<p><strong>蘋果</strong> 是全球第三大公司，領先於第四名的 <strong>谷歌母公司</strong> 有着 1 萬億美元的差距。然而，我認為在未來五年內，包括第五名的 <strong>亞馬遜</strong>（AMZN -0.00%）在內的幾家公司預計將超過蘋果的市場份額，亞馬遜的估值約為 2.4 萬億美元，而蘋果為 3.5 萬億美元。</p>
<p>在五年內彌補如此大的差距並不容易，但從亞馬遜的增長動力與蘋果的對比來看，顯然亞馬遜是更好的股票選擇。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjkzMjgvcGVyc29uLWxvb2tpbmctYXQtYS1jb21wdXRlci13aXRoLWEtc3RvY2stcHJpY2UtZ3JhcGgtb24taXQuanBnJnc9NzAw?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" width="700" height="465" original-src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjkzMjgvcGVyc29uLWxvb2tpbmctYXQtYS1jb21wdXRlci13aXRoLWEtc3RvY2stcHJpY2UtZ3JhcGgtb24taXQuanBnJnc9NzAw"/></p>
<p>圖片來源：Getty Images。</p>
<h2>亞馬遜有兩個業務部門推動利潤增長</h2>
<p>蘋果的業務相對簡單；它是領先的消費科技品牌，通過銷售 iPhone 和其他蘋果生態系統中的產品產生可觀的收入。亞馬遜則複雜一些，它有大多數投資者熟悉的在線商店，但這並不是投資它的最佳理由。</p>
<p>儘管其在線商店部門在很長一段時間內實現了最佳季度（收入同比增長 11%），但真正的明星是亞馬遜網絡服務（AWS）和其廣告服務部門。</p>
<p>AWS 是亞馬遜的雲計算平台，受到傳統工作負載遷移到雲端以及新的人工智能（AI）工作負載推動，需求強勁。AWS 在第二季度的收入同比增長 17%，考慮到該季度的收入接近 310 億美元，這一增長相當強勁。然而，AWS 的主要競爭對手（<strong>微軟</strong> 的 Azure 和谷歌雲）在各自的季度中實現了更強的增長率，因此投資者對 AWS 在該領域的長期表現能力感到擔憂，儘管它是市場份額的領導者。</p>
<p>由於其規模，AWS 可能會繼續表現不及同行，但 17% 的增長並不容小覷。AWS 也是亞馬遜利潤的重要組成部分。在第二季度，它佔亞馬遜運營利潤的 53%，儘管僅佔收入的 18%。分析師仍然預計雲計算在未來幾年將快速增長，如果亞馬遜超過蘋果的市值，這將是主要原因。</p>
<p>廣告服務是亞馬遜增長最快的部門，收入同比增長 23%，比前幾個季度的增長率加速。亞馬遜是互聯網廣告的最有利可圖的地方之一，因為消費者已經來到他們的平台進行購買。支付將產品放在亞馬遜搜索頂部幾乎可以保證銷售增加。這對其廣告客户來説價值不菲，並將在未來幾年成為亞馬遜投資論點的關鍵部分。</p>
<h2>亞馬遜的利潤率正在上升</h2>
<p>亞馬遜並不是一個收入增長的故事；它是一個利潤增長的故事。高利潤率業務如 AWS 和廣告服務的崛起幫助亞馬遜在過去幾年提升了利潤率。</p>
<p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/d5a849e9a9f22d67c414eb1c75eca792.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/d5a849e9a9f22d67c414eb1c75eca792.png"/></p>
<p>AMZN 利潤率數據來源於 YCharts</p>
<p>隨着其兩個高利潤率業務部門的增長速度快於其他業務部分，亞馬遜自然會有更高的利潤增長率。在第二季度，亞馬遜的運營收入同比增長 31%。</p>
<p>與此相比，蘋果在 2025 財年第三季度（截至 6 月 28 日）的運營收入僅增長 11%。亞馬遜的利潤增長率要快得多。在五年內，30% 的增長率將使其運營收入增加 271%，而 11% 的增長率僅使運營收入增加 69%。</p>
<p>這將足以推動亞馬遜的利潤超過蘋果，從而使其在規模上超越蘋果。亞馬遜是未來五年的優秀股票選擇，今天的價格買入毫無疑問。</p>

