<p>科技股在近年來飆升，2025 年的勢頭依然持續。這是因為投資者紛紛湧入人工智能（AI）這一熱門領域的公司。<strong>亞馬遜</strong>（AMZN 1.72%），一家在消費品和科技領域運營的公司，受益於這一勢頭，在過去三年中股價上漲了兩位數，但今年的表現卻平平——目前，股價年初至今下跌約 1%。</p>
<p>原因是什麼？投資者擔心唐納德·特朗普總統的進口關税對公司電子商務業務的影響——而亞馬遜在今年的某些時刻也因對科技股估值的普遍擔憂而受到影響。如果整個行業看起來價格昂貴，投資者可能會避開。因此，現在合理地問一下，這些逆風是否會繼續，或者亞馬遜是否會很快大幅上漲。亞馬遜的股價在一年後會在哪裏？讓我們來看看。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84Mzc0NjEvYW1hem9uLXByaW1lLXZhbi1vbi1zdHJlZXQucG5nJnc9NzAw?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-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84Mzc0NjEvYW1hem9uLXByaW1lLXZhbi1vbi1zdHJlZXQucG5nJnc9NzAw"/></p>
<p>圖片來源：亞馬遜。</p>
<h2>亞馬遜的護城河</h2>
<p>首先，讓我們回顧一下過去幾年亞馬遜的故事。正如你可能知道的，該公司擁有全球電子商務巨頭 Amazon.com，這項業務每年都能產生數十億美元的收入。亞馬遜憑藉其出色的訂閲服務 Prime 吸引客户不斷迴歸，Prime 為會員提供從快速免費配送到書籍和電影等內容的各種服務。這與亞馬遜廣泛的履約和配送網絡相結合，形成了堅實的護城河——一種競爭優勢，應該能讓其在競爭對手面前保持領先。</p>
<p>儘管亞馬遜的電子商務業務在幾年前的高利率環境中受到影響，但公司在那時採取了一個關鍵舉措，為長期成功奠定了基礎。它重新調整了成本結構，同時更加依賴人工智能來提高效率。我們已經看到了這一點的結果，因為亞馬遜在經歷了 2022 年的虧損後重新回到了增長軌道——這些努力降低了公司的服務成本。隨着這一進程的持續，亞馬遜應該會逐步提高盈利能力。</p>
<p>與此同時，亞馬遜網絡服務（AWS），公司的雲計算業務和最大的利潤引擎，已經在人工智能領域確立了自己的重要地位。AWS 為客户提供他們在 AI 項目中可能需要的一切，從頂級 <strong>英偉達</strong> 芯片到 AWS 自己設計的經濟型芯片，以及對大型語言模型（LLMs）的訪問。作為全球最大的雲服務提供商，它在贏得 AI 產品客户方面處於良好位置——我們已經可以看到這些結果，AWS 在最近一個季度實現了 1230 億美元的年收入運行率。</p>
<h2>亞馬遜的未來</h2>
<p>儘管如此，這些積極因素仍不足以在今年推動股價大幅上漲。那麼，我認為亞馬遜在一年後會在哪裏呢？如前所述，投資者擔心美國進口關税對收益的影響。亞馬遜表示，在上半年並沒有看到需求下降或商品價格顯著上漲——而且公司表示，展望未來，其廣泛的賣家意味着客户很可能會在亞馬遜找到最優惠的價格。</p>
<p>如果亞馬遜即將發佈的財報顯示收入持續增長，支持這一關税影響有限的觀點，投資者可能會重新考慮亞馬遜的股票——尤其是今天，亞馬遜的股價以 32 倍的未來收益預期交易，低於兩年前的 50 倍，看起來非常合理。</p>
<p>與此同時，AI 工作負載的需求很高，這應該繼續推動 AWS 的收入增長。如上所述，亞馬遜的收益也可能受益於成本結構的改善和使用 AI 提高效率。</p>
<p>當然，預測未來一年的股價表現是不可能的，但可以公平地説，亞馬遜具備向前發展的能力，並可能超越其他今年股價飆升的科技公司。投資者可能會在某些情況下尋求鎖定利潤，並轉向尚未經歷股價暴漲的優質公司——這可能使這家消費和科技公司在一年後成為贏家。</p>

