AMZN 被低估；AWS 积压订单（5000 亿美元）与增长，加上基于智能体的零售模式，共同支撑看多逻辑。

Oh, yes. I mean, AWS is truly an amazing business. I believe next year marks the 25th anniversary of the founding of AWS. It started primarily as a business services provider for traders, and now it is a company that will likely generate $200 billion in revenue.

They have experienced five consecutive quarters of growth or accelerated growth, reaching approximately 37% in the last quarter. And the profit margins are absolutely fantastic.

So, it really is one of Amazon's gems, because building data centers and being able to provide digital services is a core competency for them. In addition, they are one of the largest computing providers for Anthropic, which is clearly one of the biggest companies in the artificial intelligence revolution.

So, there are a lot of good things. They have their own chips, namely "Trinium" chips, which are Anthropic's main training chips. They have rapidly increasing revenues.

So, for me, it's a really great piece of work, and I think it's undervalued in the future. Can this continue for Amazon? Is it in a good and ideal position to deal with the AI computing revolution? Are they in the right place?

Well, firstly, if this can continue, I would definitely say yes because every watt of computing power they provide is pre-booked. They already have $500 billion of computing pre-sold over the next two years, right? So, yes, I think it will continue.

But secondly, if you believe that reasoning will continue to grow with the emergence of intelligent agents and robots, and with the integration of artificial intelligence into everything we do, then Amazon will still be the engine capable of providing the chips, training, reasoning, and capacity needed, right?

Because capacity doesn't just grow at a rate of one or two times that. In fact, it grows a thousandfold. So I think that's why people see Amazon as a cornerstone in everything related to the growth of artificial intelligence.

I talked about some comparisons I made with companies like Alphabet, whose cloud contract backlog grew to $50 billion, and then I talked about Amazon's backlog, which grew at a faster pace. Why is Amazon growing faster?

Perhaps some figures will clarify things for us. Yes. Well, their base is bigger, isn't it? Meanwhile, Amazon's backlog of contracts grew from $370 billion to $500 billion.

That's $130 billion in new contracts signed for the next two years. They are simply the biggest players in this field, and they are because they have been working in this sector for 25 years.

Going back to what I said earlier, this is their core competency. while Amazon has been doing it for a long time. So they know how to get permits, how to build the infrastructure properly, and they really know how to connect the digital tools to do it in the best way.

That's why I think they're ahead, and why so many companies, including Apple, trust their cloud services via AWS. Actually, the profit margins are very good too, aren't they?

When you think about Amazon Web Services, I see a statistic that indicates 39.4%. The margins look very good, and AWS is indeed the profit engine here. Is this correct?

certainly. I mean, the retail sector, which is of course a much larger business than AWS, has very low profit margins. But digital services, once customers are gained, do not require additional costs to acquire them.

For Amazon, it's really about being able to retain customers, growing the services they sell to them, and obviously building that infrastructure.

You know, there's a 5-year consumption period for chips and probably 10 to 15 years for the actual physical infrastructure.

Certainly, it's a much better business, with much better profit margins, and that's why I think Amazon Web Services' profits represent about 60% of Amazon's profits from a much smaller overall revenue base for Amazon.

I know you don't set price targets, but the stock is currently at 261. What kind of upside do you think we might see in terms of percentage or over certain years? What are you watching for regarding the direction of this stock?

Okay. I mean, as we've talked about this many times, we are very optimistic about the development of artificial intelligence.

Amazon, once again, has seen five consecutive quarters of accelerated growth, and has only risen by 13% this year. So, for me, if you're thinking about who will benefit the most, it's Amazon.

And you know, they are still trading at a price-to-earnings ratio of 21 or 22. So, as you know, this is pretty much about the market price. Therefore, I don't think the market gives them the confidence they deserve because of their truly remarkable abilities.

Also, the second thing that I think many market participants are not looking at is agent-based retailing. This hasn't started yet. It is very early on, and very new.

But I think Amazon will benefit enormously from these agents starting to buy or try to do the trade on our behalf because they have the infrastructure, and they have the confidence.

In fact, they have the ability to operate through an agent system to direct trade to their locations, and they are already sellers. So, I think this is something that will also grow significantly in the future.

So, an AI agent, an agent that helps me buy anything on Amazon.com, for example. When we think about retail businesses, you're talking about competitive advantages, right?

Amazon Web Services appears to be in a very special position. Do retail businesses also enjoy a very special status? We also witnessed the "Prime Day" event.

Okay. Personally, I don't have many shopping apps on my phone, but I do have the Amazon app because it makes it easy for me to find anything I want to buy.

I also have the feeling that I receive a package from Amazon every day. So, I think the reality is yes, that competitive advantage is real.

What also happened was that they had the delivery infrastructure, the lowest prices, and the best relationships with retailers. Yes, we can say that this has eliminated many physical stores, but the reality now is that agents will find the best deals, the fastest delivery times, and the best accessibility. Amazon will provide all of those things.

And I can assure you that we are working very hard to win in this area as well. This massive capital spending will continue. It has reached approximately $220 billion.

So, we will continue to monitor this name as I said, with the likely trends continuing in conjunction with the AI revolution that you are so optimistic about in the big picture.