亚马逊公布第三季度业绩超出市场预期，得益于AWS增速加快至20%，创三年来最大涨幅，推动股价盘后一度大涨14%。该公司正全力加码AI基础设施建设，预计2025年的资本支 出约为1250亿美元，高于分析师预测的1187.6亿美元，2026年的资本支出还会进一步增加。该公司还表示，已通过110亿美元的"雷尼尔计划"强化与Anthropic的合作，自研AI芯片 供不应求 硬·AI 净销售额： 第三季度净销售额增长13%，达到1,802亿美元，高于2024年第三季度的1,589亿美元以及分析师预期的1778.2亿美元。如果不考虑全年汇率变动带来的15 亿美元利好影响，同比增长为12%。 营业利润： 第三季度营业利润为174亿美元，与2024年第三季度的174亿美元持平。2025年第三季度的营业利润包含两项特别支出——与联邦贸易委员会（FTC）法 律和解相关的25亿美元支出，以及主要与计划裁撤岗位相关的18亿美元预计遣散费用。如果不计入这些支出，营业利润将达到217亿美元。 作者 | 赵雨荷 编辑 | 硬 AI 亚马逊周三盘后公布财报显示，该公司第三季度业绩超出分析师预期，其中云业务创下三年来最大增幅，推动该公司股价盘 ...

Core Viewpoint - Amazon's third-quarter performance exceeded market expectations, driven by a significant acceleration in AWS growth to 20%, marking the largest increase in three years, which led to a post-market stock surge of 14% [1][3][9] Financial Highlights - **Net Sales**: Third-quarter net sales grew by 13% to $180.2 billion, surpassing the previous year's $158.9 billion and analyst expectations of $177.8 billion. Excluding currency effects, the year-over-year growth was 12% [4] - **Operating Profit**: Operating profit for the third quarter was $17.4 billion, unchanged from the previous year. Adjusted for special expenses related to FTC settlements and layoffs, the operating profit would have reached $21.7 billion [4] - **Net Profit**: Net profit increased to $21.2 billion, with earnings per share at $1.95, exceeding analyst expectations of $1.58. The previous year's net profit was $15.3 billion, with earnings per share of $1.43 [5] - **Cash Flow**: Operating cash flow for the past 12 months grew by 16% to $130.7 billion, while free cash flow decreased to $14.8 billion [5] Business Segment Performance - **North America**: Sales in the North America segment grew by 11% to $106.3 billion, with operating profit at $4.8 billion, down from $5.7 billion the previous year. Adjusted for special expenses, the operating profit would have been $7.3 billion [6] - **International**: International segment sales increased by 14% to $40.9 billion, with an operating profit of $1.2 billion, down from $1.3 billion the previous year [6] - **Cloud Services (AWS)**: AWS revenue grew by 20% to $33 billion, exceeding analyst expectations of $32.42 billion. Operating profit was $11.4 billion, up from $10.4 billion the previous year [6][11] Future Guidance - **Fourth Quarter Operating Profit**: Expected operating profit for the fourth quarter is projected to be between $21 billion and $26 billion, compared to $21.2 billion in the previous year [7] Strategic Initiatives - **AI Infrastructure Investment**: Amazon is significantly increasing its capital expenditures, with an expected $125 billion in 2025, higher than the analyst forecast of $118.76 billion. Capital expenditures for 2026 are also expected to rise [1][12] - **Collaboration with Anthropic**: Amazon has invested $11 billion in the "Rainier Project" to enhance its partnership with Anthropic, focusing on AI infrastructure. The company has also reported that its self-developed AI chips are fully booked [1][14] - **AI Demand**: The company is experiencing strong demand for AI and core infrastructure, with over 3.8 gigawatts of capacity added in the past year [12]

他一边轻拍婴儿的背哄睡，一边凝视着手机屏幕上那封措辞谨慎却冰冷的通知邮件，内心五味杂陈。 同一时间的公司会议室里，亚马逊CEO安迪·贾西 （Andy Jassy） 正面色凝重地向董事会展示一系列 数字和图表：亚马逊将启动史上最大规模的一次裁员，削减约30000名企业员工，包括中国国内员 工。 本文来自微信公众号： 新智元 ，作者：新智元，编辑：艾伦，题图来自：视觉中国 一个灰蒙蒙的清晨，在西雅图亚马逊总部附近的咖啡馆里，一位年轻的程序员父亲正抱着尚在襁褓中 的孩子，神情恍惚。 几小时前，他收到了亚马逊的内部邮件通知：他所效力的团队将被裁员。 而随着亚马逊这一纸通知，"2025年度被裁科技员工"的计数器瞬间飙升到了128000人以上。 裁员人群也不是想象中的主要面向仓库蓝领工人，而是以办公室白领为主。 短短一夜之间，这家全球科技巨头的裁员消息引爆行业。 据追踪科技行业失业数据的网站Layoffs.fyi统计，今年截至前天 （10月27日） 整个科技行业被裁员 工约为98000人； 亚马逊一家公司的动作，就占据了全行业裁员总数的约四分之一。 这样的规模和速度，让整个行业为之震动。 或许是感受到了巨大的舆论压力，今 ...

