[{"data":1,"prerenderedAt":-1},["ShallowReactive",2],{"content-doc-dciod979cc9d":3},{"user":4,"document":8,"mainDocument":27,"columnUrl":29,"subscription":30,"footer":42,"text":80},{"isAuthenticated":5,"isAdmin":5,"displayName":6,"avatarUrl":6,"nid":6,"groupLevel":7},false,"",-10,{"id":9,"fullTitle":10,"subTitle":6,"url":11,"columnId":12,"columnName":13,"columnUrl":14,"summary":6,"contentHtml":15,"mainContentHtml":6,"posterUrl":16,"createDate":17,"displayDate":18,"displayDateSlash":19,"pageviews":20,"tags":21,"hidden":5,"isSubContent":5,"replyDocOrTargetId":6,"contentType":23,"videoId":6,"liveVideoUrl":6,"useContentVideo":5,"duration":24,"price":24,"priceText":25,"priceBadgeText":25,"priceBadgeClass":26,"freeForMinGroupLevel":24,"redirectUrl":6,"readyToStream":5},"dciod979cc9d","亚马逊盘后大涨：市场终于听到了AI资本开支最想要的答案","\u002Fdoc\u002Fdciod979cc9d","col18178739ee","美股资讯","\u002Fcol\u002Fcol18178739ee","\u003Cp>\r\n\u003Cp>\u003Cspan style=\"font-size: large;\">\u003Cspan style=\"font-family: DengXian;\">看完谷歌、\u003C\u002Fspan>Meta\u003Cspan style=\"font-family: DengXian;\">和微软这几场财报，市场的态度已经非常清楚：大家并不反对科技巨头继续为\u003C\u002Fspan>AI\u003Cspan style=\"font-family: DengXian;\">花钱，真正担心的是，这些动辄上千亿美元的资本开支，到底什么时候才能收回来。\u003C\u002Fspan>\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-size: large;\">\u003Cspan style=\"font-family: DengXian;\">所以我们昨天就判断，轮到亚马逊时，管理层一定知道什么必须讲清楚。单纯告诉市场“\u003C\u002Fspan>AI\u003Cspan style=\"font-family: DengXian;\">需求很强”已经不够了，投资者要听到的，是订单、合同、回本周期，以及这些数据中心未来究竟能赚多少钱。\u003C\u002Fspan>\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-family: DengXian; font-size: large;\">亚马逊果然正面回答了这个问题。\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-size: large;\">\u003Cspan style=\"font-family: DengXian;\">管理层在电话会上表示，\u003C\u002Fspan>AI\u003Cspan style=\"font-family: DengXian;\">基础设施投资平均不到三年就能收回成本；服务器通常可以使用五至六年，而公司目前大部分\u003C\u002Fspan>AI\u003Cspan style=\"font-family: DengXian;\">算力已经签订至少五年的客户合同。数据中心本身的使用寿命更长，超过\u003C\u002Fspan>30\u003Cspan style=\"font-family: DengXian;\">年，可以连续承载五至六代服务器。\u003C\u002Fspan>\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-family: DengXian; font-size: large;\">这几句话听起来不复杂，但恰恰是今晚最重要的信息。\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-size: large;\">\u003Cspan style=\"font-family: DengXian;\">亚马逊想告诉市场，它并不是先把数据中心建起来，再等客户上门。很多算力在投入之前，就已经有长期合同锁定需求。服务器能用五至六年，平均不到三年收回投资，意味着在硬件成本收回之后，剩余合同期仍有机会继续贡献收入和利润。即使这一代服务器最终淘汰，数据中心也可以继续安装下一代设备，不需要每轮\u003C\u002Fspan>AI\u003Cspan style=\"font-family: DengXian;\">升级都从头再来。\u003C\u002Fspan>\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-family: DengXian; font-size: large;\">市场担心的是资本开支失控，亚马逊给出的回答却是：这些钱不是没有方向地砸下去，而是在有需求、有合同，也算得清回报的前提下投入。\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-family: DengXian; font-size: large;\">当然，亚马逊现在的自由现金流确实不好看。\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-size: large;\">\u003Cspan style=\"font-family: DengXian;\">过去\u003C\u002Fspan>12\u003Cspan style=\"font-family: DengXian;\">个月，公司经营现金流同比增长\u003C\u002Fspan>33%\u003Cspan style=\"font-family: DengXian;\">，达到\u003C\u002Fspan>1614\u003Cspan style=\"font-family: DengXian;\">亿美元；但自由现金流却从一年前的正\u003C\u002Fspan>182\u003Cspan style=\"font-family: DengXian;\">亿美元，降至负\u003C\u002Fspan>76\u003Cspan style=\"font-family: DengXian;\">亿美元。最直接的原因，就是\u003C\u002Fspan>AI\u003Cspan style=\"font-family: DengXian;\">数据中心、服务器和相关基础设施投入大幅增加。