Core Insights - Amazon reported revenue of $213.39 billion for the quarter ended December 2025, reflecting a year-over-year increase of 13.6% and a surprise of +0.91% over the Zacks Consensus Estimate of $211.46 billion [1] - The earnings per share (EPS) for the quarter was $1.95, slightly below the consensus estimate of $1.98, resulting in an EPS surprise of -1.52% [1] Revenue Performance - Subscription services saw a year-over-year change of +12%, exceeding the average estimate of +10.8% [4] - Physical stores reported a +5% change compared to the estimated +4.8% [4] - Amazon Web Services (AWS) net sales grew by +24%, surpassing the average estimate of +21.8% [4] - Third-party seller services experienced a +10% change, close to the average estimate of +10.7% [4] Net Sales Breakdown - AWS net sales reached $35.58 billion, exceeding the estimated $35.03 billion, representing a +23.6% change year-over-year [4] - Physical stores generated $5.86 billion in net sales, slightly below the estimated $5.88 billion, with a +5% year-over-year change [4] - Online stores reported net sales of $82.99 billion, above the estimated $82.4 billion, marking a +9.8% change [4] - Subscription services net sales were $13.12 billion, exceeding the average estimate of $12.86 billion, reflecting a +14% year-over-year change [4] - North America net sales totaled $127.08 billion, slightly below the estimate of $127.14 billion, with a +10% year-over-year change [4] - Advertising services net sales reached $21.32 billion, surpassing the estimated $21.21 billion, representing a +23.3% change [4] - International net sales were $50.72 billion, exceeding the estimated $49.34 billion, with a +16.8% year-over-year change [4] - Third-party seller services net sales were $52.82 billion, above the average estimate of $52.27 billion, reflecting a +11.2% year-over-year change [4] Stock Performance - Amazon's shares have returned -3.6% over the past month, while the Zacks S&P 500 composite has increased by +0.5% [3] - The stock currently holds a Zacks Rank 2 (Buy), indicating potential for outperformance in the near term [3]

Core Insights - The article discusses Amazon's significant increase in capital expenditures (capex), projecting it to reach $200 billion by 2026, which is substantially higher than previous estimates of around $140 billion and consensus estimates of approximately $146 billion [2][5][4] - The acceleration of Amazon Web Services (AWS) growth to 24% is highlighted as a positive aspect, exceeding market expectations of 21-22% [2][3] - The competitive landscape among major tech companies, including Google, Microsoft, and Meta, is driving aggressive investments in compute resources to meet rising AI demand [7][19] Capital Expenditures - Amazon's capex for 2026 is projected at $200 billion, representing a 50% increase from 2025, which itself was a 60% increase from 2024 [3][4] - Analysts had previously estimated a much lower capex, indicating a significant upward revision in spending expectations [5][2] - The high capex is seen as necessary for Amazon to capture AI demand and maintain its competitive edge [4][19] AWS Growth - AWS growth has accelerated to 24%, which is a critical metric for evaluating the effectiveness of Amazon's increased spending [2][12] - Analysts expect AWS growth estimates to rise further due to the substantial capex commitment [12] - AWS margins have been solid, hovering around the mid-30% range, with potential for further improvement [12][13] Competitive Landscape - Major tech companies are competing for compute resources, which are essential for sustaining market advantages in the AI space [7][19] - Amazon's previous underinvestment in compute resources is acknowledged, emphasizing the need for increased spending to avoid falling behind competitors [9][19] - The demand for compute resources remains high, with companies like Nvidia experiencing sustained demand for their products [9][19] Long-term Outlook - The long-term growth potential for Amazon is supported by its high-margin businesses, including AWS and advertising, which are expected to drive significant operating margin expansion over the next 5 to 10 years [23][24] - Amazon is projected to exceed $1 trillion in annual revenue within the next decade, indicating substantial earnings potential [24] - The perception of Amazon as playing catch-up in the AI space is acknowledged, but the company is making progress in scaling its capabilities [25][28]

At this time, I’ve decided to downsize my holdings in Amazon.com, Inc. ( AMZN ). I am uncomfortable with holding the shares now after the latest earnings announcementI’m a Portfolio manager (flexible equity funds and private clients), fundamental equity research, macro and geopolitical strategy.Over 10 years across global markets, managing multi-asset strategies and equity portfolios at a European asset manager.I combine top-down macro, bottom-up stock selection and real-time positioning (Bloomberg, models, ...

