT. The company has made other investments like its acquisition of autonomous vehicle technology company Zoox.</p>
<div class="lb-trans"><p>亞馬遜似乎有望實現更多的底線增長，但公司也專注於新業務，特別是人工智能。它已投資 80 億美元於 Anthropic，這是一家以 Claude 為人知的人工智能初創公司，其 AI 聊天機器人與 OpenAI 的 ChatGPT 競爭。公司還進行了其他投資，如收購自動駕駛技術公司 Zoox。</p>
</div><p>The company's position in AI seems uncertain. It's developing its chips for training and inference, called Trainium and Inferentia, and it hosts a managed service for AI workloads called Amazon Bedrock. However, Amazon's AI strategy is not as compelling as many of its &#34;Magnificent Seven&#34; peers', some of whom seem to have been preparing for AI before the launch of ChatGPT.</p>
<div class="lb-trans"><p>該公司在人工智能領域的地位似乎不確定。它正在開發用於訓練和推理的芯片，稱為 Trainium 和 Inferentia，併為 AI 工作負載提供名為亞馬遜 Bedrock 的託管服務。然而，亞馬遜的人工智能戰略並不像許多 “七大巨頭” 同行那樣引人注目，其中一些似乎在 ChatGPT 推出之前就已為人工智能做好了準備。</p>
</div><h2>Can Amazon deliver monster returns?</h2>
<div class="lb-trans"><h2>亞馬遜能否帶來鉅額回報？</h2>
</div><p>Amazon is a different company than it was earlier in its history, and its market cap now tops $2 trillion. At that valuation, the stock is starting to run into the law of large numbers problem.</p>
<div class="lb-trans"><p>亞馬遜與其早期歷史中的公司不同，現在的市值超過 2 萬億美元。在這個估值下，股票開始面臨大數法則的問題。</p>
</div><p>If Amazon stock were to double from here, it would have to grow its market cap from $2.3 billion to $4.6 billion, which is not an easy feat. By comparison, it's much easier for a stock to double from, say, $50 billion to $100 billion.</p>
<div class="lb-trans"><p>如果亞馬遜的股票從這裏翻倍，它的市值將需要從 2.3 萬億美元增長到 4.6 萬億美元，這並不是一件容易的事情。相比之下，股票從 500 億美元翻倍到 1000 億美元要容易得多。</p>
</div><p>Between its sky-high market cap and its slowing growth rate, Amazon seems unlikely to deliver life-changing returns at this point. That doesn't mean that Amazon isn't worth owning. The stock still looks like a good bet to outperform the market, given its myriad competitive advantages.</p>
<div class="lb-trans"><p>在其高企的市值和放緩的增長率之間，亞馬遜在這一點上似乎不太可能帶來改變人生的回報。這並不意味着亞馬遜不值得擁有。考慮到其眾多競爭優勢，該股票仍然看起來是超越市場的良好選擇。</p>
</div><p>But if you're looking for a stock with the potential to be a 10-bagger, you're better off looking somewhere else. A smaller company with a faster growth rate will have a better chance of generating life-changing returns.</p>
<div class="lb-trans"><p>但如果你在尋找有潛力成為十倍股的股票，最好還是去別處找。一個增長速度更快的小公司將更有可能產生改變人生的回報。</p>
</div>

Could Buying Amazon Stock Today Set You Up Life?

- 亞馬遜自 1997 年 IPO 以來股價上漲超過 200,000%。
- 目前亞馬遜的收入增長已放緩至約 10%，並專注於擴大利潤率。
- 儘管亞馬遜仍具競爭優勢，但未來實現大幅回報的可能性較小。

今天購買亞馬遜股票能讓你一生無憂嗎？