过去\u003C\u002Fspan>12\u003Cspan style=\"font-family: DengXian;\">个月，亚马逊净资本支出达到\u003C\u002Fspan>1690\u003Cspan style=\"font-family: DengXian;\">亿美元，同比增加\u003C\u002Fspan>661\u003Cspan style=\"font-family: DengXian;\">亿美元。\u003C\u002Fspan>\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-size: large;\">\u003Cspan style=\"font-family: DengXian;\">如果只看自由现金流，这当然是一张有压力的成绩单。但如果把\u003C\u002Fspan>AWS\u003Cspan style=\"font-family: DengXian;\">的增长放在一起看，意义就不同了。\u003C\u002Fspan>\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-size: large;\">\u003Cspan style=\"font-family: DengXian;\">第二季度\u003C\u002Fspan>AWS\u003Cspan style=\"font-family: DengXian;\">收入同比增长\u003C\u002Fspan>36.7%\u003Cspan style=\"font-family: DengXian;\">，达到\u003C\u002Fspan>422\u003Cspan style=\"font-family: DengXian;\">亿美元，创下\u003C\u002Fspan>18\u003Cspan style=\"font-family: DengXian;\">个季度以来最快增速；\u003C\u002Fspan>AWS\u003Cspan style=\"font-family: DengXian;\">营业利润达到\u003C\u002Fspan>166\u003Cspan style=\"font-family: DengXian;\">亿美元，营业利润率约\u003C\u002Fspan>39%\u003Cspan style=\"font-family: DengXian;\">。这说明亚马逊并不是只看到资本开支增加，却看不到收入和利润。至少在这一季度，\u003C\u002Fspan>AI\u003Cspan style=\"font-family: DengXian;\">投入正在带动\u003C\u002Fspan>AWS\u003Cspan style=\"font-family: DengXian;\">重新加速，而且利润兑现得比很多人预期更快。\u003C\u002Fspan>\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-size: large;\">\u003Cspan style=\"font-family: DengXian;\">亚马逊还披露，\u003C\u002Fspan>AWS\u003Cspan style=\"font-family: DengXian;\">的\u003C\u002Fspan>AI\u003Cspan style=\"font-family: DengXian;\">业务和芯片业务年化收入都已经超过\u003C\u002Fspan>250\u003Cspan style=\"font-family: DengXian;\">亿美元，并且仍保持三位数增长。\u003C\u002Fspan>Anthropic\u003Cspan style=\"font-family: DengXian;\">和\u003C\u002Fspan>OpenAI\u003Cspan style=\"font-family: DengXian;\">也已经对\u003C\u002Fspan>Trainium\u003Cspan style=\"font-family: DengXian;\">作出多年、数吉瓦级别的使用承诺。亚马逊自研\u003C\u002Fspan>AI\u003Cspan style=\"font-family: DengXian;\">芯片不再只是英伟达之外的备用选项，而是开始进入顶级模型公司的真实工作负载。\u003C\u002Fspan>\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-size: large;\">\u003Cspan style=\"font-family: DengXian;\">这里还不能忽略\u003C\u002Fspan>Anthropic\u003Cspan style=\"font-family: DengXian;\">。\u003C\u002Fspan>\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-size: large;\">\u003Cspan style=\"font-family: DengXian;\">亚马逊本季度净利润达到\u003C\u002Fspan>626\u003Cspan style=\"font-family: DengXian;\">亿美元，其中包含\u003C\u002Fspan>534\u003Cspan style=\"font-family: DengXian;\">亿美元税前非经营性收益，主要来自\u003C\u002Fspan>Anthropic\u003Cspan style=\"font-family: DengXian;\">投资的账面升值。这部分当然不能当作每个季度都能重复出现的利润，但它至少证明，亚马逊早期对\u003C\u002Fspan>Anthropic\u003Cspan style=\"font-family: DengXian;\">的投入，已经形成了非常可观的财务价值。\u003C\u002Fspan>\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-size: large;\">\u003Cspan style=\"font-family: DengXian;\">更重要的是，亚马逊从\u003C\u002Fspan>Anthropic\u003Cspan style=\"font-family: DengXian;\">身上得到的，并不只是股权升值。\u003C\u002Fspan>\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-size: large;\">\u003Cspan style=\"font-family: DengXian;\">亚马逊投资\u003C\u002Fspan>Anthropic\u003Cspan style=\"font-family: DengXian;\">，\u003C\u002Fspan>Anthropic\u003Cspan style=\"font-family: DengXian;\">再通过\u003C\u002Fspan>AWS\u003Cspan style=\"font-family: DengXian;\">购买训练、推理、存储和网络资源，同时帮助\u003C\u002Fspan>Trainium\u003Cspan style=\"font-family: DengXian;\">进入最顶级的大模型训练场景。\u003C\u002Fspan>\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-size: large;\">\u003Cspan style=\"font-family: DengXian;\">这就形成了一个很少有公司能够复制的闭环。