亚马逊(AMZN.US)一度跌超10%，为2024年8月以来最大跌幅，股价跌至200.31美元，创2025年5月以来 新低。主要受市场对其高达2000亿美元资本支出计划的担忧拖累。这是所有大型科技公司中最高的支出 规模，相比亚马逊去年的资本开支大幅上调50%，比分析师预期高出逾500亿美元。 在回应市场担忧时，亚马逊CEO安迪·贾西表示，他对公司云业务实现"强劲的投资回报率"充满信心， 但并未给出明确时间表。贾西回应称，公司之所以需要如此规模的资本投入，是为了满足对亚马逊AI 算力极其旺盛的需求，这需要大量数据中心、芯片和网络设备等基础设施。"这并不是什么盲目追求营 收规模的豪赌，"贾西表示，"我们有信心这些投资将带来强劲的资本回报。这一点在AWS核心业务上 已经得到验证，相信在AI领域也会如此。"贾西说，"如果算力供给更充足，AWS的增长本可以更快。 因此我们正在非常灵活、非常拼命地扩张产能。" ...

Core Viewpoint - Amazon's commitment to invest $200 billion in capital expenditures by 2026 has overshadowed its cloud business growth of 24% year-over-year, leading to a decline in stock price [1] Group 1: Financial Performance - AWS revenue reached $35.6 billion, exceeding Wall Street's consensus estimate by $700 million [1] - The profit margin for the AWS segment remains robust at 35% [1] Group 2: Market Expectations - Advertising revenue was in line with market expectations, but investors may have anticipated greater upside given previous trends and advancements in Prime Video and Amazon DSP [1]

Core Insights - Amazon's recent earnings report missed expectations, particularly in e-commerce performance, with declining ROIC and poor cash flow [1] Financial Performance - In Q4 2025, Amazon achieved revenue of $213.4 billion, a year-over-year increase of 12%, with an operating profit of $25 billion impacted by one-time expenses of $2.4 billion [2] - Net profit reached $21.2 billion, reflecting a year-over-year growth of 5.94%, resulting in diluted earnings per share of $1.95, which met basic expectations [2] - Online store revenue was $82.99 billion, up 9.84% year-over-year, while physical store revenue was $5.855 billion, up 4.95% [2] - Third-party seller services generated $52.816 billion, a year-over-year increase of 11.23%, and advertising revenue was $21.317 billion, up 23.31% [2] - Subscription services brought in $13.122 billion, reflecting a year-over-year growth of 14.03% [2] - Cloud business (AWS) revenue reached $35.6 billion, with a growth rate accelerating to 24%, surpassing the consensus estimate of $34.9 billion, and operating profit was $12.5 billion [2] - AWS's annualized revenue run rate is currently $142 billion [2] Capital Expenditure and Future Outlook - Amazon has delivered over 1.4 million Trainium 2 chips, noted for their rapid scaling and cost-effectiveness, being 30% to 40% more efficient than comparable GPUs [2] - The company plans to invest approximately $200 billion in capital expenditures by mid-2026, primarily directed towards AWS, significantly exceeding the consensus estimate of $146.1 billion [2] - Cash flow for 2024 is projected at $32.878 billion, dropping to $7.695 billion in 2025 [3] Market Context - The market is questioning investment returns in the fourth year of AI, with companies like Microsoft, Meta, and Amazon facing dissatisfaction from capital markets regarding their return on investment [4][5] - There is a concern that if capital expenditures continue to rise, it could negatively impact net profits and cash flow, particularly for cloud companies starting from Q3 2025 [6]

