<p>美國企業的新一季度財報季正式開始。在接下來的幾周內，數百家公司將發佈 2025 年第二季度（截至 6 月 30 日）的業績，但華爾街將特別關注那些推動人工智能（AI）熱潮的數萬億美元科技巨頭。</p>
<p><strong>亞馬遜</strong>（AMZN -0.67%）計劃於 7 月 31 日發佈其第二季度業績。儘管電子商務仍然是公司最大的收入來源，但分析師將重點關注亞馬遜網絡服務（AWS）雲計算平台，該平台承載着許多科技巨頭最有價值的 AI 項目。</p>
<p>投資者應該在 7 月 31 日的報告之前購買亞馬遜股票嗎？</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjU4NjUvYW1hem9uLWxvY2tlci13aXRoLXBhY2thZ2UtaW5zaWRlLnBuZyZ3PTcwMA?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" width="700" height="420" original-src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjU4NjUvYW1hem9uLWxvY2tlci13aXRoLXBhY2thZ2UtaW5zaWRlLnBuZyZ3PTcwMA"/></p>
<p>圖片來源：亞馬遜。</p>
<h2>雲收入增長在第二季度可能重新加速</h2>
<p>AWS 是全球最大的雲計算平台。它提供數百種服務，旨在幫助企業在數字領域運營，無論他們需要簡單的網站託管還是複雜的軟件開發工具。但 AWS 現在希望主導 AI 行業的三個核心層面：硬件（數據中心和芯片）、大型語言模型（LLMs）和軟件。</p>
<p>AWS 正在瘋狂建設新的數據中心，併為其配備來自 <strong>英偉達</strong> 等領先芯片製造商的數千個圖形處理單元（GPU）。亞馬遜還開發了自己的芯片，如 Trainium2，與競爭硬件相比，可以將 AI 訓練工作負載的成本降低多達 40%。</p>
<p>AWS 還通過其 Bedrock 平台提供越來越多的現成 LLMs。它包括亞馬遜內部設計的 Nova 系列模型，以及來自知名第三方如 Anthropic 和 <strong>Meta Platforms</strong> 的模型。數據中心基礎設施和 LLMs 是創建 AI 軟件所需的兩個主要成分，因此提供不同的芯片配置和多樣化的模型組合使 AWS 成為開發者非常有吸引力的目的地。</p>
<p>AWS 在 2025 年第一季度（截至 3 月 31 日）創造了創紀錄的 293 億美元收入，比去年同期增長了 17%。這一增長率較三個月前的前一季度有所放緩，這表明雲業務正在失去一些動力。</p>
<p>然而，AWS 目前對 AI 數據中心容量的需求超過了其供應能力，這影響了該平台的增長能力。亞馬遜首席執行官安迪·賈西在 5 月份告訴投資者，這些限制預計將在幾個月內緩解，因此 AWS 可能會在 7 月 31 日報告其收入增長的重新加速。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjU4NjUvYW1hem9uLXdlYi1zZXJ2aWNlcy1yZXZlbnVlLXExLTIwMjUuanBnJnc9NzAw?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" width="700" height="700" original-src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjU4NjUvYW1hem9uLXdlYi1zZXJ2aWNlcy1yZXZlbnVlLXExLTIwMjUuanBnJnc9NzAw"/></p>
<h2>亞馬遜習慣於超越華爾街的預期</h2>
<p>亞馬遜去年在其所有業務中創造了高達 6380 億美元的總收入，而華爾街的共識估計（由 Yahoo! Finance 提供）表明，2025 年其收入將接近 7000 億美元。在過去的幾年中，該公司專注於通過提高效率來儘可能多地擠壓其收入的利潤。</p>
<p>AWS 是亞馬遜整個組織的盈利引擎。儘管僅佔其收入的 19%，但在 2025 年第一季度，它負責了公司 62% 的總營業收入。</p>
<p>另一方面，電子商務仍然是亞馬遜按收入計算的最大業務，但由於其目標是為客户提供超低價格，因此其利潤率極其微薄。因此，管理層專注於降低成本和提高該部門的效率，而不是提高客户的收費。</p>
<p>在 2023 年，亞馬遜將其美國物流網絡劃分為八個區域，每個履行中心存儲的產品現在都是特定於每個地理區域的。這意味着熱門商品在到達客户時的運輸距離更短，從而降低了成本並加快了交貨時間。該公司還在其履行中心投資 AI 工具以節省成本——例如，私人調查項目（Project Private Investigator）利用 AI 和計算機視覺在產品發貨前篩選出缺陷產品。這減少了退款和退貨的頻率。</p>
<p>AWS 的驚人增長和電子商務部門的更高效率共同推動了亞馬遜在過去幾年的收益激增。2024 年，其每股收益（EPS）為 5.53 美元，比去年同期增長了 90%。該公司在全年四個季度中均超越了華爾街的共識預期，平均超出 23%。</p>
<p>然後，亞馬遜在 2025 年第一季度交出了每股收益 1.59 美元，同比增長 62%。這也遠高於華爾街的預期 1.36 美元。分析師認為該公司在第二季度的每股收益約為 1.31 美元，但如果再次交出巨大的超預期結果也不要感到驚訝。</p>
<h2>你應該在 7 月 31 日之前購買亞馬遜股票嗎？</h2>
<p>一份季度報告不太可能改變亞馬遜的長期軌跡。但目前其股票並不便宜，因此投資者是否應該在 7 月 31 日之前購買，可能取決於他們的時間視野。</p>
<p>該股票的市盈率（P/E）為 36.8，因此顯著高於 <strong>納斯達克 100</strong> 指數的平均市盈率 32.5。因此，尋求在接下來的幾個月內獲得短期收益的投資者可能會感到失望。</p>
