Amazon shares plummeted Thursday evening after the tech giant revealed a $200 billion capital expenditures plan for this year. Additionally, management's current quarter profit forecast miss overshadowed what was otherwise a generally good final quarter of 2025. Revenue increased 14% year over year to $213.39 billion, beating expectations for $211.33 billion, according to estimates compiled by LSEG. Earnings per share based on generally accepted accounting principles (GAAP) increased 5% to $1.95, missing th ...

Core Viewpoint - Amazon's shares experienced a significant decline following the release of mixed fourth-quarter earnings and an aggressive forecast for AI spending in 2026, which exceeded analyst expectations by a substantial margin [1][2]. Financial Performance - Revenue for the fourth quarter rose 14% year-over-year to $213.4 billion, slightly surpassing Wall Street analysts' consensus estimates [1]. - Earnings per share for the quarter were reported at $1.95 on a diluted basis, missing expectations by one cent [1]. Stock Market Reaction - Amazon's stock fell 4% during regular trading and an additional 7% in after-hours trading after the earnings report was released [2]. AI Investment Strategy - The company announced plans to invest $200 billion in AI by 2026, which is over $55 billion more than what analysts had anticipated [2]. - CEO Andy Jassy emphasized that the substantial capital expenditure is justified by strong demand for existing offerings and significant opportunities in AI, chips, robotics, and low earth orbit satellites [4]. Advertising and Viewership Growth - The holiday quarter saw Prime Video achieve record viewership for Thursday Night Football, averaging 15.33 million viewers per game across 15 regular-season games [5]. - Prime Video also began streaming NBA games as part of an 11-year deal initiated last October [5]. - Advertising revenue for Prime increased by 22% year-over-year, reaching $21.3 billion, marking the latest in a series of quarterly increases exceeding 20% [6].

过去五年间，该公司将线上商品数量扩充至逾5亿件，推出一小时送达服务，创建Walmart+会员服务与亚马逊的Prime竞争，并打造出规模达40亿美元的广告 业务，提升了利润率。沃尔玛还早早大举押注人工智能(AI)，在供应链自动化上投入数十亿美元，用于提升商品新鲜度、加快配送速度、提高库存预测和商 品搜索能力，使其在运营端占据领先优势，并已连续15个季度超越LSEG整理的美国同店销售市场预估。随着消费者日益转向线上采购食品杂货，投资者对 沃尔玛AI投资的乐观预期进一步推高了股价。 入选了2026年格隆汇"全球视野"十大核心资产名单的美国零售巨头沃尔玛(WMT.US)收涨2.94%报127.71美元，市值突破1万亿美元，成为全球首家达到这一 规模的零售商，并跻身英伟达和谷歌母公司Alphabet等科技巨头的行列。该公司股价在过去一年累计上涨近26%。沃尔玛市值飙升，得益于其同时吸引追求 品质与便利性的高收入消费者，又牢牢守住核心低收入客群的战略。过去十年间其股价累计上涨468%，远超标普500指数264%的涨幅，就部分归功于这一 双轨战略，而竞争对手难以复制该战略。 ...

责任编辑：王永生 美国零售巨头沃尔玛(Walmart)周二市值突破1万亿美元，成为全球首家达到这一规模的零售商，并跻身 英伟达和谷歌母公司Alphabet等科技巨头的行列。该公司股价在过去一年累计上涨近26%。沃尔玛市值 飙升，得益于其同时吸引追求品质与便利性的高收入消费者，又牢牢守住核心低收入客群的战略。过去 十年间其股价累计上涨468%，远超标普500指数264%的涨幅，就部分归功于这一双轨战略，而竞争对 手难以复制该战略。过去五年间，该公司将线上商品数量扩充至逾5亿件，推出一小时送达服务，创建 Walmart+会员服务与亚马逊的Prime竞争，并打造出规模达40亿美元的广告业务，提升了利润率。沃尔 玛还早早大举押注人工智能(AI)，在供应链自动化上投入数十亿美元，用于提升商品新鲜度、加快配送 速度、提高库存预测和商品搜索能力，使其在运营端占据领先优势，并已连续15个季度超越LSEG整理 的美国同店销售市场预估。随着消费者日益转向线上采购食品杂货，投资者对沃尔玛AI投资的乐观预 期进一步推高了股价。 美国零售巨头沃尔玛(Walmart)周二市值突破1万亿美元，成为全球首家达到这一规模的零售商，并跻身 英伟 ...