据悉，CoreWeave是首家获得英伟达Vera CPU芯片独立单元访问权的客户。 此前有传言称英伟达实际上正在考虑成为云服务提供商，与那些大量购买其芯片的客户竞争。但这一想 法被搁置，因为要在AWS和其他大型服务提供商面前获得立足点需要大量投资。 Q&A 英伟达继续发挥其雄厚的财务实力，这次向GPU云服务提供商CoreWeave投资20亿美元。 公司表示，这笔投资体现了英伟达"对CoreWeave业务、团队和增长战略的信心，CoreWeave是构建在英 伟达基础设施之上的云平台"。 CoreWeave并不是唯一一家基于英伟达基础设施构建业务的公司，亚马逊、微软、谷歌、甲骨文，以及 Lambda Labs、Crusoe、RunPod等专用GPU云服务提供商也是如此。 在这笔交易达成之前，英伟达已经拥有CoreWeave约6%的股份，这次额外投资预计将英伟达的总持股比 例提升至约9%。英伟达绝不打算成为被动股东，公司表示计划执行以下行动： 建设由CoreWeave开发和运营的AI工厂，使用英伟达技术。 利用英伟达的财务实力，加速CoreWeave在土地、电力和基础设施采购方面的进程，以建设AI工厂。 测试和验证 ...

Core Viewpoint - Amazon's strong sales performance in Q4 2025 was overshadowed by significant capital expenditures in AI, leading to a stock price drop of over 10% in after-hours trading [1][5]. Group 1: Financial Performance - For Q4 2025, Amazon reported net sales of $213.4 billion, a 14% year-over-year increase, exceeding market expectations [3]. - The cloud computing service revenue grew by 24% to $35.6 billion, marking the fastest growth in 13 quarters, although the operating profit margin decreased to 35%, down from the previous year [3]. Group 2: Capital Expenditures - Amazon anticipates capital expenditures of approximately $200 billion for the year, primarily directed towards cloud computing infrastructure, significantly higher than analyst expectations and other major tech companies [5]. - The projected operating profit for Q1 2026 is between $16.5 billion and $21.5 billion, which is considerably lower than market expectations, raising concerns about the impact of high spending on short-term profits [5]. Group 3: Industry Context - Major U.S. tech companies, including Amazon, Microsoft, Google, and Meta, are collectively expected to exceed $500 billion in capital expenditures this year for AI infrastructure [7]. - Wall Street has indicated that sustained investor support for current spending levels is contingent upon achieving tangible commercial returns [7].

Group 1 - Alphabet announced a capital expenditure of $175 billion to $185 billion for 2026, which was followed by Amazon revealing a significantly higher capital expenditure of $200 billion for the same year, exceeding Wall Street's expectation of $150 billion [1] - Amazon's CEO Andy Jassy emphasized strong demand for existing products and highlighted "pioneering opportunities" in AI, semiconductors, robotics, and low Earth orbit satellites, despite investor concerns over high capital spending [1] - Amazon's stock fell over 8% in pre-market trading following the announcement, indicating investor apprehension regarding the high capital expenditure [1] Group 2 - Marvell Technology is identified as a potential beneficiary of Amazon's capital spending, as it produces Trainium processors for the company [1] - AT&T is expected to benefit from a partnership with Amazon, utilizing Amazon's low Earth orbit satellite internet services to provide stable network connections in signal blind spots across the U.S. [2] - Nvidia and AMD are also potential beneficiaries due to their established partnerships with Amazon, supplying chip products to meet the computing needs in cloud computing and AI [2]

智通财经APP获悉，在亚马逊(AMZN.US)更新资本支出指引引发股价持续下挫后，华尔街分析师迅速为 其看多立场展开辩护。 美国银行维持对亚马逊的"买入"评级，但将目标价下调至275美元。该行分析师贾斯汀·波斯特指出，资 本支出回报率已成为影响该股表现的首要驱动因素。他强调："尽管产能爬坡阶段可能在未来几个季度 导致利润率波动加剧，但我们相信，随着人工智能业务在跨行业场景中的持续渗透，这部分新增产能将 得到充分释放，进而帮助亚马逊在极具吸引力的战略领域巩固竞争优势。" 截至发稿，亚马逊股价在周五盘前交易中下跌超8%，报204.88美元。 尽管当前资本支出规模较大，艾夫斯团队仍坚定看好亚马逊的投资价值。他们强调："我们观察到多个 可持续提升利润率的结构性机会，包括履约网络效率优化、业务结构向高利润率的AWS云服务及广告 业务倾斜等长期驱动因素。" 在具体财务预期调整方面，埃里克森补充道："因AWS上调收入指引，我们相应调高收入预测;因低轨卫 星项目成本优化，略微下调EBIT及EPS预期;同时鉴于资本支出规模扩大，适度下调自由现金流预期。" 韦德布什证券维持对亚马逊的"跑赢大盘"评级，但将目标价下调至300美元。 ...

