AI“军备竞赛”，亚马逊输不起的战争

Core Insights - Amazon reported a record revenue of $213.4 billion for Q4 2025, marking a 14% year-over-year increase, and net profit reached $21.2 billion, up 6% [1] - For the full year 2025, Amazon's revenue hit $716.9 billion, a 12% increase, with net profit soaring to $77.7 billion, a 31% rise from 2024 [1] - Amazon's cloud business, AWS, contributed over 60% of the company's operating profit, highlighting its significance as a cash cow [5] Revenue Breakdown - In Q4 2025, Amazon's online store revenue was $82.99 billion, up 10%, while physical stores generated $5.86 billion, a 5% increase [4] - Third-party seller services brought in $42.82 billion, growing 11%, and subscription services earned $13.12 billion, up 14% [4] - Advertising revenue reached $21.32 billion, marking a 23% increase [4] - North America accounted for $127.08 billion in sales, a 10% increase, with operating profit rising 24% to $9.3 billion [4] - International e-commerce revenue was $50.7 billion, up 17%, although operating profit declined 23% to $1 billion due to increased competition and costs [4] Cloud Business Performance - AWS achieved $35.6 billion in revenue for Q4 2025, a 24% increase, marking the highest growth rate in 13 quarters [5] - For the full year, AWS revenue reached $128.7 billion, a 20% increase, representing 18% of total revenue [5] - AWS's operating profit was $12.5 billion, with a profit margin of 35% [5] Capital Expenditure and Future Investments - Amazon plans to invest approximately $200 billion in capital expenditures in 2026, a 52% increase from 2025's $131 billion [14] - The significant capital expenditure includes investments in AI, robotics, and chip development, indicating a strategic focus on enhancing operational efficiency and customer experience [17][21] - Amazon's self-developed AI training chips, Trainium and Graviton, have surpassed $10 billion in annualized revenue, with Trainium 3 already in high demand [17][18] Competitive Landscape - Amazon maintains a leading position in the public cloud market with a 28% market share, followed by Microsoft at 21% and Google at 14% [10] - However, AWS's revenue growth rate is lagging behind competitors like Microsoft Azure and Google Cloud, which are growing at 39% and 48%, respectively [10]