<p>儘管 <strong>微軟</strong> 最近在數據中心建設方面放棄了一些租約，但 <strong>亞馬遜</strong>(AMZN 2.01%) 和 <strong>谷歌</strong>(GOOGL 2.79%)(GOOG 2.56%) 似乎準備全速前進。</p>
<p>微軟仍計劃在本財年內在人工智能（AI）基礎設施資本支出（capex）上花費約 800 億美元，但其財年將在 6 月結束，距離現在只有幾個月。然而，它正在暫停一些早期項目，顯然是因為它的需求與其人工智能合作伙伴 OpenAI 的需求正在朝不同方向發展。就 OpenAI 而言，它希望擴展自己的能力；這也是 “星際計劃” 的一部分，該計劃計劃在未來幾年內在人工智能數據中心上花費 5000 億美元。</p>
<p>然而，亞馬遜和谷歌都計劃在 2025 年大舉投資。谷歌最近重申，今年將在數據中心資本支出上花費 750 億美元，而谷歌計劃花費約 1000 億美元。關税的潛在影響並沒有改變他們的計劃。</p>
<p>在本月給股東的信中，亞馬遜首席執行官安迪·賈西稱人工智能是 “我們所知的一切的千載難逢的重塑”，並表示它 “發展的速度比幾乎任何技術都要快”。</p>
<p>與此同時，在最近於拉斯維加斯舉行的谷歌雲下一代'25 大會上，谷歌首席執行官桑達爾·皮查伊表示 “人工智能的機會是前所未有的巨大”。</p>
<h2>數據中心支出</h2>
<p>歷史表明，亞馬遜和谷歌的支出將會得到回報。亞馬遜在資本支出上有着悠久的歷史，以建立其業務。它從零開始建立了整個倉儲和物流網絡，以加快所售商品的交付。這雖然代價不菲，但幫助公司成為今天的電子商務巨頭。</p>
<p>隨後，它在雲計算方面也採取了同樣的做法，基本上創造了基礎設施即服務行業，推出了亞馬遜網絡服務（AWS），這現在是其最盈利的業務。許多分析師最初質疑公司在建設 AWS 方面的支出計劃，並懷疑它是否會成為一個盈利的業務。</p>
<p>谷歌也在其谷歌雲業務的建設上進行了大量前期投資，並經歷了初期的虧損。然而，這項工作的成果在上個季度開始顯現，當時谷歌雲部門達到了盈利的拐點，運營收入飆升 142%，達到 21 億美元。</p>
<p>早在 2017 年，<strong>高盛</strong> 的分析師就認識到亞馬遜 “加速投資週期與收入再加速之間的歷史關係”。他們還指出，亞馬遜的股票在這些密集投資週期後表現優於大盤。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MTQ1MzYvZ2V0dHlpbWFnZXMtMTgwOTY2MDE0OC5qcGcmdz03MDA?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-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MTQ1MzYvZ2V0dHlpbWFnZXMtMTgwOTY2MDE0OC5qcGcmdz03MDA"/></p>
<p>圖片來源：Getty Images。</p>
<p>在給股東的信中，亞馬遜指出，數據中心投資具有吸引人的自由現金流（FCF）和投資資本回報率（ROIC）特徵，這些資產的使用壽命為 15 到 20 年或更長。它還預測，隨着更多芯片選項在 <strong>英偉達</strong> 之外變得可用，人工智能基礎設施的定價將會下降。亞馬遜還預計，推理將成為未來人工智能成本的最大驅動因素，而不是今天的模型訓練。</p>
<p>隨着推理預計將變得越來越重要，亞馬遜和谷歌都開發了專門為推理設計的自定義人工智能芯片。亞馬遜表示，其新款 Trainium2 芯片的性價比比當前的圖形處理單元（GPU）提高了 30% 到 40%。其最大的目標之一是降低客户的推理成本，亞馬遜相信這最終將導致整體人工智能支出的增加。</p>
<p>與此同時，谷歌剛剛推出了其第七代人工智能芯片 Ironwood。它表示，這款新芯片是為 “推理時代” 設計的，具有更強的計算能力和內存容量。這是谷歌首款專門為推理設計的芯片，旨在處理 “提供主動生成洞察和解釋” 的模型。這也是其迄今為止最節能的芯片。</p>
<h2>購買股票的時機</h2>
<p>亞馬遜和谷歌正在大力投資人工智能，從長遠來看，這些投資應該會得到回報，尤其是在微軟可能放緩支出的情況下。對雲計算和人工智能服務的需求正在推動強勁增長，因為這些公司幫助客户創建自己的人工智能模型和應用程序，並在其平台上運行人工智能工作負載。</p>
<p>這兩家公司也一直處於開發自定義人工智能芯片的前沿，以幫助降低人工智能基礎設施成本。隨着人工智能越來越向推理轉移，這兩家公司通過開發功耗更低、專門處理這些任務的芯片來降低整體成本。</p>
<p>人工智能也正在滲透到他們的其他業務中。亞馬遜一直在利用人工智能提高其物流和倉儲操作的效率，併為客户提供更好的產品推薦。谷歌在其最新的 Gemini 2.5 模型上取得了重大進展，迅速在人工智能競賽中迎頭趕上；這將有助於其搜索和廣告業務，以及一些突破性的人工智能工具，例如其 Veo 2 文本轉視頻生成器。</p>
<p>隨着最近市場的拋售，這兩隻股票的交易估值都很有吸引力。如果歷史有任何指示，這兩者都將是長期的人工智能贏家，使它們成為可靠的長期投資。</p>