蘋果

亞馬遜

亞馬遜每日 2 倍做多 ETF - Direxion

<p>亞馬遜有望在 2030 年前超越蘋果，成為市值最高的公司，這得益於其高利潤業務部門的強勁增長，特別是亞馬遜網絡服務（AWS）和廣告服務。儘管面臨競爭，AWS 在第二季度報告了 17% 的收入增長，對亞馬遜的利潤貢獻顯著。此外，廣告服務的年增長率達到了 23%。相比之下，蘋果的營業收入增長僅為 11%。考慮到亞馬遜預計的利潤增長率，未來五年內，亞馬遜被認為是比蘋果更好的股票選擇</p>

<p><strong>Apple</strong> is the world's third-largest company by a wide margin, with a $1 trillion gap between it and fourth-place <strong>Alphabet</strong>. However, I think several companies are slated to pass Apple in market share over the next five years, including fifth-place <strong>Amazon</strong>(AMZN -0.00%), which is valued at around $2.4 trillion compared to Apple's $3.5 trillion.</p>
<div class="lb-trans"><p><strong>蘋果</strong> 是全球第三大公司，領先於第四名的 <strong>谷歌母公司</strong> 有着 1 萬億美元的差距。然而，我認為在未來五年內，包括第五名的 <strong>亞馬遜</strong>（AMZN -0.00%）在內的幾家公司預計將超過蘋果的市場份額，亞馬遜的估值約為 2.4 萬億美元，而蘋果為 3.5 萬億美元。</p>
</div><p>That's a wide gap to make up in five years, but looking at Amazon's growth tailwinds versus Apple's makes it fairly clear that Amazon is the much better stock pick.</p>
<div class="lb-trans"><p>在五年內彌補如此大的差距並不容易，但從亞馬遜的增長動力與蘋果的對比來看，顯然亞馬遜是更好的股票選擇。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjkzMjgvcGVyc29uLWxvb2tpbmctYXQtYS1jb21wdXRlci13aXRoLWEtc3RvY2stcHJpY2UtZ3JhcGgtb24taXQuanBnJnc9NzAw" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F829328%2Fperson-looking-at-a-computer-with-a-stock-price-graph-on-it.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>Amazon has two business units driving profit growth</h2>
<div class="lb-trans"><h2>亞馬遜有兩個業務部門推動利潤增長</h2>
</div><p>Apple's business is fairly straightforward; it's the leading consumer tech brand and generates significant revenue selling iPhones and other products in the Apple ecosystem. Amazon is a bit more complex, as it has the online store that most investors are familiar with, but that's not the best reason to invest in it.</p>
<div class="lb-trans"><p>蘋果的業務相對簡單；它是領先的消費科技品牌，通過銷售 iPhone 和其他蘋果生態系統中的產品產生可觀的收入。亞馬遜則複雜一些，它有大多數投資者熟悉的在線商店，但這並不是投資它的最佳理由。</p>
</div><p>Although its online stores division posted the best quarter in a long time (revenue rose 11% year over year), the real stars of the show are Amazon Web Services (AWS) and its advertising services division.</p>
<div class="lb-trans"><p>儘管其在線商店部門在很長一段時間內實現了最佳季度（收入同比增長 11%），但真正的明星是亞馬遜網絡服務（AWS）和其廣告服務部門。</p>
</div><p>AWS is Amazon's cloud computing platform, and it is seeing strong demand fueled by the migration of traditional workloads to the cloud, as well as by new artificial intelligence (AI) workloads. AWS grew revenue by 17% year over year in Q2, which is strong growth considering it generated nearly $31 billion in revenue during the quarter. However, AWS's primary competitors ( <strong>Microsoft</strong>'s Azure and Google Cloud) posted stronger growth rates in their corresponding quarters, so investors are worried about AWS's long-term ability to perform in this sector despite its being the market-share leader.</p>
<div class="lb-trans"><p>AWS 是亞馬遜的雲計算平台，受到傳統工作負載遷移到雲端以及新的人工智能（AI）工作負載推動，需求強勁。AWS 在第二季度的收入同比增長 17%，考慮到該季度的收入接近 310 億美元，這一增長相當強勁。然而，AWS 的主要競爭對手（<strong>微軟</strong> 的 Azure 和谷歌雲）在各自的季度中實現了更強的增長率，因此投資者對 AWS 在該領域的長期表現能力感到擔憂，儘管它是市場份額的領導者。</p>
