<p>中國電子商務公司 <strong>阿里巴巴</strong>( BABA +6.43%) 發佈了 2026 財年第四季度的混合財報。在今天的盤前發佈中，阿里巴巴報告了強勁的收入增長，得益於人工智能相關雲收入的 40% 激增。</p>
<p>但與此同時，該公司嚴重未能達到分析師的盈利預期，淨收入為 8600 萬元人民幣（1200 萬美元），較去年近 300 億元人民幣大幅下降，並且自 2021 年以來首次出現運營虧損。每股收益為 0.19 美元，遠低於分析師共識預期的 0.84 美元，或去年同期的 1.84 美元。</p>
<p>對阿里巴巴來説，好消息是投資者似乎願意忽視虧損，專注於阿里巴巴不斷增長的雲收入。該股在早盤交易中上漲了 7%。然而，我不認為如果 <strong>亞馬遜</strong>( AMZN +0.94%) 在下一個財報中發佈類似結果，會得到同樣的待遇。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84Njk3NTQvNmFjOGZjZWE2MTUyMDQ0ZGIwMzY5NzU3OTQ4NDQ5ODc1ZDRjYjlkMS5wbmcmdz0zODQw?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="亞馬遜和阿里巴巴的公司標誌" original-src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84Njk3NTQvNmFjOGZjZWE2MTUyMDQ0ZGIwMzY5NzU3OTQ4NDQ5ODc1ZDRjYjlkMS5wbmcmdz0zODQw"/></p>
<p>圖片來源：The Motley Fool。</p>
<h2>亞馬遜的待遇與阿里巴巴不同</h2>
<p>亞馬遜和阿里巴巴有很多共同點。兩者都是電子商務公司，分別總部位於美國和中國。兩者都有快速增長的 雲計算 部門，隨着公司和開發者越來越多地轉向雲環境來設計、訓練和運行人工智能程序，具有顯著的增長潛力。</p>
<p>去年，阿里巴巴宣佈計劃在三年內投資 559 億美元，以改善其人工智能基礎設施和雲計算能力。市場對此表示歡迎，阿里巴巴的股票在管理層發佈該公告的當月上漲了 34%。</p>
<p>展開</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vYXJ0L2NvbXBhbnlsb2dvcy9tYXJrL0JBQkEucG5nJnc9MTI4?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="阿里巴巴集團股票報價" original-src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vYXJ0L2NvbXBhbnlsb2dvcy9tYXJrL0JBQkEucG5nJnc9MTI4"/></p>
<h2>NYSE: BABA</h2>
<p>阿里巴巴集團</p>
<p>今日變動</p>
<p>(6.43%) $8.67</p>
<p>當前價格</p>
<p>$143.45</p>
<h3>關鍵數據點</h3>
<p>市值</p>
<p>$3230 億</p>
<p>日內區間</p>
<p>$130.33 - $146.00</p>
<p>52 周區間</p>
<p>$103.71 - $192.67</p>
<p>成交量</p>
<p>150 萬</p>
<p>平均成交量</p>
<p>1100 萬</p>
<p>毛利率</p>
<p>40.43%</p>
<p>股息收益率</p>
<p>0.78%</p>
<p>與此同時，<strong>亞馬遜</strong> 在 2025 年已在人工智能基礎設施上花費了 1318 億美元。但當它宣佈計劃在今年將該投資增加到 2000 億美元時，市場動盪不安。亞馬遜的股票在當月下跌了 12%，頭條新聞都在討論亞馬遜是否花費過多、過快，以及是否能夠看到投資回報。</p>
<p>亞馬遜在人工智能上的支出已經削弱了其自由現金流——今年再花費 700 億美元在人工智能上，可能會使其自由現金流變為負值。亞馬遜在第一季度的報告中表示，過去 12 個月的自由現金流降至 12 億美元，較去年 25.9 億美元大幅下降。</p>
<p>展開</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vYXJ0L2NvbXBhbnlsb2dvcy9tYXJrL0FNWk4ucG5nJnc9MTI4?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="亞馬遜股票報價" original-src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vYXJ0L2NvbXBhbnlsb2dvcy9tYXJrL0FNWk4ucG5nJnc9MTI4"/></p>
<h2>NASDAQ: AMZN</h2>
<p>亞馬遜</p>
<p>今日變動</p>
<p>(0.94%) $2.51</p>
<p>當前價格</p>
<p>$268.33</p>
<h3>關鍵數據點</h3>
<p>市值</p>
<p>$2.9 萬億</p>
<p>日內區間</p>
<p>$263.22 - $269.36</p>
<p>52 周區間</p>
<p>$196.00 - $278.56</p>
<p>成交量</p>
<p>77.3 萬</p>
<p>平均成交量</p>
<p>4800 萬</p>
<p>毛利率</p>
<p>50.60%</p>
<h2>亞馬遜對 AWS 的依賴日益加深</h2>