谷歌-A

谷歌-C

亞馬遜

<p>亞馬遜和谷歌正在大力投資人工智能，亞馬遜計劃在數據中心資本支出上花費 1000 億美元，而谷歌則計劃花費 750 億美元。這兩家公司在投資方面有着成功的歷史，帶來了盈利，正如亞馬遜網絡服務和谷歌雲所示。它們還在開發定製的人工智能芯片，以降低成本並提高效率。分析師認為，這些投資將會帶來回報，尤其是在雲計算和人工智能服務需求增長的背景下。隨着微軟減緩支出，現在可能是購買亞馬遜和谷歌股票的好時機</p>

<p>While <strong>Microsoft</strong> has backed off some leases recently with its data center buildout, both <strong>Amazon</strong>(AMZN 2.01%) and <strong>Alphabet</strong>(GOOGL 2.79%)(GOOG 2.56%) look prepared to go full steam ahead.</p>
<div class="lb-trans"><p>儘管 <strong>微軟</strong> 最近在數據中心建設方面放棄了一些租約，但 <strong>亞馬遜</strong>(AMZN 2.01%) 和 <strong>谷歌</strong>(GOOGL 2.79%)(GOOG 2.56%) 似乎準備全速前進。</p>
</div><p>Microsoft still plans to spend around $80 billion on infrastructure capital expenditures (capex) for artificial intelligence (AI) this fiscal year, but its fiscal year ends in June, only a couple of months from now. However, it's pausing some early-stage projects, apparently because its needs and those of its AI partner OpenAI are moving in different directions. For its part, OpenAI is looking to build out its own capacity; it's part of Project Stargate, which plans to spend $500 billion on AI data centers over the next few years.</p>
<div class="lb-trans"><p>微軟仍計劃在本財年內在人工智能（AI）基礎設施資本支出（capex）上花費約 800 億美元，但其財年將在 6 月結束，距離現在只有幾個月。然而，它正在暫停一些早期項目，顯然是因為它的需求與其人工智能合作伙伴 OpenAI 的需求正在朝不同方向發展。就 OpenAI 而言，它希望擴展自己的能力；這也是 “星際計劃” 的一部分，該計劃計劃在未來幾年內在人工智能數據中心上花費 5000 億美元。</p>
</div><p>However, Amazon and Alphabet both plan to spend big in 2025. Alphabet recently reiterated that it would spend $75 billion in data center capex this year, while Alphabet plans to spend around $100 billion. The potential impact of tariffs is not changing their plans.</p>
<div class="lb-trans"><p>然而，亞馬遜和谷歌都計劃在 2025 年大舉投資。谷歌最近重申，今年將在數據中心資本支出上花費 750 億美元，而谷歌計劃花費約 1000 億美元。關税的潛在影響並沒有改變他們的計劃。</p>
</div><p>In a letter to shareholders this month, Amazon CEO Andy Jassy called AI &#34;a once-in-a-lifetime reinvention of everything we know,&#34; and said that that it's &#34;moving faster than almost anything technology has ever seen.&#34;</p>
<div class="lb-trans"><p>在本月給股東的信中，亞馬遜首席執行官安迪·賈西稱人工智能是 “我們所知的一切的千載難逢的重塑”，並表示它 “發展的速度比幾乎任何技術都要快”。</p>
</div><p>Meanwhile, at the recent Google Cloud Next '25 conference in Las Vegas, Alphabet CEO Sundar Pichai said &#34;the opportunity with AI is as big as it gets.&#34;</p>
<div class="lb-trans"><p>與此同時，在最近於拉斯維加斯舉行的谷歌雲下一代'25 大會上，谷歌首席執行官桑達爾·皮查伊表示 “人工智能的機會是前所未有的巨大”。</p>
</div><h2>Data center spending</h2>
<div class="lb-trans"><h2>數據中心支出</h2>
</div><p>History suggests that Amazon and Alphabet's expenditures will pay off. Amazon has a long history of spending big on capex to build its business. It built an entire warehousing and logistics network from scratch in order to speed up delivery of the goods it sold. This was pricey, but helped turn the company into the e-commerce behemoth it is today.</p>
