亞馬遜 (AMZN) 2023 Q3 法說會逐字稿

Good day, everyone, and welcome to the Amazon.com Third Quarter 2023 Financial Results Teleconference. (Operator Instructions) Today's call is being recorded.

大家好，歡迎參加 Amazon.com 2023 年第三季財務業績電話會議。 （操作員說明）今天的通話正在錄音。

And for opening remarks, I will be turning the call over to the Vice President of Investor Relations, Dave Fildes. Thank you, sir. Please go ahead.

作為開場白，我將把電話轉給投資者關係副總裁戴夫·菲爾德斯 (Dave Fildes)。謝謝你，先生。請繼續。

Hello, and welcome to our Q3 2023 financial results conference call. Joining us today to answer your questions is Andy Jassy, our CEO; and Brian Olsavsky, our CFO. As you listen to today's conference call, we encourage you to have our press release in front of you, which includes our financial results as well as metrics and commentary on the quarter. Please note, unless otherwise stated, all comparisons in this call will be against our results for the comparable period of 2022.

您好，歡迎參加我們的 2023 年第三季財務業績電話會議。今天我們的執行長安迪賈西 (Andy Jassy) 將與我們一起回答您的問題；和我們的財務長布萊恩·奧爾薩夫斯基 (Brian Olsavsky)。當您收聽今天的電話會議時，我們鼓勵您閱讀我們的新聞稿，其中包括我們的財務表現以及本季度的指標和評論。請注意，除非另有說明，本次電話會議中的所有比較都將與我們 2022 年可比較期間的結果進行比較。

Our comments and responses to your questions reflect management's views as of today, October 26, 2023, only and will include forward-looking statements. Actual results may differ materially. Additional information about factors that could potentially impact our financial results is included in today's press release and our filings with the SEC, including our most recent annual report on Form 10-K and subsequent filings.

我們對您問題的評論和答案僅反映截至今天（2023 年 10 月 26 日）管理層的觀點，並將包含前瞻性陳述。實際結果可能存在重大差異。有關可能影響我們財務表現的因素的更多資​​訊包含在今天的新聞稿和我們向 SEC 提交的文件中，包括我們最新的 10-K 表格年度報告和後續文件。

During this call, we may discuss certain non-GAAP financial measures in our press release, slides accompanying this webcast and our filings with the SEC, each of which is posted on our IR website. You will find additional disclosures regarding these non-GAAP measures, including reconciliations of these measures with comparable GAAP measures.

在本次電話會議期間，我們可能會在我們的新聞稿、本次網路廣播隨附的幻燈片以及我們向SEC 提交的文件中討論某些非GAAP 財務措施，這些文件均發佈在我們的IR 網站上。您會發現有關這些非公認會計原則衡量標準的其他揭露，包括這些衡量標準與可比較公認會計原則衡量標準的調節。

Our guidance incorporates the order trends that we've seen to date and what we believe today to be appropriate assumptions. Our results are inherently unpredictable and may be materially affected by many factors, including fluctuations in foreign exchange rates, changes in global economic and geopolitical conditions and customer demand and spending, including the impact of recessionary fears, inflation, interest rates, regional labor market constraints, world events, the rate of growth of the Internet, online commerce, cloud services and new and emerging technologies and the various factors detailed in our filings with the SEC. Our guidance assumes, among other things, that we don't conclude any additional business acquisitions, restructurings or legal settlements. It's not possible to accurately predict demand for our goods and services, and therefore, our actual results could differ materially from our guidance.

我們的指導結合了迄今為止我們所看到的訂單趨勢以及我們今天認為適當的假設。我們的結果本質上是不可預測的，可能會受到許多因素的重大影響，包括外匯匯率波動、全球經濟和地緣政治條件的變化以及客戶需求和支出，包括經濟衰退擔憂、通貨膨脹、利率、區域勞動力市場限制的影響、世界事件、互聯網的成長率、線上商務、雲端服務和新興技術以及我們向 SEC 提交的文件中詳細說明的各種因素。除此之外，我們的指導假設我們不會達成任何額外的業務收購、重組或法律和解。無法準確預測對我們的商品和服務的需求，因此，我們的實際結果可能與我們的指導有重大差異。

And now I'll turn the call over to Andy.