Group 1 - Amazon is initiating its largest-ever layoffs, cutting approximately 30,000 corporate employees, primarily affecting white-collar workers rather than warehouse staff [6][11] - The layoffs are part of a broader trend in the tech industry, with around 128,000 tech employees laid off this year, and Amazon's actions account for about a quarter of this total [9][11] - The layoffs are driven by a combination of post-pandemic adjustments and pressures from the AI arms race, as Amazon seeks to streamline operations and enhance efficiency through automation and robotics [14][19] Group 2 - Amazon Web Services (AWS) is experiencing a slowdown in growth, with a 17.5% year-over-year revenue increase in Q2, compared to competitors like Microsoft Azure and Google Cloud, which saw growth rates of 39% and 32% respectively [14][15] - The company is facing pressure to integrate AI solutions more effectively, as competitors have built robust AI ecosystems that AWS lacks, leading to concerns about its market position [15][18] - CEO Andy Jassy has emphasized the need to reduce management layers and improve decision-making efficiency, indicating that many repetitive and process-driven jobs will be automated [19][22] Group 3 - Amazon plans to automate operations significantly, aiming to replace over 500,000 employees with robots and increase automation levels to 75% in its warehouses [23][27] - The company has already made substantial investments in automation technology, including the acquisition of Kiva and the development of highly automated warehouses [27][28] - This shift towards automation is seen as essential for maintaining competitive advantage in the retail and logistics sectors, as rivals also leverage AI to optimize their operations [28] Group 4 - The impact of AI on the job market is uneven, with middle-tier employees facing the greatest risk of displacement, while top-tier and low-tier workers remain relatively secure [29][31] - Research indicates that companies adopting AI are reducing their hiring for entry-level positions more significantly than those that do not, exacerbating job polarization [31][32] - Amazon's layoffs reflect this trend, with significant cuts in HR and entry-level software engineering roles, highlighting the vulnerability of mid-level talent [33][39] Group 5 - The layoffs extend to middle management, with a directive to reduce personnel costs by 10%-15%, affecting even senior positions [41][43] - This approach aligns with Jassy's goal of reducing bureaucratic layers and streamlining operations, indicating a shift in corporate culture towards efficiency [43][44] - The layoffs have raised concerns among H-1B visa holders, who face job insecurity and potential deportation if they cannot find new employment within a limited timeframe [49][51]

记者丨董静怡 编辑丨张伟贤 在三季度财报发布之前，亚马逊于28日宣布，计划裁减约1.4万名公司职员，占其公司职员总数的4%， 以精简运营、加快人工智能部署。 这是自2022年以来亚马逊最大规模的裁员，该公司在过去两年已累计裁员超过2.7万人，且在设备、通 讯等多个部门持续进行着小规模裁员。 值得注意的是，这一决定出现在公司业绩表现强劲的时期——第二季度财报显示亚马逊净销售额达到 1677亿美元，同比增长13%，营运利润192亿美元，同比增长31%。 亚马逊人力体验与技术高级副总裁贝丝·加莱蒂在致员工信中表示，鉴于公司二季度的良好业绩，裁员 可能会引发质疑，但她表示这是必要的，因为"世界正在快速变化"。 尽管宣布裁员，但亚马逊在资本市场却表现出一定的韧性，消息公布后其股价不降反升。截至10月28日 美股收盘，亚马逊股价上涨1%，报229美元。 eMarketer分析师斯凯·卡纳维斯指出："亚马逊可能已经意识到其内部团队在基于AI的生产力提升方面达 到一定程度，从而能够支持大规模的裁员。" 裁员背后，AI替代 最近两天，亚马逊裁员的消息被广泛议论，据悉，受影响的员工已于10月28日开始陆续收到通知。 加莱蒂表示， ...

