<p>今年市場表現強勁，<strong>標準普爾 500 指數</strong> 和 <strong>納斯達克</strong> 創下新高，但 <strong>亞馬遜</strong>（AMZN 0.78%）的股票卻處於觀望狀態，基本持平。這種脱節值得關注。亞馬遜在多個業務領域都在全力以赴，並已為未來幾年產生更強的利潤奠定了基礎。</p>
<p>雖然股票看起來停滯不前，但其基本面卻在朝着正確的方向發展。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzQ3MzMvYW1hem9uLXBhY2thZ2VkLWRlbGl2ZXJ5LW9ubGluZS1zaG9wcGluZy1lLWNvbW1lcmNlLW1lcmNhZG9saWJyZS5qcGcmdz03MDA?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-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzQ3MzMvYW1hem9uLXBhY2thZ2VkLWRlbGl2ZXJ5LW9ubGluZS1zaG9wcGluZy1lLWNvbW1lcmNlLW1lcmNhZG9saWJyZS5qcGcmdz03MDA"/></p>
<p>圖片來源：Getty Images。</p>
<h2>雲計算增長與運營效率</h2>
<p>大多數投資者仍將亞馬遜視為一家電子商務公司，但其最大的利潤引擎是雲計算部門。亞馬遜網絡服務（AWS）上個季度的收入增長了 17.5%，接近 310 億美元，運營收入超過 100 億美元。這種運營利潤率與其電子商務業務的微薄利潤形成鮮明對比。</p>
<p>更重要的是，AWS 正在成為人工智能（AI）開發的中心。其 Bedrock 解決方案使客户能夠利用領先的基礎大型語言模型（LLMs），以便根據自己的需求進行定製，而 SageMaker 則為公司提供了一個訓練和部署自己模型的平台。亞馬遜還擁有自己的 AI 芯片 Trainium 和 Inferentia，為客户提供比圖形處理單元（GPU）更便宜、更高效的替代方案。</p>
<p>隨着對 AI 工作負載需求的激增，AWS 成為了強有力的受益者。該公司最近還推出了 Strands 和 Agentcore 等新解決方案，以幫助構建 AI 代理，這可能成為另一個增長驅動力。</p>
<p>與此同時，亞馬遜正在其整個電子商務生態系統中嵌入 AI。這是未來幾年公司盈利增長的主要來源之一。</p>
<p>亞馬遜一個常被忽視的領域是其在機器人技術方面的領導地位。亞馬遜在其履行中心已經擁有超過一百萬台機器人，這些機器今天的功能遠不止於搬運箱子。有些機器人能夠在發貨前檢測到損壞的商品，從而減少昂貴的退貨，而其他機器人則能夠自我修復。同時，其 Deepfleet AI 模型協調這些機器人的移動，確保它們儘可能高效。</p>
<p>亞馬遜還利用 AI 來縮短運輸時間。它使用 AI 預測哪些倉庫最適合存儲物品，並優化配送路線。它甚至利用 AI 幫助送貨司機找到大型公寓等地方難以找到的投遞地點。這些小改進可以隨着時間的推移轉化為數十億美元的成本節約。</p>
<p>除了履行和物流，亞馬遜還利用 AI 改善其電子商務運營的其他領域。其 Rufus AI 助手旨在幫助客户找到適合其需求的產品，從而增加消費並減少退貨。它還利用 AI 改善第三方列表，並幫助廣告客户更好地定位潛在買家。</p>
<p>廣告是亞馬遜另一個被低估的增長驅動力。其贊助廣告業務擁有高毛利率，並且是其業務中增長最快的部分之一。綜合來看，亞馬遜在其電子商務業務中看到了巨大的運營槓桿。這在上個季度得到了充分展示，當時其北美運營收入增長了 47%，達到 75 億美元，而收入僅增長了 11%，達到了 1001 億美元。</p>
<p>投資亞馬遜並非沒有風險。該公司在數據中心上的支出很大，以跟上雲計算和 AI 的需求，如果過度建設並最終擁有過多的產能，這種資本支出（capex）可能會對利潤率造成壓力。雲計算的競爭也非常激烈，<strong>微軟</strong>、<strong>谷歌母公司 Alphabet</strong> 和 <strong>甲骨文</strong> 也在大力投資以捕捉強勁的需求。同時，就像每個零售商一樣，如果經濟放緩，其銷售可能會受到影響。儘管如此，這些並不是新風險，亞馬遜之前已經成功應對過更嚴峻的挑戰。</p>
<h2>現在是買入股票的時候嗎？</h2>
<p>隨着亞馬遜的股票在今年持平，現在看起來是購買股票的好時機。該股票在大型科技公司中表現滯後，但我不會輕易放棄亞馬遜。</p>
<p>該公司有着大規模投資以獲得大規模回報的歷史，現在在 AI 領域也不例外。隨着許多積極因素在內部發生，當前水平的股票看起來是一個不容錯過的買入機會。</p>

