亚马逊表示，在这些基础设施下，美国的联邦政府机构将获得更广泛的AWS人工智能服务访问权限， 包括用于训练模型的SageMaker AI、用于代理部署的Bedrock、Claude模型，以及Trainium芯片和英伟达 芯片。根据媒体与调查网站SourceMaterial查阅的文件显示，亚马逊已经在全球50多个国家拥有逾900处 数据中心设施，这一运营规模远超外界普遍认知。 中信建投证券指出，近期，算力板块波动加大。复盘2023年以来的算力板块，三季报后调整比较常见， 考虑到AI带动的算力需求依然非常旺盛，调整是机会。目前，世界正处于AI产业革命中，类比工业革 命，影响深远，不能简单对比近几年的云计算、新能源等，需要以更长期的视角、更高的视野去观察。 因此，对AI带动的算力需求以及应用非常乐观。 CPO概念25日盘中强势拉升，截至发稿，德科立20%涨停，光库科技涨超17%，长光华芯、长芯博创涨 超15%，腾景科技涨超10%续创新高，中际旭创、新易盛等涨逾7%。 消息面上，科技巨头亚马逊宣布将投资高达500亿美元，用于扩展公司面向美国政府客户的AWS人工智 能和高性能计算（HPC）能力。 ...

每经编辑｜陈柯名 据央视新闻，当地时间11月24日，美国白宫发布声明表示，总统特朗普签署了一项行政命令，启动一项旨在利用人工智能（AI）变革科学研究方式、加 速科学发现的全新国家计划"创世纪计划"。 图片来源：视觉中国 声明表示，该命令指示能源部创建一个人工智能实验平台，整合美国超级计算机和独特数据资产，以生成科学基础模型并为机器人实验室提供支持。该命 令指示总统科学与技术事务助理（APST）协调这项国家计划，并整合联邦政府各部门的数据和基础设施。能源部长、总统科学与技术事务助理以及人工 智能与加密技术特别顾问将与学术界和私营部门的创新者合作，支持并加强"创世纪计划"。 特朗普在7月公布了一项全面的人工智能政策蓝图，旨在使人工智能公司更容易在美国发展，并使美国盟友更容易获得关键的硬件和软件。该蓝图鼓励美 国能源部和其他机构与私营部门和国家实验室合作，投资于"一系列科学领域的自动化云实验室，包括工程、材料科学、化学、生物学和神经科学"。它还 指示政府扩大实验室的人工智能研究和培训。 上周，美国能源部幕僚长卡尔·科表示，这表明特朗普政府认为即将到来的人工智能竞赛与"曼哈顿计划"或太空竞赛同等重要。卡尔·科说："我 ...

以下文章来源于财联社AI daily ，作者赵昊 财联社AI daily . 财联社及科创板日报旗下产品——未来已来，AI前沿，独家、深度、专业！ 根据媒体与调查网站SourceMaterial查阅的文件显示，亚马逊已经在全球50多个国家拥有逾900处数据中心设施，这一运营规模远超外界 普遍认知。 亚马逊周一（11月24日），在官网声明中写道，这项投资计划将于2026年破土动工，通过在AWS Top Secret、AWS Secret和AWS GovCloud (US) Regions建设配备先进计算和网络技术的数据中心，新增近1.3吉瓦的人工智能和超级计算能力。 亚马逊表示，在这些基础设施下，美国的联邦政府机构将获得更广泛的AWS人工智能服务访问权限，包括用于训练模型的SageMaker AI、 用于代理部署的Bedrock、Claude模型，以及Trainium芯片和英伟达芯片。 亚马逊称，这些能力将帮助美国超过11,000个政府机构开发定制化AI解决方案、优化海量数据集处理，并提高员工生产力，以支持新一代 创新。 另外，AWS还在数百个所谓"托管"（colocation）设施中部署了服务器机架。业内通常 ...