在三季度财报发布之前，亚马逊于28日宣布，计划裁减约1.4万名公司职员，占其公司职员总数的4%，以精简运营、加快人工智能部署。 一边裁员，一边向AI砸钱。 裁员背后，AI替代 最近两天，亚马逊裁员的消息被广泛议论，据悉，受影响的员工已于10月28日开始陆续收到通知。 加莱蒂表示，受影响的员工将有90天的时间在公司内寻找新职位，选择离开亚马逊的员工将获得遣散费和额外福利。她还明确表示，此次裁 员"仅是第一步"，未来在推进AI业务发展时将继续裁员，但在"关键策略领域"仍将继续招聘。 这一裁员计划反映了亚马逊正在经历的重大战略转型。作为全球第二大私人雇主，亚马逊截至今年二季度末的全球员工总数超过154万人，其 中大多数为仓储工人，而公司职员约35万人。此次裁员主要针对公司职员层面。 自疫情以来，亚马逊曾大规模扩张其全球员工队伍，尤其是在物流仓储、技术研发和管理支持等领域，以应对激增的线上消费需求。但随着疫 情的消退，消费市场趋于理性，增长放缓，庞大的人力成本便从"战略投资"逐渐转变为"财务负担"。 这是自2022年以来亚马逊最大规模的裁员，该公司在过去两年已累计裁员超过2.7万人，且在设备、通讯等多个部门持续进行着 ...

Core Viewpoint - The article emphasizes the transition of cloud computing from cost reduction and efficiency enhancement to directly creating value through AI integration, highlighting the importance of AI capabilities in driving business growth and innovation [3][5][10]. Group 1: AI Integration and Business Impact - A report from MIT indicates that 95% of companies attempting to use AI have not seen commercial returns, but the remaining 5% have generated significant value, with some startups achieving revenues of $20 million within a year by focusing on specific business pain points [3]. - Baidu's intelligent cloud has supported 65% of central enterprises and 80% of systemically important banks, showcasing its extensive reach and impact in various industries [5]. - Baidu's AI capabilities are being transformed into revenue-generating tools for enterprises, with AI new business revenue expected to exceed 10 billion yuan by Q2 2025 [14]. Group 2: Cloud Computing Evolution - The cloud computing landscape is shifting from resource leasing to supporting AI capabilities for training, deployment, and invocation, marking a new phase in cloud competition [17]. - Baidu's cloud strategy has evolved from "cloud intelligence integration" to "intelligent priority," focusing on redefining how enterprises utilize cloud services starting from AI [7][10]. - The competition among cloud providers is now centered on engineering capabilities, scene adaptation, and system integration rather than just model capabilities [8]. Group 3: Technological Advancements and Offerings - Baidu has upgraded its AI computing platform to version 5.0 and its Qianfan platform to version 4.0, enhancing multi-model high-concurrency scheduling and integrating various capabilities for enterprise services [10]. - The company has developed a digital employee and compliance analysis tools, aiming to standardize AI applications across industries [10]. - Baidu's self-developed Kunlun AI chips and training platforms provide a competitive edge in terms of cost efficiency and scheduling capabilities [8][9]. Group 4: Market Position and Future Outlook - Baidu holds a leading position in China's AI public cloud service market with nearly 25% market share and 15% share in the large model platform market [14]. - The company aims to convert complex AI capabilities into practical business solutions, addressing the dual challenges of finding new growth curves and ensuring secure development space in a competitive global landscape [18][19]. - Baidu's strategy includes comprehensive self-research across infrastructure, model frameworks, and engineering platforms to reduce reliance on external ecosystems [19].

Group 1: Core Insights - China has become a significant force in the global economic landscape, influencing business and investment decisions amid complex market conditions [1][2] - Tim Campbell, CEO of Baillie Gifford, emphasizes the importance of long-term investment strategies and the need to focus on long-term trends rather than short-term noise [1][2][9] Group 2: ESG Investment Perspective - ESG factors are critical in the investment process, especially for long-term holdings, as companies with poor ESG practices struggle to succeed over time [2][12] - Baillie Gifford engages with portfolio companies to ensure adherence to the highest industry standards for sustainable development [2][12] Group 3: Emerging Market Opportunities - Tim Campbell expresses optimism about the investment potential in emerging markets, particularly China, highlighting rapid developments in electric vehicles, e-commerce, and solar energy [2][15] - The resilience of China's consumer market and technological innovation capabilities position it well to navigate tariff policies and geopolitical uncertainties [2][11] Group 4: Investment Decision Factors - Successful investment relies on a well-structured investment team culture and incentive mechanisms, with a focus on long-term performance [6][9] - Unique and valuable research inputs are essential for making differentiated investment decisions, as demonstrated by Baillie Gifford's early investments in companies like Tesla [7][9] Group 5: China's Competitive Edge - Chinese companies exhibit remarkable efficiency and competitiveness, which are crucial for their success in the global market [18][19] - The intense competition in sectors like electric vehicles and solar energy drives Chinese firms to excel and innovate [19][20] Group 6: Future Economic Trends - Despite current economic challenges, the long-term growth trajectory of the Chinese economy remains positive, with significant achievements in poverty alleviation and GDP growth [20][21] - Key sectors for future growth in China include healthcare, e-commerce, and renewable energy, with a focus on identifying valuable investment opportunities [21][22]