<p>億萬富翁比爾·阿克曼最近透露，他的 Pershing Square Capital Management 投資基金在四月份對 <strong>亞馬遜</strong>(AMZN -0.37%) 進行了大規模投資。阿克曼是在唐納德·特朗普總統宣佈 “解放日” 關税後，市場動盪之際購買該股票的，亞馬遜也受到影響。</p>
<p>Pershing Square 的首席投資官瑞安·以色列最近與分析師討論了這項投資，表示該基金以 “極具吸引力” 的估值收購了一個 “出色的特許經營”，並且亞馬遜能夠應對任何因關税引發的經濟放緩。此外，他還讚揚了亞馬遜首席執行官安迪·賈西和公司的雙重商業模式，表示其能夠實現超過 20% 的盈利增長。</p>
<p>隨着亞馬遜股票從低點反彈，投資者是否應該在當前水平跟隨阿克曼投資亞馬遜成為了一個問題。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjAyNjEvcGFja2FnZS1kZWxpdmVyeS1hbWF6b24tdXBzLWZlZGV4MS5qcGcmdz03MDA?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" width="700" height="466" original-src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjAyNjEvcGFja2FnZS1kZWxpdmVyeS1hbWF6b24tdXBzLWZlZGV4MS5qcGcmdz03MDA"/></p>
<p>圖片來源：Getty Images。</p>
<h2>不再是特價商品，但仍然具有吸引力</h2>
<p>在四月份，亞馬遜的股票交易時的前瞻市盈率 (P/E) 在 20 多倍，而今天已經回升到約 33 倍。儘管已經脱離低點，但該股票仍處於歷史上最低的估值之一。</p>
<p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/73c4087654165ec2cf77ff55feabf37a.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" width="720" height="539" original-src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/73c4087654165ec2cf77ff55feabf37a.png"/></p>
<p>AMZN 前瞻市盈率數據來源於 YCharts</p>
<p>與此同時，亞馬遜有兩個具有吸引力的市場領先業務：電子商務和雲計算。該公司以其電子商務業務而聞名，既銷售自己的商品，也作為第三方銷售產品的市場。由於其無與倫比的物流和倉儲網絡，亞馬遜已成為全球電子商務的主導者。</p>
<p>與此同時，它現在正在利用人工智能 (AI) 在這些領域提高效率。例如，該公司正在使用 AI 更好地規劃送貨司機的路線，甚至預測潛在的交通和道路封閉。但這還不僅限於此，該公司還利用 AI 預測哪些倉庫存放物品，以減少運輸距離。</p>
<p>在倉庫中，該公司正在使用 AI 和計算機視覺來提高效率並降低勞動力成本。AI 驅動的機器人可以處理多項任務，例如搬運重物、分類和搬運包裹，且不需要休息，錯誤率也低於人類。亞馬遜甚至擁有能夠比人類更好地識別損壞商品的 AI 驅動機器人，識別能力是人類的三倍，從而防止這些商品被髮貨並減少昂貴的退貨。</p>
<p>所有這些都有助於降低成本並加快交貨時間。同時，該公司還利用 AI 幫助平台上的第三方商家更輕鬆地列出商品，並通過其贊助廣告網絡針對潛在買家。</p>
<p>亞馬遜已成長為全球最大的數字廣告平台之一，這一高利潤業務的增長，加上其 AI 效率，正在為亞馬遜的電子商務業務帶來強大的經營槓桿。這在上個季度得到了體現，其北美部門的收入增長了 8%，而部門營業收入增長了 16%。</p>
<h2>雲計算是增長驅動力</h2>
<p>雖然亞馬遜以其電子商務業務而聞名，但其最大的、增長最快的盈利部門是雲計算業務——亞馬遜網絡服務 (AWS)。亞馬遜是出於自身在擴展業務和遇到基礎設施瓶頸的挫折而創造了整個雲計算、基礎設施即服務的商業模式。如今，它仍然是最大的雲計算提供商，市場份額接近 30%。</p>
<p>AWS 繼續受益於雲計算的強勁勢頭，其中很大一部分是由 AI 推動的。客户正在使用其服務，如 Bedrock 和 SageMaker，來構建和部署自己的 AI 模型和應用程序。Bedrock 使他們能夠訪問可以自定義的頂級基礎模型，而 SageMaker 則是一個更全面的解決方案，讓他們從頭開始構建、訓練和啓動模型。一旦這些模型和應用程序上線，它們就會在 AWS 基礎設施上運行。</p>
<p>亞馬遜的一個優勢是它通過其 Annapurna Labs 子公司開發了自己的定製 AI 芯片。它有一款芯片 Trainium，專為訓練大型語言模型 (LLMs) 而設計，另一款 Inferentia 則針對推理進行了優化。</p>
<p>定製芯片在特定任務上表現更好，且功耗低於大眾市場的圖形處理單元 (GPU)，這有助於降低整體擁有成本。這使得亞馬遜在競爭對手中具有成本優勢，並應在該部門帶來強大的經營槓桿。</p>
<p>與此同時，該公司正在大量投資以建立 AI 基礎設施，以跟上持續上升的需求。</p>
<h2>投資者應該購買亞馬遜股票嗎？</h2>
<p>購買亞馬遜股票並非沒有風險，因為其電子商務業務面臨潛在的關税和經濟逆風，同時公司也有可能過度建設其 AI 基礎設施。儘管如此，這是一家有着大手筆投資以贏得大勝的公司，如果歷史有任何指示，它應該會成為 AI 領域的贏家。</p>
<p>雖然其估值不再像阿克曼購買股票時那麼低，但該股票仍然具有吸引力。因此，我認為投資者仍然可以跟隨阿克曼投資亞馬遜股票，並在當前水平上進行購買。</p>