亞馬遜

亞馬遜每日 2 倍做多 ETF - Direxion

<p>亞馬遜的股票在今年儘管市場表現強勁，但仍然保持平穩。然而，該公司在其雲計算部門 AWS 方面正在經歷增長，上個季度報告的收入增長為 17.5%。亞馬遜還在其運營中利用人工智能，提高效率並降低成本。儘管存在重大的資本支出和競爭等風險，但基本面表明未來盈利增長的潛力。鑑於當前股價停滯，分析師認為這是投資亞馬遜股票的有利時機</p>

<p>The market has put up a strong run this year, with the <strong>S&amp;P 500</strong> and <strong>Nasdaq</strong> charging to fresh highs, but <strong>Amazon</strong>'s (AMZN 0.78%) stock has sat on the sidelines, basically flat. That disconnect is worth paying attention to. Amazon is firing on multiple cylinders across its businesses and has put itself in a position to generate stronger profits in the years ahead.</p>
<div class="lb-trans"><p>今年市場表現強勁，<strong>標準普爾 500 指數</strong> 和 <strong>納斯達克</strong> 創下新高，但 <strong>亞馬遜</strong>（AMZN 0.78%）的股票卻處於觀望狀態，基本持平。這種脱節值得關注。亞馬遜在多個業務領域都在全力以赴，並已為未來幾年產生更強的利潤奠定了基礎。</p>
</div><p>While the stock may look stuck, the fundamentals underneath are moving in the right direction.</p>
<div class="lb-trans"><p>雖然股票看起來停滯不前，但其基本面卻在朝着正確的方向發展。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzQ3MzMvYW1hem9uLXBhY2thZ2VkLWRlbGl2ZXJ5LW9ubGluZS1zaG9wcGluZy1lLWNvbW1lcmNlLW1lcmNhZG9saWJyZS5qcGcmdz03MDA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F834733%2Famazon-packaged-delivery-online-shopping-e-commerce-mercadolibre.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>Cloud growth and operating efficiency</h2>
<div class="lb-trans"><h2>雲計算增長與運營效率</h2>
</div><p>Most investors still think of Amazon as an e-commerce company, but its biggest profit engine is its cloud computing unit. Amazon Web Services (AWS) revenue jumped 17.5% last quarter to nearly $31 billion, with operating income climbing past $10 billion. That kind of operating margin profile stands in stark contrast to the thin margins in its e-commerce operations.</p>
<div class="lb-trans"><p>大多數投資者仍將亞馬遜視為一家電子商務公司，但其最大的利潤引擎是雲計算部門。亞馬遜網絡服務（AWS）上個季度的收入增長了 17.5%，接近 310 億美元，運營收入超過 100 億美元。這種運營利潤率與其電子商務業務的微薄利潤形成鮮明對比。</p>
</div><p>What is more important, though, is that AWS is becoming a hub for artificial intelligence (AI) development. Its Bedrock solution lets customers tap into leading foundation large language models (LLMs) so they can customize them for their needs, while SageMaker gives companies a platform to train and deploy their own models. Amazon also has its own AI chips, Trainium and Inferentia, which give customers a cheaper and more efficient alternative to graphics processing units (GPUs).</p>
<div class="lb-trans"><p>更重要的是，AWS 正在成為人工智能（AI）開發的中心。其 Bedrock 解決方案使客户能夠利用領先的基礎大型語言模型（LLMs），以便根據自己的需求進行定製，而 SageMaker 則為公司提供了一個訓練和部署自己模型的平台。亞馬遜還擁有自己的 AI 芯片 Trainium 和 Inferentia，為客户提供比圖形處理單元（GPU）更便宜、更高效的替代方案。</p>
</div><p>With demand for AI workloads surging, AWS has been a strong beneficiary. The company also recently rolled out new solutions like Strands and Agentcore to help build AI agents, which could become another growth driver.</p>
<div class="lb-trans"><p>隨着對 AI 工作負載需求的激增，AWS 成為了強有力的受益者。該公司最近還推出了 Strands 和 Agentcore 等新解決方案，以幫助構建 AI 代理，這可能成為另一個增長驅動力。</p>
</div><p>At the same time, Amazon is embedding AI across its entire e-commerce ecosystem. This is where a lot of the company's earnings growth could come from in the years ahead.</p>
<div class="lb-trans"><p>與此同時，亞馬遜正在其整個電子商務生態系統中嵌入 AI。這是未來幾年公司盈利增長的主要來源之一。</p>
</div><p>One area of Amazon that is often overlooked is its leadership in robotics. Amazon already has more than a million robots working in its fulfillment centers, and the machines today are doing much more than just moving boxes. Some can detect damaged goods before they are shipped, reducing costly returns, while others are actually able to repair themselves. Meanwhile, its Deepfleet AI model orchestrates how these robots move, making sure they are as efficient as possible.</p>