<p>很難誇大亞馬遜的雲計算部門—— 亞馬遜網絡服務 (AWS) -- 對公司的重要性。亞馬遜從其電子商務銷售中獲得了 1439.3 億美元的收入，較去年 1264 億美元有所增長。這是一個穩健的增長，達到了 13.9%。但與此同時，該部門的運營費用為 1342.4 億美元，這意味着亞馬遜.com 部門的利潤率僅為 6.7%。</p>
<p>與此同時，AWS 的收入為 375.8 億美元，同比增長 28.4%，其利潤率為 37.7%。簡而言之，AWS 佔據了亞馬遜本季度大部分利潤，並且增長速度遠快於電子商務。</p>
<p>亞馬遜與 <strong>Meta Platforms</strong> 簽署協議，部署數千萬個 AWS Graviton 核心，以支持 Meta 的自主人工智能，並與 OpenAI 和 Anthropic 簽署協議，通過其 Trainium 芯片提供總計 7 吉瓦的計算能力。總體而言，亞馬遜的人工智能芯片年收入運行率超過 200 億美元。</p>
<p>自 4 月 29 日財報發佈以來，亞馬遜的股票僅上漲了 1%，在 7 月底之前還有充足的時間來發布第二季度財報。雖然我認為亞馬遜在人工智能上的支出是合理的——對公司的未來至關重要——但如果亞馬遜的激進支出再次讓投資者感到不安，我也不會感到驚訝。</p>

阿里巴巴-W

亞馬遜

阿里巴巴

<p>阿里巴巴 2026 財年第四季度的財報顯示，雲收入增長強勁，但淨利潤大幅下滑至 8600 萬元，較去年近 300 億元的淨利潤大幅減少。儘管如此，阿里巴巴的股價仍上漲了 7%。相比之下，亞馬遜在人工智能方面的重磅投資引發了擔憂，宣佈將人工智能支出增加至 2000 億美元時，股價下跌了 12%。亞馬遜的 AWS 仍然至關重要，產生了可觀的利潤，但其電子商務部門面臨低利潤率的困境。投資者可能會對亞馬遜即將發佈的財報與阿里巴巴的反應有所不同</p>

<p>Chinese e-commerce company <strong>Alibaba</strong>( BABA +6.43%) posted a mixed earnings report for the fourth quarter of fiscal 2026. In a pre-market release today, Alibaba reported strong revenue growth, driven by a 40% jump in artificial intelligence-related cloud revenue.</p>
<div class="lb-trans"><p>中國電子商務公司 <strong>阿里巴巴</strong>( BABA +6.43%) 發佈了 2026 財年第四季度的混合財報。在今天的盤前發佈中，阿里巴巴報告了強勁的收入增長，得益於人工智能相關雲收入的 40% 激增。</p>
</div><p>But at the same time, the company badly missed analysts' earnings expectations, as net income of 86 million yuan ($12 million) was down from nearly 30 billion yuan a year ago, and it posted its first operating loss since 2021. Earnings of $0.19 per share were far below analysts' consensus expectations of $0.84 per share, or the $1.84 per share that it posted a year ago.</p>
<div class="lb-trans"><p>但與此同時，該公司嚴重未能達到分析師的盈利預期，淨收入為 8600 萬元人民幣（1200 萬美元），較去年近 300 億元人民幣大幅下降，並且自 2021 年以來首次出現運營虧損。每股收益為 0.19 美元，遠低於分析師共識預期的 0.84 美元，或去年同期的 1.84 美元。</p>
</div><p>The good news for Alibaba is that investors appear willing to shake off the loss and focus on Alibaba's growing cloud revenue. The stock was up 7% in morning trading. However, I don't expect that <strong>Amazon</strong>( AMZN +0.94%) would get the same treatment if it posts similar results in its next earnings report.</p>
<div class="lb-trans"><p>對阿里巴巴來説，好消息是投資者似乎願意忽視虧損，專注於阿里巴巴不斷增長的雲收入。該股在早盤交易中上漲了 7%。然而，我不認為如果 <strong>亞馬遜</strong>( AMZN +0.94%) 在下一個財報中發佈類似結果，會得到同樣的待遇。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84Njk3NTQvNmFjOGZjZWE2MTUyMDQ0ZGIwMzY5NzU3OTQ4NDQ5ODc1ZDRjYjlkMS5wbmcmdz0zODQw" alt="Company logos for Amazon and Alibaba" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F869754%2F6ac8fcea6152044db0369757948449875d4cb9d1.png&amp;w=3840&amp;op=resize"/></p>
