<p>對於大多數投資者來説，財報季是每個季度的巔峯。在六週的時間裏，股市中最具影響力的企業揭開它們的面紗，讓投資者瞭解它們在過去三個月的表現。這是華爾街健康狀況的一個極佳晴雨表。</p>
<p>但財報並不是判斷哪些股票和趨勢表現良好的唯一方式。</p>
<p>在每個季度結束後的不超過 45 個日曆日內，管理資產超過 1 億美元的機構投資者必須向證券交易委員會提交 13F 表格。該文件允許投資者跟蹤華爾街最聰明的資金經理在最新季度買賣了哪些股票、交易所交易基金和特定期權。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzYzMjUvYW16bi1wYWNrYWdlLWRlbGl2ZXJ5LWZhdGhlci1kYXVnaHRlci1odWIuanBnJnc9NzAw?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzYzMjUvYW16bi1wYWNrYWdlLWRlbGl2ZXJ5LWZhdGhlci1kYXVnaHRlci1odWIuanBnJnc9NzAw"/></p>
<p>圖片來源：亞馬遜。</p>
<p>然而，上述聲明有一個前提：13F 並不限於個人。投資超過 1 億美元的公司也必須通過 13F 披露其持股情況。這包括萬億俱樂部成員 <strong>亞馬遜</strong>（AMZN 0.61%），其在 6 月季度結束時的管理資產超過 24 億美元。</p>
<h2>亞馬遜不僅僅是電子商務和 AWS</h2>
<p>大多數人都熟悉亞馬遜，因為它擁有全球領先的電子商務平台，每月吸引數十億獨特訪客。儘管在線銷售商品是收入的主要驅動力，而電子商務作為公司的面向消費者品牌，但這通常是一個低利潤率的領域，對盈利能力並不太重要。</p>
<p>可以説，定義亞馬遜成功的最大拼圖是其雲基礎設施服務平台亞馬遜網絡服務（AWS），根據科技分析公司 Omdia 的數據，AWS 在第二季度佔全球雲基礎設施服務支出的 32%。</p>
<p>儘管在 2025 年上半年，AWS 的淨銷售額不到亞馬遜總銷售額的 19%，但它卻佔據了近 58% 的運營收入。與通過在線市場銷售商品相關的運營利潤率相比，AWS 的運營利潤率高得多。AWS 的年同比增長率保持在高十幾的百分比，隨着人工智能（AI）解決方案的融入，增長前景有望重新加速。</p>
<p>但亞馬遜不僅僅是在線零售銷售、AWS 和快速增長的訂閲及廣告服務的公司。它還是一些商業合作伙伴的投資者。</p>
<p>截至 6 月 30 日，亞馬遜持有九家上市公司的股份。其中最大的股份源於六年前對電動車製造商 <strong>Rivian Automotive</strong>（RIVN -0.99%）的投資。亞馬遜的物流部門還向 Rivian 訂購了 10 萬輛電動送貨車。當 Rivian 在 2021 年正式成為上市公司時，亞馬遜開始通過 13F 報告其持股情況。</p>
<p>雖然 Rivian 佔據了亞馬遜投資持股價值的 89%，但這個價值 24.3 億美元的投資組合中最新的加入者卻引起了人們的關注。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzYzMjUvc2lsdmVyLWRpY2UtYnV5LXNlbGwtc3RvY2stY2hhcnQtdm9sdW1lLWJpbGxpb25haXJlLWdldHR5LmpwZyZ3PTcwMA?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzYzMjUvc2lsdmVyLWRpY2UtYnV5LXNlbGwtc3RvY2stY2hhcnQtdm9sdW1lLWJpbGxpb25haXJlLWdldHR5LmpwZyZ3PTcwMA"/></p>
<p>圖片來源：Getty Images。</p>
<h2>華爾街的量子計算寵兒在亞馬遜的菜單上</h2>
<p>儘管人工智能在過去三年中無疑是最熱門的技術，但可以説量子計算股票甚至更火熱。量子計算依賴於量子力學來解決傳統計算機無法處理的複雜問題。它在藥物開發的精煉和加速 AI 算法幫助系統學習和提高效率方面具有特別的潛力。</p>
<p>截至 10 月 3 日收盤，過去 12 個月中，量子計算股票的漲幅如下：</p>
<ul>
<li><strong>IonQ</strong>（IONQ 7.90%）：696%</li>
<li><strong>Rigetti Computing</strong>：5,130%</li>
<li><strong>D-Wave Quantum</strong>：3,460%</li>
<li><strong>Quantum Computing</strong>：3,630%</li>
</ul>
<p>在第二季度，亞馬遜的 13F 顯示其唯一的購買是 854,207 股 IonQ，當時的市場價值為 3670 萬美元。如果亞馬遜沒有出售任何股份，截至 10 月 3 日，這一持倉的價值將達到 6260 萬美元。</p>
<p>與其他萬億俱樂部投資者，如 <strong>Nvidia</strong> 和 <strong>Alphabet</strong> 類似，亞馬遜的投資通常集中在其商業合作伙伴上。IonQ 無疑符合這一標準。</p>
<p>儘管與亞馬遜的在線市場、AWS、Prime 訂閲和廣告相比，IonQ 的運營模式仍處於初期階段，但亞馬遜確實擁有一個名為 Braket 的量子云計算服務（運行在 AWS 上）。這個按需平台允許客户訪問量子計算機以運行模擬和/或執行算法。IonQ 的捕獲離子量子計算機正在被 Braket 使用，這就是亞馬遜與華爾街量子計算寵兒之間的聯繫。</p>
<p>雖然一些行業專家預計量子計算股票將實現驚人的增長，波士頓諮詢集團預測到 2040 年這一技術將創造 4500 億到 8500 億美元的經濟價值，但亞馬遜最新投資的估值中確實存在相當多的泡沫。</p>
<p>一方面，IonQ 的銷售增長預測令人矚目，預計今年的收入將比去年同期增長 112%。另一方面，IonQ 的起點較低。即使預計 2024 年至 2026 年銷售額將增長四倍，其未來的市銷率（P/S）比率也高達 138！</p>
