$AMZN · Tom Nash · 2026-10-29
Amazon 是理想标的，也是市场上最好的布局之一：过去一年上涨 10.5%，但跑输标普500；营收增长 20%，营业利润增长 43%；它是最大的云服务提供商，尽管因支出过高而受到惩罚，其市盈率仍仅为前瞻盈利的 18 倍、前瞻 PEG 为 0.25、市销率约 3 倍。
逐段跳播
五家公司里的第四家是 Amazon。Amazon 现在拥有市场上最好的配置之一。我们说的这家公司，没错，过去一年涨了10.5%。我明白，你们明白吗？但它仍然落后于 S&P 500 指数。
营收增长20%，营业利润增长43%。过去一年 Amazon 的营业利润提升了43%。它是全球最大的云计算提供商。它拥有庞大的网络生态系统，涵盖电商、广告、物流和垂直整合，就像 Google 用张量处理单元（TPU）所做的那样。
他们的产品到2026年和2027年已经全部售罄。所以，他们也在争相获取额外产能。他们同样因为花钱太多而受到惩罚。前瞻 PEG 是0.25。我们是认真的吗？前瞻市盈率是18。你现在可以用三倍销售额的价格买入 Amazon。
将来某一天，人们会说：“还记得那次 Tom 告诉我们，可以用三倍销售额买入 Amazon 吗？”然后你会笑着说：“得了吧，没人觉得他是认真的。”我是认真的。这是理想的情况。
So, the fourth out of five is Amazon. Amazon now has one of the best settings on the market. We are talking about a company that, yes, rose by 10.5% over the past year. I understand that, don't you ?
But it still lags behind the S& P 500 index. With revenue growth of 20% and operating income growth of 43%. Amazon's operating income improved by 43% over the past year. It is the world's largest provider of cloud computing .
It has a huge network ecosystem with commerce, advertising, logistics, and vertical integration, just like Google does with Tensor Processing Units ( TPUs). Their products have sold out completely through 2026 and 2027.
So, they are also rushing to acquire additional capacity. They are also punished for spending too much money . The forward PEG rate is 0.25. Are we serious? The forward price-to-earnings ratio is 18.
You can now buy Amazon at three times the sales. Sometime in the future, people will say, "Remember that time when Tom told us we could buy Amazon for three times the sales?" And you will laugh and say, "Oh, come on, nobody thought he was serious ." I'm serious. This is an ideal situation.
所以，我们有最大的云服务提供商，也就是 Amazon。不是 Bloom，但 Amazon 很庞大，Google 也很庞大，不过这并不重要。
So, we have the largest cloud provider, which is Amazon. It's not Bloom, but Amazon is huge , and Google is huge, but that does n't matter.
到了某个时候，下一个 Palantir 就是 Palantir、Bloom、Amazon、Google 等等本身。
At some point, the next Palantir is just Palantir, Bloom , Amazon, Google, and so on.
这个频道对 $AMZN 的历次判断
Tom Nash 在这只股票上共 2 条判断，这里只列相邻的几条。