Core Insights - Amazon's cloud business, particularly AWS's Bedrock service, is facing significant capacity constraints that have led to lost revenue opportunities and customer migration to competitors like Google Cloud [2][3][5] Capacity Constraints - Bedrock has encountered "critical capacity constraints," resulting in customers like Epic Games and Vitol considering alternatives, leading to tens of millions in lost or delayed revenue [2][3][4] - The capacity issues have affected various industries, including finance, gaming, and tech, with companies like HelloFresh and Ryanair also impacted [12][13] Revenue Impact - The document revealed that delays in quota approvals have led to at least $52.6 million in projected sales being postponed, with specific projects like Epic Games' $10 million Fortnite project being shifted to Google Cloud [3][4] Infrastructure Expansion - Amazon CEO Andy Jassy emphasized the urgent need to ramp up cloud infrastructure, particularly for AI, stating that AWS has added over 3.8 gigawatts of power in the past year and plans to double its capacity again by 2027 [9][10] Customer Migration - Customers are migrating workloads away from Bedrock due to latency and feature parity issues, with companies like Thomson Reuters and Figma opting for Google Cloud or Anthropic's own platform [16][17] - Financial startup TainAI shifted 40% of its workloads from Bedrock to Google's Gemini Flash, saving $85,000 daily, highlighting the competitive pressure AWS faces [21] Competitive Landscape - Bedrock is losing ground to Google's Gemini models, which offer larger quota limits and better performance, raising concerns about AWS's cohesive product vision for AI inference [19][20][21] - The document warns that without a clear strategy, AWS risks missing out on lucrative opportunities in the AI market [22]

Core Insights - Focusing on technology giants with durable competitive advantages is a strategic investment approach in the current market environment [1] - Amazon's recent $38 billion partnership with OpenAI positions it prominently in the AI cloud sector [1] Cloud Infrastructure Leadership - AWS holds a 29% share of the global cloud infrastructure market, surpassing Azure's 20% and Google Cloud's 13% [4] - In Q3 2025, AWS generated $33 billion in revenue, reflecting a 20.2% year-over-year growth, the fastest since 2022 [6] - AWS's operating income increased by 9.6% year-over-year to $11.4 billion, resulting in an operating margin of over 34% [6] - AWS has an annualized run rate of $132 billion and a backlog of $200 billion, indicating strong revenue visibility [7] AI Capacity - Amazon has added over 3.8 gigawatts of data center power capacity in the past year, with plans to double this by 2027 [9] - The company expects to add at least one additional gigawatt of power capacity in Q4 2025 [9] Custom Silicon Advantage - Amazon's custom chips, Trainium and Inferentia, provide superior price-performance compared to other AI chips [11] - Trainium2 has become a multibillion-dollar business, with a 150% quarter-over-quarter revenue growth in Q3 [11] - The company plans to expand its AI compute cluster to 1 million Trainium2 chips by the end of 2025 [11] - Trainium2 is positioned as 30% to 40% better in price-performance than many GPU options, with Trainium3 expected to deliver 40% better performance than Trainium2 [12] Complete AI Stack - AWS offers platform services like SageMaker and Bedrock, enabling clients to build and deploy custom AI models [14] - The introduction of open-source capabilities like Strands and infrastructure building blocks like AgentCore supports the development of agentic AI [15] Competitive Position - AWS's rapid capacity expansion, custom silicon development, and focus on AI platform services indicate its growing momentum in the AI cloud race [16] - Despite competitors like Microsoft and Alphabet growing faster, AWS is well-positioned to be a significant player in the AI cloud boom [16]