\u003C\u002Fspan>Anthropic\u003Cspan style=\"font-family: DengXian;\">发展得越快，亚马逊持有的股权越值钱；\u003C\u002Fspan>Anthropic\u003Cspan style=\"font-family: DengXian;\">需要的算力越多，\u003C\u002Fspan>AWS\u003Cspan style=\"font-family: DengXian;\">获得的收入越高；\u003C\u002Fspan>Trainium\u003Cspan style=\"font-family: DengXian;\">承接的工作负载越大，亚马逊对英伟达的依赖就越低，云业务的长期利润空间也越大。\u003C\u002Fspan>\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-size: large;\">\u003Cspan style=\"font-family: DengXian;\">所以，今天亚马逊盘后上涨超过\u003C\u002Fspan>9%\u003Cspan style=\"font-family: DengXian;\">，确实有市场连续下跌后报复性反弹的情绪帮助，但不能把它简单理解成跟随大盘反弹。\u003C\u002Fspan>\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-size: large;\">\u003Cspan style=\"font-family: DengXian;\">资金真正重新定价的，是亚马逊终于把\u003C\u002Fspan>AI\u003Cspan style=\"font-family: DengXian;\">资本开支背后的账讲清楚了：需求已经存在，合同已经锁定，回本周期短于服务器寿命，数据中心还可以跨越多代硬件继续使用。\u003C\u002Fspan>\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-size: large;\">\u003Cspan style=\"font-family: DengXian;\">过去市场看到的是自由现金流被\u003C\u002Fspan>AI\u003Cspan style=\"font-family: DengXian;\">投入拖累；今晚市场开始看到另一面——亚马逊正在用今天的现金流，提前建设未来数年的\u003C\u002Fspan>AWS\u003Cspan style=\"font-family: DengXian;\">收入和\u003C\u002Fspan>AI\u003Cspan style=\"font-family: DengXian;\">基础设施优势。\u003C\u002Fspan>\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-size: large;\">\u003Cspan style=\"font-family: DengXian;\">这也是美股投资网此前把\u003C\u002Fspan>AMZN\u003Cspan style=\"font-family: DengXian;\">列为\u003C\u002Fspan>AI\u003Cspan style=\"font-family: DengXian;\">进入执行时代核心赢家的原因。真正有价值的，不只是敢于花钱，而是花出去的钱能够形成订单、利润和长期壁垒。亚马逊正在证明，它不仅有能力投入，也有能力把这些投入变成生意。\u003C\u002Fspan>\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003C\u002Fp>","https:\u002F\u002Fwww.tradesmax.com\u002Fimages\u002Fa_Stock\u002FA\u002FAMZN\u002FAMZN.jpg","2026-07-31T02:22:47","2026.07.31","2026\u002F07\u002F31",35431,[22],"AMZN","Article",0,"免费","success",{"id":9,"fullTitle":10,"subTitle":6,"url":11,"columnId":12,"columnName":13,"columnUrl":14,"summary":6,"contentHtml":15,"mainContentHtml":6,"posterUrl":16,"createDate":17,"displayDate":18,"displayDateSlash":19,"pageviews":20,"tags":28,"hidden":5,"isSubContent":5,"replyDocOrTargetId":6,"contentType":23,"videoId":6,"liveVideoUrl":6,"useContentVideo":5,"duration":24,"price":24,"priceText":25,"priceBadgeText":25,"priceBadgeClass":26,"freeForMinGroupLevel":24,"redirectUrl":6,"readyToStream":5},[22],"\u002Fcol\u002Fstocknews",{"visible":5,"marketingHtml":31,"services":32,"recentDocuments":41},"\u003Cfigure class=\"image\">\u003Ca 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buy@TradesMax.com 美国电话 626-378-3637","公司介绍","\u003Cp class=\"MsoNormal\">美股大数据 \u003Ca href=\"https:\u002F\u002Fstockwe.com\" target=\"_blank\" rel=\"noopener\">StockWe.com\u003C\u002Fa> 是一个美国领先的金融和美股信息大数据提供商，紧盯华尔街金融市场和行情，2008年成立于美国硅谷，创始人是前纽约证券交易所资深分析师Ken，联合多位摩根斯坦利分析师，谷歌 Meta工程师利用AI和大数据，配合十多年美股实战经验和业内量化交易模型，每天处理海量股票数据：挖掘潜力大牛股，捕捉期权异动大单，实时主力资金流向、机构持仓变化、川普突发新闻，美股买卖信号第一时间发到您手机APP。\u003C\u002Fp>","专业美股投资者都在这里",{"loading":81,"search":82,"searchPlaceholder":82,"hotContent":83,"draft":84,"noData":85,"searchNoData":86,"edit":87,"editVideo":88,"courseContent":89,"more":90,"buyNow":91,"subscribeNow":92,"encoding":93,"paidContent":94},"Loading...","搜索","热门内容","草稿","目前没有任何内容公布","当前检索内容没有数据","编辑","编辑视频","课程内容","更多","立即购买后观看","- 立即订阅 -","视频编码中...","付费内容"]