<p>到 2024 年底，一個名為量子計算的新興人工智能（AI）領域開始引起投資界的廣泛關注。似乎一夜之間，<strong>IonQ</strong>、<strong>D-Wave Quantum</strong> 和 <strong>Rigetti Computing</strong> 等股票成為了量子計算領域的熱門名稱。</p>
<p>聰明的投資者明白，僅僅因為一家公司開始受到關注，並不一定意味着它是一個明智的投資選擇。雖然上述公司在過去幾個月中經歷了顯著的增長，但大部分買入活動是基於動量驅動的敍述。正如我之前所表達的，如果你打算投資量子計算，我認為最明智的選擇是圍繞&#34;七大奇蹟&#34;成員，如 <strong>Nvidia</strong> 或 <strong>Alphabet</strong>。</p>
<p>就在幾天前，我最喜歡的七大奇蹟股票 <strong>亞馬遜</strong>（AMZN 0.48%）宣佈了一項與公司量子計算努力相關的有趣進展。接下來，讓我們探討亞馬遜如何在量子革命中嶄露頭角，並評估這將如何在長期內助力公司的 AI 雄心。</p>
<h2>亞馬遜在量子計算中扮演了什麼角色？</h2>
<p>經典計算（即我們今天使用的計算方式）是建立在二進制代碼或比特（如 0 和 1）的基礎上的。量子計算並不遵循這樣的線性方法。在量子力學中，量子比特（qubits）可以同時存在於多種狀態中——這一現象被稱為疊加態。理論上，這種方法使量子計算機能夠以比今天的經典計算機更快的速度處理複雜算法。</p>
<p>雖然這一切聽起來很不錯，但亞馬遜的科學家指出：</p>
<blockquote>
<p>振動、熱量、來自手機和 Wi-Fi 網絡的電磁干擾，甚至來自外太空的宇宙射線和輻射，都可能使量子比特失去其量子狀態，從而導致量子計算中的錯誤。</p>
</blockquote>
<p>這種去相干現象導致量子比特錯誤率高，這是亞馬遜希望解決的問題。該公司的新量子芯片 Ocelot 在其架構中集成了錯誤修正。這是一種獨特的方法，因為這意味着需要集成的量子比特數量較少，以抵消錯誤修正。因此，計算過程應該更加高效（成本更低），這可能使亞馬遜在構建一個易於擴展的量子平台時佔據優勢。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MDk2MDcvZ2V0dHlpbWFnZXMtMjE1NjYxNTg2Mi0yLmpwZyZ3PTcwMA?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-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MDk2MDcvZ2V0dHlpbWFnZXMtMjE1NjYxNTg2Mi0yLmpwZyZ3PTcwMA"/></p>
<p>圖片來源：Getty Images。</p>
<h2>量子計算將如何在長期內幫助亞馬遜？</h2>
<p>在過去的幾年中，亞馬遜在一項激進的 AI 基礎設施計劃中投資了數十億美元。該公司一些更顯著的舉措包括向 Anthropic 投資 80 億美元，以及開發自己的定製硅解決方案——Trainium 和 Inferentia 芯片。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MDk2MDcvc2NyZWVuc2hvdC0yMDI1LTAzLTAyLTExMzYyNS5qcGcmdz03MDA?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-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MDk2MDcvc2NyZWVuc2hvdC0yMDI1LTAzLTAyLTExMzYyNS5qcGcmdz03MDA"/></p>
<p>圖片來源：投資者關係。</p>
<p>到目前為止，亞馬遜不斷上升的資本支出（capex）似乎正在獲得回報。該公司在其雲基礎設施業務——亞馬遜網絡服務（AWS）中見證了顯著的加速，同時利潤也在上升。收入加速和利潤率擴大的結合為亞馬遜提供了財務靈活性，使其能夠加大對 AI 基礎設施的投資，現在還包括進入量子計算領域。</p>
<p>儘管該公司仍需面對來自微軟和 Alphabet 的競爭，但我認為亞馬遜在 Ocelot 方面的差異化方法與可擴展性相關，可能會導致更快的客户獲取。因此，我將量子計算視為 AWS 的一個令人興奮的新篇章——這可能在長期內帶來更進一步的收入和利潤增長。</p>
<h2>現在亞馬遜股票值得購買嗎？</h2>
<p>在過去一個月中，亞馬遜股票下跌了約 11%。雖然一些拋售可能與圍繞通貨膨脹的宏觀經濟擔憂或華盛頓新關税政策的未知影響有關，但我確實認為與亞馬遜相關的某些風險被認為是存在的。</p>
<p>具體來説，該公司的管理層預計今年的資本支出將超過 1000 億美元。我認為一些投資者可能會對這個鉅額數字感到不安。但正如我上面所指出的，該公司的資本支出大部分是針對 AWS——一個在收入和利潤兩方面都在加速增長的業務。</p>
<p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/26d03f6bbd11d8108ff56195e3fe5df3.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/26d03f6bbd11d8108ff56195e3fe5df3.png"/></p>
<p>AMZN 自由現金流價格數據來源於 YCharts。</p>
<p>儘管如此，投資者似乎並沒有看好亞馬遜的激進增長戰略。目前，亞馬遜股票的自由現金流（P/FCF）倍數為 69——遠低於該公司五年平均的 104。我覺得這種差異有點諷刺，因為亞馬遜今天是一個比幾年前更大、更有盈利能力的企業。此外，我認為隨着 AI 在亞馬遜更廣泛的生態系統中得到更深入的整合，該公司的當前增長水平有很大的機會進一步上升。</p>
<p>該公司對量子計算的探索凸顯了亞馬遜致力於構建一個多元化 AI 平台的承諾，我認為這將代表又一項在長期內獲得豐厚回報的投資。對我來説，亞馬遜股票現在對於具有長期投資視野的投資者來説是一個便宜的選擇。</p>

亞馬遜

<p>亞馬遜在量子計算方面取得了進展，推出了新芯片 Ocelot，該芯片集成了錯誤修正以提高效率。這一發展與亞馬遜在人工智能基礎設施方面的更廣泛投資相一致，包括在其雲服務 AWS 上的重大資本支出。儘管最近股價因宏觀經濟擔憂和高資本支出指引而下跌了 11%，但亞馬遜的增長戰略和量子計算的進展可能在長期內帶來收入和利潤的增加。目前，亞馬遜的股票交易價格相較於其五年平均水平的自由現金流倍數較低，暗示隨着人工智能整合的擴展，存在增長的潛力</p>

