AWS提速、投资持续，亚马逊的AI豪赌进入“深水区”

Core Insights - Amazon's Q3 2025 financial results show a significant recovery with net sales increasing by 13% year-over-year to $180.2 billion, surpassing market expectations of $177.8 billion, and net profit rising by nearly 40% to $21.2 billion [1][3] - AWS cloud business revenue grew by 20% year-over-year to $33 billion, marking the strongest growth since 2022 and alleviating concerns about AWS lagging in the AI competition [1][3] AWS Performance - AWS continues to be a key profit driver, contributing 65.6% of operating profit despite accounting for only 18% of total revenue, an increase from 53% in Q2 [3][4] - AWS's annualized revenue reached $132 billion, maintaining its leadership in the global cloud services market, although its growth rate is still lower than competitors like Microsoft Azure and Google Cloud [3][4] - AWS's unfulfilled order amount increased to $200 billion, indicating strong future demand [4] Capital Expenditure and AI Investment - Amazon's capital expenditure surged by 61% to a record $34.2 billion in Q3, exceeding market expectations, with total spending for the year reaching $89.9 billion [4][5] - Investments are primarily directed towards data centers, power, and chip development to support AI demands, with AWS's computing power doubling since 2022 [5][6] - Amazon's self-developed AI chip, Trainium, has become a significant revenue source, with a 150% quarter-over-quarter increase in revenue [5][6] Strategic Direction - Amazon plans to continue significant investments in AI infrastructure, raising its annual capital expenditure guidance to $125 billion, with expectations for further increases in 2026 [6] - The company announced a workforce reduction of approximately 14,000 employees, representing 4% of its total workforce, aimed at maintaining an agile organizational structure amid rapid technological changes [6]