現在我將把電話轉給安迪。

Thanks, Dave. Today, we're reporting $143.1 billion in revenue, up 11% year-over-year; $11.2 billion in operating income, up 343% year-over-year or $8.7 billion; and $20.2 billion in trailing 12-month free cash flow adjusted for equipment finance leases, which is up $41.7 billion versus the comparable period last year. We continue to be encouraged by the progress we're making in lowering our cost to serve, improving our customer experiences and investing for future growth.

謝謝，戴夫。今天，我們公佈的收入為 1,431 億美元，年增 11%；營業收入 112 億美元，年增 343%，即 87 億美元；根據設備融資租賃調整後的過去 12 個月自由現金流為 202 億美元，與去年同期相比增加了 417 億美元。我們在降低服務成本、改善客戶體驗和投資未來成長方面取得的進展持續受到鼓舞。

I'll start with our stores business. Our move earlier this year from a single national fulfillment network in the U.S. to 8 distinct regions represented one of the most significant changes to our fulfillment network in our history. This change has gone more smoothly and made more impact than we optimistically expected. And you can see the benefits in many forms. Regional fulfillment clusters with higher local in-stock levels and optimized connections between fulfillment centers and delivery stations mean shorter distances and fewer touches to get items to customers.

我將從我們的商店業務開始。今年早些時候，我們從美國的單一全國配送網路遷移到 8 個不同的地區，這是我們配送網路史上最重大的變化之一。這項改變比我們樂觀預期的更順利，產生的影響也更大。您可以看到多種形式的好處。區域配送集群具有較高的本地庫存水準以及配送中心和配送站之間的最佳化連接，意味著將商品運送給客戶的距離更短，接觸次數更少。

Shorter travel distances and fewer touches mean lower cost to serve. But perhaps most importantly, shorter distances and fewer touches mean that customers are getting their shipments faster. We remain on pace to deliver the fastest delivery speeds for Prime customers in our 29-year history. And as I talked about last quarter, we know how important speed of delivery is to customer satisfaction and buying behavior. A good example is the significant growth we're seeing in consumables and everyday essentials. When customers are getting items as quickly and conveniently as they are now from Amazon, they're going to consider us more frequently for more of their shopping needs. As we've shared the last few quarters, we've reevaluated every part of our fulfillment network over the last year.

更短的行程距離和更少的接觸意味著更低的服務成本。但也許最重要的是，更短的距離和更少的接觸意味著客戶可以更快收到貨物。我們將繼續努力為 Prime 客戶提供 29 年歷史上最快的送貨速度。正如我在上個季度談到的那樣，我們知道交付速度對於客戶滿意度和購買行為有多重要。一個很好的例子是我們看到消耗品和日常必需品的顯著增長。當顧客像現在從亞馬遜一樣快速方便地獲取商品時，他們會更頻繁地考慮我們以滿足更多的購物需求。正如我們在過去幾個季度所分享的那樣，我們在去年重新評估了履行網路的每個部分。

The first substantial rearchitecture centered on the regionalization change. We obviously like the results, but don't think we fully realize all the benefits yet and we continue to make steady improvements in fine-tuning the placement algorithms to enable even more in-region fulfillment and to further increase consolidation into fewer shipments. We've also identified several substantial changes to our inbound processes that we believe could have a significant impact on our cost to serve and speed of delivery. We have a long way before being out of ideas to improve cost and speed. The team is really humming on this, and I'm proud of the way they're inventing and executing together.

第一次實質的架構重組以區域化變革為中心。我們顯然喜歡這個結果，但認為我們還沒有完全實現所有好處，我們將繼續在微調放置演算法方面進行穩步改進，以實現更多的區域內履行，並進一步增加整合以減少發貨量。我們還發現了入站流程的幾項重大變化，我們認為這些變化可能會對我們的服務成本和交付速度產生重大影響。距離提高成本和速度還有很長的路要走。團隊對此非常感興趣，我為他們共同發明和執行的方式感到自豪。

Moving to AWS and our investments in generative AI. AWS revenue grew 12% year-over-year in Q3, with $919 million of incremental quarter-over-quarter revenue and now has the annualized revenue run rate of $92 billion. AWS' year-over-year growth rate continued to stabilize in Q3. And while we still saw elevated cost optimization relative to a year ago, it's continued to attenuate as more companies transition to deploying net new workloads.