At this time, I’ve decided to downsize my holdings in Amazon.com, Inc. ( AMZN ). I am uncomfortable with holding the shares now after the latest earnings announcementI’m a Portfolio manager (flexible equity funds and private clients), fundamental equity research, macro and geopolitical strategy.Over 10 years across global markets, managing multi-asset strategies and equity portfolios at a European asset manager.I combine top-down macro, bottom-up stock selection and real-time positioning (Bloomberg, models, ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ____________________________________ FORM 10-K ____________________________________ (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2025 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to . Commission File No. 000-22513 ____________________________________ ...

Market Overview - On February 5, U.S. stock indices closed lower, with the Dow Jones down 1.2%, S&P 500 down 1.23%, and Nasdaq down 1.59% [2][4] - Large technology stocks mostly declined, with the U.S. tech giants index falling 1.76% [4] Amazon's Financial Performance - Amazon reported Q4 sales of $213.39 billion, slightly above market expectations of $211.49 billion, but earnings per share were $1.95, just below the forecast of $1.96 [4] - The company anticipates capital expenditures of approximately $200 billion by 2026, significantly higher than the market estimate of $146.11 billion, representing a 37% increase [4] Chinese Stocks Performance - The Nasdaq Golden Dragon China Index rose by 0.9%, while the Chinese tech leaders index fell by 0.45% [4] - Notable movements included NIO rising over 6%, while Tencent Holdings dropped over 1% [4] Precious Metals Market - Precious metals prices fell sharply, with London gold spot prices dropping over 4% to $4,760.25 per ounce, and COMEX gold futures down over 2% to $4,825.50 per ounce [5][6] - London silver spot prices plummeted by 19% to $71.841 per ounce, with COMEX silver futures down over 14% to $72.565 per ounce [5][6] Electric Vehicle Strategy in Canada - Canada announced a new electric vehicle strategy, including the revival of purchase subsidies and collaboration with China to boost domestic production and export of electric vehicles [7] - The strategy aims to leverage existing and new trade agreements to promote large-scale investments in the electric vehicle sector [7]

Core Insights - Amazon's stock has declined over 7% in extended trading after missing quarterly earnings estimates and announcing a significant increase in AI spending, which surprised investors [1][1] - The company plans to invest up to $200 billion in capital expenditures this year, exceeding analysts' expectations of approximately $160 billion [1][1] - CEO Andy Jassy expressed confidence in a "strong long-term return" on these investments, particularly highlighting the growth in Amazon Web Services (AWS) [1][1] Financial Performance - Amazon's total revenue for the fourth quarter reached a record $213.4 billion, driven by a 24% year-over-year growth in AWS revenue, which amounted to $35.6 billion [1][1] - Earnings per share for the quarter were reported at $1.95, slightly below analyst consensus [1][1] - The company anticipates first-quarter revenue between $173.5 billion and $178.5 billion, with analysts expecting $175.38 billion [1][1] Market Context - Amazon's stock performance has been notably weak among the "Magnificent Seven," with a year-to-date decline of about 4% as of Thursday's close [1][1] - Other major tech companies, including Microsoft and Google, have also faced stock declines following announcements of increased spending forecasts in AI [1][1]

2026.02.06 本文字数：2000，阅读时长大约4分钟 作者 |第一财经 胡弋杰 周四，美国股市全线走低，科技权重股再度承压，微软、亚马逊跌超4%，市场对人工智能相关巨额资 本支出的焦虑持续发酵。与此同时，贵金属市场剧烈波动，白银价格出现断崖式下跌。 | 道琼斯工业 | 纳斯达克指数 | 标普500 | | --- | --- | --- | | 48908.72 | 22540.59 | 6798.40 | | -592.58 -1.20% | -363.99 -1.59% | -84.32 -1.23% | 截至收盘，道琼斯工业指数下跌1.20%，报48908.72点；标普500指数下跌1.23%，报6798.40点；纳斯达 克综合指数下跌1.59%，报22540.59点。标普500指数与纳指均连续第三个交易日收跌，其中纳指本周累 计跌幅接近4%。 热门股表现 权重科技股普遍承压。微软重挫4.95%，亚马逊下跌4.4%，谷歌A类股下跌0.54%，谷歌C类股下跌 0.60%；特斯拉下跌2.17%，，苹果小幅下跌0.21%，Meta Platforms小幅上涨0.18%。芯片股分化，英伟 达下跌1.33 ...