<p>然而，基於亞馬遜未來潛在收益的估值則呈現出不同的畫面。華爾街的共識估計表明，該公司在 2026 年將交出每股收益 7.29 美元，使得該股票的前瞻市盈率約為 31。這表明在接下來的 18 個月內有上漲空間，特別是如果我們考慮到亞馬遜在超越分析師預期方面的良好記錄。</p>
<p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/ed214feb291f89efa677ec509519475b.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" width="720" height="456" original-src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/ed214feb291f89efa677ec509519475b.png"/></p>
<p>亞馬遜市盈率數據來自 YCharts</p>
<p>希望最大化潛在回報的投資者應該計劃將亞馬遜股票持有五年或更長時間，因為這將為公司在人工智能等領域的努力創造價值提供足夠的時間。如果投資者在 7 月 31 日之前購買該股票，儘管目前估值較高，他們很可能會表現良好。</p>

亞馬遜

亞馬遜每日 2 倍做多 ETF - Direxion

<p>亞馬遜計劃於 7 月 31 日發佈其 2025 年第二季度財報，重點關注其 AWS 雲平台，該平台對人工智能項目至關重要。儘管 AWS 的增長最近有所放緩，但對人工智能數據中心容量的需求仍然很高。分析師預計亞馬遜的每股收益約為 1.31 美元，但該公司有超出預期的歷史。預計 2025 年總收入接近 7000 億美元，投資者正在權衡是否在財報發佈前購買亞馬遜股票，儘管其當前估值被認為較高</p>

<p>A new quarterly earnings season is officially underway in corporate America. Hundreds of companies will release their results for the second quarter of 2025 (ended June 30) over the next few weeks, but Wall Street will be particularly focused on the multitrillion-dollar tech giants that are fueling the artificial intelligence (AI) boom.</p>
<div class="lb-trans"><p>美國企業的新一季度財報季正式開始。在接下來的幾周內，數百家公司將發佈 2025 年第二季度（截至 6 月 30 日）的業績，但華爾街將特別關注那些推動人工智能（AI）熱潮的數萬億美元科技巨頭。</p>
</div><p><strong>Amazon</strong>(AMZN -0.67%) is scheduled to release its second-quarter results on July 31. Although e-commerce remains the company's largest source of revenue, analysts will be keying in on the Amazon Web Services (AWS) cloud computing platform, which is home to many of the tech giant's most valuable AI projects.</p>
<div class="lb-trans"><p><strong>亞馬遜</strong>（AMZN -0.67%）計劃於 7 月 31 日發佈其第二季度業績。儘管電子商務仍然是公司最大的收入來源，但分析師將重點關注亞馬遜網絡服務（AWS）雲計算平台，該平台承載着許多科技巨頭最有價值的 AI 項目。</p>
</div><p>Should investors buy Amazon stock ahead of the July 31 report?</p>
<div class="lb-trans"><p>投資者應該在 7 月 31 日的報告之前購買亞馬遜股票嗎？</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjU4NjUvYW1hem9uLWxvY2tlci13aXRoLXBhY2thZ2UtaW5zaWRlLnBuZyZ3PTcwMA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F825865%2Famazon-locker-with-package-inside.png&amp;op=resize&amp;w=700"/></p>
<p>Image source: Amazon.</p>
<div class="lb-trans"><p>圖片來源：亞馬遜。</p>
</div><h2>Cloud revenue growth could reaccelerate in Q2</h2>
<div class="lb-trans"><h2>雲收入增長在第二季度可能重新加速</h2>
</div><p>AWS is the world's largest cloud computing platform. It offers hundreds of services designed to help businesses operate in the digital sphere, whether they need simple website hosting or complex software development tools. But AWS is now looking to dominate the AI industry's three core layers: hardware (data centers and chips), large language models (LLMs), and software.</p>
