<p>股市在今年表現強勁，截至週一收盤，<strong>標準普爾 500 指數</strong> 上漲了 14%。令人有些驚訝的是，科技巨頭 <strong>亞馬遜</strong>（AMZN 0.32%）的漲幅不到 4%。儘管在科技領域名聲顯赫並且投資於人工智能（AI），但最近似乎對該股票的熱度並不高。</p>
<p>亞馬遜的股票是否出現了問題，以至於它似乎不再受到成長型投資者的青睞？讓我們仔細看看今年該公司的情況，以及是否確實有理由現在避開亞馬遜，或者這是否可能是一個絕佳的買入時機。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzQxMDcvcGVyc29uLXN0cmVzc2VkLXNpdHRpbmctYXQtYS1jb21wdXRlci5qcGcmdz03MDA?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-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzQxMDcvcGVyc29uLXN0cmVzc2VkLXNpdHRpbmctYXQtYS1jb21wdXRlci5qcGcmdz03MDA"/></p>
<p>圖片來源：Getty Images。</p>
<h2>亞馬遜的增長率依然強勁</h2>
<p>在過去三年中，亞馬遜的平均增長率約為 11%。雖然各個時期之間有所波動，但總體來説，雙位數的增長一直是一個安全的選擇。在最近一個季度（截至 6 月 30 日），其營收增長了 13%，達到了 1677 億美元。</p>
<p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/611caadcec254d3588db5c566f8dfd02.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" width="720" height="441" original-src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/611caadcec254d3588db5c566f8dfd02.png"/></p>
<p>AMZN 收入（季度同比增長）數據來源於 YCharts</p>
<p>然而，分析師可能對該公司的期望更高，因為其在人工智能方面的重大投資。亞馬遜計劃在今年花費多達 1000 億美元用於人工智能。根據當前季度的指導，預計運營收入在 155 億美元到 205 億美元之間，這意味着中間值低於華爾街預期的 195 億美元。人們越來越擔心人工智能投資可能未能為公司帶來回報，這些擔憂可能對亞馬遜的股票造成壓力，尤其是在其最近的預測背景下。</p>
<h2>亞馬遜是否真的不再受到科技投資者的青睞？</h2>
<p>亞馬遜的增長率與往年相當，但這可能還不夠，尤其是在其他科技公司以更快的速度增長，以及與人工智能相關的支出受到更多關注的情況下。</p>
<p>可供投資的人工智能股票數量也在增加，如果亞馬遜的業績和指導沒有像數據分析公司 <strong>Palantir Technologies</strong> 那樣出色，投資者可能會選擇其他股票。儘管 Palantir 的盈利能力遠不及亞馬遜，但由於人工智能的推動，其增長非常迅猛。今年其股價上漲超過 135%。數據存儲公司 <strong>西部數據</strong> 雖然與人工智能沒有直接關係，但由於與人工智能相關的支出增加而受益。隨着其增長率加速，西部數據成為今年標準普爾 500 指數中最熱門的股票之一，漲幅達到 166%。</p>
<p>不幸的是，亞馬遜在人工智能投資方面幾乎沒有成果，可能不再贏得投資者的青睞。其市盈率為 35 倍，顯著低於其歷史平均水平，以前常常超過 50 倍和 60 倍。</p>
<p>投資者面臨的問題是，較低的溢價是否合理，是否應該成為亞馬遜的新常態，或者這是否是一個便宜的買入機會。</p>
<h2>為什麼我今天會買亞馬遜</h2>
<p>其他科技股票可能比亞馬遜增長更快，但這家公司在人工智能方面有許多實際應用。從提升在線購物體驗到提高倉庫機器人效率，亞馬遜是我不懷疑其能在長期受益於人工智能的股票之一。</p>
<p>投資可能需要時間才能見效，考慮到亞馬遜多年來的出色增長和業績，投資者應該信任其流程和為股東創造最大價值的能力。這就是為什麼我認為在任何折扣下購買該股票都是長期投資的一個好選擇。</p>