Market Overview - The U.S. stock market experienced a broad decline, with major technology stocks under pressure, including Microsoft and Amazon, which fell over 4% due to ongoing concerns about massive capital expenditures related to artificial intelligence [2][4] - The Dow Jones Industrial Average dropped by 1.20% to 48,908.72 points, the S&P 500 fell by 1.23% to 6,798.40 points, and the Nasdaq Composite decreased by 1.59% to 22,540.59 points, marking a nearly 4% decline for the Nasdaq this week [4] Technology Sector Performance - Major tech stocks faced significant losses, with Microsoft down 4.95%, Amazon down 4.4%, and Nvidia down 1.33%. In contrast, Broadcom saw a slight increase of 0.80% [6][8] - The S&P 500 Software and Services Index has seen a seven-day consecutive decline, with a cumulative drop of 17.4%, the largest since March 2020 [9] Amazon's Financial Results - Amazon reported a significant drop of over 10% in after-hours trading following its earnings report, which showed Q4 2025 revenue at $213.4 billion, exceeding market expectations. However, the company projected Q1 operating profit between $16.5 billion and $21.5 billion, below prior expectations [8] - Amazon anticipates capital expenditures of approximately $200 billion for 2026, significantly higher than previous market forecasts, contributing to concerns about the long-term return on investment in AI [8] Labor Market Data - Recent labor market data indicated that initial jobless claims rose to 231,000, exceeding market expectations, while job openings fell to 6,542,000, the lowest in over five years [10][12] Precious Metals Market - The precious metals market experienced significant volatility, with gold prices falling by 1.8% to $4,872.83 per ounce, and silver prices plummeting by 12.1% to $77.36 per ounce, driven by margin pressure from investors facing stock market losses [14][15] - Analysts suggest that the extreme fluctuations in precious metals prices may take time to stabilize, with silver currently overvalued and likely to face corrections [16] Oil Market Dynamics - International oil prices fell nearly 3%, with Brent crude at $67.55 per barrel and West Texas Intermediate at $63.29 per barrel, as talks between the U.S. and Iran eased concerns over potential supply disruptions [17]

Market Overview - US employment data shows weakness, leading to a decline in US stocks, with all three major indices dropping over 1% and small-cap stocks leading the decline, as the Russell 2000 fell by 1.8% [2] - The S&P 500 saw declines in 9 out of 11 major sectors, with software stocks ETF dropping by 5%, Oracle down nearly 7%, and Microsoft down nearly 5% [2] - Cryptocurrency and silver experienced significant drops, with Bitcoin falling by 12% to below $63,000, marking a nearly 50% decline since last October [4] Bond Market - Risk aversion has driven US Treasury yields significantly lower, with the 10-year yield dropping by 9 basis points to 4.19% and the 2-year yield also down by 9 basis points to 3.46%, reaching a near one-month low [3] Commodity Market - Gold prices fell by 4% to $4,763.2 per ounce, while silver plummeted by 19% to around $70.84 per ounce [12] - WTI crude oil prices dropped approximately 2.84% to $63.29 per barrel [12] Company News - Foxconn (Hon Hai) reported January sales of NT$730 billion, a 35.5% year-on-year increase, reflecting strong demand for AI infrastructure [17] - Meituan has acquired Dingdong Maicai, indicating consolidation in the Chinese e-commerce market [18] Employment Data - The US JOLTS job openings for December hit a five-year low, significantly below expectations, indicating a cooling labor market [19] - Challenger companies announced layoffs of 108,435 in January, the highest for the month since 2009, with a 205% month-on-month increase [19] Central Bank Actions - The Bank of England maintained its interest rate at 3.75%, with a close 5-4 vote indicating a strong signal for potential rate cuts [21] - The European Central Bank held rates steady for the fifth consecutive time, citing challenges in predicting inflation [20] Technology Sector - Amazon's Q4 revenue grew by 14%, with AWS revenue exceeding expectations, but the company’s stock fell over 10% post-earnings due to high capital expenditure guidance of $200 billion for the year [22] - Nvidia announced delays in releasing new gaming chips due to a shortage of storage chips, prioritizing AI business needs [22] AI Developments - Anthropic launched a financial research AI model, causing significant drops in stock prices for traditional financial information services like FactSet and Reuters [23] - OpenAI introduced its enterprise-level AI agent platform, Frontier, aimed at automating business processes, amidst growing competition in the AI space [24]