<p>有什麼比在 <strong>亞馬遜</strong>(AMZN -1.01%) 上進行一次大促銷更好的呢？那就是公司的股票正在打折。</p>
<p>亞馬遜在最近的市場拋售中受到影響，截至目前，該電商巨頭的股價已從高點下跌近 30%。</p>
<p>讓我們來看一下投資者為何應該考慮在此時買入的三個理由。</p>
<h2>股票估值處於多年來的最低點</h2>
<p>亞馬遜的股票不僅從高點回落，而且其估值也處於歷史最低水平之一。目前，該股票的市盈率（P/E）為 31，前瞻市盈率為 27。</p>
<p>為了更好地理解這一點，在過去 10 年中，亞馬遜的平均市盈率為 137，三年的平均市盈率接近 84。這部分是由於投資期間盈利轉為負數。然而，當其產生盈利時，市盈率往往超過 50 倍。</p>
<p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/d876034b841238d7b61ac7cab98e0dcd.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/d876034b841238d7b61ac7cab98e0dcd.png"/></p>
<p>AMZN 市盈率（前瞻）數據來自 YCharts。</p>
<p>儘管關税的影響帶來了一些不確定性，並可能影響其業績，但這仍然是以如此低的估值購買亞馬遜股票的罕見機會。不要讓短期噪音遮蔽了股票的長期機會。</p>
<h2>亞馬遜在投資週期後蓬勃發展</h2>
<p>亞馬遜從不吝嗇於花費資金來投資和發展其業務。這種激進的支出幫助公司從一個在線書商轉變為全球最大的電子商務市場和物流公司。</p>
<p>這也幫助其創建了基礎設施即服務模型，併成為全球最大的雲計算公司。</p>
<p>在這些投資期間，投資者和分析師常常質疑其支出。然而，這種支出始終在長期內惠及公司及其股東，儘管在短期內可能會影響利潤。<strong>高盛</strong> 分析師在 2017 年強調了這一趨勢，指出在過去的大規模亞馬遜投資週期中，股票在公司增加資本支出（capex）預算後表現優於市場。</p>
<p>如今，亞馬遜正在大力投資人工智能（AI）及其所需的數據中心基礎設施。到 2025 年，它計劃在 AI 數據中心投資 1000 億美元，以滿足日益增長的客户對 AI 工作負載的需求。去年，它在資本支出上花費了 830 億美元，其中第四季度為 278 億美元。</p>
<p>在給股東的年度信中，亞馬遜稱 AI 為 “我們所知的一切的千載難逢的重塑”，並表示 “需求與我們之前見過的任何東西都不同。” 它表示，客户和股東都將從其激進的支出中受益。它還強調了其投資的長期有效性以及它們所產生的有吸引力的長期自由現金流和投資資本回報率（ROIC）。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MTUwOTAvZ2V0dHlpbWFnZXMtMTgwOTY2MDE0OC5qcGcmdz03MDA?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-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MTUwOTAvZ2V0dHlpbWFnZXMtMTgwOTY2MDE0OC5qcGcmdz03MDA"/></p>
<p>圖片來源：Getty Images。</p>
<h2>兩個市場領先的業務</h2>
<p>通過投資亞馬遜，投資者獲得了兩個市場領先的業務。該公司仍然是全球最大的電子商務和物流公司。這個業務仍然是一個穩健的低雙位數收入增長業務，但它正在看到強勁的運營槓桿。這幫助其北美和國際業務的合併運營收入在上個季度飆升了 74%。</p>
<p>這種運營槓桿是由 AI 和其高利潤廣告業務的結合驅動的。通過 AI，它能夠創建更高效的司機路線，並使用 AI 機器人在發貨前識別損壞的物品，從而節省退貨成本。它還利用 AI 幫助保持熱門商品的庫存，並識別常被退貨的商品，在客户購買之前提醒他們。</p>
<p>與此同時，該公司在其贊助廣告業務上也看到了強勁的增長。上個季度，其廣告服務收入增長了 18%，達到了 173 億美元，這得益於其亞馬遜營銷雲，廣告商可以利用該平台分析數據以創建更好的營銷活動。該公司已將其廣告業務發展成為全球第三大數字廣告商。</p>
<p>不過，亞馬遜盈利能力最高的業務是其亞馬遜網絡服務（AWS）雲計算業務。這也是其增長最快的業務，上個季度收入增長了 19%。AWS 受益於客户在其平台上運行 AI 工作負載。它還看到由其 AI 服務（如 Bedrock 和 SageMaker）驅動的增長，這些服務可以幫助客户開發自己的 AI 模型和應用程序。Bedrock 提供客户可以用作起點的基礎模型，而 SageMaker 則提供更全面的解決方案。</p>
<p>亞馬遜還通過其 Annapurna Labs 子公司開發了自己的定製 AI 芯片。這些芯片可以提供更好的性能並消耗更少的電力，相比於圖形處理單元（GPU），幫助亞馬遜獲得成本優勢。</p>
<p>儘管關税可能對其業務造成一些短期干擾，但這兩個市場領先的業務使亞馬遜成為一個優秀的長期投資。</p>

亞馬遜

<p>亞馬遜的股票從高點下跌了近 30%，這為投資者提供了潛在的買入機會。該股票目前的交易估值是多年來的最低水平，市盈率為 31，而 10 年的平均市盈率為 137。亞馬遜在人工智能和基礎設施方面的積極投資預計將推動長期增長，計劃到 2025 年在人工智能數據中心投資 1000 億美元。儘管短期市場波動，該公司在電子商務和雲計算領域仍然保持領先地位，兩個領域的收入增長強勁，使其成為一個引人注目的長期投資</p>

<p>What's better than a good sale on <strong>Amazon</strong>(AMZN -1.01%)? How about the company's stock being on sale?</p>
