周一，Knorex(KNRX.US)登陆美股市场，截至发稿，该股跌超11%，报3.525美元。Knorex是一家B2B技 术公司，专注于为广告主和营销机构提供程序化广告解决方案和营销自动化服务。其核心产品是Knorex XPO平台，它结合AI/机器学习技术，支持跨渠道广告设置、预算优化、广告投放、自助管理、效果监 控等功能，覆盖社交媒体、搜索、视频、音频、流媒体电视、原生广告、数字户外等多个广告渠道。 来源：智通财经网 ...

Core Viewpoint - The rise of large language models (LLMs) is reshaping the competitive landscape, diminishing Amazon's AWS dominance and creating growth challenges for the company in keeping pace with other tech giants and the broader Nasdaq index [1][3]. AWS Performance - AWS has experienced a growth rate of only 18% over the past 12 months, significantly lower than competitors like Azure (34%) and Google Cloud (32) [6][7]. - Despite AWS's revenue growth of $30.873 billion in Q2 2025, its operating profit margin has decreased from 35.5% to 32%, contributing only 18% to the overall operating profit growth [11][12]. - The market share loss for AWS is evident, leading analysts to adopt a cautious stance on Amazon's stock price in the short term [7]. E-commerce and Advertising - Amazon's e-commerce segment showed moderate growth in Q2 2025, while the advertising services segment grew by 23% [8]. - The consolidated operating profit reached $19.2 billion, a year-on-year increase of $4.5 billion (30%) [9]. - The international e-commerce segment has improved its operating profit margin from 0.8% to 4%, contributing significantly to Amazon's overall profit growth [10]. Future Outlook - Analysts express concerns regarding Amazon's aggressive capital expenditures in AI and machine learning, questioning the potential returns on these investments [12]. - The anticipated impact of tariffs on performance is expected to be felt in Q3 2025, with management guiding for only 3.4% operating profit growth [11][19]. - The competitive landscape is shifting, with Microsoft potentially becoming the largest public cloud service provider within 36 months if current trends continue [16]. Investment Strategy - Analysts suggest that investing in the Nasdaq index may be the best way to gain exposure to Amazon, balancing its market weight while benefiting from diversified investments amid various market challenges [20].