<p><strong>標準普爾 500 指數</strong> 正在從包含關税的暴跌中回升，但並非所有股票表現都如此良好。<strong>亞馬遜</strong>(AMZN -1.27%) 的股價在 5 月 22 日年初至今下跌了 8%，投資者繼續擔心該公司將如何受到關税的影響。</p>
<p>首席執行官安迪·賈西在 5 月 1 日的第一季度財報電話會議上談到了公司可能受到的影響以及應對措施，這一會議是在 5 月 12 日關税放寬之前進行的。他指出了亞馬遜的幾個有利因素。其大部分電子商務銷售都是人們必須購買的小型、便宜的日用品。亞馬遜的產品種類繁多，因此即使客户更換品牌或賣家，他們仍然能夠在平台上找到所需的商品。在不確定時期，客户也更可能選擇信任的零售商，而亞馬遜憑藉其數億的 Prime 會員和其他購物者建立了基於經驗的信任。</p>
<p>市場對此持謹慎態度。零售商對如何應對更高的關税發出了混合信號，投資者在等待關税將如何影響亞馬遜的表現。</p>
<p>與此同時，亞馬遜的股票在當前低價下看起來值得購買。其市盈率歷史上處於低位，為 33，且仍然有巨大的機會。以下是原因。</p>
<h2>1. 電子商務在零售中的比例仍在增加</h2>
<p>如今的亞馬遜有很多業務，但其主要業務仍然是電子商務，佔其銷售額的約 60%。電子商務在美國（及全球）經濟的總零售銷售中仍然佔比較小。根據 eMarketer 的數據，2024 年美國在線銷售佔零售銷售的 21.4%，預計到 2027 年將達到 23%。這些百分比轉化為數十億美元，這一趨勢應該會持續上升。作為行業的領導者，亞馬遜在美國市場佔有約 40% 的份額，這一增長的很大一部分應該會落入亞馬遜的市場領先地位。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MTY3NDcvcGVyc29uLXdpdGgtYS1jZWxscGhvbmUuanBnJnc9NzAw?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-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MTY3NDcvcGVyc29uLXdpdGgtYS1jZWxscGhvbmUuanBnJnc9NzAw"/></p>
<p>圖片來源：Getty Images。</p>
<p>公司一直在採取措施保持其領先地位，甚至進一步擴展。它不斷向市場添加新品牌。它正在更加註重奢侈品，最近與標誌性奢侈零售商薩克斯第五大道建立了合作關係。在區域倉庫推出成功後，亞馬遜正在重新改造其入庫渠道，以保持倉庫以成本效益高的價格保持充足庫存。每個季度，亞馬遜的配送速度都在打破自己的記錄，並且在 2025 年第一季度交付了有史以來最多的當日貨物。</p>
<p>當然，總會有顛覆者，但這對亞馬遜來説風險很小。公司的領先地位如此廣泛，擁有最佳的創新技術，使得較小的競爭對手很難真正與之競爭。</p>
<h2>2. 人工智能剛剛起步</h2>
<p>亞馬遜通過其亞馬遜網絡服務（AWS）雲平台提供大量生成性人工智能（AI）服務。它滿足各個層次的需求，從開發者的構建模塊到小企業的插件工具。雖然它提供對大型語言模型（LLMs）如 ChatGPT 的訪問，但它也擁有自己的 LLMs。與大多數事物一樣，亞馬遜的解決方案在價格上具有競爭力。它還在創建自己的圖形處理單元（GPUs），使用成本更低，儘管它也與 <strong>英偉達</strong> 有合作關係。</p>
<p>賈西喜歡闡述生成性 AI 的機會，他解釋説，隨着越來越多的公司將其運營轉移到雲端，而不是在現場（目前約 85% 的運營在現場），將會發生轉變。他預見到不久的將來，生成性 AI 將內置於每個應用程序中，而亞馬遜正在投資這一技術，以從這些轉變中受益。</p>
<p>“在這一代 AI 之前，我們認為 AWS 有機會最終成為一個數千億美元的收入業務，” 他在第一季度財報電話會議上説。“我們現在認為它可能會更大。”</p>
<h2>3. 未來還有其他業務</h2>
<p>亞馬遜在電子商務和 AWS 之外還有多個業務類別。其增長最快的業務是廣告，第一季度同比增長 19%。除了多年來在市場上投放的廣告外，它現在還在其廣告支持的流媒體層上投放廣告。它正在通過新高水平的內容擴展其 Prime 流媒體，並且最近購買了詹姆斯·邦德系列的版權。</p>
<p>它的其他業務包括 Zoox 自動駕駛汽車和不斷增長的藥品業務，並且在其寬帶衞星計劃 Project Kuiper 上取得了進展。</p>
<p>憑藉在兩個增長行業中的主導地位以及未來的小型業務，亞馬遜擁有巨大的長期機會。我並不想低估關税對跨境商品的潛在影響，但無論它們發生什麼，這應該是短期影響，不會否定亞馬遜令人難以置信的長期潛力。</p>

亞馬遜

<p>亞馬遜的股票目前年初至今下跌了 8%，但分析師認為這是一個良好的買入機會，原因有幾個。電子商務持續增長，亞馬遜佔據了顯著的市場份額。該公司還通過 AWS 擴大在人工智能領域的影響力，這可能帶來可觀的收入增長。此外，亞馬遜的廣告業務正在快速增長，並且它在自動駕駛汽車和流媒體內容等多個領域都有多元化的投資。總體而言，儘管當前市場存在擔憂，亞馬遜強大的市場地位和增長潛力使其成為一個有吸引力的投資選擇</p>

<p>The <strong>S&amp;P 500</strong> is making its way back up from a tariff-included plummet, but not all of its stocks are doing as well. <strong>Amazon</strong>(AMZN -1.27%) stock is down 8% year-to-date on May 22, as investors continue to worry about how the company will be affected by tariffs.</p>
