<p>在人工智能（AI）領域的機會方面，像 <strong>微軟</strong>、<strong>英偉達</strong>、<strong>蘋果</strong>、<strong>特斯拉</strong>、<strong>Meta Platforms</strong>、<strong>谷歌母公司 Alphabet</strong> 和 <strong>亞馬遜</strong>（AMZN 1.92%）等大型科技巨頭總是能找到成為焦點的方法。</p>
<p>被稱為 &#34;七大巨頭&#34; 的這些科技巨頭正在以多種方式引領 AI 革命。雖然我認為投資於每家公司都有幾個好處，但亞馬遜無疑是我最看好的選擇。</p>
<p>在過去一年中，亞馬遜的股價飆升了 49%——輕鬆超越了 <strong>標準普爾 500 指數</strong> 和 <strong>納斯達克綜合指數</strong>。儘管取得了這些令人印象深刻的收益，我認為亞馬遜的派對才剛剛開始。</p>
<p>我將深入探討亞馬遜如何構建一個值得密切關注的 AI 路線圖。此外，我還將探討該公司的舉措如何在未來幾年內影響股價，並論證為什麼亞馬遜在當前的 AI 世界中看起來是一個絕佳機會。</p>
<h2>賺錢需要花錢</h2>
<p>在我看來，亞馬遜是一家被誤解的企業。公司的主要銷售和利潤來源於其電子商務市場和雲計算基礎設施。然而，這兩個領域都相當容易受到通貨膨脹和利率等宏觀經濟因素的影響。因此，亞馬遜可能會經歷較長時間的不穩定的收入和利潤增長。</p>
<p>儘管財務狀況存在這些波動，亞馬遜明確表明了一點：管理層不怕花錢。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MDQ0NzkvYW1hem9uLWNhcGV4LmpwZyZ3PTcwMA?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-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MDQ0NzkvYW1hem9uLWNhcGV4LmpwZyZ3PTcwMA"/></p>
<p>數據來源：投資者關係。</p>
<p>亞馬遜在資本支出（capex）投資上加大了力度。表面上，我理解這種規模的支出可能會引起一些擔憂。但看看亞馬遜的現金流狀況——在過去一年中，公司運營現金流和自由現金流分別增長了 57% 和 123%。</p>
<p>我將深入探討這些資本支出投資的去向，並論證為什麼亞馬遜的下一個增長浪潮才剛剛開始。</p>
<h2>亞馬遜的業務正在加速，可能會進入全新階段</h2>
<p>根據公司最新的 10-Q 文件，顯示的資本支出中有很大一部分被分配用於 &#34;技術基礎設施投資（其中大部分是為了支持 AWS 業務增長）&#34;。</p>
<table>
<thead>
<tr>
<th>類別</th>
<th>3Q23</th>
<th>4Q23</th>
<th>1Q24</th>
<th>2Q24</th>
<th>3Q24</th>
</tr>
</thead>
<tbody>
<tr>
<td>亞馬遜網絡服務收入增長 -- 年同比百分比</td>
<td>12%</td>
<td>13%</td>
<td>17%</td>
<td>19%</td>
<td>19%</td>
</tr>
<tr>
<td>亞馬遜網絡服務營業收入增長 -- 年同比百分比</td>
<td>30%</td>
<td>39%</td>
<td>83%</td>
<td>72%</td>
<td>50%</td>
</tr>
</tbody>
</table>
<p>數據來源：投資者關係。</p>
<p>在過去一年中，亞馬遜宣佈了幾項舉措，包括構建自己的定製芯片、建立自己的數據中心，以及向 AI 初創公司 Anthropic 投資 80 億美元。如果你查看亞馬遜雲業務的趨勢表，我認為可以更清楚地看到公司的資本支出投資已經開始產生回報。</p>
<p>此外，考慮到亞馬遜在數據中心和芯片基礎設施方面的舉措尚未達到相當規模，我認為投資者應該關注公司在未來幾年內收入和盈利能力的突破性加速。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MDQ0NzkvZ2V0dHlpbWFnZXMtNDkxMzExNDAwLmpwZyZ3PTcwMA?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-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MDQ0NzkvZ2V0dHlpbWFnZXMtNDkxMzExNDAwLmpwZyZ3PTcwMA"/></p>
<p>圖片來源：Getty Images。</p>
<h2>亞馬遜可能成為最大的 AI 贏家</h2>
<p>在我看來，解鎖亞馬遜下一個增長階段的關鍵是 AI 基礎設施。值得注意的是，Wedbush Securities 的技術研究負責人 Dan Ives 預測未來幾年將在 AI 基礎設施上花費數萬億。</p>
<p>這些動態將成為像亞馬遜這樣的雲計算巨頭的主要助力。這是一個大問題，因為亞馬遜大部分的盈利來自其雲業務 AWS。我的看法是，隨着亞馬遜的利潤率擴大，現金流和盈利能力複合增長，公司的估值倍數應該會顯著擴大。</p>
<p>三年後，我可以看到亞馬遜成為全球最有價值的 AI 公司。然而現在，股票的價格簡直是個便宜貨。亞馬遜的自由現金流僅為其五年平均水平的一半，交易倍數僅為 56 倍。</p>
<p>在我看來，現在是大量購買亞馬遜股票的絕佳機會。更好的日子似乎即將到來，我認為更多投資者開始意識到公司的潛力只是時間問題。</p>

亞馬遜

<p>亞馬遜被視為人工智能領域的頂級投資，過去一年股價上漲了 49%。儘管面臨宏觀經濟挑戰，公司仍在增加資本支出，特別是在技術基礎設施方面，以支持 AWS 的增長。分析師預測在人工智能基礎設施上的支出將顯著增加，這可能會提升亞馬遜的盈利能力和估值。目前，亞馬遜的自由現金流市盈率為 56 倍，被視為一個划算的投資，預計在三年內有潛力成為最有價值的人工智能公司</p>