<p>Image source: The Motley Fool.</p>
<div class="lb-trans"><p>圖片來源：The Motley Fool。</p>
</div><h2>Amazon gets treated differently than Alibaba</h2>
<div class="lb-trans"><h2>亞馬遜的待遇與阿里巴巴不同</h2>
</div><p>Amazon and Alibaba have a lot in common. Both are e-commerce companies, headquartered in the U.S. and China, respectively. And both have fast-growing cloud computing segments with significant growth potential as companies and developers increasingly turn to cloud environments to design, train, and run AI programs.</p>
<div class="lb-trans"><p>亞馬遜和阿里巴巴有很多共同點。兩者都是電子商務公司，分別總部位於美國和中國。兩者都有快速增長的 雲計算 部門，隨着公司和開發者越來越多地轉向雲環境來設計、訓練和運行人工智能程序，具有顯著的增長潛力。</p>
</div><p>Last year, Alibaba announced plans to invest $55.9 billion over three years to improve its AI infrastructure and cloud computing capabilities.The market celebrated, with Alibaba stock jumping 34% the month that management made that announcement.</p>
<div class="lb-trans"><p>去年，阿里巴巴宣佈計劃在三年內投資 559 億美元，以改善其人工智能基礎設施和雲計算能力。市場對此表示歡迎，阿里巴巴的股票在管理層發佈該公告的當月上漲了 34%。</p>
</div><p>Expand</p>
<div class="lb-trans"><p>展開</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vYXJ0L2NvbXBhbnlsb2dvcy9tYXJrL0JBQkEucG5nJnc9MTI4" alt="Alibaba Group Stock Quote" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Fart%2Fcompanylogos%2Fmark%2FBABA.png&amp;w=128&amp;op=resize"/></p>
<h2>NYSE: BABA</h2>
<div class="lb-trans"><h2>NYSE: BABA</h2>
</div><p>Alibaba Group</p>
<div class="lb-trans"><p>阿里巴巴集團</p>
</div><p>Today's Change</p>
<div class="lb-trans"><p>今日變動</p>
</div><p>(6.43%) $8.67</p>
<div class="lb-trans"><p>(6.43%) $8.67</p>
</div><p>Current Price</p>
<div class="lb-trans"><p>當前價格</p>
</div><p>$143.45</p>
<div class="lb-trans"><p>$143.45</p>
</div><h3>Key Data Points</h3>
<div class="lb-trans"><h3>關鍵數據點</h3>
</div><p>Market Cap</p>
<div class="lb-trans"><p>市值</p>
</div><p>$323B</p>
<div class="lb-trans"><p>$3230 億</p>
</div><p>Day's Range</p>
<div class="lb-trans"><p>日內區間</p>
</div><p>$130.33 - $146.00</p>
<div class="lb-trans"><p>$130.33 - $146.00</p>
</div><p>52wk Range</p>
<div class="lb-trans"><p>52 周區間</p>
</div><p>$103.71 - $192.67</p>
<div class="lb-trans"><p>$103.71 - $192.67</p>
</div><p>Volume</p>
<div class="lb-trans"><p>成交量</p>
</div><p>1.5M</p>
<div class="lb-trans"><p>150 萬</p>
</div><p>Avg Vol</p>
<div class="lb-trans"><p>平均成交量</p>
</div><p>11M</p>
<div class="lb-trans"><p>1100 萬</p>
</div><p>Gross Margin</p>
<div class="lb-trans"><p>毛利率</p>