<div class="lb-trans"><p>亞馬遜一個常被忽視的領域是其在機器人技術方面的領導地位。亞馬遜在其履行中心已經擁有超過一百萬台機器人，這些機器今天的功能遠不止於搬運箱子。有些機器人能夠在發貨前檢測到損壞的商品，從而減少昂貴的退貨，而其他機器人則能夠自我修復。同時，其 Deepfleet AI 模型協調這些機器人的移動，確保它們儘可能高效。</p>
</div><p>Amazon is also using AI to reduce shipment times. It's using AI to predict which warehouses are the best to store items in, and to optimize delivery routes. It's even using AI to help delivery drivers find hard-to-find drop-off locations in places like large apartment complexes. These are small improvements that can translate into billions in cost savings over time.</p>
<div class="lb-trans"><p>亞馬遜還利用 AI 來縮短運輸時間。它使用 AI 預測哪些倉庫最適合存儲物品，並優化配送路線。它甚至利用 AI 幫助送貨司機找到大型公寓等地方難以找到的投遞地點。這些小改進可以隨着時間的推移轉化為數十億美元的成本節約。</p>
</div><p>In addition to fulfillment and logistics, Amazon is using AI to improve other areas of its e-commerce operations. Its Rufus AI assistant was designed to help customers find the right products for their needs, helping to increase spending and reduce returns. It's also using AI to make its third-party listings better and to help advertisers better target potential buyers.</p>
<div class="lb-trans"><p>除了履行和物流，亞馬遜還利用 AI 改善其電子商務運營的其他領域。其 Rufus AI 助手旨在幫助客户找到適合其需求的產品，從而增加消費並減少退貨。它還利用 AI 改善第三方列表，並幫助廣告客户更好地定位潛在買家。</p>
</div><p>Advertising is another one of Amazon's underrated growth drivers. Its sponsored ad business carries high gross margins and has been one of the fastest-growing parts of its business. Add it all up, and Amazon is seeing a ton of operating leverage in its e-commerce business. This was on full display last quarter, when its North American operating income surged 47% to $7.5 billion on just an 11% increase in revenue to $100.1 billion.</p>
<div class="lb-trans"><p>廣告是亞馬遜另一個被低估的增長驅動力。其贊助廣告業務擁有高毛利率，並且是其業務中增長最快的部分之一。綜合來看，亞馬遜在其電子商務業務中看到了巨大的運營槓桿。這在上個季度得到了充分展示，當時其北美運營收入增長了 47%，達到 75 億美元，而收入僅增長了 11%，達到了 1001 億美元。</p>
</div><p>An investment in Amazon is not risk-free. The company is spending heavily on data centers to keep up with cloud and AI demand, and that kind of capital expenditures (capex) could pressure margins if it overbuilds and ends up with too much capacity. Competition in cloud computing is also intense, with <strong>Microsoft</strong>, <strong>Alphabet</strong>, and <strong>Oracle</strong> also investing heavily to capture strong demand. Meanwhile, just like every retailer, if the economy slows, its sales could take a hit. That said, these are not new risks, and Amazon has navigated through tougher challenges before.</p>
<div class="lb-trans"><p>投資亞馬遜並非沒有風險。該公司在數據中心上的支出很大，以跟上雲計算和 AI 的需求，如果過度建設並最終擁有過多的產能，這種資本支出（capex）可能會對利潤率造成壓力。雲計算的競爭也非常激烈，<strong>微軟</strong>、<strong>谷歌母公司 Alphabet</strong> 和 <strong>甲骨文</strong> 也在大力投資以捕捉強勁的需求。同時，就像每個零售商一樣，如果經濟放緩，其銷售可能會受到影響。儘管如此，這些並不是新風險，亞馬遜之前已經成功應對過更嚴峻的挑戰。</p>
</div><h2>Is it time to buy the stock?</h2>
<div class="lb-trans"><h2>現在是買入股票的時候嗎？</h2>
</div><p>With Amazon's stock flat on the year, now looks like a great time to scoop up shares. The stock has been a laggard among big tech names, but Amazon is not a stock I would count out.</p>
<div class="lb-trans"><p>隨着亞馬遜的股票在今年持平，現在看起來是購買股票的好時機。該股票在大型科技公司中表現滯後，但我不會輕易放棄亞馬遜。</p>
</div><p>The company has a history of investing big to win big, and it's no different now with AI. With a lot of good things happening under the hood, the stock looks like a no-brainer buy at current levels.</p>
<div class="lb-trans"><p>該公司有着大規模投資以獲得大規模回報的歷史，現在在 AI 領域也不例外。隨着許多積極因素在內部發生，當前水平的股票看起來是一個不容錯過的買入機會。</p>
</div>

With Its Stock Flat Year to Date, Is Amazon Stock a No-Brainer Buy?

- 亞馬遜的股價在市場強勁上漲中表現平平，基本持平。  
- 其雲計算業務 AWS 收入增長 17.5%，成為主要利潤來源。  
- 亞馬遜正利用 AI 提升電商和物流效率，未來盈利潛力巨大。  

亞馬遜股票自年初以來表現平平，現在是否是一個顯而易見的買入機會？