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AI云崛起！市场忽视了微软的压力，也低估了亚马逊的潜力？

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{"i18n":{"language":"zh_CN"},"detailType":1,"isChannel":false,"data":{"magic":2,"id":464250208288928,"tweetId":"464250208288928","gmtCreate":1754367662210,"gmtModify":1754367663658,"author":{"id":4175171705858830,"idStr":"4175171705858830","authorId":4175171705858830,"authorIdStr":"4175171705858830","name":"海容易啊","avatar":"https://community-static.tradeup.com/news/default-avatar.jpg","vip":1,"userType":1,"introduction":"","boolIsFan":false,"boolIsHead":false,"crmLevel":1,"crmLevelSwitch":0,"individualDisplayBadges":[],"fanSize":0,"starInvestorFlag":false},"themes":[],"images":[],"coverImages":[],"html":"<html><head></head><body>这篇文章不错，转发给大家看看</body></html>","htmlText":"<html><head></head><body>这篇文章不错，转发给大家看看</body></html>","text":"这篇文章不错，转发给大家看看","highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"link":"https://laohu8.com/post/464250208288928","repostId":2556226668,"repostType":4,"repost":{"id":"2556226668","kind":"highlight","weMediaInfo":{"introduction":"追踪全球财经热点，精选影响您财富的资讯，投资理财必备神器！","home_visible":1,"media_name":"华尔街见闻","id":"1084101182","head_image":"https://static.tigerbbs.com/66809d1f5c2e43e2bdf15820c6d6897e"},"pubTimestamp":1754206781,"share":"https://www.laohu8.com/m/news/2556226668?lang=&edition=full","pubTime":"2025-08-03 15:39","market":"hk","language":"zh","title":"AI云崛起！市场忽视了微软的压力，也低估了亚马逊的潜力？","url":"https://stock-news.laohu8.com/highlight/detail?id=2556226668","media":"华尔街见闻","summary":"在AI驱动的云计算竞赛中，市场的目光普遍聚焦于增长速度。然而，这背后有一场利润率的“隐形战争”：微软与谷歌的高速云增长可能以牺牲整体利润率为代价，而亚马逊AWS虽增速稍缓，其高利润的业务结构和强劲的未来收入储备，或预示着更健康的长期盈利前景，这可能是当前市场未能充分计价的潜力。","content":"<html><head></head><body><blockquote><p>在AI驱动的云计算竞赛中，市场的目光普遍聚焦于增长速度。然而，这背后有一场利润率的“隐形战争”：微软与谷歌的高速云增长可能以牺牲整体利润率为代价，而亚马逊AWS虽增速稍缓，其高利润的业务结构和强劲的未来收入储备，或预示着更健康的长期盈利前景，这可能是当前市场未能充分计价的潜力。</p></blockquote><p><a href=\"https://laohu8.com/S/MSFT\">微软</a>市值一举突破4万亿美元，似乎让<a href=\"https://laohu8.com/S/AMZN\">亚马逊</a>在AI竞赛中的光芒变得暗淡。但在人工智能驱动的云竞赛中，投资者的目光或许需要从增长速度转向更深层次的盈利结构。</p><p>人工智能云竞赛不仅是技术和增长的较量，更是一场对科技巨头盈利模式的重塑。