<p>任何關注電子商務巨頭 <strong>亞馬遜</strong>(AMZN 0.80%) 的投資者可能已經知道其雲計算部門對公司盈利的重要性。對於那些不知道的人來説，亞馬遜的收入大部分仍然來自於向在線購物者銷售商品，去年的 58% 營業利潤來自於亞馬遜網絡服務，儘管這一業務僅佔亞馬遜總銷售額的 17%。這使得亞馬遜可觀的基於雲的現金流能夠支持許多不同的增長計劃。而且確實如此！</p>
<p>不過，這條比喻上的 “奶牛” 在可預見的未來可能不會像最近過去那樣令人印象深刻。雖然亞馬遜網絡服務似乎仍然享有相當的定價權，但如果 AWS 的市場份額趨勢有任何跡象，這種情況可能很快就會改變。這為利潤率的縮小以及最終淨利潤的減少奠定了基礎。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjAwMjUvb2xkZXItbWFuLWxhcHRvcC1hbm5veWVkLmpwZyZ3PTcwMA?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-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjAwMjUvb2xkZXItbWFuLWxhcHRvcC1hbm5veWVkLmpwZyZ3PTcwMA"/></p>
<p>圖片來源：Getty Images。</p>
<h2>AWS 正在失去市場份額</h2>
<p>技術市場研究機構 Synergy Research Group 每季度跟蹤全球在雲計算服務上的支出。正如一段時間以來的情況一樣，亞馬遜網絡服務在今年第一季度仍然是該行業最大的名字，保持着對 <strong>微軟</strong> 和 <strong>Alphabet</strong> 的谷歌雲業務的領先地位。</p>
<p>不過，這一領先地位正在縮小。實際上，正如 Synergy 最近歷史數據的圖表所示，亞馬遜網絡服務在全球雲計算銷售中的份額在 2025 年第一季度降至多年來的低點（可能是創紀錄的低點）29%。這一低迷不僅延續了自 2023 年初以來的下行趨勢，還加速了這一趨勢。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjAwMjUvMDUyOTI1LWNsb3VkLWNvbXB1dGluZy1tYXJrZXQtc2hhcmUucG5nJnc9NzAw?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-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjAwMjUvMDUyOTI1LWNsb3VkLWNvbXB1dGluZy1tYXJrZXQtc2hhcmUucG5nJnc9NzAw"/></p>
<p>數據來源：Synergy Research Group。圖表由作者提供。</p>
<p>這並不是説谷歌和微軟對這一市場份額的下滑負有全部責任。雖然這兩家公司在 2022 年及 2023 年初明顯獲得了市場份額，但這兩大巨頭最近也在爭奪雲業務方面遇到了困難。亞馬遜最近的市場份額損失主要是由於一些不知名的 “其他” 提供商。這是有道理的——隨着行業的成熟，雲計算客户正在尋找只有較小的雲計算公司可能提供的更專業的選項和功能。</p>
<p>無論如何，亞馬遜網絡服務顯然正在失去市場份額。而且它當然不想這樣。</p>
<h2>目前仍然足夠盈利</h2>
<p>目前這還沒有太大影響。實際上，AWS 的收入仍然在技術上增長得比該部門的運營成本快，使得在 2025 年第一季度利潤率仍在擴大。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjAwMjUvMDUyOTI1LWF3cy1yZXZlbnVlLXByb2ZpdC1tYXJnaW4ucG5nJnc9NzAw?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-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjAwMjUvMDUyOTI1LWF3cy1yZXZlbnVlLXByb2ZpdC1tYXJnaW4ucG5nJnc9NzAw"/></p>
<p>數據來源：亞馬遜。圖表由作者提供。</p>
<p>不過，從更長遠的角度來看，雲計算業務顯然競爭激烈，即使是較小的參與者現在也有能力對所謂的 “三巨頭” 發起反擊。雖然行業整體增長足以讓所有這些服務提供商受益，但我們可能正處於這一方面的轉折點。如果其增長率放緩——這通常是商業成熟後發生的情況——那麼雲計算的商品化可能會引發價格戰。</p>
<p>價格戰當然會壓縮利潤率。</p>
<h2>只需關注這一業務的動態</h2>
<p>如果你目前持有亞馬遜的股份，不要驚慌；這並不是避免投資亞馬遜的理由。這個業務仍然有很好的盈利機會，亞馬遜也處於獲得其應得份額的良好位置。</p>
<p>不過，也不要天真。亞馬遜的股票一直被定價為 AWS 將繼續作為強大的利潤生產者，直到現在。現在，這一曾經可靠的假設正受到質疑。即使是這一方面的一個小紅旗也可能對亞馬遜的股票造成過大的影響，可能會引發意外的失望。</p>
<p>換句話説，只需關注這一業務的動態，以確保你不會被即將發佈的季度報告完全矇蔽。上述兩個圖表中的一個遲早會改變方向，而且可能會比預期更早。</p>