<div class="lb-trans"><p>AWS 是全球最大的雲計算平台。它提供數百種服務，旨在幫助企業在數字領域運營，無論他們需要簡單的網站託管還是複雜的軟件開發工具。但 AWS 現在希望主導 AI 行業的三個核心層面：硬件（數據中心和芯片）、大型語言模型（LLMs）和軟件。</p>
</div><p>AWS is frantically building new data centers and fitting them with thousands of graphics processing units (GPUs) from leading chipmakers like <strong>Nvidia</strong>. Amazon also developed its own chips, like Trainium2, which can reduce the cost of AI training workloads by as much as 40% compared to competing hardware.</p>
<div class="lb-trans"><p>AWS 正在瘋狂建設新的數據中心，併為其配備來自 <strong>英偉達</strong> 等領先芯片製造商的數千個圖形處理單元（GPU）。亞馬遜還開發了自己的芯片，如 Trainium2，與競爭硬件相比，可以將 AI 訓練工作負載的成本降低多達 40%。</p>
</div><p>AWS also offers a growing selection of ready-made LLMs through its Bedrock platform. It includes the Nova family of models which Amazon designed in-house, and models from prominent third parties like Anthropic and <strong>Meta Platforms</strong>. Data center infrastructure and LLMs are the two main ingredients required to create AI software, so offering different chip configurations and a diverse portfolio of models makes AWS a very attractive destination for developers.</p>
<div class="lb-trans"><p>AWS 還通過其 Bedrock 平台提供越來越多的現成 LLMs。它包括亞馬遜內部設計的 Nova 系列模型，以及來自知名第三方如 Anthropic 和 <strong>Meta Platforms</strong> 的模型。數據中心基礎設施和 LLMs 是創建 AI 軟件所需的兩個主要成分，因此提供不同的芯片配置和多樣化的模型組合使 AWS 成為開發者非常有吸引力的目的地。</p>
</div><p>AWS generated a record $29.3 billion in revenue during the first quarter of 2025 (ended March 31), which was a 17% increase from the year-ago period. That growth rate decelerated from the previous quarter three months earlier, which suggests the cloud segment is losing a little bit of momentum.</p>
<div class="lb-trans"><p>AWS 在 2025 年第一季度（截至 3 月 31 日）創造了創紀錄的 293 億美元收入，比去年同期增長了 17%。這一增長率較三個月前的前一季度有所放緩，這表明雲業務正在失去一些動力。</p>
</div><p>However, AWS has more demand for AI data center capacity than it can supply right now, which is hurting the platform's ability to grow. Back in May, Amazon CEO Andy Jassy told investors those constraints were expected to ease within months, so it's possible AWS will report a reacceleration in its revenue growth on July 31.</p>
<div class="lb-trans"><p>然而，AWS 目前對 AI 數據中心容量的需求超過了其供應能力，這影響了該平台的增長能力。亞馬遜首席執行官安迪·賈西在 5 月份告訴投資者，這些限制預計將在幾個月內緩解，因此 AWS 可能會在 7 月 31 日報告其收入增長的重新加速。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjU4NjUvYW1hem9uLXdlYi1zZXJ2aWNlcy1yZXZlbnVlLXExLTIwMjUuanBnJnc9NzAw" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F825865%2Famazon-web-services-revenue-q1-2025.jpg&amp;op=resize&amp;w=700"/></p>
<h2>Amazon makes a habit of beating Wall Street's expectations</h2>
<div class="lb-trans"><h2>亞馬遜習慣於超越華爾街的預期</h2>
