AMZN 这一页 13 条观点条目，其中 0 条方向发生变化。
亚马逊是我最大的投资，目前从市价对经营现金流比率来看，它看起来便宜，但可能没有我想象的那么便宜。
Amazon is my largest investment, and right now, on a price-to-operating-cash-flow basis, it looks cheap, but it may not be as cheap as I think
亚马逊的经营论点仍然强劲，但股价已经反映了大量的执行力。AWS、广告和AI相关增长的增长。这些是我自己非常看好的东西。资产负债表稳健，而自由现金流对资本支出的敏感度高于表面上的经营现金流。
我非常看好亚马逊的长期前景。杰夫·贝索斯一直在卖出，这推动了股价下跌，但我喜欢亚马逊和微软，它们是七巨头中业绩最好的两家。所以，我认为这些股票目前仍然可以持有。
I like Amazon long a lot. Jeff Bezos has been on the offer that's been driving this thing down, but I like this Amazon and Microsoft were the best two earnings reports out of the mag seven stocks. So, I do think that these are stocks that you can still own at this point.
大家好，我是Jimmy。在本视频中，我们将分析亚马逊，股票代码为AMZN。在我为这个视频做研究时，我偶然发现了一个有趣的事实。首先，在Investors Grow网站上，你可以看到星级系统，这些星级相当不错。三星是最好的，目前看起来相当不错。
Hi, I'm Jimmy. In this video, we're looking at Amazon, ticker symbol AMZN. Now, when I was doing the research for this video, I actually came across an interesting fact. So, first, on the Investors Grow website, you can see here that when we look at the star system, these stars are pretty good. Three stars is the best, and right now it looks fairly good.
但我想指出一点，给你一个我们接下来要讲什么的剧透。你可以在这里看到市盈率是21倍，这是准确的。但我们将要说明这实际上是一个多大的陷阱。
But, I just want to point out one point, kind of give you a spoiler of where we're going with this. You can see in here that it's showing the P/E ratio is 21x, and that is accurate. But, we're going to get to a point where I want to show how much of a trap that actually is.
随后，在6月下旬，指数提供商进行了年度再平衡。他们将那些芯片股从价值指数中移出，纳入成长指数，并将亚马逊、苹果和微软反向移入价值指数。
Then, in late June, the index providers did their annual rebalance. They moved those chip stocks out of the value index and into the growth index and moved Amazon, Apple, and Microsoft the other way into value.
而时机，纯属巧合，完美得无与伦比。芯片股恰好在其涨势顶部被卖出，就在它们回落之前，而价值指数则在大盘科技股触及低点之际接入了它们。
And the timing was, by complete accident, absolutely perfect. The chips got sold right at the top of their run, just before they rolled over, and the value index picked up the big tech names right as they were touching their lows.
唯一的小问题是它让你陷入了何种境地。你明智的价值投资组合现在塞满了亚马逊、苹果和微软——地球上最大的三家科技公司，而且很可能正是你当初购买价值基金想要避开的那几只股票。
The only small catch is where it left you. Your sensible value portfolio is now stuffed with Amazon, Apple, and Microsoft, three of the biggest tech companies on Earth, and quite possibly the exact stocks you bought a value fund to avoid owning.
接下来看亚马逊，本周初股价为263美元。股价上下波动，技术上大致持平，对亚马逊来说处于一个不错的位置。股价收于258美元，下跌约1.6%。
Moving on to Amazon, start of the week at 263. Shares went up and down, roughly flat technically, kind of in a decent spot for Amazon. Shares closed at 258. That was down about 1.6%.
该公司正像许多公司一样涌入德克萨斯州奥斯汀，建设一个新的机器人设施，基本上将创造300至500个制造和工程岗位。
The company is piling into Austin, Texas like a lot of companies are to build a new robotics facility, essentially creating 300 to 500 manufacturing and engineering jobs.
我长期以来的信念是，这家市值2.8万亿美元、年化收入接近1万亿美元的公司，将通过在未来十年削减大量人力，获得巨大的运营杠杆，也就是利润。
My long-held belief is this $2.8 trillion company nearly a trillion dollars in annualized revenue are going to get a lot of operating leverage, otherwise known as profit, by cutting a lot of human workforce over the next decade.
像亚马逊这样的股票。让我把之前画的那个擦掉。我一直想买这个，但还没买，因为5日移动平均线在下降，而且我们看到它还在继续走低。
Stocks like Amazon. Um let me just erase that from a prior drawing. I have been looking to buy this, but I haven't bought it yet because we have a declining 5-day moving average and we see we're still heading lower from there.
这是从Leo低点来的锚点。我觉得这对亚马逊来说并不重要。
This is the anchor from the Leo low. I don't think it's really important for Amazon.
只是因为我的所有图表上都有它，所以它在那里。但它正试图在这里企稳，这个位置今年一直是一个重要的水平。之前的支撑位变成了阻力位，可能又变回支撑位。
It's just because I have it on all my charts that it's there. But, it's trying to stabilize right in here, which has been an important level, pretty, you know, for for a while this year. Prior support in here turned resistance, back to support, maybe.
像亚马逊、谷歌、McDougall、Meta 这样的大型科技公司正在大量借贷，以建设数据中心并为人工智能基础设施提供资金。
Massive tech companies like Amazon, Google, McDougall, Meta are borrowing heavily to build data centers and finance artificial intelligence infrastructure.
