亚马逊1.3万亿元豪赌AI，市值一天蒸发1万亿元

Core Viewpoint - Amazon's Q4 2025 earnings report highlights a significant increase in AWS revenue and a substantial capital expenditure plan for 2026, raising investor concerns about the balance between short-term profits and long-term investments [1][10]. Financial Performance - In Q4 2025, Amazon reported revenue of $213.4 billion, a 14% year-over-year increase, surpassing market expectations of $211.3 billion [6]. - Net profit for the quarter was $21.2 billion, up 6% from $20 billion in the same period last year [6]. - AWS revenue grew 24% year-over-year to $35.6 billion, marking the fastest growth in thirteen quarters [1][6]. AWS Performance - AWS contributed $128.7 billion in revenue for the year, accounting for approximately 18% of total company revenue and over 60% of operating profit [6]. - AWS's annualized revenue run rate reached $142 billion, with a backlog of orders increasing by 40% to $244 billion, indicating strong future revenue visibility [7]. Capital Expenditure Plans - Amazon plans to invest approximately $200 billion in capital expenditures in 2026, primarily focused on AWS and AI infrastructure, which is significantly higher than previous spending [10]. - This investment will cover data centers, chips, and power capacity, as well as ongoing projects like self-developed chips and low-orbit satellite networks [10]. Market Reaction - Following the earnings announcement, Amazon's stock price fell over 11% in after-hours trading, reflecting investor concerns about capital efficiency and return cycles [11]. - The company's free cash flow dropped from $38.2 billion to $11.2 billion over the past year, primarily due to increased capital expenditures [10]. Strategic Focus - Amazon's strategic shift towards AI is evident, with increased investments in data centers and organizational adjustments to prioritize AWS and advertising [11]. - The company has also implemented cost-cutting measures, including layoffs, to reallocate resources towards high-priority projects [11].