<p>When it comes to opportunities in the artificial intelligence (AI) arena, big tech stalwarts such as <strong>Microsoft</strong>, <strong>Nvidia</strong>, <strong>Apple</strong>, <strong>Tesla</strong>, <strong>Meta Platforms</strong>, <strong>Alphabet</strong>, and <strong>Amazon</strong>(AMZN 1.92%) always seem to find a way to be in the spotlight.</p>
<div class="lb-trans"><p>在人工智能（AI）領域的機會方面，像 <strong>微軟</strong>、<strong>英偉達</strong>、<strong>蘋果</strong>、<strong>特斯拉</strong>、<strong>Meta Platforms</strong>、<strong>谷歌母公司 Alphabet</strong> 和 <strong>亞馬遜</strong>（AMZN 1.92%）等大型科技巨頭總是能找到成為焦點的方法。</p>
</div><p>Known as the &#34;Magnificent Seven&#34;, these technology behemoths are leading the charge in the AI revolution in myriad ways. And while I see several benefits to invest in each, Amazon is by far my top pick.</p>
<div class="lb-trans"><p>被稱為 &#34;七大巨頭&#34; 的這些科技巨頭正在以多種方式引領 AI 革命。雖然我認為投資於每家公司都有幾個好處，但亞馬遜無疑是我最看好的選擇。</p>
</div><p>Over the last year, shares of Amazon have soared by 49% -- handily topping the <strong>S&amp;P 500</strong> and <strong>Nasdaq Composite</strong>. And yet despite these impressive gains, I think Amazon's party is just getting started.</p>
<div class="lb-trans"><p>在過去一年中，亞馬遜的股價飆升了 49%——輕鬆超越了 <strong>標準普爾 500 指數</strong> 和 <strong>納斯達克綜合指數</strong>。儘管取得了這些令人印象深刻的收益，我認為亞馬遜的派對才剛剛開始。</p>
</div><p>I'm going to dive into how Amazon is building an AI roadmap that should be watched closely. Moreover, I'll explore how the company's moves could impact the stock price over the next several years and make the case for why Amazon looks like a prime opportunity in the AI world right now.</p>
<div class="lb-trans"><p>我將深入探討亞馬遜如何構建一個值得密切關注的 AI 路線圖。此外，我還將探討該公司的舉措如何在未來幾年內影響股價，並論證為什麼亞馬遜在當前的 AI 世界中看起來是一個絕佳機會。</p>
</div><h2>It takes money to make money</h2>
<div class="lb-trans"><h2>賺錢需要花錢</h2>
</div><p>In my opinion, Amazon is a misunderstood business. The company's primary sources of sales and profits stem from its e-commerce marketplace and cloud computing infrastructure. However, both of these segments are quite exposed to macroeconomic forces such as inflation and interest rates. For this reason, Amazon can experience prolonged periods of inconsistent top- and-bottom-line growth.</p>
<div class="lb-trans"><p>在我看來，亞馬遜是一家被誤解的企業。公司的主要銷售和利潤來源於其電子商務市場和雲計算基礎設施。然而，這兩個領域都相當容易受到通貨膨脹和利率等宏觀經濟因素的影響。因此，亞馬遜可能會經歷較長時間的不穩定的收入和利潤增長。</p>
</div><p>Nevertheless, despite these fluctuations across the financial profile, Amazon has made one thing clear: Management is not afraid to spend money.</p>
<div class="lb-trans"><p>儘管財務狀況存在這些波動，亞馬遜明確表明了一點：管理層不怕花錢。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MDQ0NzkvYW1hem9uLWNhcGV4LmpwZyZ3PTcwMA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F804479%2Famazon-capex.jpg&amp;op=resize&amp;w=700"/></p>