轉向 AWS 以及我們對生成式 AI 的投資。 AWS 第三季營收年增 12%，季減營收為 9.19 億美元，目前年化營收運行率為 920 億美元。 AWS第三季年增率持續穩定。儘管與一年前相比，我們仍然看到成本優化有所提高，但隨著越來越多的公司轉向部署淨新工作負載，成本優化繼續減弱。

Companies have moved more slowly in an uncertain economy in 2023 to complete deals. But we're seeing the pace and volume of closed deals pick up, and we're encouraged by the strong last couple of months of new deals signed. For perspective, we signed several new deals in September with an effective date in October that won't show up in any GAAP reported number for Q3, but the collection of which is higher than our total reported deal volume for all of Q3. Deal signings are always lumpy and the revenue happens over several years, but we like the recent deal momentum we're seeing.

在 2023 年經濟情勢不明朗的情況下，企業完成交易的速度會更加緩慢。但我們看到完成的交易的速度和數量有所增加，並且我們對過去幾個月簽署的新交易的強勁感到鼓舞。從長遠來看，我們在9 月份簽署了幾項新交易，生效日期為10 月份，這些交易不會出現在第三季度任何GAAP 報告數據中，但其總數高於我們報告的第三季度交易總量。交易簽約總是不穩定，收入需要幾年的時間才能實現，但我們喜歡最近看到的交易勢頭。

Top of mind for most companies continues to be generative AI. As I mentioned last quarter, we think about generative AI as having 3 macro layers, each of which is very large in each of which we're investing. A few updates there. At the lowest layer is the compute to train large language models, or LLMs, and produce inferences or predictions. The key to this compute is the chip inside it. As we've shared, we've been working on custom silicon for training and inference with our Trainium and Inferentia chips, respectively.

大多數公司最關心的仍然是生成式人工智慧。正如我上個季度提到的，我們認為生成式人工智慧有 3 個宏觀層，每個宏觀層都非常大，我們正在投資。那裡有一些更新。最底層是訓練大型語言模型（LLM）並產生推理或預測的計算。這種計算的關鍵是其內部的晶片。正如我們所分享的，我們一直致力於開發客製化晶片，分別使用我們的 Trainium 和 Inferentia 晶片進行訓練和推理。

Recently, we announced that leading LLM maker Anthropic chose AWS as its primary cloud provider and will use Trainium and Inferentia to build, train and deploy its future LLMs. As part of this partnership, AWS and Anthropic will collaborate on the future development of Trainium and Inferentia technology. We believe this collaboration will be helpful in continuing to accelerate the price performance advantages that Trainium and Inferentia deliver for customers.

最近，我們宣布領先的法學碩士製造商 Anthropic 選擇 AWS 作為其主要雲端供應商，並將使用 Trainium 和 Inferentia 來建置、培訓和部署其未來的法學碩士。作為此次合作的一部分，AWS 和 Anthropic 將合作開發 Trainium 和 Inferentia 技術。我們相信，此次合作將有助於繼續加速 Trainium 和 Inferentia 為客戶提供的性價比優勢。

In the middle layer, which we think of as large language models as a service, we recently introduced general availability for Amazon Bedrock, which offers customers access to leading LLMs from third-party providers like Anthropic, Stability AI, coherent AI 21 as well as from Amazon's own LLMs called Titan, where customers can take those models, customize them using their own data, but without leaking that data back into the generalized LLM, have access to the same security, access control and features that they run the rest of their applications within AWS all through a managed service.

在中間層，我們將其視為大型語言模型即服務，我們最近推出了 Amazon Bedrock 的全面可用性，它使客戶能夠訪問來自 Anthropic、Stability AI、coherent AI 21 等第三方提供商的領先 LLM。來自亞馬遜自己的法學碩士（稱為Titan），客戶可以使用這些模型，使用自己的數據對其進行定制，但不會將該數據洩露回通用法學碩士，可以訪問與他們運行其餘部分相同的安全性、訪問控制和功能。 AWS 內的應用程式全部透過託管服務進行。

In the last couple of months, we've announced the imminent addition of Meta's Llama 2 model to Bedrock, the first time it's being made available through a fully managed service. Also through our expanded collaboration with Anthropic, customers will gain access to future Anthropic models through Bedrock with exclusive early access to unique features, model customization and the ability to fine-tune the models. And Bedrock has added several new compelling features, including the ability to create agents, which can be programmed to accomplish tasks like answering questions or automating workflows.

