AI巨额投入引发市场担忧 亚马逊股价今年开局不利 华尔街仍视其为“被低估赢家”

Core Viewpoint - Amazon's stock has faced challenges this year, but some Wall Street analysts see the recent pullback as a potential buying opportunity for investors optimistic about long-term returns from artificial intelligence (AI) [1] Group 1: Stock Performance and Market Sentiment - Amazon's stock has declined by 9.2% over the past 12 months, underperforming the Nasdaq Composite Index, which has risen by approximately 13% during the same period [1] - Following the earnings report on February 5, the stock fell about 7.5% due to concerns over disappointing earnings and significant AI capital expenditure plans [1] - The stock's expected price-to-earnings ratio is currently around 25.8, significantly lower than its five-year average of 48.1 [1] Group 2: AWS and Growth Potential - Analysts, including Morgan Stanley's Brian Nowak, view Amazon Web Services (AWS) as a "market undervalued generative AI winner," highlighting that demand for cloud computing services is a key growth driver for the company [2] - Amazon's backlog of unfulfilled contracts has reached $244 billion, a 40% year-over-year increase, indicating strong future demand [2] - AWS is expected to see accelerated capital expenditure, which is necessary to expand data center capacity to meet growing demand [2] Group 3: Cash Flow and Investor Confidence - Amazon's free cash flow for the past 12 months was $11.2 billion, significantly lower than the $38.2 billion reported in the same period last year [3] - As AI capital expenditures become a long-term theme, investors are expected to pay closer attention to the company's guidance on free cash flow prospects [3] - Despite a recent stock price rebound, Berkshire Hathaway has reduced its Amazon holdings by approximately 80% to 2.3 million shares, although this news did not hinder the stock's short-term recovery [3]