<p>Data source: Investor relations.</p>
<div class="lb-trans"><p>數據來源：投資者關係。</p>
</div><p>Amazon has been doubling down on its capital expenditure (capex) investments for a while now. On the surface, I understand why spending of this magnitude could cause some trepidation. But just look at Amazon's cash flow profile -- over the last year, the company has increased its operating cash flow and free cash flow by 57% and 123%, respectively.</p>
<div class="lb-trans"><p>亞馬遜在資本支出（capex）投資上加大了力度。表面上，我理解這種規模的支出可能會引起一些擔憂。但看看亞馬遜的現金流狀況——在過去一年中，公司運營現金流和自由現金流分別增長了 57% 和 123%。</p>
</div><p>I'm going to dig deeper into where these capex investments are going and make the case for why Amazon's next growth wave is just getting started.</p>
<div class="lb-trans"><p>我將深入探討這些資本支出投資的去向，並論證為什麼亞馬遜的下一個增長浪潮才剛剛開始。</p>
</div><h2>Amazon's business is accelerating, and it could kick into a whole new gear</h2>
<div class="lb-trans"><h2>亞馬遜的業務正在加速，可能會進入全新階段</h2>
</div><p>According to the company's latest 10-Q filing, a good portion of the capex spend shown is being allocated toward &#34;investments in technology infrastructure (the majority of which is to support AWS business growth).&#34;</p>
<div class="lb-trans"><p>根據公司最新的 10-Q 文件，顯示的資本支出中有很大一部分被分配用於 &#34;技術基礎設施投資（其中大部分是為了支持 AWS 業務增長）&#34;。</p>
</div><table>
<thead>
<tr>
<th>Category</th>
<th>3Q23</th>
<th>4Q23</th>
<th>1Q24</th>
<th>2Q24</th>
<th>3Q24</th>
</tr>
</thead>
<tbody>
<tr>
<td>Amazon Web Services revenue growth -- % year over year</td>
<td>12%</td>
<td>13%</td>
<td>17%</td>
<td>19%</td>
<td>19%</td>
</tr>
<tr>
<td>Amazon Web Services operating income growth -- % year over year</td>
<td>30%</td>
<td>39%</td>
<td>83%</td>
<td>72%</td>
<td>50%</td>
</tr>
</tbody>
</table>
<div class="lb-trans"><table>
<thead>
<tr>
<th>類別</th>
<th>3Q23</th>
<th>4Q23</th>
<th>1Q24</th>
<th>2Q24</th>
<th>3Q24</th>
</tr>
</thead>
<tbody>
<tr>
<td>亞馬遜網絡服務收入增長 -- 年同比百分比</td>
<td>12%</td>
<td>13%</td>
<td>17%</td>
<td>19%</td>
<td>19%</td>
</tr>
<tr>
<td>亞馬遜網絡服務營業收入增長 -- 年同比百分比</td>
<td>30%</td>
<td>39%</td>
<td>83%</td>
<td>72%</td>
<td>50%</td>
</tr>
</tbody>
</table>
</div><p>Data source: Investor relations.</p>
<div class="lb-trans"><p>數據來源：投資者關係。</p>
</div><p>Over the last year, Amazon has announced several initiatives, including building its own custom chipware, building its own data centers, and investing $8 billion into an AI start-up, Anthropic. If you take a look at the trends across Amazon's cloud business in the table, I think it becomes more clear that the company's capex investments are already generating a return.</p>