TheInformation最新的分析文章指出，在这场竞赛中，微软和<a href=\"https://laohu8.com/S/GOOG\">谷歌</a>正面临云业务扩张带来的利润率压力，而这恰恰是亚马逊提升整体盈利能力的机会，市场对此的认知似乎存在偏差。</p><p>在最新财报季中，微软和<a href=\"https://laohu8.com/S/GOOGL\">谷歌</a>均公布了加速增长的云业务数据。相比之下，亚马逊云服务（AWS）当季17%的增长率显得平淡，但其业务结构却揭示了不同的故事。AWS的盈利能力远超其核心电商业务，这意味着云业务的每一次增长，都在结构性地优化亚马逊的整体利润。</p><h2 id=\"id_1265411968\">高增长的代价：微软与谷歌的“甜蜜烦恼”</h2><p>对于微软和谷歌而言，云业务的强劲增长是一把双刃剑。</p><p><strong>根据最新季度数据，微软的“智能云”部门利润率为40.6%，而其包含商业软件的“生产力与业务流程”部门利润率则高达57.4%。同样的情况也发生在谷歌身上，其云业务利润率为20.7%，远低于其以广告业务为主的“谷歌服务”部门40%的利润率。</strong></p><p>问题在于，两家公司利润率较低的云业务，其增长速度却远超高利润的核心业务。数据显示，微软云业务当季增长26%，远高于软件业务16%的增速；谷歌云业务增长32%，也远超其服务部门12%的增速。</p><p>分析认为，随着AI进一步推动企业向云端迁移，这一“增长不平衡”的趋势将愈发明显。长期来看，这意味着两家公司的整体利润率可能会被不断壮大的云业务“稀释”，逐步向其云业务的利润率水平靠拢。此外，AI新产品是否会侵蚀微软利润丰厚的企业软件和谷歌的搜索广告业务，也是一个潜在风险。</p><h2 id=\"id_1190902641\">亚马逊潜力被低估了？云业务或成利润引擎</h2><p>亚马逊的情况则完全相反。其云业务AWS是公司利润的核心引擎。在最近一个季度，AWS的营业利润率高达33%，而其庞大的电商业务利润率仅为6.6%。</p><p>历史数据印证了这一趋势。从2017年到2024年，随着AWS在亚马逊总收入中的占比从9.8%上升至17%，公司的整体营业利润率也从2.3%跃升至10.7%。云业务的扩张，是亚马逊盈利能力实现飞跃的关键驱动力。</p><p><strong>尽管市场对AWS当季17%的增长率感到担忧，但有迹象表明其增长可能即将提速。</strong>据New Street Research分析师Dan Salmon在一份报告中指出，AWS的积压业务（即客户承诺的未来订单）在该季度大幅增长了25%，这是衡量未来收入的有力指标。</p><p>当然，所有云服务商都面临着共同的挑战：为支持AI而进行的巨额资本支出将推高折旧费用，从而对云业务自身的利润率构成压力。但核心问题在于业务组合的长期演变。对于谷歌，市场似乎已经意识到了利润率风险，其股价表现已落后于Meta等广告业同行。然而，从微软股票的溢价估值来看，投资者似乎选择性地忽视了同样的风险。</p><p>而对于亚马逊而言，市场可能过度关注其当前的增长数据，而低估了其业务储备所预示的未来潜力和其独特的利润增长模式。</p></body></html>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>AI云崛起！市场忽视了微软的压力，也低估了亚马逊的潜力？</title>\n<style 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margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nAI云崛起！市场忽视了微软的压力，也低估了亚马逊的潜力？\n</h2>\n\n<h4 class=\"meta\">\n\n\n2025-08-03 15:39 北京时间&nbsp;&nbsp;&nbsp;<a href=https://wallstreetcn.com/articles/3752535><strong>华尔街见闻</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>在AI驱动的云计算竞赛中，市场的目光普遍聚焦于增长速度。然而，这背后有一场利润率的“隐形战争”：微软与谷歌的高速云增长可能以牺牲整体利润率为代价，而亚马逊AWS虽增速稍缓，其高利润的业务结构和强劲的未来收入储备，或预示着更健康的长期盈利前景，这可能是当前市场未能充分计价的潜力。微软市值一举突破4万亿美元，似乎让亚马逊在AI竞赛中的光芒变得暗淡。但在人工智能驱动的云竞赛中，投资者的目光或许需要从...