Core Insights - Amazon's Prime members in the US received 8 billion items on the same day or next day last year, marking a 30% increase from 2024, highlighting the company's commitment to improving delivery speeds [1] - Globally, 13 billion items were delivered in less than two days, with half of US Prime deliveries consisting of groceries or household essentials, resulting in an average savings of $550 on shipping costs for members [2] Delivery Expansion - In 2025, Amazon invested $4 billion to enhance same-day and next-day delivery services to 4,000 smaller cities, towns, and rural areas, while also planning to close Amazon Fresh and Amazon Go stores to focus on delivery and expanding Whole Foods [3] - The company has expanded its same-day delivery service for perishable goods to over 5,000 US cities, with further expansion planned for 2026, and delivered 70% more items in less than a day in 2025 [4] Technological Advancements - Amazon has retrofitted its facilities based on lessons learned from Whole Foods to ensure a high-quality supply chain experience for perishable items [5] - AI has been a significant enabler in increasing delivery speeds, particularly in the pharmacy segment, allowing Amazon to reduce processing time for patients by 90% compared to industry benchmarks [6]

We're getting a one-two punch — Alphabet on Wednesday evening and Amazon on Thursday evening — that should define the week — at least, until Friday's employment data. These companies, both nation-states with seemingly unlimited capital, are run by the finest executives, both attuned to stock market reaction and the image it creates. That's far different from last week's earnings. Apple puts up with the market. Meta Platforms barely tolerates Wall Street. Tesla does not care at all beyond the desire to spoof ...

Core Viewpoint - Amazon has reached a settlement exceeding $1 billion to address claims regarding improper refunds for customer returns [1][2] Group 1: Settlement Details - The settlement includes over $600 million already distributed or soon to be paid in refunds to affected customers [1] - Amazon will contribute $309.5 million to a non-reversionary common fund for members of the class-action lawsuit [2] - The company has issued approximately $570 million in refunds, with about $34 million remaining to be refunded [2] Group 2: Non-Monetary Relief - Amazon has agreed to provide over $363 million in non-monetary relief to improve its return and refund processes [2] Group 3: Background of the Lawsuit - The lawsuit, initiated in 2023, claimed that Amazon caused "substantial unjustified monetary losses" for consumers who returned items but were still charged [3] Group 4: Company Response and Previous Settlements - Following an internal review in 2025, Amazon identified issues with a subset of returns where refunds were not properly issued [4] - Amazon previously settled a lawsuit with the FTC for $2.5 billion over allegations of misleading users regarding Prime subscriptions [4]