<div class="lb-trans"><p>在過去一年中，亞馬遜宣佈了幾項舉措，包括構建自己的定製芯片、建立自己的數據中心，以及向 AI 初創公司 Anthropic 投資 80 億美元。如果你查看亞馬遜雲業務的趨勢表，我認為可以更清楚地看到公司的資本支出投資已經開始產生回報。</p>
</div><p>Furthermore, considering that Amazon's initiatives in data center and chip infrastructure are still yet to reach considerable scale, I think investors should be on the lookout for some breakout acceleration across the company's revenue and profitability over the next several years.</p>
<div class="lb-trans"><p>此外，考慮到亞馬遜在數據中心和芯片基礎設施方面的舉措尚未達到相當規模，我認為投資者應該關注公司在未來幾年內收入和盈利能力的突破性加速。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MDQ0NzkvZ2V0dHlpbWFnZXMtNDkxMzExNDAwLmpwZyZ3PTcwMA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F804479%2Fgettyimages-491311400.jpg&amp;op=resize&amp;w=700"/></p>
<p>Image source: Getty Images.</p>
<div class="lb-trans"><p>圖片來源：Getty Images。</p>
</div><h2>Amazon could emerge as the biggest AI winner of all</h2>
<div class="lb-trans"><h2>亞馬遜可能成為最大的 AI 贏家</h2>
</div><p>To me, the key that will unlock Amazon's next phase of growth is AI infrastructure. Notably, Dan Ives, who leads technology research at Wedbush Securities, is forecasting trillions to be spent on AI infrastructure over the next few years.</p>
<div class="lb-trans"><p>在我看來，解鎖亞馬遜下一個增長階段的關鍵是 AI 基礎設施。值得注意的是，Wedbush Securities 的技術研究負責人 Dan Ives 預測未來幾年將在 AI 基礎設施上花費數萬億。</p>
</div><p>These dynamics will be a major tailwind for cloud hyperscalers such as Amazon. This is a big deal, because the majority of Amazon's profitability stems from its cloud segment, AWS. My take is that as Amazon's profit margins widen and cash flow and earnings power compound, the company's valuation multiples should begin to expand considerably.</p>
<div class="lb-trans"><p>這些動態將成為像亞馬遜這樣的雲計算巨頭的主要助力。這是一個大問題，因為亞馬遜大部分的盈利來自其雲業務 AWS。我的看法是，隨着亞馬遜的利潤率擴大，現金流和盈利能力複合增長，公司的估值倍數應該會顯著擴大。</p>
</div><p>Three years from now, I could see Amazon emerging as the most valuable AI company in the world. And yet right now, the stock is a downright bargain. Amazon trades at just 56 times its free cash flow, about half its five-year average.</p>
<div class="lb-trans"><p>三年後，我可以看到亞馬遜成為全球最有價值的 AI 公司。然而現在，股票的價格簡直是個便宜貨。亞馬遜的自由現金流僅為其五年平均水平的一半，交易倍數僅為 56 倍。</p>
</div><p>To me, now is an incredible opportunity to buy Amazon stock hand over fist. Better days look to be very much in store, and I think it's only a matter of time before more investors begin to catch on to the company's potential.</p>
<div class="lb-trans"><p>在我看來，現在是大量購買亞馬遜股票的絕佳機會。更好的日子似乎即將到來，我認為更多投資者開始意識到公司的潛力只是時間問題。</p>
</div>

Where Will Amazon Stock Be in 3 Years?

- 亞馬遜在人工智能領域的投資正在加速，預計將推動未來增長。  
- 過去一年，亞馬遜的運營現金流和自由現金流分別增長了 57% 和 123%。  
- 目前亞馬遜的股票估值較低，未來有望成為全球最有價值的人工智能公司。

亞馬遜的股票在三年後會達到什麼水平？