亞馬遜

亞馬遜每日 2 倍做多 ETF - Direxion

<p>億萬富翁比爾·阿克曼的 Pershing Square Capital Management 已在亞馬遜中獲得了重要股份，認為其是一個 “極好的特許經營”，估值 “極具吸引力”。儘管亞馬遜的股價有所回升，但其估值仍處於歷史最低水平之一。該公司正在利用人工智能提升電子商務和雲計算的效率，其中 AWS 是主要的增長驅動力。然而，潛在風險包括關税和可能影響其電子商務業務的經濟挑戰。投資者需要考慮是否在當前水平跟隨阿克曼投資亞馬遜股票</p>

<p>Billionaire Bill Ackman recently revealed that his Pershing Square Capital Management investment fund took a large stake in <strong>Amazon</strong>(AMZN -0.37%) in April. Ackman was buying the stock following the market downturn after President Donald Trump's &#34;Liberation Day&#34; tariff announcements roiled the market, including Amazon.</p>
<div class="lb-trans"><p>億萬富翁比爾·阿克曼最近透露，他的 Pershing Square Capital Management 投資基金在四月份對 <strong>亞馬遜</strong>(AMZN -0.37%) 進行了大規模投資。阿克曼是在唐納德·特朗普總統宣佈 “解放日” 關税後，市場動盪之際購買該股票的，亞馬遜也受到影響。</p>
</div><p>Pershing Square's chief investment officer Ryan Israel recently discussed the investment with analysts, stating that the fund acquired a &#34;fantastic franchise&#34; at an &#34;extremely attractive&#34; valuation, and that Amazon would be able to navigate any tariff-induced slowdown. Furthermore, he praised Amazon CEO Andy Jassy and the company's dual business model, stating that it can deliver more than 20% earnings growth.</p>
<div class="lb-trans"><p>Pershing Square 的首席投資官瑞安·以色列最近與分析師討論了這項投資，表示該基金以 “極具吸引力” 的估值收購了一個 “出色的特許經營”，並且亞馬遜能夠應對任何因關税引發的經濟放緩。此外，他還讚揚了亞馬遜首席執行官安迪·賈西和公司的雙重商業模式，表示其能夠實現超過 20% 的盈利增長。</p>
</div><p>With Amazon shares having rallied off their lows, the question is whether investors should follow Ackman into Amazon at current levels.</p>
<div class="lb-trans"><p>隨着亞馬遜股票從低點反彈，投資者是否應該在當前水平跟隨阿克曼投資亞馬遜成為了一個問題。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjAyNjEvcGFja2FnZS1kZWxpdmVyeS1hbWF6b24tdXBzLWZlZGV4MS5qcGcmdz03MDA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F820261%2Fpackage-delivery-amazon-ups-fedex1.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>No longer in the bargain bin, but still attractive</h2>
<div class="lb-trans"><h2>不再是特價商品，但仍然具有吸引力</h2>
</div><p>Back in April, Amazon's stock traded down to a forward price-to-earnings ratio (P/E) in the mid-20s, while today it's back up to around a 33 times multiple. Although off its lows, the stock is still at one of the lowest valuations in its history.</p>
<div class="lb-trans"><p>在四月份，亞馬遜的股票交易時的前瞻市盈率 (P/E) 在 20 多倍，而今天已經回升到約 33 倍。儘管已經脱離低點，但該股票仍處於歷史上最低的估值之一。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/73c4087654165ec2cf77ff55feabf37a.png" alt="" original-src="https://media.ycharts.com/charts/73c4087654165ec2cf77ff55feabf37a.png"/></p>
<p>AMZN PE Ratio (Forward) data by YCharts</p>
<div class="lb-trans"><p>AMZN 前瞻市盈率數據來源於 YCharts</p>
</div><p>At the same time, Amazon has two attractive market-leading businesses: e-commerce and cloud computing. The company is best known for its e-commerce business, where it sells both its own goods and acts as a marketplace for third parties to sell products. Amazon has become the dominant global player in e-commerce due to its unparalleled logistics and warehouse network.</p>