</div><p>Amazon generated a whopping $638 billion in total revenue across all of its businesses last year, and Wall Street's consensus estimate (provided by Yahoo! Finance) suggests it will deliver close to $700 billion in 2025. Over the last couple of years, the company focused on squeezing as much profit as possible out of its top line by focusing on efficiency.</p>
<div class="lb-trans"><p>亞馬遜去年在其所有業務中創造了高達 6380 億美元的總收入，而華爾街的共識估計（由 Yahoo! Finance 提供）表明，2025 年其收入將接近 7000 億美元。在過去的幾年中，該公司專注於通過提高效率來儘可能多地擠壓其收入的利潤。</p>
</div><p>AWS is the profitability engine behind Amazon's entire organization. It was responsible for 62% of the company's total operating income in the first quarter of 2025, despite accounting for just 19% of its revenue.</p>
<div class="lb-trans"><p>AWS 是亞馬遜整個組織的盈利引擎。儘管僅佔其收入的 19%，但在 2025 年第一季度，它負責了公司 62% 的總營業收入。</p>
</div><p>E-commerce, on the other hand, is still Amazon's largest business by revenue, but it operates on razor-thin profit margins because its goal is to offer customers ultra-low prices. Therefore, management focused on cutting costs and boosting efficiency in this segment rather than charging its customers more.</p>
<div class="lb-trans"><p>另一方面，電子商務仍然是亞馬遜按收入計算的最大業務，但由於其目標是為客户提供超低價格，因此其利潤率極其微薄。因此，管理層專注於降低成本和提高該部門的效率，而不是提高客户的收費。</p>
</div><p>In 2023, Amazon split its U.S. logistics network into eight regions, and the products it stores in each fulfillment center are now specific to each geographic area. This means popular goods travel shorter distances to reach customers, resulting in lower costs and faster delivery times. The company is also investing in AI tools in its fulfillment centers to save money -- like Project Private Investigator, which uses AI and computer vision to weed out defective products before they are shipped. This reduces the frequency of refunds and returns.</p>
<div class="lb-trans"><p>在 2023 年，亞馬遜將其美國物流網絡劃分為八個區域，每個履行中心存儲的產品現在都是特定於每個地理區域的。這意味着熱門商品在到達客户時的運輸距離更短，從而降低了成本並加快了交貨時間。該公司還在其履行中心投資 AI 工具以節省成本——例如，私人調查項目（Project Private Investigator）利用 AI 和計算機視覺在產品發貨前篩選出缺陷產品。這減少了退款和退貨的頻率。</p>
</div><p>The incredible growth of AWS, and the e-commerce segment's higher efficiency, combined to drive a surge in Amazon's earnings over the last couple of years. It generated $5.53 in earnings per share (EPS) during 2024, which was a whopping 90% increase from the year-ago period. The company beat Wall Street's consensus estimates in all four quarters throughout the year, by an average of 23%.</p>
<div class="lb-trans"><p>AWS 的驚人增長和電子商務部門的更高效率共同推動了亞馬遜在過去幾年的收益激增。2024 年，其每股收益（EPS）為 5.53 美元，比去年同期增長了 90%。該公司在全年四個季度中均超越了華爾街的共識預期，平均超出 23%。</p>
</div><p>Then, Amazon delivered $1.59 in EPS during the first quarter of 2025, which was up 62% year over year. It was also far above the Street's estimate of $1.36. Analysts think the company generated around $1.31 in EPS during the second quarter, but don't be surprised if it delivers another huge beat.</p>
