AMZN基本面依然强劲，营收增长约20%；AI购物智能体可能带来的利润率影响很小，因此由此引发的股价下跌是买入信号。
逐段跳播
我们需要谈谈 Meta 的同行和竞争对手，尤其是在 Amazon 对 Muse 设下限制、不允许 Muse 用户通过 Amazon 购物和下单之后。
We need to talk about the peers and competitors to Meta, especially after Amazon put a block on Muse, not allowing Muse users to be able to shop Amazon and make purchases.
Amazon，季度营收2000亿美元。他们的年销售额将逼近8000亿美元。我们认为，未来几年内，Amazon 会成为年销售额达1万亿美元的公司。
Amazon, $200 billion in quarterly revenue. They're gonna be pushing $800 billion in annual sales. We think within the next couple of years, Amazon is a trillion dollars per year in sales company.
Muse 被用来在 Amazon 上购物，并不会影响 Amazon 的营收。这不是这家电商公司所担心的。它更担心的是营业利润率，而这一利润率已经相当薄，因为该公司大部分营收来自电商。
AWS，也就是云业务板块，才是产生大部分营业利润的来源。电商部分的营业利润率只有个位数。而担忧在于，Muse 最终会从 Amazon 的营业利润率中分走一部分，尤其是在广告方面。
Muse, getting used to make purchases on Amazon doesn't hit Amazon's revenue. That's not what the e-commerce company is concerned about here. What it would be more concerned with is its operating margins, which are already fairly thin because the majority of the business's revenue is e-commerce.
AWS, the cloud segment, is what generates most of this operating profit. The e-com portion is single digits operating profit margin. And the worry would be that Muse eventually gets some sort of cut from Amazon's operating margin, and especially on the advertising side.
我不认为仅仅因为这件事，Amazon 的股价就一定会受到打击。就算他们在营业利润率上这里那里损失几美元，那也不过是简单的四舍五入误差，他们可以在庞大的 Amazon 帝国其他部门削减成本来弥补这个差额。
而且他们仍在增长。营收已经再次加速，增速接近20%。但如果因为这套叙事，Amazon 出现抛售，或者这套叙事被归咎为抛售的原因，那对我们来说会很有意思。到那时，我们会愿意重新看看 Amazon 的股票。
I don't think Amazon stock is guaranteed to take a hit just because of this. If they did lose a few dollars here and there in operating margin, we're talking about simple rounding errors where they can cut costs in another part of the giant Amazon empire to make up that difference.
And they're still growing. Revenue has been re-accelerating again and was at nearly twenty percent. But if there was a sell-off on Amazon because of this narrative, or if the narrative was blamed on the sell-off, that would be interesting to us.
We would be interested in taking a look at Amazon stock again at that point.
这个频道对 $AMZN 的历次判断
Chip Stock Investor 在这只股票上只有这一条判断。