亚马逊(AMZN.US)致股东信详解2000亿支出回报路径：大部分开支2028年前变现芯片业务隐含年化营收达500亿美元

智通财经04-09

智通财经APP获悉，亚马逊(AMZN.US)首席执行官Andy Jassy在2025年致股东的信中，详细讨论了公司的芯片业务、2026年高达2000亿美元资本支出计划的回报，以及其他相关议题。Jassy在周四发布的信中表示：“我们在2026年投入约2000亿美元的资本支出，并非基于直觉。近期OpenAI承诺的(超1000亿美元)投资便是一例，此外还有数项客户协议已完成(或尚未公布)，或正在深入洽谈...

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Jassy在2025年致股东的信中，详细讨论了公司的芯片业务、2026年高达2000亿美元资本支出计划的回报，以及其他相关议题。Jassy在周四发布的信中表示：“我们在2026年投入约2000亿美元的资本支出，并非基于直觉。近期OpenAI承诺的(超1000亿美元)投资便是一例，此外还有数项客户协议已完成(或尚未公布)，或正在深入洽谈中。我们预计2026年在AWS上的大部分资本支出将在2027至2028年实现货币化，其中相当一部分已获得客户承诺。”在2月公司第四季度财报电话会议上，Jassy曾表示，亚马逊整体预计投入约2000亿美元资本支出，主要用于AWS。他补充道，公司面临极高的需求，客户希望AWS承载其核心及AI工作负载，“我们正在以最快的速度部署算力并实现货币化”。Jassy在信中指出，公司芯片业务(包括Graviton、Trainium和Nitro)的年营收运行率现已超过200亿美元，并实现三位数的同比增长。Jassy进一步说明：“与其他芯片公司对比，这一运行率实际上被低估了，因为我们目前仅通过弹性计算云(EC2)实现芯片货币化。如果我们的芯片业务是独立公司，并像其他领先芯片公司那样，将今年生产的芯片销售给AWS及其他第三方客户，那么年运行率将达到约500亿美元。市场对我们芯片的需求非常旺盛，未来我们极有可能直接向第三方销售整机柜芯片。”Jassy还称，进入AI浪潮的第三年，AWS在2026年第一季度的AI业务年营收运行率已超过150亿美元(是AWS同期自身规模的近260倍)，并且正在快速增长。此外，Jassy指出，在大规模应用下，亚马逊预计Trainium AI芯片每年可为其节省数百亿美元的资本支出，并在推理任务上相较于依赖其他厂商芯片，带来数百个基点的运营利润率优势(AI推理是指运行训练好的AI模型，对新的、未见过的数据生成预测或结论的过程)。Jassy还提到，Trainium3芯片已于2026年初开始出货，其性价比比Trainium2高出30%至40%，目前几乎已全部被预订。“Trainium4芯片虽然距离大规模供货还有约18个月，但已有相当大一部分被提前预订。此外，AWS的主要且快速增长推理服务Amazon Bedrock，其大部分推理工作负载都运行在Trainium上。Trainium的需求正在爆发式增长，”Jassy表示。Jassy还谈到了公司与英伟达(NVDA.US)的合作关系及竞争态势。Jassy称：“我们与英伟达保持着紧密合作，始终会有客户选择运行英伟达平台，我们也会继续让AWS成为运行英伟达芯片的最佳平台。然而，客户希望获得更优的性价比。”他指出，第二代自研AI芯片Trainium2相比同类GPU，性价比提升了约30%，并且目前已基本售罄。Jassy还透露，AWS在2025年新增了3.9吉瓦(GW)的电力容量，预计到2027年底总电力容量将翻倍，并且这些容量在投入使用后迅速实现货币化。他补充道，2025年第四季度，AWS实现了24%的同比增长，年营收运行率达到1420亿美元。“这是相当可观的绝对增长。然而，我们仍然面临产能限制，导致部分需求无法满足。顺便提一句，已有两家大型AWS客户询问是否可以购买我们2026年全部Graviton实例容量——Graviton是我们广泛采用的自研CPU芯片——鉴于其他客户的需求，我们无法同意这些请求，但这足以让你了解需求的旺盛程度，”Jassy说道。","kind":"news","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"isVideo":false,"video":null,"symbols":[],"gpt_button":1,"need_auth":false,"need_login_tip":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 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亚马逊(AMZN.US)致股东信详解2000亿支出回报路径：大部分开支2028年前变现 芯片业务隐含年化营收达500亿美元

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亚马逊(AMZN.US)致股东信详解2000亿支出回报路径：大部分开支2028年前变现芯片业务隐含年化营收达500亿美元