<div class="lb-trans"><p>然後，亞馬遜在 2025 年第一季度交出了每股收益 1.59 美元，同比增長 62%。這也遠高於華爾街的預期 1.36 美元。分析師認為該公司在第二季度的每股收益約為 1.31 美元，但如果再次交出巨大的超預期結果也不要感到驚訝。</p>
</div><h2>Should you buy Amazon stock before July 31?</h2>
<div class="lb-trans"><h2>你應該在 7 月 31 日之前購買亞馬遜股票嗎？</h2>
</div><p>One quarterly report is unlikely to change Amazon's long-term trajectory. But its stock isn't cheap right now, so whether or not investors should buy it ahead of July 31 probably depends on their time horizon.</p>
<div class="lb-trans"><p>一份季度報告不太可能改變亞馬遜的長期軌跡。但目前其股票並不便宜，因此投資者是否應該在 7 月 31 日之前購買，可能取決於他們的時間視野。</p>
</div><p>The stock is trading at a price-to-earnings (P/E) ratio of 36.8, so it's notably more expensive than the <strong>Nasdaq-100</strong> index average P/E ratio of 32.5. Therefore, investors who are looking for short-term gains over the next few months or so might be left disappointed.</p>
<div class="lb-trans"><p>該股票的市盈率（P/E）為 36.8，因此顯著高於 <strong>納斯達克 100</strong> 指數的平均市盈率 32.5。因此，尋求在接下來的幾個月內獲得短期收益的投資者可能會感到失望。</p>
</div><p>However, valuing Amazon stock based on its future potential earnings paints a different picture. Wall Street's consensus estimate suggests the company will deliver $7.29 in EPS in 2026, placing the stock at a forward P/E ratio of around 31. That suggests there is room for upside over the next 18 months, especially if we factor in Amazon's track record when it comes to beating analysts' estimates.</p>
<div class="lb-trans"><p>然而，基於亞馬遜未來潛在收益的估值則呈現出不同的畫面。華爾街的共識估計表明，該公司在 2026 年將交出每股收益 7.29 美元，使得該股票的前瞻市盈率約為 31。這表明在接下來的 18 個月內有上漲空間，特別是如果我們考慮到亞馬遜在超越分析師預期方面的良好記錄。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/ed214feb291f89efa677ec509519475b.png" alt="" original-src="https://media.ycharts.com/charts/ed214feb291f89efa677ec509519475b.png"/></p>
<p>AMZN PE Ratio data by YCharts</p>
<div class="lb-trans"><p>亞馬遜市盈率數據來自 YCharts</p>
</div><p>Investors who want to maximize their potential returns should aim to hold Amazon stock for a longer period of five years or more, because it will give the company sufficient time to create value from its efforts in areas like AI. Investors in that camp are likely to do just fine if they buy the stock ahead of July 31, despite its presently elevated valuation.</p>
<div class="lb-trans"><p>希望最大化潛在回報的投資者應該計劃將亞馬遜股票持有五年或更長時間，因為這將為公司在人工智能等領域的努力創造價值提供足夠的時間。如果投資者在 7 月 31 日之前購買該股票，儘管目前估值較高，他們很可能會表現良好。</p>
</div>

Should You Buy Amazon Stock Before July 31?

- 美國企業的季度財報季已開始，亞馬遜將於 7 月 31 日發佈第二季度業績。  
- AWS 雲計算平台是亞馬遜的關鍵業務，預計將推動收入增長。  
- 投資者應考慮長期持有亞馬遜股票，以獲取未來潛在收益。

你是否應該在 7 月 31 日之前購買亞馬遜的股票？