$AMZN · Tom Nash 观点轨迹

《I’m seeing the Palantir setup again》

AI 摘要 · 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。

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.

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《This Market Dip is a GIFT (7 Stocks to Buy NOW)》

AI 摘要 · AMZN 是绝佳机会：过去五年其股价跑输标普500（61% 对 70%），但同期营收从 4700 亿增至 7200 亿，增长 20%，营业利润从 240 亿增至 800 亿，增长 43%；其远期市盈率从 56 降至 17.5，而按 3.5 倍市销率，你得到的是一个拥有护城河、垂直整合的云业务。

我还想在这里给你展示的另一个箭头是这一个。Amazon。我也把 Amazon 加进了我最看好的股票名单。它并没有实现1400%的涨幅。事实上，它实现的涨幅要小得多。我实现了61%。

但这正是关键所在。因为过去五年它一直落后于标普500指数，61%对70%，这就是机会，明白吗？你现在是以3.5倍市销率买入。你得到的是云领域最大的垂直整合，再加上 Google 的训练芯片和 TPU。

这个生态系统有护城河，转换成本也都摆在那里。整体市场在扩张，这些全都在。需求源源不断。

Another arrow I want to show you here is this one. Amazon. We also added Amazon to my list of favorite stocks. It did not achieve 1400%. In fact, it achieved much less . I achieved 61%.

But , that's the crux of the matter. Because it has been lagging behind the S&P 500 for the past five years by 61 % versus 70%, this is the opportunity, okay? You are now buying at a 3.5x sales multiple.

What you get is the largest vertical integration in the cloud field, along with Google training chips and TPUs. The ecosystem is moated, and the costs of switching are all there .

An expanding overall market , all of that is there. A request that never ends.

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Tom Nash 对 $AMZN 的判断变化