<p>Toward the end of 2024, a new pocket of the artificial intelligence (AI) realm called quantum computing started receiving quite a bit of interest from the investment world. Seemingly overnight, stocks such as <strong>IonQ</strong>, <strong>D-Wave Quantum</strong>, and <strong>Rigetti Computing</strong> emerged as popular names leading the quantum computing charge.</p>
<div class="lb-trans"><p>到 2024 年底，一個名為量子計算的新興人工智能（AI）領域開始引起投資界的廣泛關注。似乎一夜之間，<strong>IonQ</strong>、<strong>D-Wave Quantum</strong> 和 <strong>Rigetti Computing</strong> 等股票成為了量子計算領域的熱門名稱。</p>
</div><p>Smart investors understand that just because a company begins rising in popularity doesn't necessarily make it a sound investment choice, though. While the companies above have witnessed pronounced gains over the last few months, much of the buying activity is rooted in momentum-driven narratives. As I've previously expressed, if you're going to explore investing in quantum computing, then I think the most prudent options revolve around &#34;Magnificent Seven&#34; members like <strong>Nvidia</strong> or <strong>Alphabet</strong>.</p>
<div class="lb-trans"><p>聰明的投資者明白，僅僅因為一家公司開始受到關注，並不一定意味着它是一個明智的投資選擇。雖然上述公司在過去幾個月中經歷了顯著的增長，但大部分買入活動是基於動量驅動的敍述。正如我之前所表達的，如果你打算投資量子計算，我認為最明智的選擇是圍繞&#34;七大奇蹟&#34;成員，如 <strong>Nvidia</strong> 或 <strong>Alphabet</strong>。</p>
</div><p>Just a few days ago, my favorite Magnificent Seven stock, <strong>Amazon</strong>(AMZN 0.48%), announced an interesting development as it pertains to the company's quantum computing efforts. Below, let's explore how Amazon is making a splash in the quantum revolution and assess how it could help supercharge the company's AI ambitions in the long run.</p>
<div class="lb-trans"><p>就在幾天前，我最喜歡的七大奇蹟股票 <strong>亞馬遜</strong>（AMZN 0.48%）宣佈了一項與公司量子計算努力相關的有趣進展。接下來，讓我們探討亞馬遜如何在量子革命中嶄露頭角，並評估這將如何在長期內助力公司的 AI 雄心。</p>
</div><h2>How is Amazon playing a role in quantum computing?</h2>
<div class="lb-trans"><h2>亞馬遜在量子計算中扮演了什麼角色？</h2>
</div><p>Classical computing (which is what we use today) is built on a foundation of binary code or bits, such as 0 and 1. Quantum computing does not follow such a linear approach. In quantum mechanics, qubits (quantum bits) can exist in multiple states at the same time -- a phenomenon known as superposition. In theory, this approach allows quantum computers to process complex algorithms at faster speeds compared to today's classic computers.</p>
<div class="lb-trans"><p>經典計算（即我們今天使用的計算方式）是建立在二進制代碼或比特（如 0 和 1）的基礎上的。量子計算並不遵循這樣的線性方法。在量子力學中，量子比特（qubits）可以同時存在於多種狀態中——這一現象被稱為疊加態。理論上，這種方法使量子計算機能夠以比今天的經典計算機更快的速度處理複雜算法。</p>
</div><p>While this all sounds great, scientists at Amazon point this out:</p>
<div class="lb-trans"><p>雖然這一切聽起來很不錯，但亞馬遜的科學家指出：</p>
</div><blockquote>
<p>Vibrations, heat, electromagnetic interference from cellphones and Wi-Fi networks, or even cosmic rays and radiation from outer space, can all knock qubits out of their quantum state, causing errors in the quantum computation being performed.</p>