<div class="lb-trans"><p>有什麼比在 <strong>亞馬遜</strong>(AMZN -1.01%) 上進行一次大促銷更好的呢？那就是公司的股票正在打折。</p>
</div><p>Amazon has been caught in the recent market sell-off, with the e-commerce behemoth's shares down nearly 30% off its highs as of this writing.</p>
<div class="lb-trans"><p>亞馬遜在最近的市場拋售中受到影響，截至目前，該電商巨頭的股價已從高點下跌近 30%。</p>
</div><p>Let's look at three reasons why investors should consider buying the dip.</p>
<div class="lb-trans"><p>讓我們來看一下投資者為何應該考慮在此時買入的三個理由。</p>
</div><h2>The stock's cheapest valuation in years</h2>
<div class="lb-trans"><h2>股票估值處於多年來的最低點</h2>
</div><p>Amazon's stock is not only off its highs, it is also trading at one of the cheapest valuations in its history. The stock currently has a trailing price-to-earnings (P/E) ratio of 31 and a forward P/E of 27.</p>
<div class="lb-trans"><p>亞馬遜的股票不僅從高點回落，而且其估值也處於歷史最低水平之一。目前，該股票的市盈率（P/E）為 31，前瞻市盈率為 27。</p>
</div><p>To put that in perspective, over the past 10 years, Amazon has had an average trailing P/E of 137, and its three-year average is nearly 84. Some of this is due to periods of investments where earnings have turned negative. However, when it has been generating earnings, its trailing P/E has often been above 50 times.</p>
<div class="lb-trans"><p>為了更好地理解這一點，在過去 10 年中，亞馬遜的平均市盈率為 137，三年的平均市盈率接近 84。這部分是由於投資期間盈利轉為負數。然而，當其產生盈利時，市盈率往往超過 50 倍。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/d876034b841238d7b61ac7cab98e0dcd.png" alt="" original-src="https://media.ycharts.com/charts/d876034b841238d7b61ac7cab98e0dcd.png"/></p>
<p>AMZN PE Ratio (Forward) data by YCharts.</p>
<div class="lb-trans"><p>AMZN 市盈率（前瞻）數據來自 YCharts。</p>
</div><p>While the effect of tariffs creates some uncertainty and could affect its results, this is still a rare opportunity to buy Amazon's stock at a valuation this low. Don't let the short-term noise cloud the long-term opportunity in the stock.</p>
<div class="lb-trans"><p>儘管關税的影響帶來了一些不確定性，並可能影響其業績，但這仍然是以如此低的估值購買亞馬遜股票的罕見機會。不要讓短期噪音遮蔽了股票的長期機會。</p>
</div><h2>Amazon thrives following investment periods</h2>
<div class="lb-trans"><h2>亞馬遜在投資週期後蓬勃發展</h2>
</div><p>Amazon has never been shy about spending to invest and grow its business. This aggressive spending helped transform the company from an online book seller into the largest e-commerce marketplace and logistics company in the world.</p>
<div class="lb-trans"><p>亞馬遜從不吝嗇於花費資金來投資和發展其業務。這種激進的支出幫助公司從一個在線書商轉變為全球最大的電子商務市場和物流公司。</p>
</div><p>It also helped it create the infrastructure-as-a-service model and become the largest cloud computing company on the planet.</p>
<div class="lb-trans"><p>這也幫助其創建了基礎設施即服務模型，併成為全球最大的雲計算公司。</p>