</p>\n\n<a href=\"https://wallstreetcn.com/articles/3752535\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/3473f757d00eee50292777a0505620c4","relate_stocks":{"SG9999018857.SGD":"United Global Quality Growth Fd Cl Acc SGD-H","LU2860962120.EUR":"CPR INVEST - ARTIFICIAL INTELLIGENCE \"A2\" (EUR) ACC A","LU0162691827.USD":"BGF US BASIC VALUE \"A4\" INC","LU0784385170.HKD":"BGF GLOBAL MULTI ASSET INCOME \"A6\" (HKDHGD) INC","LU0708994859.HKD":"TEMPLETON GLOBAL \"A\" (HKD) ACC","IE00BBT3K403.USD":"LEGG MASON CLEARBRIDGE TACTICAL DIVIDEND INCOME \"A(USD) ACC","LU2250418816.HKD":"BGF WORLD TECHNOLOGY \"A\" (HKD) ACC","IE00BKDWB100.SGD":"PINEBRIDGE US LARGE CAP RESEARCH ENHANCED \"A5H\" (SGDHDG) ACC","IE0003U64NQ7.SGD":"PIMCO BALANCED INCOME AND GROWTH \"M\" (SGDHDG) ACC","LU1046421795.USD":"富达环球科技A-ACC","LU0072461881.USD":"BGF US BASIC VALUE \"A2\" ACC","LU2092937148.SGD":"Blackrock ESG Multi-Asset A8 SGD-H","IE00BYQQ9H92.USD":"BNY 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\"A4G\" (USD) INC","LU2087625088.SGD":"ALLSPRING  US ALL CAP GROWTH \"A\" (SGDHDG) ACC","LU0476273544.USD":"CT (LUX) I GLOBAL TECHNOLOGY \"BU\" (USD) ACC","LU1196500208.SGD":"NORDEA STABLE RETURN \"HB\" (SGDHDG) ACC","LU1989764664.SGD":"CPR Invest - Global Disruptive Opportunities A2 Acc SGD-H","LU1823568750.SGD":"Fidelity Global Technology A-ACC SGD","LU0545562505.USD":"NINETY ONE GSF GLOBAL QUALITY DIVIDEND GROWTH \"A\" (USD) INC","LU2746668974.SGD":"MANULIFE DYNAMIC LEADERS \"AA\" (SGDHDG) ACC","LU1059921491.USD":"NORDEA 1 GLOBAL STABLE EQUITY \"HB\" (USDHDG) ACC","BK4548":"巴美列捷福持仓","LU1564329115.USD":"Blackrock Dynamic High Income A6 USD","LU1989764748.USD":"东方汇理环球颠覆性机遇A2 Acc","LU2210149790.SGD":"Natixis Thematics Subscription Economy R/A SGD-H","LU2092937221.SGD":"Blackrock Circular Economy A2 SGD-H","LU2756315664.SGD":"ALLIANZ INCOME AND GROWTH \"AMI\" (SGDHDG) INC","LU1201861249.SGD":"Natixis Harris Associates US Equity PA SGD-H","LU1934455863.HKD":"AB SICAV I LOW VOLATILITY TOTAL RETURN EQUITY PORT \"A\" (HKD) ACC","LU0011850046.USD":"贝莱德全球长线股票 A2 USD","LU0154236417.USD":"BGF US FLEXIBLE EQUITY \"A2\" ACC","IE00BN8TJ469.HKD":"FTGF CLEARBRIDGE TACTICAL DIVIDEND INCOME \"A\" (HKD) INC","LU1316542783.SGD":"Janus Henderson Horizon Global Technology Leaders A2 SGD","LU1043141396.HKD":"NINETY ONE GSF GLOBAL FRANCHISE \"A\" (HKD) ACC"},"source_url":"https://wallstreetcn.com/articles/3752535","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2556226668","content_text":"在AI驱动的云计算竞赛中，市场的目光普遍聚焦于增长速度。