亞馬遜

<p>亞馬遜網絡服務（AWS）對亞馬遜的利潤至關重要，儘管僅佔銷售額的 17%，卻貢獻了 58% 的營業利潤。然而，AWS 的市場份額正在下降，在 2025 年第一季度降至 29% 的多年低點，原因是來自小型供應商的競爭加劇。雖然 AWS 的收入仍在增長，但放緩可能導致價格戰和利潤率下降。投資者應保持謹慎，因為 AWS 表現的任何負面變化都可能對亞馬遜的股價產生重大影響</p>

<p>Any investor keeping tabs on e-commerce giant <strong>Amazon</strong>(AMZN 0.80%) probably already knows how important its cloud computing arm is to the company's bottom line. For those who don't, the bulk of its revenue still comes from selling merchandise to online shoppers, 58% of last year's operating profits came from Amazon Web Services, even though this business only made up 17% of Amazon's total sales. That allows Amazon's sizable cloud-based cash flow to help fund a lot of different growth initiatives. And it is!</p>
<div class="lb-trans"><p>任何關注電子商務巨頭 <strong>亞馬遜</strong>(AMZN 0.80%) 的投資者可能已經知道其雲計算部門對公司盈利的重要性。對於那些不知道的人來説，亞馬遜的收入大部分仍然來自於向在線購物者銷售商品，去年的 58% 營業利潤來自於亞馬遜網絡服務，儘管這一業務僅佔亞馬遜總銷售額的 17%。這使得亞馬遜可觀的基於雲的現金流能夠支持許多不同的增長計劃。而且確實如此！</p>
</div><p>This proverbial gravy train might not be quite as impressive in the foreseeable future as it's been in the recent past, though. While Amazon Web Services still seems to enjoy a decent degree of pricing power, if AWS' market share trend is any indication, that could be changing soon. This sets the stage for narrower profit margins, and ultimately less net profits.</p>
<div class="lb-trans"><p>不過，這條比喻上的 “奶牛” 在可預見的未來可能不會像最近過去那樣令人印象深刻。雖然亞馬遜網絡服務似乎仍然享有相當的定價權，但如果 AWS 的市場份額趨勢有任何跡象，這種情況可能很快就會改變。這為利潤率的縮小以及最終淨利潤的減少奠定了基礎。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjAwMjUvb2xkZXItbWFuLWxhcHRvcC1hbm5veWVkLmpwZyZ3PTcwMA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F820025%2Folder-man-laptop-annoyed.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>AWS is losing market share</h2>
<div class="lb-trans"><h2>AWS 正在失去市場份額</h2>
</div><p>Technology market research outfit Synergy Research Group keeps track of the numbers, reporting how much the world spends on cloud computing services each and every quarter. As has been the case for some time now, Amazon Web Services remained the single-biggest name in the business through Q1 of this year, maintaining its lead on <strong>Microsoft</strong>'s and <strong>Alphabet</strong>'s Google cloud businesses.</p>
<div class="lb-trans"><p>技術市場研究機構 Synergy Research Group 每季度跟蹤全球在雲計算服務上的支出。正如一段時間以來的情況一樣，亞馬遜網絡服務在今年第一季度仍然是該行業最大的名字，保持着對 <strong>微軟</strong> 和 <strong>Alphabet</strong> 的谷歌雲業務的領先地位。</p>
</div><p>That lead is narrowing, though. Indeed, as the chart of Synergy's recent historical data illustrates, Amazon Web Services' share of the world's cloud computing sales fell to a multi-year low (maybe a record low?) 29% during the first quarter of 2025. That lull not only extends a downtrend that's been underway since early 2023, but accelerates it.</p>
<div class="lb-trans"><p>不過，這一領先地位正在縮小。實際上，正如 Synergy 最近歷史數據的圖表所示，亞馬遜網絡服務在全球雲計算銷售中的份額在 2025 年第一季度降至多年來的低點（可能是創紀錄的低點）29%。這一低迷不僅延續了自 2023 年初以來的下行趨勢，還加速了這一趨勢。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjAwMjUvMDUyOTI1LWNsb3VkLWNvbXB1dGluZy1tYXJrZXQtc2hhcmUucG5nJnc9NzAw" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F820025%2F052925-cloud-computing-market-share.png&amp;op=resize&amp;w=700"/></p>
<p>Data source: Synergy Research Group. Chart by author.</p>
<div class="lb-trans"><p>數據來源：Synergy Research Group。圖表由作者提供。</p>
</div><p>That's not to suggest Google and Microsoft are solely responsible for this market-share setback. While both clearly gained share through 2022 and into 2023, both of these big names have also struggled to win cloud business of late. Much of Amazon's recent loss of market share is to mostly unknown &#34;other&#34; providers. This makes sense -- as the industry matures, cloud computing clients are looking for the more specialized options and features that only the smaller cloud computing companies may offer.</p>
