Amazon will benefit big time from data center spending.All everyone wants to talk about is Nvidia. The computer chip company is now the largest stock in the world by market capitalization, quickly joining the $3 trillion club along with Apple, Microsoft, and Alphabet. Investors are betting with their wallets that the rising demand for artificial intelligence (AI) computing power will drive huge earnings growth for the likes of Nvidia.They are forgetting one company that will be an underrated beneficiary of ...

Hello readers! Passionate about technology, my focus will be on finding and analyzing companies that can play a relevant role in today's geopolitics, leverage their IP, and eventually, with time, become new leaders. Therefore, the investment style will correspond to growth companies with a bias on the mid-cap segment. The main sectors under study will be biotechnologies, computer chips, cloud technology, energy, and commodities. Special attention will be given to risks surrounding business cases, with a top ...

文章核心观点 - 市场对英伟达股票关注过度，其股价可能已被高效定价，而亚马逊作为科技巨头和英伟达大客户，是当前投资组合中最佳的人工智能股票 [2] 人工智能在电商供应链的应用 - 亚马逊电商和零售部门有诸多业务线可应用人工智能技术 [3] - 亚马逊在履行中心部署数十万台机器人，更新生成式人工智能“大脑”后将提高效率，其在路易斯安那州什里夫波特的仓库机器人数量是现有仓库的10倍 [4] - 亚马逊广告部门年收入达560亿美元，品牌可使用其人工智能图像生成器制作广告，若人工智能助力该业务增收，公司将获丰厚投资回报 [5] - 亚马逊电商市场为消费者提供人工智能增强功能，消费者可与人工智能助手Rufus互动，提升购物体验，增加消费 [6] 对云计算市场的推动 - 人工智能将直接助力亚马逊云计算部门亚马逊网络服务（AWS），新的人工智能软件工具需大量计算能力，如Anthropic等公司依赖AWS，AWS收入在过去三个季度同比增长19%，去年营收达1070亿美元，其计算供应仍无法满足人工智能初创公司需求 [7] - AWS利润率表现出色，2024年运营利润率达37%，贡献亚马逊全年超半数运营收入，虽云计算市场供需平衡后利润率可能略降，但长期仍将保持较高水平 [8] 亚马逊股票投资价值 - 英伟达远期市盈率为26.6，亚马逊为32.4，从短期看英伟达股票似乎更具吸引力，但股票分析应着眼长远 [9] - 英伟达历史上经历多次业务下行周期，人工智能需求热潮消退后，其盈利可能下降 [10] - 亚马逊长期运营利润率更可能上升，2024年综合运营利润率为10.75%，随着AWS业务占比增加以及人工智能提升广告和电商效率，未来几年运营利润率有望接近20%，假设年收入从6380亿美元增至8000亿美元，年收益将从2024年的686亿美元增至1600亿美元 [11][12] - 从长远看，亚马逊利润率有扩张潜力，市盈率下降速度将快于面临利润率压缩风险的英伟达，这种运营杠杆潜力使亚马逊成为当前投资组合中最佳的人工智能股票 [13]