利空突袭！科技巨头，暴跌

Core Viewpoint - Amazon's significant capital expenditure plan for 2026, projected at $200 billion, has raised concerns among investors, leading to a notable decline in its stock price despite exceeding revenue expectations for Q4 2025 [1][6]. Financial Performance - In Q4 2025, Amazon reported total revenue of $213.39 billion, surpassing analyst expectations of $211.33 billion, while earnings per share (EPS) were $1.95, slightly below the forecast of $1.97 [4]. - Amazon Web Services (AWS) revenue reached $35.58 billion, marking a 24% year-over-year growth, the fastest in 13 quarters [4]. - Advertising revenue was $21.32 billion, exceeding expectations and growing 23% year-over-year [4]. - North America sales grew 10% to $127.1 billion, while international sales increased 17% to $50.7 billion, with a growth rate of 11% when excluding currency fluctuations [4]. Capital Expenditure Plans - Amazon's capital expenditure for 2026 is expected to reach approximately $200 billion, significantly higher than the $131 billion spent in 2025 and exceeding analyst expectations of $146.6 billion [5]. - CEO Andy Jassy attributed the large investment to strong demand for existing services and opportunities in AI, chips, robotics, and low Earth orbit satellites, primarily focusing on AWS infrastructure [5]. - The company has initiated a $11 billion AI data center project, "Project Rainier," to support workloads for Anthropic [5]. Market Reaction - Following the earnings report, Amazon's stock fell 4.56% during regular trading and dropped over 11% in after-hours trading due to concerns about short-term profit pressures and the long-term return on the substantial investment [6]. Future Outlook - For Q1 2026, Amazon expects sales between $173.5 billion and $178.5 billion, indicating a year-over-year growth of 11% to 15%, slightly above analyst expectations [8]. - The company is focusing on integrating AI technology across its business segments, with its AI shopping assistant, Rufus, having 300 million users and a 60% higher conversion rate for users [8]. - Jassy introduced the concept of "Agentic shopping," suggesting that retailers with extensive product offerings and customer trust will have a competitive edge in the AI era [8]. Strategic Initiatives - Amazon is promoting its self-developed chips to address high costs in the AI chip market, with the Trainium series showing rapid deployment and significant revenue growth [10]. - The company is also optimizing its cost structure through workforce reductions, announcing layoffs of approximately 16,000 employees following a previous reduction of 14,000 [12].