</div><p>40.43%</p>
<div class="lb-trans"><p>40.43%</p>
</div><p>Dividend Yield</p>
<div class="lb-trans"><p>股息收益率</p>
</div><p>0.78%</p>
<div class="lb-trans"><p>0.78%</p>
</div><p>Amazon, meanwhile, had spent $131.8 billion on AI infrastructure in 2025. But when it announced plans to increase that to $200 billion this year, the market roiled. Amazon's stock fell 12% that month, and headlines were all about whether Amazon was spending too much, too fast, and if it would be able to see a return on its investment.</p>
<div class="lb-trans"><p>與此同時，<strong>亞馬遜</strong> 在 2025 年已在人工智能基礎設施上花費了 1318 億美元。但當它宣佈計劃在今年將該投資增加到 2000 億美元時，市場動盪不安。亞馬遜的股票在當月下跌了 12%，頭條新聞都在討論亞馬遜是否花費過多、過快，以及是否能夠看到投資回報。</p>
</div><p>Amazon's spending on AI is already cutting into its free cash flow -- spending an additional $70 billion on AI this year will likely push its free cash flow into the negative. Amazon reported in its first-quarter results that trailing 12-month free cash flow dropped to $1.2 billion, down from $25.9 billion a year ago.</p>
<div class="lb-trans"><p>亞馬遜在人工智能上的支出已經削弱了其自由現金流——今年再花費 700 億美元在人工智能上，可能會使其自由現金流變為負值。亞馬遜在第一季度的報告中表示，過去 12 個月的自由現金流降至 12 億美元，較去年 25.9 億美元大幅下降。</p>
</div><p>Expand</p>
<div class="lb-trans"><p>展開</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vYXJ0L2NvbXBhbnlsb2dvcy9tYXJrL0FNWk4ucG5nJnc9MTI4" alt="Amazon Stock Quote" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Fart%2Fcompanylogos%2Fmark%2FAMZN.png&amp;w=128&amp;op=resize"/></p>
<h2>NASDAQ: AMZN</h2>
<div class="lb-trans"><h2>NASDAQ: AMZN</h2>
</div><p>Amazon</p>
<div class="lb-trans"><p>亞馬遜</p>
</div><p>Today's Change</p>
<div class="lb-trans"><p>今日變動</p>
</div><p>(0.94%) $2.51</p>
<div class="lb-trans"><p>(0.94%) $2.51</p>
</div><p>Current Price</p>
<div class="lb-trans"><p>當前價格</p>
</div><p>$268.33</p>
<div class="lb-trans"><p>$268.33</p>
</div><h3>Key Data Points</h3>
<div class="lb-trans"><h3>關鍵數據點</h3>
</div><p>Market Cap</p>
<div class="lb-trans"><p>市值</p>
</div><p>$2.9T</p>
<div class="lb-trans"><p>$2.9 萬億</p>
</div><p>Day's Range</p>
<div class="lb-trans"><p>日內區間</p>
</div><p>$263.22 - $269.36</p>
<div class="lb-trans"><p>$263.22 - $269.36</p>
</div><p>52wk Range</p>
<div class="lb-trans"><p>52 周區間</p>
</div><p>$196.00 - $278.56</p>
<div class="lb-trans"><p>$196.00 - $278.56</p>
</div><p>Volume</p>
<div class="lb-trans"><p>成交量</p>
</div><p>773K</p>
<div class="lb-trans"><p>77.3 萬</p>
</div><p>Avg Vol</p>
<div class="lb-trans"><p>平均成交量</p>
</div><p>48M</p>
<div class="lb-trans"><p>4800 萬</p>
