2000亿豪赌AI！亚马逊“烧钱”比谷歌还狠

Core Viewpoint - Major tech companies are aggressively investing in AI, with Amazon's spending surpassing Google's, leading to significant market reactions [1][12]. Financial Performance - Amazon reported a strong Q4 performance with net sales increasing by 14% to $213.4 billion [4]. - For Q4, operating income rose to $25 billion, and net profit increased to $21.2 billion, resulting in diluted earnings per share of $1.95 [5]. - For the full year 2025, Amazon expects net sales to grow by 12% to $716.9 billion, with operating income reaching $80 billion and net profit at $77.7 billion, translating to diluted earnings per share of $7.17 [5]. Cash Flow and Investments - Operating cash flow is projected to grow by 20% to $139.5 billion in 2025, while free cash flow is expected to drop to $11.2 billion due to increased investments in AI and infrastructure [6]. - Amazon's capital expenditure is forecasted to reach a record $200 billion by 2026, indicating a strong long-term return on investment [14]. Segment Performance - In Q4, North America sales grew by 10% to $127.1 billion, with operating income of $11.5 billion [9]. - International sales increased by 17% to $50.7 billion, with operating income of $1 billion [9]. - AWS sales surged by 24% to $35.6 billion, with operating income of $12.5 billion [9][11]. Future Guidance - Amazon anticipates Q1 2026 revenue between $173.5 billion and $178.5 billion, reflecting an 11%-15% year-over-year growth [15]. - The company expects operating income for Q1 to range from $16.5 billion to $21.5 billion, maintaining double-digit revenue growth [16].