<div class="lb-trans"><p>歷史表明，亞馬遜和谷歌的支出將會得到回報。亞馬遜在資本支出上有着悠久的歷史，以建立其業務。它從零開始建立了整個倉儲和物流網絡，以加快所售商品的交付。這雖然代價不菲，但幫助公司成為今天的電子商務巨頭。</p>
</div><p>It then turned around and did the same thing with cloud computing, basically inventing the infrastructure-as-a-service industry with Amazon Web Services (AWS), which is now its most profitable business. Many analysts initially questioned the company's spending plans for building out AWS and doubted it would become a profitable business.</p>
<div class="lb-trans"><p>隨後，它在雲計算方面也採取了同樣的做法，基本上創造了基礎設施即服務行業，推出了亞馬遜網絡服務（AWS），這現在是其最盈利的業務。許多分析師最初質疑公司在建設 AWS 方面的支出計劃，並懷疑它是否會成為一個盈利的業務。</p>
</div><p>Alphabet also built out its Google Cloud business spending with a lot in up-front costs, and endured initial losses. However, the fruits of this labor began to shine through last quarter when the Google Cloud segment hit a profitability inflection point, with operating income soaring 142% to $2.1 billion.</p>
<div class="lb-trans"><p>谷歌也在其谷歌雲業務的建設上進行了大量前期投資，並經歷了初期的虧損。然而，這項工作的成果在上個季度開始顯現，當時谷歌雲部門達到了盈利的拐點，運營收入飆升 142%，達到 21 億美元。</p>
</div><p>Back in 2017, analysts at <strong>Goldman Sachs</strong> recognized a &#34;historical relationship between accelerated investment periods and revenue reacceleration&#34; at Amazon. They also noted that Amazon's stock outperformed following these cycles of intensive investment.</p>
<div class="lb-trans"><p>早在 2017 年，<strong>高盛</strong> 的分析師就認識到亞馬遜 “加速投資週期與收入再加速之間的歷史關係”。他們還指出，亞馬遜的股票在這些密集投資週期後表現優於大盤。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MTQ1MzYvZ2V0dHlpbWFnZXMtMTgwOTY2MDE0OC5qcGcmdz03MDA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F814536%2Fgettyimages-1809660148.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><p>In its letter to shareholders, Amazon noted that data center investments have attractive free cash flow (FCF) and return on invested capital (ROIC) profiles, and that these assets have useful lives of 15 to 20 years or more. It also predicted that AI infrastructure pricing will come down, especially as more chip options become available outside of <strong>Nvidia</strong>. Amazon also expects inference to become the biggest driver of AI costs in the future, compared to model training today.</p>
<div class="lb-trans"><p>在給股東的信中，亞馬遜指出，數據中心投資具有吸引人的自由現金流（FCF）和投資資本回報率（ROIC）特徵，這些資產的使用壽命為 15 到 20 年或更長。它還預測，隨着更多芯片選項在 <strong>英偉達</strong> 之外變得可用，人工智能基礎設施的定價將會下降。亞馬遜還預計，推理將成為未來人工智能成本的最大驅動因素，而不是今天的模型訓練。</p>
</div><p>With inference projected to become increasingly important, both Amazon and Alphabet have developed their own custom AI chips designed specifically for inference. Amazon said its new Trainium2 chip has a 30% to 40% better price-to-performance ratio than current graphic processing units (GPUs). One of its biggest goals is making inference less expensive for customers, which it believes will ultimately lead to more overall AI spending.</p>