<div class="lb-trans"><p>這並不是説谷歌和微軟對這一市場份額的下滑負有全部責任。雖然這兩家公司在 2022 年及 2023 年初明顯獲得了市場份額，但這兩大巨頭最近也在爭奪雲業務方面遇到了困難。亞馬遜最近的市場份額損失主要是由於一些不知名的 “其他” 提供商。這是有道理的——隨着行業的成熟，雲計算客户正在尋找只有較小的雲計算公司可能提供的更專業的選項和功能。</p>
</div><p>Regardless, Amazon Web Services is clearly losing market share. And it certainly doesn't want to.</p>
<div class="lb-trans"><p>無論如何，亞馬遜網絡服務顯然正在失去市場份額。而且它當然不想這樣。</p>
</div><h2>Still profitable enough ... for now</h2>
<div class="lb-trans"><h2>目前仍然足夠盈利</h2>
</div><p>It hasn't mattered much yet. Indeed, AWS' revenue is still technically growing faster than the arm's operating costs are, allowing for still-widening profit margins through the first quarter of 2025.</p>
<div class="lb-trans"><p>目前這還沒有太大影響。實際上，AWS 的收入仍然在技術上增長得比該部門的運營成本快，使得在 2025 年第一季度利潤率仍在擴大。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjAwMjUvMDUyOTI1LWF3cy1yZXZlbnVlLXByb2ZpdC1tYXJnaW4ucG5nJnc9NzAw" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F820025%2F052925-aws-revenue-profit-margin.png&amp;op=resize&amp;w=700"/></p>
<p>Data source: Amazon. Chart by author.</p>
<div class="lb-trans"><p>數據來源：亞馬遜。圖表由作者提供。</p>
</div><p>Think bigger picture, though, and longer term. The cloud computing business is clearly competitive, and even its smaller players are now in a position to push back against the so-called &#34;Big Three.&#34; While there's been enough industrywide growth for all these service providers to go around, we may be at a turning point on this front. If its growth rate slows -- as is usually the case once a business matures -- look for cloud's commoditization to kick off a price war.</p>
<div class="lb-trans"><p>不過，從更長遠的角度來看，雲計算業務顯然競爭激烈，即使是較小的參與者現在也有能力對所謂的 “三巨頭” 發起反擊。雖然行業整體增長足以讓所有這些服務提供商受益，但我們可能正處於這一方面的轉折點。如果其增長率放緩——這通常是商業成熟後發生的情況——那麼雲計算的商品化可能會引發價格戰。</p>
</div><p>Price wars, of course, punch profit margins.</p>
<div class="lb-trans"><p>價格戰當然會壓縮利潤率。</p>
</div><h2>Just keep your finger on the pulse of this business</h2>
<div class="lb-trans"><h2>只需關注這一業務的動態</h2>
</div><p>Don't panic if you currently hold a stake in Amazon; this isn't exactly a reason in and of itself to avoid a position in Amazon, either. There's still good money to be made in the business, and Amazon is well-positioned to earn its fair share of it.</p>
<div class="lb-trans"><p>如果你目前持有亞馬遜的股份，不要驚慌；這並不是避免投資亞馬遜的理由。這個業務仍然有很好的盈利機會，亞馬遜也處於獲得其應得份額的良好位置。</p>
</div><p>Don't be naïve, either, however. Amazon stock has been and remains priced as if AWS will remain the powerhouse profit producer it's been up until this point. Now this once-reliable presumption is in question. Even the smallest red flag on this front could take an oversized toll on Amazon stock, sparked by unexpected disappointment.</p>
<div class="lb-trans"><p>不過，也不要天真。亞馬遜的股票一直被定價為 AWS 將繼續作為強大的利潤生產者，直到現在。現在，這一曾經可靠的假設正受到質疑。即使是這一方面的一個小紅旗也可能對亞馬遜的股票造成過大的影響，可能會引發意外的失望。</p>
</div><p>In other words, just keep your finger on the pulse of this business to make sure you're not completely blindsided by one of its upcoming quarterly reports. One of the two charts above is going to have to change directions sooner or later, and likely sooner <em>than</em> later.</p>
<div class="lb-trans"><p>換句話説，只需關注這一業務的動態，以確保你不會被即將發佈的季度報告完全矇蔽。上述兩個圖表中的一個遲早會改變方向，而且可能會比預期更早。</p>
</div>

This 1 Thing Is Really Bugging Me About Amazon Web Services

- 亞馬遜雲計算業務 AWS 貢獻了 58% 的運營利潤，但市場份額正在下降。  
- 根據 Synergy Research Group 數據，2025 年第一季度 AWS 市場份額降至 29%。  
- 行業競爭加劇，可能導致價格戰和利潤率下降。  

有一件事讓我對亞馬遜網絡服務感到非常困擾