亞馬遜

亞馬遜每日 2 倍做多 ETF - Direxion

<p>亞馬遜的股票今年上漲不到 4%，儘管標準普爾 500 指數上漲了 14%。分析師對亞馬遜寄予厚望，原因是其 1000 億美元的人工智能投資，但其最近的指引未能達到華爾街的預期。儘管亞馬遜的增長率仍然強勁，達到 11%，但它面臨來自增長更快的科技股的競爭。該公司的市盈率低於其歷史平均水平，這引發了對其估值的質疑。然而，亞馬遜在實際人工智能應用方面的表現暗示了潛在的長期收益，使其成為投資者可能的廉價選擇</p>

<p>The stock market is having another solid year, with the <strong>S&amp;P 500</strong> up by 14% as of Monday's close. What's a bit surprising is that tech giant <strong>Amazon</strong>(AMZN 0.32%), has risen by less than 4%. Despite being a big name in tech and investing in artificial intelligence (AI), there doesn't appear to be much hype around the stock these days.</p>
<div class="lb-trans"><p>股市在今年表現強勁，截至週一收盤，<strong>標準普爾 500 指數</strong> 上漲了 14%。令人有些驚訝的是，科技巨頭 <strong>亞馬遜</strong>（AMZN 0.32%）的漲幅不到 4%。儘管在科技領域名聲顯赫並且投資於人工智能（AI），但最近似乎對該股票的熱度並不高。</p>
</div><p>Is there something wrong with Amazon's stock for it to have seemingly fallen out of favor with growth investors? Let's take a closer look at what's been going on with the business this year and if there is indeed a reason to avoid Amazon right now, or if instead, this could be a glorious time to buy it.</p>
<div class="lb-trans"><p>亞馬遜的股票是否出現了問題，以至於它似乎不再受到成長型投資者的青睞？讓我們仔細看看今年該公司的情況，以及是否確實有理由現在避開亞馬遜，或者這是否可能是一個絕佳的買入時機。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzQxMDcvcGVyc29uLXN0cmVzc2VkLXNpdHRpbmctYXQtYS1jb21wdXRlci5qcGcmdz03MDA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F834107%2Fperson-stressed-sitting-at-a-computer.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's growth rate continues to be strong</h2>
<div class="lb-trans"><h2>亞馬遜的增長率依然強勁</h2>
</div><p>Over the past three years, Amazon has averaged a growth rate of around 11%. There have been fluctuations from one period to another, but it has generally been a safe bet to grow by double digits. And in its most recent quarter, which ended on June 30, its top line rose by 13% to $167.7 billion.</p>
<div class="lb-trans"><p>在過去三年中，亞馬遜的平均增長率約為 11%。雖然各個時期之間有所波動，但總體來説，雙位數的增長一直是一個安全的選擇。在最近一個季度（截至 6 月 30 日），其營收增長了 13%，達到了 1677 億美元。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/611caadcec254d3588db5c566f8dfd02.png" alt="" original-src="https://media.ycharts.com/charts/611caadcec254d3588db5c566f8dfd02.png"/></p>
<p>AMZN Revenue (Quarterly YoY Growth) data by YCharts</p>
<div class="lb-trans"><p>AMZN 收入（季度同比增長）數據來源於 YCharts</p>
</div><p>Analysts, however, may have been expecting more from the business given its significant investments into AI. Amazon plans to spend up to $100 billion on AI this year. And with a guidance for the current quarter of $15.5 billion to $20.5 billion in operating income, that means the mid-point is less than Wall Street estimates of $19.5 billion. There's a growing concern that AI investments may not be paying off for companies, and those fears could be weighing on Amazon's stock, especially in light of its recent projections.</p>
<div class="lb-trans"><p>然而，分析師可能對該公司的期望更高，因為其在人工智能方面的重大投資。亞馬遜計劃在今年花費多達 1000 億美元用於人工智能。根據當前季度的指導，預計運營收入在 155 億美元到 205 億美元之間，這意味着中間值低於華爾街預期的 195 億美元。人們越來越擔心人工智能投資可能未能為公司帶來回報，這些擔憂可能對亞馬遜的股票造成壓力，尤其是在其最近的預測背景下。</p>
</div><h2>Has Amazon simply fallen out of favor with tech investors?</h2>