<div class="lb-trans"><p>隨着推理預計將變得越來越重要，亞馬遜和谷歌都開發了專門為推理設計的自定義人工智能芯片。亞馬遜表示，其新款 Trainium2 芯片的性價比比當前的圖形處理單元（GPU）提高了 30% 到 40%。其最大的目標之一是降低客户的推理成本，亞馬遜相信這最終將導致整體人工智能支出的增加。</p>
</div><p>Meanwhile, Alphabet just introduced its seventh-generation AI chip, Ironwood. It said the new chip has been designed for the &#34;age of inference,&#34; with increased computation power and memory capacity. This is Alphabet's first chip designed specifically for inference, and was created to handle models that &#34;provide the proactive generation of insights and interpretation.&#34; It's also its most energy-efficient chip to date.</p>
<div class="lb-trans"><p>與此同時，谷歌剛剛推出了其第七代人工智能芯片 Ironwood。它表示，這款新芯片是為 “推理時代” 設計的，具有更強的計算能力和內存容量。這是谷歌首款專門為推理設計的芯片，旨在處理 “提供主動生成洞察和解釋” 的模型。這也是其迄今為止最節能的芯片。</p>
</div><h2>Time to buy the stocks</h2>
<div class="lb-trans"><h2>購買股票的時機</h2>
</div><p>Amazon and Alphabet are investing heavily in AI, and over the long run these investments should pay off, especially with Microsoft potentially slowing its spending. Demand for cloud computing and AI services is driving strong growth, as these companies help customers create their own AI models and apps and run AI workloads on their platforms.</p>
<div class="lb-trans"><p>亞馬遜和谷歌正在大力投資人工智能，從長遠來看，這些投資應該會得到回報，尤其是在微軟可能放緩支出的情況下。對雲計算和人工智能服務的需求正在推動強勁增長，因為這些公司幫助客户創建自己的人工智能模型和應用程序，並在其平台上運行人工智能工作負載。</p>
</div><p>Both companies have also been at the forefront of developing custom AI chips to help lower AI infrastructure costs. As AI moves more toward inference, both companies are lowering the overall cost by developing chips that consume less power and are designed specifically to handle these tasks.</p>
<div class="lb-trans"><p>這兩家公司也一直處於開發自定義人工智能芯片的前沿，以幫助降低人工智能基礎設施成本。隨着人工智能越來越向推理轉移，這兩家公司通過開發功耗更低、專門處理這些任務的芯片來降低整體成本。</p>
</div><p>AI is also permeating the rest of their businesses. Amazon has been using AI to become more efficient in its logistics and warehouse operations, and to make better product recommendations to its customers. Alphabet has made great strides with its newest Gemini 2.5 model, quickly catching up in the AI race; this should help its search and ad businesses, as should some groundbreaking AI tools, such as its Veo 2 text-to-video generator.</p>
<div class="lb-trans"><p>人工智能也正在滲透到他們的其他業務中。亞馬遜一直在利用人工智能提高其物流和倉儲操作的效率，併為客户提供更好的產品推薦。谷歌在其最新的 Gemini 2.5 模型上取得了重大進展，迅速在人工智能競賽中迎頭趕上；這將有助於其搜索和廣告業務，以及一些突破性的人工智能工具，例如其 Veo 2 文本轉視頻生成器。</p>
</div><p>With the recent market sell-off, both stocks are trading at attractive valuations. If history is any indication, both will be long-term AI winners, making them both solid long-term investments.</p>
<div class="lb-trans"><p>隨着最近市場的拋售，這兩隻股票的交易估值都很有吸引力。如果歷史有任何指示，這兩者都將是長期的人工智能贏家，使它們成為可靠的長期投資。</p>
</div>

Amazon and Alphabet Bet Big on AI. Why History Says It's Time to Buy Both Stocks

- 亞馬遜和谷歌計劃在 2025 年大幅增加數據中心投資。  
- 亞馬遜預計支出 75 億美元，谷歌計劃支出約 1000 億美元。  
- 這兩家公司正在開發定製 AI 芯片，以降低基礎設施成本。  

亞馬遜和谷歌-A 在人工智能上大舉押注。歷史表明現在是購買這兩隻股票的好時機