然而，这背后有一场利润率的“隐形战争”：微软与谷歌的高速云增长可能以牺牲整体利润率为代价，而亚马逊AWS虽增速稍缓，其高利润的业务结构和强劲的未来收入储备，或预示着更健康的长期盈利前景，这可能是当前市场未能充分计价的潜力。微软市值一举突破4万亿美元，似乎让亚马逊在AI竞赛中的光芒变得暗淡。但在人工智能驱动的云竞赛中，投资者的目光或许需要从增长速度转向更深层次的盈利结构。人工智能云竞赛不仅是技术和增长的较量，更是一场对科技巨头盈利模式的重塑。TheInformation最新的分析文章指出，在这场竞赛中，微软和谷歌正面临云业务扩张带来的利润率压力，而这恰恰是亚马逊提升整体盈利能力的机会，市场对此的认知似乎存在偏差。在最新财报季中，微软和谷歌均公布了加速增长的云业务数据。相比之下，亚马逊云服务（AWS）当季17%的增长率显得平淡，但其业务结构却揭示了不同的故事。AWS的盈利能力远超其核心电商业务，这意味着云业务的每一次增长，都在结构性地优化亚马逊的整体利润。高增长的代价：微软与谷歌的“甜蜜烦恼”对于微软和谷歌而言，云业务的强劲增长是一把双刃剑。根据最新季度数据，微软的“智能云”部门利润率为40.6%，而其包含商业软件的“生产力与业务流程”部门利润率则高达57.4%。同样的情况也发生在谷歌身上，其云业务利润率为20.7%，远低于其以广告业务为主的“谷歌服务”部门40%的利润率。问题在于，两家公司利润率较低的云业务，其增长速度却远超高利润的核心业务。数据显示，微软云业务当季增长26%，远高于软件业务16%的增速；谷歌云业务增长32%，也远超其服务部门12%的增速。分析认为，随着AI进一步推动企业向云端迁移，这一“增长不平衡”的趋势将愈发明显。长期来看，这意味着两家公司的整体利润率可能会被不断壮大的云业务“稀释”，逐步向其云业务的利润率水平靠拢。此外，AI新产品是否会侵蚀微软利润丰厚的企业软件和谷歌的搜索广告业务，也是一个潜在风险。亚马逊潜力被低估了？云业务或成利润引擎亚马逊的情况则完全相反。其云业务AWS是公司利润的核心引擎。在最近一个季度，AWS的营业利润率高达33%，而其庞大的电商业务利润率仅为6.6%。历史数据印证了这一趋势。从2017年到2024年，随着AWS在亚马逊总收入中的占比从9.8%上升至17%，公司的整体营业利润率也从2.3%跃升至10.7%。云业务的扩张，是亚马逊盈利能力实现飞跃的关键驱动力。尽管市场对AWS当季17%的增长率感到担忧，但有迹象表明其增长可能即将提速。据New Street Research分析师Dan Salmon在一份报告中指出，AWS的积压业务（即客户承诺的未来订单）在该季度大幅增长了25%，这是衡量未来收入的有力指标。当然，所有云服务商都面临着共同的挑战：为支持AI而进行的巨额资本支出将推高折旧费用，从而对云业务自身的利润率构成压力。但核心问题在于业务组合的长期演变。对于谷歌，市场似乎已经意识到了利润率风险，其股价表现已落后于Meta等广告业同行。然而，从微软股票的溢价估值来看，投资者似乎选择性地忽视了同样的风险。而对于亚马逊而言，市场可能过度关注其当前的增长数据，而低估了其业务储备所预示的未来潜力和其独特的利润增长模式。","news_type":1,"symbols_score_info":{"AMZN":1}},"isVote":1,"tweetType":1,"viewCount":159,"commentLimit":10,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"symbols":[],"verified":2,"subType":0,"readableState":1,"langContent":"CN","currentLanguage":"CN","warmUpFlag":false,"orderFlag":false,"shareable":true,"causeOfNotShareable":"","featuresForAnalytics":[],"commentAndTweetFlag":false,"andRepostAutoSelectedFlag":false,"upFlag":false,"length":27,"optionInvolvedFlag":false,"xxTargetLangEnum":"ZH_CN"},"commentList":[],"isCommentEnd":true,"isTiger":false,"isWeiXinMini":false,"url":"/m/post/464250208288928"}