美股IPO·2025-08-03 11:43Core Viewpoint - The article emphasizes the importance of profitability structures over mere growth rates in the AI-driven cloud computing competition, highlighting that while Microsoft and Google experience rapid cloud growth, it may come at the expense of overall profit margins, whereas Amazon's AWS, despite slower growth, offers a healthier long-term profit outlook [1][3]. Group 1: Microsoft and Google's Cloud Growth - Microsoft and Google's cloud businesses are experiencing strong growth, with Microsoft's cloud segment growing by 26% and Google's by 32%, but both have lower profit margins compared to their core businesses [4]. - Microsoft's "Intelligent Cloud" segment has a profit margin of 40.6%, while its "Productivity and Business Processes" segment boasts a higher margin of 57.4% [4]. - Google's cloud business has a profit margin of 20.7%, significantly lower than its advertising-focused "Google Services" segment, which has a profit margin of 40% [4]. Group 2: Amazon's Cloud Business Potential - Amazon's AWS is the core profit engine for the company, with an operating profit margin of 33%, compared to just 6.6% for its e-commerce business [5]. - From 2017 to 2024, AWS's share of Amazon's total revenue is expected to rise from 9.8% to 17%, leading to an increase in overall operating profit margin from 2.3% to 10.7% [5]. - Despite concerns over AWS's 17% growth rate, there are indications of potential acceleration, as AWS's backlog of future orders grew by 25% in the recent quarter [5]. Group 3: Market Perception and Future Outlook - The market may be overly focused on current growth figures for Amazon, underestimating its future potential and unique profit growth model [6]. - Investors seem to be aware of the profit margin risks for Google, as reflected in its stock performance, while Microsoft appears to be receiving a premium valuation despite similar risks [5].