Group 1 - Amazon has officially surpassed Walmart to become the world's highest-grossing company for the year, with a revenue of $717 billion compared to Walmart's $713.2 billion, marking a difference of $3.8 billion [1] - Walmart has held the title of global revenue leader for over a decade, primarily driven by its extensive physical store network and "Everyday Low Prices" strategy [1] - Walmart's e-commerce business has recently become profitable as an independent segment, with global e-commerce sales maintaining double-digit growth [1] Group 2 - Amazon's revenue growth is attributed to its diversified business structure, including significant contributions from its cloud computing division AWS, which saw a 20% year-over-year increase in sales, reaching $128.7 billion [1] - The competition between the two giants is evolving, with Walmart partnering with Google to integrate AI into its shopping process and increasing investments in supply chain automation and store renovations [2] - Amazon plans to invest approximately $200 billion in capital expenditures by 2026, focusing on expanding AI infrastructure and data centers [2]

After taking a beating in the stock market through the last 30 days, Amazon (NASDAQ: AMZN) received something of an institutional boost on February 18 when Bernstein confirmed its bullish outlook for the blue-chip.Specifically, analyst Mark Shmulik reiterated his previous ‘Buy’ rating for AMZN shares while setting the 12-month price target for the e-commerce and technology equity at $265 – 30% above the press time level at $203.59.The forecast is particularly important since Bernstein downgraded its price p ...

不过，从营收结构来看，亚马逊登顶更多得益于其在云计算领域的主导地位——这是一个沃尔玛并未涉 足的领域。若不计入AWS的收入，亚马逊2025年的营收将为5880亿美元。因此，其登顶在很大程度上 有赖于数据中心作为人工智能(AI)时代关键基础设施的重要性。 美国圣克拉拉大学零售管理研究所执行董事Kirthi Kalyanam评价称："这是一场名不副实的胜利。亚马 逊并非在零售赛道击败沃尔玛，只是凭借沃尔玛没有布局的新业务，在营收上实现了超越。" 成为全球营收最高的企业，主要象征着庞大的规模和广泛的消费者触达面，但这并非投资者看重的唯一 指标。在沃尔玛之前，埃克森美孚(XOM.US)和通用汽车(GM.US)也曾获此殊荣，但这一头衔也往往伴 随着更严苛的监管审查和更高的消费者预期。目前，全球市值最高的公司是英伟达(NVDA.US)，其市 值高达4.5万亿美元，是亚马逊的两倍多，更是沃尔玛的四倍以上。 智通财经APP获悉，亚马逊(AMZN.US)正式超越沃尔玛(WMT.US)，成为全球营收最高的企业。这一里 程碑式的成就，彰显了这家电商与云计算巨头自1994年创立以来所取得的巨大发展——彼时，它还只是 杰夫·贝索斯在西 ...

亚马逊公司已正式取代沃尔玛，成为全球营收最高的公司。这一里程碑证明了这家电商与云计算巨头在 规模上取得的巨大成就。在1994年刚刚起步时，亚马逊还只是杰夫·贝佐斯在其西雅图的车库里经营的 一家线上书店。 沃尔玛曾连续十多年蝉联营收最高的公司，该公司在周四公布，截至1月31日的12个月销售额为7132亿 美元。亚马逊的财年截至12月份，本月早些时候该公司公布2025财年销售额为7170亿美元。 贝佐斯曾仔细研究沃尔玛创始人山姆·沃尔顿，吸收了他的许多商业策略来打造自己的公司。过去10年 里，亚马逊营收增长速度几乎是沃尔玛的10倍，推动因素包括消费者支出从实体门店转向网站，以及其 快速增长的云计算业务Amazon Web Services（简称：AWS）。 亚马逊与沃尔玛在争夺消费者方面正面交锋。亚马逊是最大的线上零售商，其网站和移动应用每月吸引 27亿次访问。沃尔玛是全球最大的实体零售商，在全球拥有超过一万家门店和购物会员店。两家公司大 部分营收都来自美国。 尽管亚马逊在2017年收购了全食超市，但沃尔玛在发展电商业务方面取得的成功，超过了亚马逊在打造 实体门店业务上的进展。 然而营收增长的真正原因在于亚马逊在 ...