<p>更糟的是，IonQ 離盈利並不特別近。事實上，2025 年上半年其運營虧損超過翻倍，達到了 2.363 億美元，相比去年同期大幅增加。更高的研發成本可能會使 IonQ 在未來許多年裏繼續處於虧損狀態。</p>
<p>最後，過去 30 多年中每一次顛覆性技術進步都需要時間來成熟，並經歷過早期泡沫破裂事件。投資者（和企業）總是高估新技術的早期採用率和/或實用性——而量子計算很可能並不是這一不成文規則的例外。</p>

亞馬遜

IONQ

<p>亞馬遜投資了 IonQ，這是一家領先的量子計算股票，在第二季度購買了 854,207 股，價值 3670 萬美元。這項投資與亞馬遜支持其商業夥伴的戰略相一致，因為 IonQ 的技術已集成到亞馬遜的量子云計算服務 Braket 中。量子計算正在獲得關注，預計在未來幾年將有顯著的增長潛力，儘管當前的估值可能被高估。亞馬遜的多元化投資組合還包括其他公司的股份，其中 Rivian Automotive 最為顯著</p>

<p>For most investors, earnings season is the pinnacle of every quarter. Over a six-week period, the stock market's most-influential businesses lift their proverbial hoods and give investors a look at how they've performed over the prior three-month period. It serves as an excellent barometer of Wall Street's health.</p>
<div class="lb-trans"><p>對於大多數投資者來説，財報季是每個季度的巔峯。在六週的時間裏，股市中最具影響力的企業揭開它們的面紗，讓投資者瞭解它們在過去三個月的表現。這是華爾街健康狀況的一個極佳晴雨表。</p>
</div><p>But earnings reports aren't the only way to judge which stocks and trends are firing on all cylinders.</p>
<div class="lb-trans"><p>但財報並不是判斷哪些股票和趨勢表現良好的唯一方式。</p>
</div><p>No later than 45 calendar days following the end to a quarter, institutional investors with at least $100 million in assets under management (AUM) are required to file Form 13F with the Securities and Exchange Commission. This filing allows investors to track which stocks, exchange-traded funds, and select options Wall Street's shrewdest money managers bought and sold in the latest quarter.</p>
<div class="lb-trans"><p>在每個季度結束後的不超過 45 個日曆日內，管理資產超過 1 億美元的機構投資者必須向證券交易委員會提交 13F 表格。該文件允許投資者跟蹤華爾街最聰明的資金經理在最新季度買賣了哪些股票、交易所交易基金和特定期權。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzYzMjUvYW16bi1wYWNrYWdlLWRlbGl2ZXJ5LWZhdGhlci1kYXVnaHRlci1odWIuanBnJnc9NzAw" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F836325%2Famzn-package-delivery-father-daughter-hub.jpg&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><p>However, there's a catch to the above statement: 13Fs aren't limited to individuals. Companies that are investing more than $100 million in AUM are also required to disclose their holdings via 13F. This includes trillion-dollar club member <strong>Amazon</strong>(AMZN 0.61%), which closed out the June quarter with more than $2.4 billion in AUM.</p>
<div class="lb-trans"><p>然而，上述聲明有一個前提：13F 並不限於個人。投資超過 1 億美元的公司也必須通過 13F 披露其持股情況。這包括萬億俱樂部成員 <strong>亞馬遜</strong>（AMZN 0.61%），其在 6 月季度結束時的管理資產超過 24 億美元。</p>
</div><h2>Amazon is much more than just e-commerce and AWS</h2>
<div class="lb-trans"><h2>亞馬遜不僅僅是電子商務和 AWS</h2>