</div><p>During these investment periods, investors and analysts would often question its spending. However, this spending has always benefited the company and its shareholders over the long run, even while it may have hurt profits in the near term. <strong>Goldman Sachs</strong> analysts highlighted this trend in 2017, noting that during past large Amazon investment cycles, the stock outperformed after the company increased its capital expenditure (capex) budget.</p>
<div class="lb-trans"><p>在這些投資期間，投資者和分析師常常質疑其支出。然而，這種支出始終在長期內惠及公司及其股東，儘管在短期內可能會影響利潤。<strong>高盛</strong> 分析師在 2017 年強調了這一趨勢，指出在過去的大規模亞馬遜投資週期中，股票在公司增加資本支出（capex）預算後表現優於市場。</p>
</div><p>Today, Amazon is investing big in artificial intelligence (AI) and the data center infrastructure needed to support it. In 2025, it plans to invest $100 billion in AI data centers to meet growing customer demand for AI workloads. Last year, it spent $83 billion in capex, including $27.8 billion in the fourth quarter.</p>
<div class="lb-trans"><p>如今，亞馬遜正在大力投資人工智能（AI）及其所需的數據中心基礎設施。到 2025 年，它計劃在 AI 數據中心投資 1000 億美元，以滿足日益增長的客户對 AI 工作負載的需求。去年，它在資本支出上花費了 830 億美元，其中第四季度為 278 億美元。</p>
</div><p>In its annual letter to shareholders, Amazon called AI &#34;a once-in-a-lifetime reinvention of everything we know,&#34; and said that &#34;the demand is unlike anything we've seen before.&#34; It said that both its customers and shareholders will benefit from its aggressive spending. It also highlighted the long useful lives of its investments and the attractive long-term free cash flow and return on invested capital (ROIC) they generate.</p>
<div class="lb-trans"><p>在給股東的年度信中，亞馬遜稱 AI 為 “我們所知的一切的千載難逢的重塑”，並表示 “需求與我們之前見過的任何東西都不同。” 它表示，客户和股東都將從其激進的支出中受益。它還強調了其投資的長期有效性以及它們所產生的有吸引力的長期自由現金流和投資資本回報率（ROIC）。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MTUwOTAvZ2V0dHlpbWFnZXMtMTgwOTY2MDE0OC5qcGcmdz03MDA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F815090%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><h2>Two market-leading businesses</h2>
<div class="lb-trans"><h2>兩個市場領先的業務</h2>
</div><p>With an investment in Amazon, investors are getting two market-leading businesses. The company remains the largest e-commerce and logistics company in the world. This business remains a solid low double-digit revenue growth business, but it's seeing strong operating leverage. This helped its combined North American and International segment operating income to soar 74% last quarter.</p>
<div class="lb-trans"><p>通過投資亞馬遜，投資者獲得了兩個市場領先的業務。該公司仍然是全球最大的電子商務和物流公司。這個業務仍然是一個穩健的低雙位數收入增長業務，但它正在看到強勁的運營槓桿。這幫助其北美和國際業務的合併運營收入在上個季度飆升了 74%。</p>