21世纪经济报道记者董静怡 美东时间2月5日盘后，亚马逊发布了2025年第四季度财报。 其中，两个关键数字引人关注：核心云业务AWS营收同比增长24%，创下十三个季度以来最快增速；同时，公司宣布将在2026年投入约2000亿 美元用于资本支出，较2025年约1310亿美元的资本支出大幅跃升。 消息公布后，公司盘后股价应声下跌超过11%。 资本市场用脚投票的背后，是投资者对短期利润与长期投入之间平衡的疑虑。亚马逊首席执行官安迪.贾西(Andy Jassy)在财报电话会议上花了 大量时间解释这笔开支的必要性，强调AI带来的需求是真实的、巨大的。 "我们持续看到，新增的AI产能一经部署，就能迅速实现货币化。"安迪.贾西表示，"我们有信心这些投资将产生强劲的投资资本回报率。" 这考验着投资者对亚马逊长期战略的耐心。过去，亚马逊曾通过大规模投资物流网络和云基础设施建立起竞争壁垒，现在，它希望用同样的方 式赢得AI时代。不同的是，这次竞争更激烈，投入更集中，而回报周期可能更长。 AWS增长强劲 整体来看，亚马逊最新季度的财报还算亮眼。 2025年第四季度，亚马逊实现营收2134亿美元，同比增长14%，高于市场预期的211 ...

Core Viewpoint - Amazon Web Services (AWS) reported a revenue of $35.6 billion in Q4, representing a year-over-year growth of 24% with an operating profit of $12.5 billion [1][6]. Financial Performance - AWS's revenue for the first three quarters of 2025 is projected to be $29.3 billion, $30.9 billion, and $33.0 billion, with operating profits of $11.5 billion, $10.2 billion, and $12.5 billion respectively [1][6]. - The total revenue for AWS in 2025 is expected to reach $128.8 billion (approximately 893.9 billion RMB), with an operating profit of $45.6 billion (approximately 316.5 billion RMB) [1][6]. Capital Expenditure - Amazon anticipates capital expenditures to reach $200 billion in 2026, driven by strong market demand for existing products and services, as well as opportunities in artificial intelligence, chips, robotics, and near-Earth orbit satellites [1][6]. - The capital expenditure for 2025 is estimated to be around $131 billion, which is expected to significantly impact Amazon's stock price, leading to a drop of over 11% in after-hours trading [1][6]. Market Capitalization - As of the latest report, Amazon's market capitalization stands at $2.38 trillion [1][6].

作者 Ahan Vashi ，内容为转载编译，仅为呈现不同市场观点与研究视角，并不意味着本公众 号对文中观点结论认可。 尽管营收超出市场预期，亚马逊在发布 2025 年第四季度财报后，股价应声下挫约 8%。每股 收益小幅不及预期，叠加 2026 年惊人的资本开支指引，显然让投资者纷纷避险离场： · 2025 年 Q4 净销售额： 2134 亿美元 （同比 + 14%，市场预期 2112.3 亿美元） 诚然，AWS 同比增速回升至 24%，但亚马逊 2026 年第一季度业绩展望仅勉强符合市场预 期： · 摊薄后每股收益： 1.95 美元 （同比 + 5%，市场预期 1.96 美元） 从业务板块来看，亚马逊云业务增长持续提速：AWS 季度营收 356 亿美元，同比大涨 24%；广告业务营收 213 亿美元，同比增长 22%；零售业务则实现高个位数稳健增长。 | AMAZON.COM, INC. | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | Supplemental Financial Information and Busi ...