</div><p>Most people are familiar with Amazon because of its world-leading e-commerce platform, which draws billions of unique visitors to its site each month. Though selling goods online is a key driver of revenue, and e-commerce acts as the consumer-facing brand for the company, it's a generally low-margin segment that isn't too important to profitability.</p>
<div class="lb-trans"><p>大多數人都熟悉亞馬遜，因為它擁有全球領先的電子商務平台，每月吸引數十億獨特訪客。儘管在線銷售商品是收入的主要驅動力，而電子商務作為公司的面向消費者品牌，但這通常是一個低利潤率的領域，對盈利能力並不太重要。</p>
</div><p>Arguably the biggest puzzle piece that defines Amazon's success is its cloud infrastructure service platform Amazon Web Services (AWS), which accounted for 32% of global cloud infrastructure service spend in the second quarter, per tech-analysis firm Omdia.</p>
<div class="lb-trans"><p>可以説，定義亞馬遜成功的最大拼圖是其雲基礎設施服務平台亞馬遜網絡服務（AWS），根據科技分析公司 Omdia 的數據，AWS 在第二季度佔全球雲基礎設施服務支出的 32%。</p>
</div><p>Despite representing less than 19% of Amazon's net sales through the first-half of 2025, AWS is responsible for close to 58% of its operating income. The operating margin associated with AWS is light years higher than the operating margin associated with selling goods through an online marketplace. AWS has been growing at a consistent high-teens percentage on a year-over-year basis, with the prospect of growth reaccelerating thanks to the incorporation of artificial intelligence (AI) solutions into the platform.</p>
<div class="lb-trans"><p>儘管在 2025 年上半年，AWS 的淨銷售額不到亞馬遜總銷售額的 19%，但它卻佔據了近 58% 的運營收入。與通過在線市場銷售商品相關的運營利潤率相比，AWS 的運營利潤率高得多。AWS 的年同比增長率保持在高十幾的百分比，隨着人工智能（AI）解決方案的融入，增長前景有望重新加速。</p>
</div><p>But Amazon is more than just online retail sales, AWS, and a company with fast-growing subscription and advertising services. It's also an investor in some of its business partners.</p>
<div class="lb-trans"><p>但亞馬遜不僅僅是在線零售銷售、AWS 和快速增長的訂閲及廣告服務的公司。它還是一些商業合作伙伴的投資者。</p>
</div><p>As of June 30, Amazon held stakes in nine publicly traded companies. The largest of these stakes stems from an investment made in electric-vehicle manufacturer <strong>Rivian Automotive</strong>(RIVN -0.99%) six years ago. Amazon's logistics division also placed an order for 100,000 electric delivery vans from Rivian. When Rivian officially became a public company in 2021, Amazon began reporting its stake via 13Fs.</p>
<div class="lb-trans"><p>截至 6 月 30 日，亞馬遜持有九家上市公司的股份。其中最大的股份源於六年前對電動車製造商 <strong>Rivian Automotive</strong>（RIVN -0.99%）的投資。亞馬遜的物流部門還向 Rivian 訂購了 10 萬輛電動送貨車。當 Rivian 在 2021 年正式成為上市公司時，亞馬遜開始通過 13F 報告其持股情況。</p>
</div><p>While Rivian accounts for 89% of the value of Amazon's investment holdings, it's the newest addition to this $2.43 billion portfolio that's turning heads.</p>