</blockquote>
<div class="lb-trans"><blockquote>
<p>振動、熱量、來自手機和 Wi-Fi 網絡的電磁干擾，甚至來自外太空的宇宙射線和輻射，都可能使量子比特失去其量子狀態，從而導致量子計算中的錯誤。</p>
</blockquote>
</div><p>This decoherence results in high levels of qubit errors, a problem that Amazon is looking to solve. The company's new quantum chip, dubbed Ocelot, integrates error correction into its architecture. This is a unique approach, as it implies that fewer qubits need to be integrated to counter error correction. As such, computation processes should be more efficient (less expensive), which potentially gives Amazon an edge as it looks to build a quantum platform that can be easily scaled.</p>
<div class="lb-trans"><p>這種去相干現象導致量子比特錯誤率高，這是亞馬遜希望解決的問題。該公司的新量子芯片 Ocelot 在其架構中集成了錯誤修正。這是一種獨特的方法，因為這意味着需要集成的量子比特數量較少，以抵消錯誤修正。因此，計算過程應該更加高效（成本更低），這可能使亞馬遜在構建一個易於擴展的量子平台時佔據優勢。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MDk2MDcvZ2V0dHlpbWFnZXMtMjE1NjYxNTg2Mi0yLmpwZyZ3PTcwMA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F809607%2Fgettyimages-2156615862-2.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>How could quantum computing help Amazon in the long run?</h2>
<div class="lb-trans"><h2>量子計算將如何在長期內幫助亞馬遜？</h2>
</div><p>Over the last couple of years, Amazon has invested billions into an aggressive AI infrastructure plan. Some of the company's more notable moves include investing $8 billion into Anthropic, as well as developing its own custom silicon solutions -- Trainium and Inferentia chips.</p>
<div class="lb-trans"><p>在過去的幾年中，亞馬遜在一項激進的 AI 基礎設施計劃中投資了數十億美元。該公司一些更顯著的舉措包括向 Anthropic 投資 80 億美元，以及開發自己的定製硅解決方案——Trainium 和 Inferentia 芯片。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MDk2MDcvc2NyZWVuc2hvdC0yMDI1LTAzLTAyLTExMzYyNS5qcGcmdz03MDA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F809607%2Fscreenshot-2025-03-02-113625.jpg&amp;op=resize&amp;w=700"/></p>
<p>Image source: Investor Relations.</p>
<div class="lb-trans"><p>圖片來源：投資者關係。</p>
</div><p>So far, Amazon's rising capital expenditures (capex) appear to be paying off. The company is witnessing notable acceleration in its cloud infrastructure business, Amazon Web Services (AWS), coupled with rising profits. The combination of accelerating revenue and widening profit margins is providing Amazon with the financial flexibility to double down on its AI infrastructure investments, which now include a foray into quantum computing.</p>
<div class="lb-trans"><p>到目前為止，亞馬遜不斷上升的資本支出（capex）似乎正在獲得回報。該公司在其雲基礎設施業務——亞馬遜網絡服務（AWS）中見證了顯著的加速，同時利潤也在上升。收入加速和利潤率擴大的結合為亞馬遜提供了財務靈活性，使其能夠加大對 AI 基礎設施的投資，現在還包括進入量子計算領域。</p>
</div><p>While the company should continue to witness competition from Microsoft and Alphabet, I think Amazon's differentiated approach with Ocelot as it relates to scalability could lead to faster customer acquisition. As a result, I see quantum computing as an exciting new chapter for AWS -- and one that could lead to even further revenue and profit growth in the long run.</p>