Industry Overview - U.S. holiday sales are projected to exceed $1 trillion for the first time, with an expected growth of 3.7-4.2% year over year, translating to sales of $1.01-$1.02 trillion [3] - Last year's holiday sales rose 4.3% year over year to $976.1 billion [3] - An uncertain macroeconomic outlook, influenced by trade policies and the ongoing government shutdown, has negatively impacted consumer confidence [1] Retailer Recommendations - Five retailers are recommended for investment during the holiday season: Amazon.com Inc. (AMZN), Walmart Inc. (WMT), Tapestry Inc. (TPR), Dollar General Corp. (DG), and Expedia Group Inc. (EXPE), all carrying a favorable Zacks Rank 2 (Buy) [2] Amazon.com Inc. (AMZN) - Amazon is benefiting from growth in Amazon Web Services (AWS), which contributed $33.01 billion in Q3 2025, up 20.2% year over year [11] - Online sales and subscription revenues increased by 9.8% and 11.5% year over year, respectively, while advertising revenue climbed 23.5% [12] - Expected revenue and earnings growth rates for next year are 11.2% and 9.9%, respectively, with a 2.6% improvement in earnings estimates over the last 30 days [14] Walmart Inc. (WMT) - Walmart's diversified business model and strong omnichannel strategy have boosted traffic across physical and digital platforms [15] - The company has enhanced its delivery capabilities, including partnerships and new services, leading to steady grocery market share gains [16] - Expected revenue and earnings growth rates for next year are 4.4% and 12.5%, respectively, with a 0.7% improvement in earnings estimates over the last 60 days [17] Tapestry Inc. (TPR) - Tapestry is experiencing growth driven by strong engagement from Gen Z and millennials, with significant expansion in North America, Europe, and Greater China [18] - The company's international business saw a 10% year-over-year growth in Europe and an 18% surge in Greater China [19] - Expected revenue and earnings growth rates for the current year are 3.4% and 9.5%, respectively, with a 1.6% improvement in earnings estimates over the last seven days [20] Dollar General Corp. (DG) - Dollar General's growth is supported by disciplined cost management and a customer-centric model, with a focus on value pricing and supply-chain optimization [21] - The company is expanding its omnichannel presence through partnerships, which is driving higher store traffic and basket sizes [22] - Expected revenue and earnings growth rates for next year are 4.2% and 8.4%, respectively, with a 0.8% improvement in earnings estimates over the last 60 days [24] Expedia Group Inc. (EXPE) - Expedia benefits from a strong platform model that enhances customer insights and strengthens supplier relationships, driving revenue growth [25] - The company's diverse brand portfolio allows it to cater to a wide range of global traveler needs, boosting traffic and bookings [26] - Expected revenue and earnings growth rates for next year are 2% and 17.8%, respectively, with a 1.2% improvement in earnings estimates over the last 30 days [26]

Core Insights - Amazon is gaining momentum and is likely to join the $3 trillion market cap club with only a 12% gain needed next year [2] Group 1: AWS Performance - Amazon Web Services (AWS) has shown a 20% year-over-year increase in sales for Q3 2025, indicating a recovery and growth in its cloud services [4] - AWS controls approximately 30% of the global cloud services market, maintaining a significant lead over competitors [4] - The sales growth acceleration is notable given the wider base, suggesting that clients perceive AWS as offering more value than its rivals [4] Group 2: AI Developments - AWS is central to Amazon's AI initiatives, providing a platform for clients to develop various AI applications [5] - Recent AI updates include SageMaker for custom large-language models, Bedrock for utilizing other LLMs, and new tools like AgentCore and Kiro [6][7] - The AI business is projected to have a run rate of $132 billion, contributing significantly to Amazon's overall revenue [8] Group 3: E-commerce Enhancements - E-commerce remains a core revenue driver for Amazon, generating $110 billion in revenue in Q3, accounting for nearly two-thirds of total revenue [10] - Amazon is enhancing its product selection and delivery speed, with a 14% increase in available products year-over-year [11] - The company has expanded same-day grocery delivery to 1,000 locations, with plans to reach 2,300 by year-end, improving customer loyalty and satisfaction [12]