<div class="lb-trans"><p>與此同時，亞馬遜有兩個具有吸引力的市場領先業務：電子商務和雲計算。該公司以其電子商務業務而聞名，既銷售自己的商品，也作為第三方銷售產品的市場。由於其無與倫比的物流和倉儲網絡，亞馬遜已成為全球電子商務的主導者。</p>
</div><p>Meanwhile, it is now using artificial intelligence (AI) to become more efficient in these areas. For example, the company is using AI to better plan routes for its delivery drivers, even predicting potential traffic and road closures. But it goes beyond even that, with the company using AI to predict which warehouses to store items in order to reduce travel distances.</p>
<div class="lb-trans"><p>與此同時，它現在正在利用人工智能 (AI) 在這些領域提高效率。例如，該公司正在使用 AI 更好地規劃送貨司機的路線，甚至預測潛在的交通和道路封閉。但這還不僅限於此，該公司還利用 AI 預測哪些倉庫存放物品，以減少運輸距離。</p>
</div><p>In the warehouse, meanwhile, the company is using AI and computer vision to improve efficiency and lower labor costs. AI-powered robots can handle a number of tasks, such as lifting heavy objects, sorting, and carrying packages, without taking breaks and making fewer mistakes than humans. Amazon even has AI-powered robots that can recognize damaged goods three times better than humans, preventing them being shipped and reducing costly returns.</p>
<div class="lb-trans"><p>在倉庫中，該公司正在使用 AI 和計算機視覺來提高效率並降低勞動力成本。AI 驅動的機器人可以處理多項任務，例如搬運重物、分類和搬運包裹，且不需要休息，錯誤率也低於人類。亞馬遜甚至擁有能夠比人類更好地識別損壞商品的 AI 驅動機器人，識別能力是人類的三倍，從而防止這些商品被髮貨並減少昂貴的退貨。</p>
</div><p>All this is helping to reduce costs and speed up delivery times. At the same time, the company is also using AI to help third-party merchants on its platform more easily list items and to target potential buyers through its sponsored ad network.</p>
<div class="lb-trans"><p>所有這些都有助於降低成本並加快交貨時間。同時，該公司還利用 AI 幫助平台上的第三方商家更輕鬆地列出商品，並通過其贊助廣告網絡針對潛在買家。</p>
</div><p>Amazon has grown to become one of the largest digital ad platforms in the world, and the growth of this high-margin business, together with its AI efficiencies, is leading to strong operating leverage in Amazon's e-commerce business. This could be seen last quarter, when its North American segment revenue rose 8%, while its segment operating income climbed 16%.</p>
<div class="lb-trans"><p>亞馬遜已成長為全球最大的數字廣告平台之一，這一高利潤業務的增長，加上其 AI 效率，正在為亞馬遜的電子商務業務帶來強大的經營槓桿。這在上個季度得到了體現，其北美部門的收入增長了 8%，而部門營業收入增長了 16%。</p>
</div><h2>Cloud computing is a growth driver</h2>
<div class="lb-trans"><h2>雲計算是增長驅動力</h2>
</div><p>While it's most known for its e-commerce operations, Amazon's largest, fastest-growing segment by profitability is its cloud computing business, Amazon Web Services (AWS). Amazon created the whole cloud computing, infrastructure-as-a-service business model out of its own frustrations scaling up its business and the infrastructure bottlenecks it ran into. Today, it remains the largest cloud computing provider, with a nearly 30% market share.</p>
<div class="lb-trans"><p>雖然亞馬遜以其電子商務業務而聞名，但其最大的、增長最快的盈利部門是雲計算業務——亞馬遜網絡服務 (AWS)。亞馬遜是出於自身在擴展業務和遇到基礎設施瓶頸的挫折而創造了整個雲計算、基礎設施即服務的商業模式。如今，它仍然是最大的雲計算提供商，市場份額接近 30%。</p>