</div><p>This operating leverage is being driven by a combination of AI and its higher-margin ad business. With AI, it's been able to create more efficient driver routes and use AI robots to identify damaged items before they ship, saving on the costs of returns. It's also using AI to help keep popular items in stock and to identify items that are commonly returned, alerting customers before they purchase them.</p>
<div class="lb-trans"><p>這種運營槓桿是由 AI 和其高利潤廣告業務的結合驅動的。通過 AI，它能夠創建更高效的司機路線，並使用 AI 機器人在發貨前識別損壞的物品，從而節省退貨成本。它還利用 AI 幫助保持熱門商品的庫存，並識別常被退貨的商品，在客户購買之前提醒他們。</p>
</div><p>Meanwhile, the company has been seeing strong growth with its sponsored-ad business. Last quarter, its advertising services revenue climbed 18% to $17.3 billion, helped by its Amazon Marketing Cloud, which lets advertisers analyze data to create better marketing campaigns. The company has grown its advertising business to become the third-largest digital advertiser in the world.</p>
<div class="lb-trans"><p>與此同時，該公司在其贊助廣告業務上也看到了強勁的增長。上個季度，其廣告服務收入增長了 18%，達到了 173 億美元，這得益於其亞馬遜營銷雲，廣告商可以利用該平台分析數據以創建更好的營銷活動。該公司已將其廣告業務發展成為全球第三大數字廣告商。</p>
</div><p>Amazon's biggest business by profitability, though, is its Amazon Web Services (AWS) cloud computing business. It's also its fastest-growing business, growing revenue by 19% last quarter. AWS is benefiting from customers running their AI workloads on its platform. It's also seeing growth driven by its AI services, such as Bedrock and SageMaker, which can help customers develop their own AI models and apps. Bedrock provides foundation models that customers can use as a starting point, while SageMaker offers a more end-to-end solution.</p>
<div class="lb-trans"><p>不過，亞馬遜盈利能力最高的業務是其亞馬遜網絡服務（AWS）雲計算業務。這也是其增長最快的業務，上個季度收入增長了 19%。AWS 受益於客户在其平台上運行 AI 工作負載。它還看到由其 AI 服務（如 Bedrock 和 SageMaker）驅動的增長，這些服務可以幫助客户開發自己的 AI 模型和應用程序。Bedrock 提供客户可以用作起點的基礎模型，而 SageMaker 則提供更全面的解決方案。</p>
</div><p>Amazon has also developed its own custom AI chips through its Annapurna Labs subsidiary. These chips can provide better performance and consume less power than graphics processing units (GPUs), helping give Amazon a cost advantage.</p>
<div class="lb-trans"><p>亞馬遜還通過其 Annapurna Labs 子公司開發了自己的定製 AI 芯片。這些芯片可以提供更好的性能並消耗更少的電力，相比於圖形處理單元（GPU），幫助亞馬遜獲得成本優勢。</p>
</div><p>While there could be some near-term disruption to its business from tariffs, these two market-leading businesses make Amazon a great long-term investment.</p>
<div class="lb-trans"><p>儘管關税可能對其業務造成一些短期干擾，但這兩個市場領先的業務使亞馬遜成為一個優秀的長期投資。</p>
</div>

Amazon Stock Sell-Off: Should You Buy the Dip?

- 亞馬遜股價下跌近 30%，當前估值處於歷史低位。  
- 公司在人工智能和基礎設施方面大舉投資，預計 2025 年投入 1000 億美元。  
- 亞馬遜的電商和雲計算業務持續增長，廣告收入也顯著上升。  

亞馬遜股票遭拋售：你是否應該趁低買入？