Core Insights - Wall Street shows strong optimism for Amazon, with 59 out of 73 analysts giving "Buy" ratings, indicating confidence in the company's future performance [1] AWS Growth Trends - Amazon Web Services (AWS) is experiencing accelerated growth, with Q3 fiscal 2025 revenues increasing by 20.2% year-over-year to $33 billion, achieving an annualized run rate of $132 billion and a backlog of $200 billion [2] - The backlog has significantly increased in early November 2025, surpassing the previous quarter's total, with AWS adding 3.8 gigawatts of data center capacity in the last year and plans to double this by 2027, showcasing strong revenue visibility [3] AI Services and Market Position - AWS's AI services, including SageMaker and Bedrock, are contributing to rapid growth, with Bedrock offering a variety of foundational models and high performance for AI workloads; the proprietary AI chip Trainium 2 has become a multibillion-dollar business [4] - The global agentic AI market is projected to grow from $13.8 billion in 2025 to $140.8 billion by 2032, with Amazon investing heavily to establish AWS as a leader in this space through tools like Strands and Agentcore [5] Advertising and E-commerce Momentum - The advertising business is gaining momentum, with revenues growing 22% year-over-year to $17.7 billion in Q3, driven by a comprehensive advertising portfolio and partnerships with streaming services [8] - In e-commerce, a focus on same-day delivery for perishable goods and increased penetration in rural markets may provide a competitive advantage in upcoming quarters [8]

Core Insights - OpenAI has entered a new seven-year agreement with Amazon worth $38 billion to expand its cloud infrastructure for AI model training and operations [2][3][10] - This partnership positions Amazon as a key infrastructure provider for OpenAI, reflecting the growing demand for computing power in the AI sector [3][4] - The deal allows OpenAI to utilize Amazon Web Services' EC2 UltraServers, which leverage Nvidia GPUs for AI workloads, enhancing the capabilities of ChatGPT and future models [4][5] Company Developments - OpenAI's CEO, Sam Altman, emphasized that the partnership with AWS will enhance the compute ecosystem necessary for advancing AI technology [5] - Amazon's AWS is building separate capacity specifically for OpenAI, with some resources already in use [6] - Amazon has also invested $8 billion in Anthropic, a competitor in the AI space, and opened an $11 billion data center for Anthropic's operations [7] Industry Trends - The collaboration between OpenAI and Amazon comes amid concerns about a potential bubble in AI spending and infrastructure investments among major tech companies [3][11] - Microsoft has revised its relationship with OpenAI, allowing more flexibility for OpenAI to engage with other cloud providers while still committing to purchase $250 billion in Microsoft services [8][9] - OpenAI's recent agreements with various companies, including Oracle and Google, indicate a significant investment in AI computing capacity, raising questions about the sustainability of the AI boom [11]

Investment Rating - The industry investment rating is "Outperform the Market - A" and the rating is maintained [6] Core Insights - The report highlights that overseas AI implementation is accelerating, with a global resonance in the software sector [1] - IDC's leading orders have reached a historical high, with plans to double capacity by 2029 to meet the demand of over 900MW retail and xScale customers [1] - North American cloud providers are showing positive Capex guidance, with significant growth in cloud business [2][3][4] - ServiceNow's performance exceeded expectations, with AI contracts projected to reach $1 billion by 2026 [4] Summary by Sections Industry Insights - In Q3 2025, Equinix reported revenue of $2.32 billion, a year-on-year increase of 5%, with total bookings reaching a historical high of $394 million [1] - Google reported Q3 2025 revenue of $31.2 billion, a 9% year-on-year increase, with cloud revenue growing by 34% [2] - Microsoft achieved Q1 FY26 revenue of $77.7 billion, an 18% year-on-year increase, with cloud revenue exceeding $49 billion [2] - Amazon's Q3 2025 revenue was $180.2 billion, a 12% increase, with AWS revenue growing by 20.2% [3] - Meta's Q3 2025 revenue reached $51.2 billion, a 26% increase, driven by advertising revenue growth [3] Performance Metrics - ServiceNow's Q3 2025 subscription revenue was $2.599 billion, a 21.5% year-on-year increase, with cRPO at $11.35 billion [4] - The report suggests focusing on AI-related stocks in the US market, such as Salesforce, Vertiv, and Coreweave [4][16] Market Review - The report notes that the computer sector outperformed the Shanghai Composite Index by 2.55% this week [17] - The computer sector index increased by 2.66% year-to-date, significantly outperforming the overall market [18]