<div class="lb-trans"><p><strong>標準普爾 500 指數</strong> 正在從包含關税的暴跌中回升，但並非所有股票表現都如此良好。<strong>亞馬遜</strong>(AMZN -1.27%) 的股價在 5 月 22 日年初至今下跌了 8%，投資者繼續擔心該公司將如何受到關税的影響。</p>
</div><p>CEO Andy Jassy addressed how the company could be affected and how it's responding during the first-quarter earnings call on May 1, which was prior to the easing of tariffs on May 12. He noted several points in Amazon's favor. Most of its e-commerce sales are the small, cheaper essentials that people have to buy anyway. It has a huge selection, so customers should still be able to find what they need on the platform, even if they switch brands or sellers. During times of uncertainty, customers are also likely to buy from a retailer they trust, and Amazon has built up experience-based trust with its hundreds of millions of Prime members and other shoppers.</p>
<div class="lb-trans"><p>首席執行官安迪·賈西在 5 月 1 日的第一季度財報電話會議上談到了公司可能受到的影響以及應對措施，這一會議是在 5 月 12 日關税放寬之前進行的。他指出了亞馬遜的幾個有利因素。其大部分電子商務銷售都是人們必須購買的小型、便宜的日用品。亞馬遜的產品種類繁多，因此即使客户更換品牌或賣家，他們仍然能夠在平台上找到所需的商品。在不確定時期，客户也更可能選擇信任的零售商，而亞馬遜憑藉其數億的 Prime 會員和其他購物者建立了基於經驗的信任。</p>
</div><p>The market took that with a grain of salt. Retailers are sending mixed messages about how they're going to manage with higher tariffs, and investors are waiting to see how the fees will affect Amazon's performance.</p>
<div class="lb-trans"><p>市場對此持謹慎態度。零售商對如何應對更高的關税發出了混合信號，投資者在等待關税將如何影響亞馬遜的表現。</p>
</div><p>In the meantime, at the lower price, Amazon stock looks priced to buy. It trades at a historically cheap price-to-earnings ratio of 33, and it still has big opportunities.Here's why.</p>
<div class="lb-trans"><p>與此同時，亞馬遜的股票在當前低價下看起來值得購買。其市盈率歷史上處於低位，為 33，且仍然有巨大的機會。以下是原因。</p>
</div><h2>1. E-commerce is still increasing as a percentage of retail</h2>
<div class="lb-trans"><h2>1. 電子商務在零售中的比例仍在增加</h2>
</div><p>Amazon is a lot of things these days, but its main business is still e-commerce, which accounts for around 60% of its sales. E-commerce is still a relatively small portion of the American (and global) economy's total retail sales. Online sales accounted for 21.4% of U.S. retail sales in 2024, according to eMarketer, and are expected to reach 23% by 2027. Each of those percentages translates into many billions of dollars, and that trend should keep moving higher. As the leader in the industry, with about 40% of the U.S. market, a huge amount of that growth should land in Amazon's market-leading lap.</p>
