Amazon(US:AMZN) 美股IPO·2025-08-01 04:07Core Viewpoint - Amazon's Q2 earnings report reveals a mixed performance, with strong revenue but significant concerns over AWS's growth and profitability, particularly in the context of AI demand outpacing supply and rising operational costs [1][2][5][6]. Financial Performance - Amazon's total revenue for Q2 reached $167.7 billion, a 12% year-over-year increase when excluding foreign exchange impacts [27]. - AWS generated $30.9 billion in sales, reflecting a 17.5% year-over-year growth, but this growth is seen as insufficient compared to competitors [1][30]. - AWS's operating profit margin fell sharply from 39.5% in Q1 to 32.9% in Q2, primarily due to increased capital expenditures for AI support [2][31]. AI and Supply Constraints - CEO Andy Jassy acknowledged a significant supply constraint in AI capabilities, stating that demand currently exceeds supply, with electricity being the primary limiting factor [5][6][41]. - The company is investing heavily in AI infrastructure, including the development of its proprietary AI chip, Trainium2, which is claimed to be 30% to 40% more cost-effective than competitors' GPUs [3][8][22]. Competitive Landscape - Despite AWS's strong position, concerns are growing about its ability to maintain market leadership as competitors achieve higher growth rates [1][30]. - Jassy emphasized AWS's advantages in security and operational performance, attempting to reassure investors about its competitive edge [2][8][37]. Other Business Segments - Amazon's retail business performed well, with record sales during Prime Day and a 22% year-over-year growth in advertising revenue [3][7][30]. - However, Jassy expressed caution regarding potential impacts from tariffs, indicating uncertainty about future demand and pricing [4][7][18]. Future Outlook - The company plans to continue investing in AI and cloud infrastructure to meet growing demand, with expectations of gradual improvements in supply constraints over the coming quarters [31][41]. - Amazon's Project Kuiper aims to address the digital divide by providing broadband access to underserved areas, indicating a long-term growth strategy beyond its core e-commerce and cloud services [47].