那我的可爱的、令人惊叹的亚马逊股票呢？看看积累起来的自由现金流。亚马逊的自由现金流曾经在爆发式增长，而现在却变成了负数，而且在好转之前还会变得更糟。这是你必须理解的事情。如果情况是那样，比如，好吧，就这样了，我们从这里开始回升，那还好。
而且我相信你在 Mata Libre、Amazon 上投资相当重，但也在 Reddit 和其他一些股票上投资不少。
and I believe you're pretty heavily invested in Mata Libre, Amazon, but but also Reddit and some other names, too.
但我们何不转到投资组合中的另一只 Mag 7 股票。Amazon 自今年 2 月起一直是我们的持仓，当时我们以每股 190 美元左右的价格买入，而过去几周它已经回调。因此，回报率比 Amazon 交易价格高达每股 270 美元时要低一些。
But how about we jump to our other Mag 7 name in the portfolio. So Amazon has been a holding since February of this year when we bought it in the 190 range per share and it has corrected over the last few weeks. So returns are a little lower than they were when Amazon was trading at as high as $270 per share.
我在本频道多次报道过亚马逊。我认为它是一只市值5万亿美元的股票。我确实认为它将继续走高，它重新定义了股市中可能性的边界，并且其上涨是由盈利驱动的。
I mean, I've covered Amazon multiple times in this channel. It's I think it's a $5 trillion stock. I I I do I think it's going to continue to to go higher that has redefined the art of the possible in the stock market and it's driven off of earnings.
要对抗Facebook、Google和Amazon要困难得多。这些公司拥有宽阔的护城河，且这些护城河具有防御性，因此它们理应获得更高的估值倍数。
Uh it's much harder to do that against Facebook, against Google, against um Amazon. The these are large moes. They are defensible and so those do deserve higher multiples.
亚马逊，AMZN。我非常看好这家公司，一方面是其电商业务，另一方面是AWS，目前AWS在增长率方面正在快速加速，此外他们还有广告业务，还有其他一些业务，但这三项是核心，对吧？所以这家公司绝对值得提一下。
Amazon, AMZN. This one I absolutely love between the e-commerce side, the AWS side, which is accelerating rapidly right now in regards to growth rates, and then they got their ads business, and they got a bunch of other businesses, but those three are the cores, right? And so this one's definitely an honorable mention.
唯一让我不喜欢亚马逊的地方是它巨额的开支，而且这种开支不会消失，未来几年这些芯片还会带来大量折旧，因此这将相当大幅度地拖累每股收益，我认为人们还没有对此进行计算，而且他们不是唯一这样做的公司，顺便说一下，所有公司都受到这个影响。
我认为谷歌和亚马逊都取得了类似的业绩，云计算业务虽然不能说是指数级增长，但增速确实在加快，尤其是亚马逊，其增速是我们多年来未曾见过的。
Um I think you know both Google and Amazon had similar results where cloud grew just ex almost wouldn't say exponentially but accelerated in terms of growth um to I think growth rates especially for Amazon that we haven't seen in many years.
如果我们看这些公司，并且我必须只选择一家到那时仍然存在的公司，我认为要么是谷歌，要么是我接下来要展示的那家，那就是亚马逊。
Um, if we look at these and I would have to choose just one company that still exists at that point, I think it would be either Google or the next one that I pull up now and that would be Amazon.
是的，亚马逊是另一家。显然，它有着非常辉煌的历史，表现一直非常出色，而且整个亚马逊网络服务（AWS）业务对这家公司来说是一个巨大的顺风。
Yeah, I mean Amazon is um is another one. I mean obviously like it has such as such a rich history of of of doing incredibly well and obviously the whole Amazon Web Services thing was this massive um tailwind for the business.
在包括亚马逊、微软、Alphabet、Meta 和甲骨文在内的五大 AI 支出者中，2026 年的资本支出指引总额现已超过 7250 亿美元。
Across the five biggest AI spenders, including Amazon, Microsoft, Alphabet, Meta, and Oracle, 20026 capex, guidance now totals more than $725 billion.
亚马逊以 2200 亿美元领先。这一数字是其 CEO 安迪·贾西从最初 2000 亿美元的指引上调而来的，该指引是在上周的第二季度财报电话会议上发布的。安迪·贾西将原因归咎于内存成本上升。
And Amazon is leading the pack at $220 billion. It's a number that their CEO Andy Jasse raised from their original 200 billion guidance that was issued during their Q2 earnings call last week. Andy Jasse blamed higher memory costs.
你看看微软、Meta 和亚马逊。它们每年进口数千亿美元的半导体设备、电信设备以及诸如此类的东西。
You go look at Microsoft and Meta and Amazon. They're importing hundreds of billions of dollars of semiconductor equipment and telecom equipment and things of that nature.
我们都认为英伟达便宜，亚马逊也便宜。
We both think that Nvidia is cheap, Amazon is cheap.
所以如果你想一想，在 Meta、Alphabet、微软和亚马逊之间，我们看到的 2026 年仅一年的 AI 相关资本支出合计将接近 5000 亿美元。Meta 为 1300 亿至 1450 亿美元，Alphabet 为 1950 亿至 2050 亿美元，而微软和亚马逊本周尚未更新其指引。
So if you think about it, between Meta, Alphabet, Microsoft, and Amazon, we're looking at combined AI related capital expenditures approaching 500 billion in 2026 alone. Meta at 130 to 145 billion, Alphabet at 195 to 205 billion, and Microsoft and Amazon have not yet updated their guidance this week.
