Amazon(US:AMZN) 美股研究社·2025-11-19 10:08Core Viewpoint - Amazon (AMZN) recently reported one of its best quarterly performances, with revenue and profit significantly exceeding expectations, despite a nearly 10% stock price drop following the earnings report [1][9]. Group 1: Performance and Market Reaction - Amazon's stock price reached a historical high after the earnings report but has since declined nearly 10% due to weak investor sentiment influenced by the crowded AI sector [1]. - Analysts believe that Amazon is poised for a price surge similar to Google's (GOOG) recent performance, as the company's fundamentals are improving [2][9]. - The recent sell-off in the market is viewed as a reaction to overheated AI sector speculation, rather than a reflection of Amazon's strong quarterly results [8][19]. Group 2: AWS and Business Segments - Amazon Web Services (AWS) has shown accelerated growth, addressing market concerns about its position in the AI space, with a record backlog of $200 billion, nearly doubling since the launch of ChatGPT [13]. - Other high-margin business lines, such as third-party seller services (11% growth), advertising (22% growth), and subscription services (10% growth), continue to perform strongly [9]. - Analysts expect AWS to maintain continuous quarterly growth and improved profit margins, which could lead to a significant increase in Amazon's stock price [9]. Group 3: Investment Cycle and Valuation - The current investment cycle in AI is one of the largest ever, with major tech companies expected to invest hundreds of billions of dollars [12]. - Concerns about excessive capital expenditure and overbuilding are noted, but analysts argue these do not apply to Amazon due to its strong return on investment and historical recovery of free cash flow after previous investment cycles [14][13]. - Amazon's stock is currently priced at $225 per share, with a projected P/E ratio of 29 for 2026, which analysts consider low compared to historical levels, suggesting a target price of $305 per share for a potential 35% upside in the next 12 months [16].