<div class="lb-trans"><p>如今的亞馬遜有很多業務，但其主要業務仍然是電子商務，佔其銷售額的約 60%。電子商務在美國（及全球）經濟的總零售銷售中仍然佔比較小。根據 eMarketer 的數據，2024 年美國在線銷售佔零售銷售的 21.4%，預計到 2027 年將達到 23%。這些百分比轉化為數十億美元，這一趨勢應該會持續上升。作為行業的領導者，亞馬遜在美國市場佔有約 40% 的份額，這一增長的很大一部分應該會落入亞馬遜的市場領先地位。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MTY3NDcvcGVyc29uLXdpdGgtYS1jZWxscGhvbmUuanBnJnc9NzAw" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F816747%2Fperson-with-a-cellphone.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>The company makes moves all the time to keep its lead and even expand it. It's always adding new brands to the marketplace. It is expanding with a greater focus on luxury, with a recent partnership with iconic luxury retailer Saks Fifth Avenue. After the success of its regional warehouse rollout, which puts more products closer to more customers, it's now renovating its inbound channels to keep the warehouses fully stocked at cost-efficient rates. Every quarter, Amazon has been beating its own records for delivery speed, and it delivered the most same-day shipments ever in the first quarter of 2025.</p>
<div class="lb-trans"><p>公司一直在採取措施保持其領先地位，甚至進一步擴展。它不斷向市場添加新品牌。它正在更加註重奢侈品，最近與標誌性奢侈零售商薩克斯第五大道建立了合作關係。在區域倉庫推出成功後，亞馬遜正在重新改造其入庫渠道，以保持倉庫以成本效益高的價格保持充足庫存。每個季度，亞馬遜的配送速度都在打破自己的記錄，並且在 2025 年第一季度交付了有史以來最多的當日貨物。</p>
</div><p>There could always be disruptors, but that's a small risk for Amazon. The company's lead is so wide, and it has the best technology to innovate, that it would be extremely challenging for smaller rivals to truly compete with it.</p>
<div class="lb-trans"><p>當然，總會有顛覆者，但這對亞馬遜來説風險很小。公司的領先地位如此廣泛，擁有最佳的創新技術，使得較小的競爭對手很難真正與之競爭。</p>
</div><h2>2. It's just getting started in AI</h2>
<div class="lb-trans"><h2>2. 人工智能剛剛起步</h2>
</div><p>Amazon offers a large assortment of generative artificial intelligence (AI) services through the Amazon Web Services (AWS) cloud platform. It reaches every level of need, from building blocks for developers through plug-in tools for small businesses. Although it offers access to large language models (LLMS) like ChatGPT, it also has its own LLMs. As with most things, Amazon's solution is competitive on price. It's also creating its own graphics processing units (GPUs) that are cheaper to use, even though it also has a partnership with <strong>Nvidia</strong>.</p>
<div class="lb-trans"><p>亞馬遜通過其亞馬遜網絡服務（AWS）雲平台提供大量生成性人工智能（AI）服務。它滿足各個層次的需求，從開發者的構建模塊到小企業的插件工具。雖然它提供對大型語言模型（LLMs）如 ChatGPT 的訪問，但它也擁有自己的 LLMs。與大多數事物一樣，亞馬遜的解決方案在價格上具有競爭力。它還在創建自己的圖形處理單元（GPUs），使用成本更低，儘管它也與 <strong>英偉達</strong> 有合作關係。</p>