在過去的幾個月中，我們宣布即將將 Meta 的 Llama 2 模型添加到 Bedrock，這是該模型首次透過完全託管的服務提供。此外，透過我們與 Anthropic 的擴大合作，客戶將可以透過 Bedrock 存取未來的 Anthropic 模型，並獨家提前存取獨特功能、模型自訂和微調模型的能力。 Bedrock 還添加了一些新的引人注目的功能，包括創建代理的能力，可以對代理進行編程來完成回答問題或自動化工作流程等任務。

In these early days of generative AI, companies are still learning which models they want to use, which models they use for what purposes and which model sizes they should use to get the latency and cost characteristics they desire. In our opinion, the only certainty is that there will continue to be a high rate of change. Bedrock helps customers with this fluidity, allowing them to rapidly experiment with move between model types and sizes and enabling them to pick the right tool for the right job. The customer reaction to Bedrock has been very positive and the general availability is buoyed that further. Bedrock is the easiest way to build and scale enterprise-ready generative AI applications and a real game changer for developers and companies trying to get value out of this new technology.

在生成式人工智慧的早期階段，公司仍在了解他們想要使用哪些模型、他們使用哪些模型用於什麼目的以及他們應該使用哪些模型大小來獲得他們想要的延遲和成本特徵。我們認為，唯一可以肯定的是，變化率將繼續保持在較高水準。 Bedrock 可協助客戶實現這種流動性，使他們能夠快速嘗試模型類型和尺寸之間的移動，並使他們能夠為正確的工作選擇正確的工具。客戶對基岩的反應非常積極，並且進一步提高了普遍可用性。 Bedrock 是建立和擴展企業級生成式 AI 應用程式最簡單的方法，對於試圖從這項新技術中獲取價值的開發人員和公司來說，它是真正的遊戲規則改變者。

And the top layer, which are the applications that run the LLMs, our generative AI coding companion Amazon CodeWhisperer has gotten a lot of early traction and got a lot more powerful recently with the launch of its new customization capability. The #1 enterprise request for coding companions has been wanting these companions to be familiar with customers' proprietary code bases. It's not just having code companions trained in open source code, companies want the equivalent of a long-time senior engineer who knows their code base well. That's what CodeWhisperer just launched, another first of its kind out there in its current form and customers are excited about it.

頂層是運行 LLM 的應用程序，我們的生成式 AI 編碼伴侶 Amazon CodeWhisperer 已經獲得了很多早期關注，並且最近隨著其新的定制功能的推出而變得更加強大。企業對程式設計夥伴的第一個要求是希望這些夥伴熟悉客戶的專有程式碼庫。公司不僅需要接受開源程式碼培訓的程式碼夥伴，還需要一位熟悉其程式碼庫的長期資深工程師。這就是 CodeWhisperer 剛推出的產品，這是當前形式的另一個同類首創，客戶對此感到興奮。

A few last comments on AWS's generative AI work. As you can tell, we're focused on doing what we've always done for customers, taking technology that can transform customer experiences and businesses, but they can be complex and expensive and democratizing it for customers of all sizes and technical abilities. It's also worth remembering that customers want to bring the models to their data, not the other way around. And much of that data resides in AWS as the clear market segment leader in cloud infrastructure. We're innovating and delivering at a rapid rate and our approach is resonating with customers.

關於 AWS 生成式 AI 工作的最後一些評論。如您所知，我們專注於做我們一直以來為客戶所做的事情，採用可以改變客戶體驗和業務的技術，但它們可能複雜且昂貴，並為各種規模和技術能力的客戶提供民主化技術。還值得記住的是，客戶希望將模型引入他們的數據，而不是相反。其中大部分資料都儲存在 AWS 中，AWS 是雲端基礎架構領域明顯的細分市場領導者。我們正在快速創新和交付，我們的方法正在引起客戶的共鳴。

The number of companies building generative AI apps in AWS is substantial and growing very quickly, including adidas, Booking.com, Bridgewater, Clariant, GoDaddy, LexisNexis, Merck, Royal Philips and United Airlines, to name a few. We are also seeing success with generative AI start-ups like Perplexity.ai who chose to go all in with AWS, including running future models in Trainium and Inferentia. And the AWS team has a lot of new capabilities to share with its customers at its upcoming AWS re:Invent conference.