<div class="lb-trans"><h2>亞馬遜是否真的不再受到科技投資者的青睞？</h2>
</div><p>Amazon's growth rate is on par for the course and in line with how it has done in previous year. But that might not be enough, particularly at a time when other tech companies are growing at faster rates and when AI-related spending is coming more under the microscope.</p>
<div class="lb-trans"><p>亞馬遜的增長率與往年相當，但這可能還不夠，尤其是在其他科技公司以更快的速度增長，以及與人工智能相關的支出受到更多關注的情況下。</p>
</div><p>There are also a growing number of AI stocks to invest in, and if Amazon isn't knocking it out of the park with its numbers and guidance the way data analytics stock <strong>Palantir Technologies</strong> is, investors may simply opt for other stocks. Palantir is not nearly as profitable as Amazon, yet it has experienced tremendous growth due to AI. Its shares are up over 135% this year. Data storage company <strong>Seagate</strong>, although not directly involved with AI, has benefited from an uptick in business due to AI-related spending. With its growth rate accelerating, Seagate has been one of the hottest stocks on the S&amp;P 500 this year, up 166%.</p>
<div class="lb-trans"><p>可供投資的人工智能股票數量也在增加，如果亞馬遜的業績和指導沒有像數據分析公司 <strong>Palantir Technologies</strong> 那樣出色，投資者可能會選擇其他股票。儘管 Palantir 的盈利能力遠不及亞馬遜，但由於人工智能的推動，其增長非常迅猛。今年其股價上漲超過 135%。數據存儲公司 <strong>西部數據</strong> 雖然與人工智能沒有直接關係，但由於與人工智能相關的支出增加而受益。隨着其增長率加速，西部數據成為今年標準普爾 500 指數中最熱門的股票之一，漲幅達到 166%。</p>
</div><p>Amazon, unfortunately, with little to show from its AI investments, may simply not be winning investors over anymore. It trades at a price-to-earnings multiple of 35, which is significantly lower than its historical average, when it wasn't uncommon to see it trade at more than 50 and 60 times its profits.</p>
<div class="lb-trans"><p>不幸的是，亞馬遜在人工智能投資方面幾乎沒有成果，可能不再贏得投資者的青睞。其市盈率為 35 倍，顯著低於其歷史平均水平，以前常常超過 50 倍和 60 倍。</p>
</div><p>The question for investors is whether a lower premium is justifiable and should be the new norm for Amazon, or if it is a bargain buy.</p>
<div class="lb-trans"><p>投資者面臨的問題是，較低的溢價是否合理，是否應該成為亞馬遜的新常態，或者這是否是一個便宜的買入機會。</p>
</div><h2>Why I'd buy Amazon today</h2>
<div class="lb-trans"><h2>為什麼我今天會買亞馬遜</h2>
</div><p>Other tech stocks may be experiencing faster growth than Amazon, but this company has many practical use cases for AI. From enhancing the online shopping experience to making the robots in its warehouses more efficient, Amazon is one stock where I don't doubt that it can benefit from AI in the long run.</p>
<div class="lb-trans"><p>其他科技股票可能比亞馬遜增長更快，但這家公司在人工智能方面有許多實際應用。從提升在線購物體驗到提高倉庫機器人效率，亞馬遜是我不懷疑其能在長期受益於人工智能的股票之一。</p>
</div><p>Investments can take time to pay off, and given Amazon's impressive growth and results over the years, investors should trust in its processes and ability to unlock the most value for its shareholders. And that's why I think buying the stock at any type of discount can be a great move for the long haul.</p>
<div class="lb-trans"><p>投資可能需要時間才能見效，考慮到亞馬遜多年來的出色增長和業績，投資者應該信任其流程和為股東創造最大價值的能力。這就是為什麼我認為在任何折扣下購買該股票都是長期投資的一個好選擇。</p>
</div>

What's Wrong With Amazon's Stock?

- 亞馬遜股價上漲不足 4%，與 S&P 500 的 14% 增長形成對比。  
- 儘管亞馬遜在人工智能領域投資巨大，但市場對其前景的信心減弱。  
- 投資者需評估亞馬遜的低市盈率是否意味着買入機會。  

亞馬遜的股票究竟出了什麼問題？