</div><p>Jassy likes to expound on the opportunity in generative AI, explaining that there's going to be a shift as more companies move their operations into the cloud instead of on the premises, where about 85% of operations are today. He envisions a time coming soon where generative AI is built into every app, and Amazon is investing in the technology to benefit from these shifts.</p>
<div class="lb-trans"><p>賈西喜歡闡述生成性 AI 的機會，他解釋説，隨着越來越多的公司將其運營轉移到雲端，而不是在現場（目前約 85% 的運營在現場），將會發生轉變。他預見到不久的將來，生成性 AI 將內置於每個應用程序中，而亞馬遜正在投資這一技術，以從這些轉變中受益。</p>
</div><p>&#34;Before this generation of AI, we thought AWS had the chance to ultimately be a multi-hundred billion dollar revenue run rate business,&#34; he said on the Q1 earnings call. &#34;We now think it could be even larger.&#34;</p>
<div class="lb-trans"><p>“在這一代 AI 之前，我們認為 AWS 有機會最終成為一個數千億美元的收入業務，” 他在第一季度財報電話會議上説。“我們現在認為它可能會更大。”</p>
</div><h2>3. There are other businesses on the horizon</h2>
<div class="lb-trans"><h2>3. 未來還有其他業務</h2>
</div><p>Amazon has several business categories outside of e-commerce and AWS. Its fastest-growing business is advertising, which increased 19% year over year in Q1. In addition to the ads on its marketplace, which it has had for years, it now also has ads on its ad-supported streaming tier. It's expanding its Prime streaming with new, high-level content, and it recently purchased the rights to the James Bond franchise.</p>
<div class="lb-trans"><p>亞馬遜在電子商務和 AWS 之外還有多個業務類別。其增長最快的業務是廣告，第一季度同比增長 19%。除了多年來在市場上投放的廣告外，它現在還在其廣告支持的流媒體層上投放廣告。它正在通過新高水平的內容擴展其 Prime 流媒體，並且最近購買了詹姆斯·邦德系列的版權。</p>
</div><p>Some of its other businesses include Zoox autonomous vehicles and its growing pharmacy business, and it's making progress on Project Kuiper, its broadband satellite initiative.</p>
<div class="lb-trans"><p>它的其他業務包括 Zoox 自動駕駛汽車和不斷增長的藥品業務，並且在其寬帶衞星計劃 Project Kuiper 上取得了進展。</p>
</div><p>Between its dominant position in two growth industries and the smaller businesses on the horizon, Amazon has tremendous long-term opportunities. I don't want to downplay the potential effect of tariffs on border-crossing goods, but whatever happens with them, it should be a short-term effect that doesn't negate Amazon's incredible long-term potential.</p>
<div class="lb-trans"><p>憑藉在兩個增長行業中的主導地位以及未來的小型業務，亞馬遜擁有巨大的長期機會。我並不想低估關税對跨境商品的潛在影響，但無論它們發生什麼，這應該是短期影響，不會否定亞馬遜令人難以置信的長期潛力。</p>
</div>

3 Reasons to Buy Amazon Stock Like There's No Tomorrow

- 亞馬遜股價年初至今下跌 8%，投資者擔憂關税影響。  
- CEO 安迪·賈西在財報電話會議中提到亞馬遜的應對策略。  
- 亞馬遜在電商和人工智能等領域仍有巨大增長潛力。

購買亞馬遜股票的三個理由：抓住機會