AI发展前景乐观，贝索斯回归亚马逊

Investment Rating - The report assigns a "Buy" rating for Amazon (AMZN) with a target price of $269.40, indicating an 18$6.09 trillion [2][7]. Summary by Sections AI Business - AWS's AI business has reached a multi-billion dollar scale, with a growth rate exceeding 100%, significantly outpacing AWS's overall growth [1][7]. - The introduction of Amazon EC2 Trn2 instances powered by Trainium2 offers a cost advantage of 30-40% over current GPU-based instances, enhancing efficiency for clients [1][7]. - Collaboration with Anthropic on Project Rainier aims to expand distributed model training using Trainium2 chips [7]. E-commerce Business - Amazon is positioned as the largest player in the e-commerce market outside of China, benefiting from the industry's growth [2][7]. - The company is focusing on cost control and efficiency improvements, optimizing its inbound package network and utilizing automation in distribution centers [2][7]. - In Q3 2024, total revenue reached $158.9 billion, with a year-over-year growth of 11$15.3 billion [2][7]. Financial Performance - The report projects total revenues for 2024-2026 to be $640.3 billion,$708.6 billion, and $780.9 billion, with year-over-year growth rates of 11$65.3 billion in 2024, $80.8 billion in 2025, and$97.6 billion in 2026 [2][21]. - The diluted earnings per share are forecasted to be $5.29,$6.45, and $7.71 for 2024, 2025, and 2026, respectively, reflecting substantial growth [2][21].