AWS创三年最快增速，资本支出超预期，亚马逊盘后涨14%

Core Insights - Amazon's Q3 performance exceeded market expectations, driven by a 20% growth in AWS, marking the largest increase in three years, which led to a 14% surge in stock price post-announcement [2][7] - The company is significantly investing in AI infrastructure, with projected capital expenditures of approximately $125 billion for 2025, surpassing analyst forecasts of $118.76 billion [9][10] Financial Highlights - Net sales for Q3 increased by 13% to $180.2 billion, exceeding both the previous year's $158.9 billion and analyst expectations of $177.82 billion [3] - Operating profit remained stable at $17.4 billion, with special expenses expected to impact future profits [3] - Net profit rose to $21.2 billion, with earnings per share at $1.95, surpassing analyst predictions of $1.58 [3] - Cash flow from operations grew by 16% to $130.7 billion over the past 12 months [3] Business Segment Performance - North America segment sales grew by 11% to $106.3 billion, with operating profit impacted by special expenses [4] - International segment sales increased by 14% to $40.9 billion, with a slight decline in operating profit [4] - AWS revenue grew by 20% to $33 billion, exceeding analyst expectations, and accounted for about two-thirds of Amazon's total operating profit [4][8] Q4 Guidance - Net sales are projected to be between $206 billion and $213 billion, reflecting a growth of 10% to 13% compared to Q4 of the previous year [5] - Operating profit is expected to range from $21 billion to $26 billion, compared to $21.2 billion in Q4 of the previous year [6] AI Investment and Strategy - Amazon is heavily investing in AI, with a $110 billion project to enhance collaboration with Anthropic, and has reported high demand for its self-developed AI chips [10][12] - The company aims to expand its cloud services to include a wide range of AI tools, despite facing competition from Google and Microsoft [8][12] - Amazon's AI shopping assistant, RUFUS, has seen significant user growth, indicating strong market interest in AI applications [10]