亞馬遜

亞馬遜每日 2 倍做多 ETF - Direxion

<p>亞馬遜的股票在 2025 年面臨挑戰，年初至今下跌約 1%，主要由於對進口關税和高科技估值的擔憂。然而，該公司在電子商務和 AWS 服務方面具有強大的競爭優勢，這些服務正受益於人工智能的需求。如果即將發佈的財報顯示持續的收入增長，亞馬遜的股票可能會反彈，尤其是與兩年前相比，其估值更加合理。總體而言，亞馬遜有可能在未來一年中表現優於其他科技股票</p>

<p>Technology stocks have skyrocketed in recent years, and the momentum has continued in 2025. This is as investors piled into companies present in the hot area of artificial intelligence (AI). <strong>Amazon</strong>(AMZN 1.72%), a company operating in the consumer goods and tech sectors, has benefited from this momentum, climbing in the double-digits over the past three years, but performance this year has been lackluster -- at the moment, the stock is down about 1% year to date.</p>
<div class="lb-trans"><p>科技股在近年來飆升，2025 年的勢頭依然持續。這是因為投資者紛紛湧入人工智能（AI）這一熱門領域的公司。<strong>亞馬遜</strong>（AMZN 1.72%），一家在消費品和科技領域運營的公司，受益於這一勢頭，在過去三年中股價上漲了兩位數，但今年的表現卻平平——目前，股價年初至今下跌約 1%。</p>
</div><p>The reason? Investors have worried about the impact of President Donald Trump's import tariffs on the company's e-commerce business -- and Amazon also has suffered at certain points this year amid general concern about the valuations of technology stocks. If the industry as a whole looks expensive, investors may avoid it. So, now it's reasonable to ask whether these headwinds will continue, or whether Amazon might soon explode higher. Where will Amazon stock be in a year? Let's find out.</p>
<div class="lb-trans"><p>原因是什麼？投資者擔心唐納德·特朗普總統的進口關税對公司電子商務業務的影響——而亞馬遜在今年的某些時刻也因對科技股估值的普遍擔憂而受到影響。如果整個行業看起來價格昂貴，投資者可能會避開。因此，現在合理地問一下，這些逆風是否會繼續，或者亞馬遜是否會很快大幅上漲。亞馬遜的股價在一年後會在哪裏？讓我們來看看。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84Mzc0NjEvYW1hem9uLXByaW1lLXZhbi1vbi1zdHJlZXQucG5nJnc9NzAw" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F837461%2Famazon-prime-van-on-street.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>Amazon's moat</h2>
<div class="lb-trans"><h2>亞馬遜的護城河</h2>
</div><p>First, let's take a step back to consider the Amazon story of the past few years. As you probably know, the company owns the global e-commerce giant Amazon.com, and this business generates billions of dollars in revenue year after year. Amazon has kept customers coming back thanks to its fantastic subscription service, Prime, which offers members everything from fast and free shipping to content like books and movies. This, along with Amazon's extensive fulfillment and delivery network, represent a solid moat -- a competitive advantage that should keep it ahead of rivals.</p>
<div class="lb-trans"><p>首先，讓我們回顧一下過去幾年亞馬遜的故事。正如你可能知道的，該公司擁有全球電子商務巨頭 Amazon.com，這項業務每年都能產生數十億美元的收入。亞馬遜憑藉其出色的訂閲服務 Prime 吸引客户不斷迴歸，Prime 為會員提供從快速免費配送到書籍和電影等內容的各種服務。這與亞馬遜廣泛的履約和配送網絡相結合，形成了堅實的護城河——一種競爭優勢，應該能讓其在競爭對手面前保持領先。</p>
</div><p>Though Amazon's e-commerce business suffered in the high interest rate environment a few years ago, the company at that point made a key move that should set it up for long-term success. It revamped its cost structure, and at the same time, the company leaned more heavily into using AI to help it gain in efficiency. We've already seen the results of this, as Amazon has returned to growth -- after a loss in 2022 --and the efforts are lowering the company's cost to serve. As this continues, Amazon should progressively make gains in profitability.</p>
