亚马逊1.3万亿元豪赌AI，市值一天蒸发1万亿元

Core Insights - Amazon's Q4 2025 earnings report highlighted a significant 24% year-over-year growth in its core cloud business, AWS, marking the fastest growth rate in thirteen quarters [2][8] - The company announced a substantial capital expenditure plan of approximately $200 billion (around 1.38 trillion RMB) for 2026, a significant increase from the $131 billion spent in 2025 [2][12] - Following the earnings announcement, Amazon's stock price dropped over 11% in after-hours trading, resulting in a market capitalization loss of more than $150 billion (approximately 1 trillion RMB) [2][14] Financial Performance - In Q4 2025, Amazon reported revenues of $213.4 billion, a 14% increase year-over-year, surpassing market expectations of $211.3 billion [6] - The net profit for the quarter was $21.2 billion, up 6% from $20 billion in the same period last year [6] - Despite the profit growth, the diluted earnings per share of $1.95 fell slightly short of market expectations of $1.97, contributing to the stock price decline [6] Business Segment Analysis - North American e-commerce remains a key revenue driver, contributing $127.1 billion in Q4 revenue, a 10% year-over-year increase [7] - International business revenue reached $50.7 billion, with an 11% year-over-year growth after adjusting for currency fluctuations [7] - AWS generated $35.6 billion in sales for Q4, reflecting a 24% year-over-year growth, which is the fastest since the end of 2022 [8] AWS Competitive Position - AWS's annualized revenue run rate has reached $142 billion, with a 24% year-over-year growth rate, contrasting with competitors like Google Cloud and Microsoft Azure, which reported growth rates of 48% and 39%, respectively [9] - AWS's backlog of orders surged by 40% to $244 billion, indicating strong future revenue visibility [9] - The growth drivers for AWS include the modernization of IT infrastructure by enterprise clients and the explosive demand for generative AI applications [9] AI Investment Strategy - Amazon is investing heavily in AI infrastructure, with a focus on data centers, chips, and power capacity, as part of the $200 billion capital expenditure plan [12] - The company has established a partnership with AI firm Anthropic and invested $11 billion in a dedicated AI data center for training next-generation models [10] - Amazon's self-developed Trainium chips have seen significant deployment, with over 1.4 million units delivered, and the latest Trainium3 chip offers a 40% improvement in cost-effectiveness [10] Market Reactions and Strategic Focus - The market's reaction to Amazon's capital expenditure announcement reflects investor concerns about balancing short-term profits with long-term investments [4][15] - Amazon's strategic focus has shifted towards AI, with organizational adjustments to allocate more resources to AWS and advertising, alongside cost-cutting measures [14] - The competitive landscape is intensifying, with major players like Microsoft and Google making significant strides in AI, raising the stakes for Amazon's ambitious investment strategy [14]