</div><p>AWS continues to benefit from strong momentum in cloud computing, a big part of which is being driven by AI. Customers are using its services like Bedrock and SageMaker to build and deploy their own AI models and applications. Bedrock gives them access to top foundation models they can customize, while SageMaker is more of an end-to-end solution that lets them build, train, and launch models from the ground up. Once these models and apps are live, they are then run on AWS infrastructure.</p>
<div class="lb-trans"><p>AWS 繼續受益於雲計算的強勁勢頭，其中很大一部分是由 AI 推動的。客户正在使用其服務，如 Bedrock 和 SageMaker，來構建和部署自己的 AI 模型和應用程序。Bedrock 使他們能夠訪問可以自定義的頂級基礎模型，而 SageMaker 則是一個更全面的解決方案，讓他們從頭開始構建、訓練和啓動模型。一旦這些模型和應用程序上線，它們就會在 AWS 基礎設施上運行。</p>
</div><p>One advantage Amazon has is that it has developed its own custom AI chips through its Annapurna Labs subsidiary. It has one chip, Trainium, that has been designed to train large language models (LLMs), and another, Inferentia, that has been optimized for inference.</p>
<div class="lb-trans"><p>亞馬遜的一個優勢是它通過其 Annapurna Labs 子公司開發了自己的定製 AI 芯片。它有一款芯片 Trainium，專為訓練大型語言模型 (LLMs) 而設計，另一款 Inferentia 則針對推理進行了優化。</p>
</div><p>Custom chips perform better and use less power than mass-market graphics processing units (GPUs) on the specific tasks for which they've been designed, which helps lower the overall cost of ownership. This gives Amazon a cost advantage over its competitors, and should lead to strong operating leverage in this segment as well.</p>
<div class="lb-trans"><p>定製芯片在特定任務上表現更好，且功耗低於大眾市場的圖形處理單元 (GPU)，這有助於降低整體擁有成本。這使得亞馬遜在競爭對手中具有成本優勢，並應在該部門帶來強大的經營槓桿。</p>
</div><p>Meanwhile, the company is investing heavily to build AI infrastructure to keep up with the continued rising demand.</p>
<div class="lb-trans"><p>與此同時，該公司正在大量投資以建立 AI 基礎設施，以跟上持續上升的需求。</p>
</div><h2>Should investors buy Amazon stock?</h2>
<div class="lb-trans"><h2>投資者應該購買亞馬遜股票嗎？</h2>
</div><p>Buying Amazon stock is not without risks, as its e-commerce business does face potential tariffs and economic headwinds, while there is always the potential that the company overbuilds its AI infrastructure. That said, this is a company that has a history of spending big to win big, and if history is any indication, it should be a big AI winner.</p>
<div class="lb-trans"><p>購買亞馬遜股票並非沒有風險，因為其電子商務業務面臨潛在的關税和經濟逆風，同時公司也有可能過度建設其 AI 基礎設施。儘管如此，這是一家有着大手筆投資以贏得大勝的公司，如果歷史有任何指示，它應該會成為 AI 領域的贏家。</p>
</div><p>While its valuation is not quite as low as when Ackman bought shares, the stock is still attractively valued. As such, I think investors can still follow Ackman into Amazon stock and be buyers at current levels.</p>
<div class="lb-trans"><p>雖然其估值不再像阿克曼購買股票時那麼低，但該股票仍然具有吸引力。因此，我認為投資者仍然可以跟隨阿克曼投資亞馬遜股票，並在當前水平上進行購買。</p>
</div>

Should You Follow Billionaire Bill Ackman Into Amazon Stock?

- 億萬富翁比爾·阿克曼在四月增持亞馬遜股份。  
- 阿克曼認為亞馬遜在當前估值下仍具吸引力。  
- 亞馬遜的電商和雲計算業務推動了其盈利增長。

你是否應該跟隨億萬富翁比爾·阿克曼投資亞馬遜股票？