<div class="lb-trans"><p>儘管該公司仍需面對來自微軟和 Alphabet 的競爭，但我認為亞馬遜在 Ocelot 方面的差異化方法與可擴展性相關，可能會導致更快的客户獲取。因此，我將量子計算視為 AWS 的一個令人興奮的新篇章——這可能在長期內帶來更進一步的收入和利潤增長。</p>
</div><h2>Is Amazon stock a buy right now?</h2>
<div class="lb-trans"><h2>現在亞馬遜股票值得購買嗎？</h2>
</div><p>Over the past month, Amazon stock has fallen by about 11%. While some of the selling is likely tied to macroeconomic concerns surrounding inflation or the unknown impacts of new tariff policies out of Washington, I do think there is some perceived risk at it relates to Amazon specifically.</p>
<div class="lb-trans"><p>在過去一個月中，亞馬遜股票下跌了約 11%。雖然一些拋售可能與圍繞通貨膨脹的宏觀經濟擔憂或華盛頓新關税政策的未知影響有關，但我確實認為與亞馬遜相關的某些風險被認為是存在的。</p>
</div><p>Namely, the company's management is guiding for over $100 billion of capex spending just this year. I think some investors may be skittish over that huge sum. But as I pointed out above, the majority of the company's capex spend has been geared toward AWS -- a business that is accelerating across both the top and bottom lines.</p>
<div class="lb-trans"><p>具體來説，該公司的管理層預計今年的資本支出將超過 1000 億美元。我認為一些投資者可能會對這個鉅額數字感到不安。但正如我上面所指出的，該公司的資本支出大部分是針對 AWS——一個在收入和利潤兩方面都在加速增長的業務。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/26d03f6bbd11d8108ff56195e3fe5df3.png" alt="" original-src="https://media.ycharts.com/charts/26d03f6bbd11d8108ff56195e3fe5df3.png"/></p>
<p>AMZN Price to Free Cash Flow data by YCharts.</p>
<div class="lb-trans"><p>AMZN 自由現金流價格數據來源於 YCharts。</p>
</div><p>Nevertheless, investors don't seem to have bought into Amazon's aggressive growth strategy. Right now, Amazon stock trades for a price-to-free cash flow (P/FCF) multiple of 69 -- well below the company's five-year average of 104. I find this disparity a little ironic considering Amazon is a larger, more profitable business today than it was years ago. Moreover, I think the company's current growth levels have a good chance of rising further as AI becomes more integrated across Amazon's broader ecosystem.</p>
<div class="lb-trans"><p>儘管如此，投資者似乎並沒有看好亞馬遜的激進增長戰略。目前，亞馬遜股票的自由現金流（P/FCF）倍數為 69——遠低於該公司五年平均的 104。我覺得這種差異有點諷刺，因為亞馬遜今天是一個比幾年前更大、更有盈利能力的企業。此外，我認為隨着 AI 在亞馬遜更廣泛的生態系統中得到更深入的整合，該公司的當前增長水平有很大的機會進一步上升。</p>
</div><p>The company's exploration of quantum computing underscores Amazon's commitment to building a diversified AI platform, and I think it will represent yet another investment that pays off in spades in the long run. To me, Amazon stock is a bargain right now for investors with a long-term time horizon.</p>
<div class="lb-trans"><p>該公司對量子計算的探索凸顯了亞馬遜致力於構建一個多元化 AI 平台的承諾，我認為這將代表又一項在長期內獲得豐厚回報的投資。對我來説，亞馬遜股票現在對於具有長期投資視野的投資者來説是一個便宜的選擇。</p>
</div>

My Favorite "Magnificent Seven" Stock Just Joined the Quantum Computing Revolution (Hint: It's Not Nvidia)

- 2024 年底，量子計算引起投資者關注，IonQ、D-Wave Quantum 等公司股票上漲。  
- 亞馬遜推出新量子芯片 Ocelot，集成錯誤修正，提升計算效率。  
- 亞馬遜在 AI 基礎設施上投資數十億美元，量子計算有望推動長期收入增長。

我最喜歡的 “七大天王” 股票剛剛加入了量子計算革命（提示：它不是英偉達）