亚马逊公司正式超越沃尔玛，成为全球营收最高的企业。过去十余年蝉联营收榜首的沃尔玛2月19日公 布，截至1月31日的12个月销售额为7132亿美元。而以12月为财年截止月的亚马逊本月早些时候公布的 2025年销售额达7170亿美元。 ...

来源：滚动播报 亚马逊正式超越沃尔玛百货，成为全球营收最高的公司。沃尔玛曾连续十多年蝉联营收最高的公司，该 公司周四公布截至1月31日的12个月销售额为7132亿美元。而亚马逊本月早些时候公布了2025年的销售 额为7170亿美元。 ...

When you don't know what to pay for a stock you tend to sell it. Right now, we have people selling technology shares left and right because they are unsure of what they own and what it might be worth. They are looking at the incredible shrinking price-to-earnings ratio — the "multiple" — and they are saying get me out of here. I see it. And not just in tech. What do we pay for Danaher when it buys a company , Masimo, that we have long since disliked, ever since its litigation with Apple over patent infringe ...

*内容仅为呈现不同市场观点与研究视角，并不意味着本公众号对文中观点结论认可。 过去的一年，生成式人工智能（Generative AI）不仅是科技圈的热点，更几乎定义了全球资本市场的主 线叙事。在这场席卷全球的智能化浪潮中，英伟达凭借 GPU 的算力垄断成为了"卖水人"中的王者，微 软通过绑定 OpenAI 将 Copilot 植入办公场景的每一个角落，谷歌则依托其深厚的技术积淀试图重塑搜 索与生态。这三家公司成为了聚光灯下的绝对主角，股价屡创新高，估值逻辑被彻底重构。 然而，在这喧嚣的 AI 盛宴中，另一家同样深度嵌入 AI 基础设施、数据、应用和商业化闭环的巨头， 却在相当长一段时间里显得异常"安静"——那就是 Amazon。尽管亚马逊拥有全球最大的云计算平台 AWS 和最庞大的电商零售网络，但在二级市场的 AI 交易逻辑中，它似乎成了一个被遗忘的角落。其股 价表现虽然稳健，却远未享受到如同英伟达或微软那样的估值溢价。 正是在这样的背景下，摩根士丹利（Morgan Stanley）近期给出了一份略显"反共识"的研报。维持亚马 逊"增持"评级，目标价看至 300 美元，并明确指出——AWS 与零售业务，正在被 ...

Meta Platforms - Meta Platforms owns the three most popular social media platforms: Facebook, Instagram, and WhatsApp, providing valuable consumer behavior insights for precise ad targeting, making it the second-largest adtech company globally [4] - The company has heavily invested in artificial intelligence (AI), developing machine learning models for content retrieval and ad optimization, as well as custom chips for training these models [5] - In the fourth quarter, Meta reported a 24% increase in revenue to $59.9 billion, driven by more engaging content and increased ad impressions, although net income grew only 11% to $8.88 per diluted share due to aggressive AI spending [6] - Wall Street estimates a 19% annual earnings growth over the next three years, making the current valuation of 27 times earnings appear reasonable, suggesting long-term investors may consider buying [8] Amazon - Amazon operates the largest e-commerce marketplace in North America and Western Europe, is the largest retail advertiser globally, and has the largest public cloud service, Amazon Web Services (AWS) [9] - The company is investing aggressively in AI, developing generative AI applications to enhance margins across its retail business and introducing new products and services in AWS [10][11] - Despite a 12% stock decline since announcing fourth-quarter earnings, driven by a planned $200 billion capital expenditure in 2026 (up 56% from 2025), AWS sales accelerated to the fastest pace in 13 quarters, with operating margin increasing by 1.5 percentage points excluding one-time charges [12] - Wall Street expects Amazon's earnings to grow at 17% annually over the next three years, making the current valuation of 29 times earnings attractive, indicating that buying shares may be a wise decision for long-term investors [13][14]

Sen. Elizabeth Warren (D-Mass.) criticized the enormous tax break of $7.8 billion that Amazon.com Inc. (NASDAQ:AMZN) and its founder, Jeff Bezos, received last year under the new tax law implemented by President Donald Trump.According to Warren’s post on X on Wednesday, the tax relief Amazon enjoyed in 2025 is equivalent to the median U.S. household income for 100,000 years, approximately $78,000.The Senator’s post highlights her ongoing criticism of corporate tax breaks, emphasizing the need for a country ...