Core Viewpoint - The "Magnificent Seven" companies, including Amazon and Alphabet, are positioned for significant growth driven by advancements in artificial intelligence (AI), which is projected to create trillions in economic value in the coming years [1]. Group 1: Amazon - Amazon has generated substantial wealth for investors over the past 20 years, benefiting from diverse revenue streams such as advertising, merchant services, and subscriptions, while leading the $390 billion cloud computing market [3][4]. - In Q3, Amazon's total revenue increased by 13% year over year, reaching $180 billion, although free cash flow has declined due to increased capital expenditures aimed at supporting growth [4][6]. - The company spent nearly $120 billion on capital expenditures over the trailing 12 months, a 72% year-over-year increase, raising concerns about margin pressure, but historical trends suggest higher profitability following such investment cycles [6][7]. - Amazon's stock has delivered a 700% return over the last decade, with free cash flow expected to grow from $7 billion in 2015 to $20 billion in 2025, and analysts project it will exceed $142 billion by 2029, indicating a 63% annualized growth rate [8]. Group 2: Alphabet - Alphabet is experiencing growth from the rising demand for AI cloud services and advertising, with revenue expected to increase by 14% in 2026, reaching $455 billion [9]. - The company has been investing in AI since 2015, enhancing the effectiveness of ad spending across its platforms, which has resulted in more personalized ads for its 2 billion users [10]. - Google Search revenue surged by 16% year over year in Q3, with the recent launch of AI Max expected to further enhance ad relevance by matching advertisers with a broader range of search queries [11]. - Alphabet's stock has returned 783% over the last decade, with free cash flow projected to grow from $16 billion in 2015 to $65 billion in 2025, and analysts expect it to reach $157 billion by 2029, potentially doubling the share price within five years [14].

Core Insights - Alphabet reported a strong quarter with a 16% year-over-year revenue increase, exceeding expectations by $2.2 billion, and an EPS of $2.87, which was 61 cents above forecasts [1][2] Alphabet Performance - In Q3 2025, Google Ads contributed $74.2 billion to Alphabet's total revenue of $102.3 billion, while Google Cloud revenue reached $15.16 billion, growing 33.5% year-over-year due to enterprise AI workloads and infrastructure demand [2] - The third quarter marked Alphabet's first-ever quarter with revenue exceeding $100 billion, driven by AI-powered service enhancements, including AI Overviews and the interactive AI Mode in Google Search [8] - Alphabet's shares surged 65% in 2025, indicating strong market confidence in the company's future prospects [9] Analyst Insights - Doug Anmuth from J.P. Morgan highlighted Alphabet as a top pick, emphasizing its strong position in search-driven digital advertising and AI ambitions, projecting low to mid-teens percentage growth in search revenue [3][10] - Anmuth set a price target of $385 for Alphabet, suggesting a 22% upside from current levels, with a consensus rating of Strong Buy from 27 out of 34 analysts [11] Industry Trends - The AI revolution has significantly impacted digital companies, with productivity improvements and new monetization paths emerging as platforms integrate AI into ads, search, and customer engagement [7] - The overall digital trends and internet sector are expected to continue growing, with major companies projected to achieve low to mid-teens revenue growth in 2026, despite mixed operating income and EPS results [5][6]

Core Viewpoint - Amazon is the largest e-commerce and cloud infrastructure company globally and continues to be a growth stock that outperforms the market [1] Group 1: Revenue Generation - Amazon primarily generates revenue from its retail business, which operates e-commerce marketplaces in over 24 countries and includes Whole Foods Market and some physical stores [3] - The majority of Amazon's profits come from Amazon Web Services (AWS), which held a 32% share of the global cloud infrastructure market in Q2 2025, significantly ahead of competitors like Microsoft Azure (22%) and Google Cloud (11%) [4] - In the first nine months of 2025, AWS contributed 18% of Amazon's net sales and 60% of its operating profit [4] Group 2: Business Strategies - AWS's high-margin revenues allow Amazon to enhance its subscription-based Prime ecosystem, offering discounts, free shipping, streaming services, and affordable hardware, which strengthens customer loyalty [5] - Amazon's advertising services accounted for 9% of its revenue in the first nine months of 2025, likely operating at higher margins than its retail business, indicating potential for growth as a secondary profit engine alongside AWS [6] Group 3: Recent Performance - Over the past three years, Amazon's stock has outperformed the S&P 500, with its e-commerce and cloud businesses continuing to grow [8] - In 2022, Amazon's net sales increased by only 9%, and its operating margin fell from 5.3% to 2.4%, partly due to inflation affecting consumer spending and a slowdown in cloud spending [9]