<div class="lb-trans"><p>儘管亞馬遜的電子商務業務在幾年前的高利率環境中受到影響，但公司在那時採取了一個關鍵舉措，為長期成功奠定了基礎。它重新調整了成本結構，同時更加依賴人工智能來提高效率。我們已經看到了這一點的結果，因為亞馬遜在經歷了 2022 年的虧損後重新回到了增長軌道——這些努力降低了公司的服務成本。隨着這一進程的持續，亞馬遜應該會逐步提高盈利能力。</p>
</div><p>Meanwhile, Amazon Web Services (AWS), the company's cloud computing business and biggest profit engine, has established itself as a major player in the AI space. AWS offers customers everything they may need for their AI projects, from top <strong>Nvidia</strong> chips and budget-friendly chips designed by AWS itself to access to large language models (LLMs). As the world's biggest cloud services provider, it's well positioned to win customers for its AI offerings -- and we can see these results already, with AWS achieving a $123 billion annual revenue run rate in the recent quarter.</p>
<div class="lb-trans"><p>與此同時，亞馬遜網絡服務（AWS），公司的雲計算業務和最大的利潤引擎，已經在人工智能領域確立了自己的重要地位。AWS 為客户提供他們在 AI 項目中可能需要的一切，從頂級 <strong>英偉達</strong> 芯片到 AWS 自己設計的經濟型芯片，以及對大型語言模型（LLMs）的訪問。作為全球最大的雲服務提供商，它在贏得 AI 產品客户方面處於良好位置——我們已經可以看到這些結果，AWS 在最近一個季度實現了 1230 億美元的年收入運行率。</p>
</div><h2>What's ahead for Amazon?</h2>
<div class="lb-trans"><h2>亞馬遜的未來</h2>
</div><p>Still, these positive points haven't been enough to supercharge the stock this year. So, where do I think Amazon will be a year from now? As mentioned, investors have worried about the impact of U.S. import tariffs on earnings. Amazon has said that in the first half of the year it didn't see lower demand or significantly higher prices on items -- and the company said that, moving forward, its broad range of sellers means a customer probably will find the best prices on Amazon.</p>
<div class="lb-trans"><p>儘管如此，這些積極因素仍不足以在今年推動股價大幅上漲。那麼，我認為亞馬遜在一年後會在哪裏呢？如前所述，投資者擔心美國進口關税對收益的影響。亞馬遜表示，在上半年並沒有看到需求下降或商品價格顯著上漲——而且公司表示，展望未來，其廣泛的賣家意味着客户很可能會在亞馬遜找到最優惠的價格。</p>
</div><p>If Amazon's upcoming earnings reports show sustained growth in revenue, supporting this idea of limited tariff impact, investors may reconsider Amazon stock -- especially since, today, trading for 32x forward earnings estimates down from 50 less than two years ago, it looks very reasonably priced.</p>
<div class="lb-trans"><p>如果亞馬遜即將發佈的財報顯示收入持續增長，支持這一關税影響有限的觀點，投資者可能會重新考慮亞馬遜的股票——尤其是今天，亞馬遜的股價以 32 倍的未來收益預期交易，低於兩年前的 50 倍，看起來非常合理。</p>
</div><p>At the same time, capacity for AI workloads is in high demand, and this should continue to fuel revenue growth at AWS. As mentioned above, Amazon's earnings also are likely to benefit from the cost structure improvements and use of AI to gain in efficiency.</p>
<div class="lb-trans"><p>與此同時，AI 工作負載的需求很高，這應該繼續推動 AWS 的收入增長。如上所述，亞馬遜的收益也可能受益於成本結構的改善和使用 AI 提高效率。</p>
</div><p>Of course, it's impossible to predict share price performance over the coming year, but it's fair to say that Amazon has what it takes to advance and potentially outperform other technology companies that have seen their shares surge this year. Investors might be looking to lock in profits in some cases and rotate into a quality company that hasn't yet seen its shares skyrocket -- and that could make this consumer and tech player a winner a year from now.</p>
<div class="lb-trans"><p>當然，預測未來一年的股價表現是不可能的，但可以公平地説，亞馬遜具備向前發展的能力，並可能超越其他今年股價飆升的科技公司。投資者可能會在某些情況下尋求鎖定利潤，並轉向尚未經歷股價暴漲的優質公司——這可能使這家消費和科技公司在一年後成為贏家。</p>
</div>

Where Will Amazon Stock Be in 1 Year?

- 亞馬遜在人工智能領域的投資吸引了大量投資者。  
- 儘管面臨特朗普關税的擔憂，亞馬遜的雲計算業務仍實現了 1230 億美元的年收入。  
- 如果未來財報顯示持續增長，投資者可能會重新考慮亞馬遜的股票。  

一年後亞馬遜的股價會達到什麼水平？