</div><p>AWS will likely continue to underperform its peers due to its size, but 17% growth is nothing to sneer at. AWS is also a large part of Amazon's profit picture. In Q2, it accounted for 53% of Amazon's operating profits despite accounting for only 18% of revenue. Analysts still expect cloud computing to grow rapidly over the next few years, and if Amazon surpasses Apple in market cap, this will be a primary reason why.</p>
<div class="lb-trans"><p>由於其規模，AWS 可能會繼續表現不及同行，但 17% 的增長並不容小覷。AWS 也是亞馬遜利潤的重要組成部分。在第二季度，它佔亞馬遜運營利潤的 53%，儘管僅佔收入的 18%。分析師仍然預計雲計算在未來幾年將快速增長，如果亞馬遜超過蘋果的市值，這將是主要原因。</p>
</div><p>Advertising services is Amazon's fastest-growing segment, with revenue rising 23% year over year, an acceleration over previous quarters' growth rate. Amazon has one of the most lucrative places to advertise on the internet, as consumers are already coming to their platform to make purchases. Paying to place a product at the top of an Amazon search almost guarantees increased sales. This is worth a lot to its advertising clients and will be a key part of Amazon's investment thesis over the next few years.</p>
<div class="lb-trans"><p>廣告服務是亞馬遜增長最快的部門，收入同比增長 23%，比前幾個季度的增長率加速。亞馬遜是互聯網廣告的最有利可圖的地方之一，因為消費者已經來到他們的平台進行購買。支付將產品放在亞馬遜搜索頂部幾乎可以保證銷售增加。這對其廣告客户來説價值不菲，並將在未來幾年成為亞馬遜投資論點的關鍵部分。</p>
</div><h2>Amazon's margins are rising</h2>
<div class="lb-trans"><h2>亞馬遜的利潤率正在上升</h2>
</div><p>Amazon isn't a revenue growth story; it's a profit growth story. The rise of high-margin businesses like AWS and advertising services has helped Amazon boost its profit margins over the past few years.</p>
<div class="lb-trans"><p>亞馬遜並不是一個收入增長的故事；它是一個利潤增長的故事。高利潤率業務如 AWS 和廣告服務的崛起幫助亞馬遜在過去幾年提升了利潤率。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/d5a849e9a9f22d67c414eb1c75eca792.png" alt="" original-src="https://media.ycharts.com/charts/d5a849e9a9f22d67c414eb1c75eca792.png"/></p>
<p>AMZN Profit Margin data by YCharts</p>
<div class="lb-trans"><p>AMZN 利潤率數據來源於 YCharts</p>
</div><p>With its two high-margin business segments growing faster than other parts of its business, Amazon will naturally have elevated profit growth rates. In Q2, Amazon's operating income rose 31% year over year.</p>
<div class="lb-trans"><p>隨着其兩個高利潤率業務部門的增長速度快於其他業務部分，亞馬遜自然會有更高的利潤增長率。在第二季度，亞馬遜的運營收入同比增長 31%。</p>
</div><p>Contrast that with Apple, whose Q3 FY 2025 (ending June 28) operating income increased by 11%. Amazon's profit growth rate is much faster. Over five years, a 30% growth rate will increase its operating income by 271% while an 11% growth rate increases operating income by only 69%.</p>
<div class="lb-trans"><p>與此相比，蘋果在 2025 財年第三季度（截至 6 月 28 日）的運營收入僅增長 11%。亞馬遜的利潤增長率要快得多。在五年內，30% 的增長率將使其運營收入增加 271%，而 11% 的增長率僅使運營收入增加 69%。</p>
</div><p>That would be enough to drive Amazon's profits higher than Apple's, propelling it to surpass it in size along the way. Amazon is an excellent stock pick for the next five years and a no-brainer buy at today's prices.</p>
<div class="lb-trans"><p>這將足以推動亞馬遜的利潤超過蘋果，從而使其在規模上超越蘋果。亞馬遜是未來五年的優秀股票選擇，今天的價格買入毫無疑問。</p>
</div>

1 Brilliant Artificial Intelligence (AI) Stock That Will Be Worth More Than Apple by 2030

- 蘋果公司市值為 3.5 萬億美元，亞馬遜市值約 2.4 萬億美元。  
- 亞馬遜的雲計算和廣告服務推動利潤增長，Q2 操作收入增長 31%。  
- 預計亞馬遜將在未來五年內超越蘋果，成為市場領導者。  

到 2030 年，一隻傑出的人工智能（AI）股票的價值將超過蘋果