亚马逊电话会：2000亿开支吓崩股价！卫星项目单季烧10亿，CEO辩护“产能即变现”，AWS订单激增40%

Core Insights - Amazon's AWS reported its fastest growth in three years, but the projected capital expenditure of approximately $200 billion for 2026 shocked the market, exceeding analyst expectations by nearly 40% and surpassing Google's announced cap of $185 billion [2][3] - The aggressive investment strategy, particularly in AI infrastructure, was defended by CEO Andy Jassy during the earnings call, emphasizing the high demand for AWS services [3][4] AWS Growth and Investment - The majority of the $200 billion capital expenditure will be allocated to AWS, focusing on AI infrastructure, with Jassy stating that demand far exceeds supply [3][4] - AWS revenue grew by 24% year-over-year in Q4, reaching $35.6 billion, with an annualized run rate of $142 billion [9][36] - Backlog orders for AWS increased by 40% year-over-year to $244 billion, indicating strong future revenue certainty [9] AI and Chip Development - Amazon's self-developed chips, including Graviton and Trainium, have surpassed $10 billion in annualized revenue, growing at triple-digit percentages [4][17] - Trainium 2 has already delivered over 1.4 million chips, marking the fastest ramp-up in Amazon's history, while Trainium 3 has been launched with a 40% improvement in cost-effectiveness [4][22] Partnerships and Ecosystem - The collaboration with Anthropic on Project Rainier is progressing well, with Anthropic using Trainium 2 for their next large model, involving the use of 500,000 chips [5][46] - Jassy confirmed the ongoing partnership with OpenAI, highlighting that the AI movement will not be limited to a few companies but will involve thousands over time [5] Satellite Project and Financial Impact - The Project Kuiper satellite initiative is expected to incur an additional $1 billion in costs in North America, impacting Q1 profit guidance [6][7] - Special expenses totaling $2.4 billion, including $730 million for layoffs, have reduced operating profit [8][12] E-commerce and AI Integration - Amazon's AI shopping assistant, Rufus, has been adopted by over 300 million customers, significantly increasing conversion rates [10][28] - The company is focusing on "agentic shopping," where consumers will prefer retailers' AI agents for better selection, pricing, and trust [10][11] Future Outlook - The company anticipates that the majority of AI value will be derived from agents, with ongoing investments in AI infrastructure to maintain a competitive edge [23][24] - Amazon's commitment to capital expenditure of around $200 billion is primarily aimed at AWS, driven by high customer demand for core and AI workloads [24][43]