<div class="lb-trans"><p>雖然 Rivian 佔據了亞馬遜投資持股價值的 89%，但這個價值 24.3 億美元的投資組合中最新的加入者卻引起了人們的關注。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzYzMjUvc2lsdmVyLWRpY2UtYnV5LXNlbGwtc3RvY2stY2hhcnQtdm9sdW1lLWJpbGxpb25haXJlLWdldHR5LmpwZyZ3PTcwMA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F836325%2Fsilver-dice-buy-sell-stock-chart-volume-billionaire-getty.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>Wall Street's quantum computing darling is on Amazon's menu</h2>
<div class="lb-trans"><h2>華爾街的量子計算寵兒在亞馬遜的菜單上</h2>
</div><p>Although AI has arguably been the hottest thing since sliced bread over the last three years, a strong case can be made that quantum computing stocks are even hotter. Quantum computing relies on quantum mechanics to solve complex problems that traditional computers can't do. It has the potential to be particularly helpful in refining drug development and speeding up the pace by which AI algorithms help systems learn and become more efficient.</p>
<div class="lb-trans"><p>儘管人工智能在過去三年中無疑是最熱門的技術，但可以説量子計算股票甚至更火熱。量子計算依賴於量子力學來解決傳統計算機無法處理的複雜問題。它在藥物開發的精煉和加速 AI 算法幫助系統學習和提高效率方面具有特別的潛力。</p>
</div><p>Over the trailing-12-month period, as of the closing bell on Oct. 3, we've witnessed gains in quantum computing stocks of:</p>
<div class="lb-trans"><p>截至 10 月 3 日收盤，過去 12 個月中，量子計算股票的漲幅如下：</p>
</div><ul>
<li><strong>IonQ</strong>(IONQ 7.90%): 696%</li>
<li><strong>Rigetti Computing</strong>: 5,130%</li>
<li><strong>D-Wave Quantum</strong>: 3,460%</li>
<li><strong>Quantum Computing</strong>: 3,630%</li>
</ul>
<div class="lb-trans"><ul>
<li><strong>IonQ</strong>（IONQ 7.90%）：696%</li>
<li><strong>Rigetti Computing</strong>：5,130%</li>
<li><strong>D-Wave Quantum</strong>：3,460%</li>
<li><strong>Quantum Computing</strong>：3,630%</li>
</ul>
</div><p>During the second quarter, Amazon's 13F shows the only purchase it made was 854,207 shares of IonQ, which at the time had a market value of $36.7 million. If Amazon hasn't sold a share, this same position would be worth $62.6 million, as of Oct. 3.</p>
<div class="lb-trans"><p>在第二季度，亞馬遜的 13F 顯示其唯一的購買是 854,207 股 IonQ，當時的市場價值為 3670 萬美元。如果亞馬遜沒有出售任何股份，截至 10 月 3 日，這一持倉的價值將達到 6260 萬美元。</p>
</div><p>Similar to other trillion-dollar club investors, such as <strong>Nvidia</strong> and <strong>Alphabet</strong>, the investment positions Amazon takes tend to be in its business partners. IonQ certainly fits the bill.</p>
<div class="lb-trans"><p>與其他萬億俱樂部投資者，如 <strong>Nvidia</strong> 和 <strong>Alphabet</strong> 類似，亞馬遜的投資通常集中在其商業合作伙伴上。IonQ 無疑符合這一標準。</p>