</div><p>Gross Margin</p>
<div class="lb-trans"><p>毛利率</p>
</div><p>50.60%</p>
<div class="lb-trans"><p>50.60%</p>
</div><h2>Amazon's increasing reliance on AWS</h2>
<div class="lb-trans"><h2>亞馬遜對 AWS 的依賴日益加深</h2>
</div><p>It's difficult to overstate how important Amazon's cloud computing division -- Amazon Web Services (AWS) -- is to the company. Amazon got $143.93 billion in revenue from its e-commerce sales, up from $126.40 billion a year ago. That's a solid increase of 13.9%. But at the same time, operating expenses for that segment were $134.24 billion, meaning that the Amazon.com division is generating a profit margin of only 6.7%.</p>
<div class="lb-trans"><p>很難誇大亞馬遜的雲計算部門—— 亞馬遜網絡服務 (AWS) -- 對公司的重要性。亞馬遜從其電子商務銷售中獲得了 1439.3 億美元的收入，較去年 1264 億美元有所增長。這是一個穩健的增長，達到了 13.9%。但與此同時，該部門的運營費用為 1342.4 億美元，這意味着亞馬遜.com 部門的利潤率僅為 6.7%。</p>
</div><p>Meanwhile, AWS's revenue of $37.58 billion was up 28.4% year over year, and its profit margin was 37.7%. In short, AWS accounted for most of Amazon's profits for the quarter and is growing much faster than e-commerce.</p>
<div class="lb-trans"><p>與此同時，AWS 的收入為 375.8 億美元，同比增長 28.4%，其利潤率為 37.7%。簡而言之，AWS 佔據了亞馬遜本季度大部分利潤，並且增長速度遠快於電子商務。</p>
</div><p>Amazon signed an agreement with <strong>Meta Platforms</strong> to deploy tens of millions of its AWS Graviton cores to support Meta's agentic AI, and signed agreements with OpenAI and Anthropic for a combined 7 gigawatts of computing capacity through its Trainium chips. Overall, Amazon has an annual revenue run rate of more than $20 billion for its AI chips.</p>
<div class="lb-trans"><p>亞馬遜與 <strong>Meta Platforms</strong> 簽署協議，部署數千萬個 AWS Graviton 核心，以支持 Meta 的自主人工智能，並與 OpenAI 和 Anthropic 簽署協議，通過其 Trainium 芯片提供總計 7 吉瓦的計算能力。總體而言，亞馬遜的人工智能芯片年收入運行率超過 200 億美元。</p>
</div><p>Amazon stock is only up 1% since its April 29 earnings report, and it has plenty of time before it reports Q2 earnings sometime in late July. While I think that Amazon's spending on AI is justified -- and important to the future of the company -- I won't be surprised in the least if Amazon's aggressive spending unnerves investors yet again.</p>
<div class="lb-trans"><p>自 4 月 29 日財報發佈以來，亞馬遜的股票僅上漲了 1%，在 7 月底之前還有充足的時間來發布第二季度財報。雖然我認為亞馬遜在人工智能上的支出是合理的——對公司的未來至關重要——但如果亞馬遜的激進支出再次讓投資者感到不安，我也不會感到驚訝。</p>
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Why Alibaba's Earnings Report May Spell Trouble for Amazon

- 阿里巴巴公佈 2026 財年第四季度財報，營收增長 40%。  
- 淨利潤僅 8600 萬元，遠低於分析師預期的每股 0.84 美元。  
- 與阿里巴巴不同，亞馬遜因 AI 支出下降，股價反應較為負面。

為什麼阿里巴巴的財報可能會對亞馬遜造成困擾