</div><p>Although it's a nascent operating model when compared to Amazon's online marketplace, AWS, Prime subscriptions, and advertising, Amazon does have a quantum cloud-computing service known as Braket (which runs on AWS). This on-demand platform allows clients access to quantum computers to run simulations and/or execute algorithms. IonQ's trapped-ion quantum computers are being used by Braket, which is the connection Amazon has to Wall Street's quantum computing darling.</p>
<div class="lb-trans"><p>儘管與亞馬遜的在線市場、AWS、Prime 訂閲和廣告相比，IonQ 的運營模式仍處於初期階段，但亞馬遜確實擁有一個名為 Braket 的量子云計算服務（運行在 AWS 上）。這個按需平台允許客户訪問量子計算機以運行模擬和/或執行算法。IonQ 的捕獲離子量子計算機正在被 Braket 使用，這就是亞馬遜與華爾街量子計算寵兒之間的聯繫。</p>
</div><p>While some industry pundits expect sky-high growth from quantum computing stocks, with Boston Consulting Group projecting $450 billion to $850 billion in economic value created by this technology come 2040, there's quite a bit of frothiness built into the valuation of Amazon's newest investment.</p>
<div class="lb-trans"><p>雖然一些行業專家預計量子計算股票將實現驚人的增長，波士頓諮詢集團預測到 2040 年這一技術將創造 4500 億到 8500 億美元的經濟價值，但亞馬遜最新投資的估值中確實存在相當多的泡沫。</p>
</div><p>On one hand, sales growth forecasts for IonQ are eyebrow-raising, with revenue projected to increase 112% this year from the prior-year period. On the other hand, IonQ is starting from a low basis. Even with sales forecast to quadruple from 2024 to 2026, its forward-year price-to-sales (P/S) ratio is an absurd 138!</p>
<div class="lb-trans"><p>一方面，IonQ 的銷售增長預測令人矚目，預計今年的收入將比去年同期增長 112%。另一方面，IonQ 的起點較低。即使預計 2024 年至 2026 年銷售額將增長四倍，其未來的市銷率（P/S）比率也高達 138！</p>
</div><p>To add fuel to the fire, IonQ isn't particularly close to being profitable. In fact, its operating loss more than doubled to $236.3 million through the first-half of 2025 compared to the comparable period last year. Higher research and development costs are likely to keep IonQ in the red for many years to come.</p>
<div class="lb-trans"><p>更糟的是，IonQ 離盈利並不特別近。事實上，2025 年上半年其運營虧損超過翻倍，達到了 2.363 億美元，相比去年同期大幅增加。更高的研發成本可能會使 IonQ 在未來許多年裏繼續處於虧損狀態。</p>
</div><p>Lastly, every game-changing technological advancement for more than 30 years has needed time to mature and endured an early stage bubble-bursting event. Investors (and businesses) consistently overestimate the early innings adoption rate and/or utility of new technologies -- and there's a <em>very</em> high probability quantum computing isn't the exception to this unwritten rule.</p>
<div class="lb-trans"><p>最後，過去 30 多年中每一次顛覆性技術進步都需要時間來成熟，並經歷過早期泡沫破裂事件。投資者（和企業）總是高估新技術的早期採用率和/或實用性——而量子計算很可能並不是這一不成文規則的例外。</p>
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News Flash: Amazon Is Piling Into Wall Street's Hottest Quantum Computing Stock

- 亞馬遜在第二季度通過 13F 報告購買了 854,207 股 IonQ，市值約 3670 萬美元。  
- IonQ 的銷售預計在 2025 年增長 112%，但其市銷率高達 138。  
- 量子計算技術的經濟價值預計到 2040 年可達 4500 億至 8500 億美元。  

新聞快訊：亞馬遜正在大舉投資華爾街最熱門的量子計算股票