在 AWS 中建立生成式 AI 應用程式的公司數量龐大且成長迅速，其中包括阿迪達斯、Booking.com、Bridgewater、科萊恩、GoDaddy、LexisNexis、默克、皇家飛利浦和聯合航空等。我們也看到像 Perplexity.ai 這樣的生成式 AI 新創公司取得了成功，他們選擇全力使用 AWS，包括在 Trainium 和 Inferentia 中運行未來的模式。 AWS 團隊在即將召開的 AWS re:Invent 大會上將與客戶分享許多新功能。

Beyond AWS, all of our significant businesses are working on generative AI applications to transform their customer experiences. There are too many for me to name on this call, but a few examples include, in our stores business, we're using generative AI to help people better discover products they want to more easily access the information needed to make decisions. We use generative AI models to forecast inventory we need in our various locations and to derive optimal last mile transportation routes for drivers to employ.

除了 AWS 之外，我們所有的重要業務都在致力於開發生成式 AI 應用程序，以改變他們的客戶體驗。在這次電話會議上，我無法一一列舉，但有幾個例子，包括在我們的商店業務中，我們正在使用生成式人工智慧來幫助人們更好地發現他們想要的產品，更輕鬆地存取做出決策所需的資訊。我們使用生成式人工智慧模型來預測各個地點所需的庫存，並為駕駛者提供最佳的最後一哩運輸路線。

We're also making it much easier for our third-party sellers to create new product pages by entering much less information and letting the models to the rest. In advertising, we just launched a generative AI image generation tool, where all brands need to do is upload a product photo and description to quickly create unique lifestyle images that will help customers discover products they love. And in Alexa, we built a much more expansive LLM and previewed the early version of this.

我們還透過輸入更少的資訊並讓模型完成其餘工作，使第三方賣家更容易建立新產品頁面。在廣告方面，我們剛剛推出了生成式人工智慧圖像生成工具，所有品牌只需上傳產品照片和描述即可快速創建獨特的生活方式圖像，幫助客戶發現他們喜歡的產品。在 Alexa 中，我們建立了一個更廣泛的法學碩士，並預覽了它的早期版本。

Apart from being a more intelligent version of herself, Alexa's new conversational AI capabilities include the ability to make multiple requests at once as well as more natural and conversational requests without having to use specific phrases. We continue to be convicted that the vision of being the world's best personal assistant is a compelling and viable one and that Alexa has a good chance to be one of the long-term winners in this arena. Every one of our businesses is building generative AI applications to change what's possible for customers, and we have a lot more to come.

除了成為更聰明的版本之外，Alexa 的新對話式人工智慧功能還包括能夠同時發出多個請求以及更自然的對話式請求，而無需使用特定短語。我們仍然堅信，成為世界上最好的私人助理的願景是一個令人信服且可行的願景，而 Alexa 有很好的機會成為這一領域的長期贏家之一。我們的每一項業務都在建立生成式人工智慧應用程序，以改變客戶的可能，而且我們還有更多的工作要做。

We're also encouraged by the progress we're making in our newer initiatives. Just to name a few, we're pleased with what we're seeing in Prime Video. Prime Video continues to be an integral part of the Prime value proposition where it's often one of the top 2 drivers of customers signing up for Prime. We also have increasing conviction that Prime Video can be a large and profitable business in its own right as we continue to invest in compelling exclusive content for prime members, but also offer the best selection of premium streaming video content anywhere with our marketplace offering, including channels for customers who can subscribe to channels like Max, Paramount+, BET Plus and MGM+, as well as our broad transaction video-on-demand selection.

我們也對新措施所取得的進展感到鼓舞。僅舉幾例，我們對在 Prime Video 中看到的內容感到滿意。 Prime 影片仍然是 Prime 價值主張不可或缺的一部分，通常是客戶註冊 Prime 的兩大驅動因素之一。我們也越來越相信，Prime Video 本身可以成為一項大型且盈利的業務，因為我們繼續投資於為Prime 會員提供引人注目的獨家內容，同時還透過我們的市場產品在任何地方提供優質串流影片內容的最佳選擇，包括為可以訂閱 Max、Paramount+、BET Plus 和 MGM+ 等頻道的客戶提供頻道，以及我們廣泛的交易視訊點播選擇。

As we continue to invest in compelling content, beginning in early 2024, Prime Video shows and movies will include limited advertisements. We aim to have meaningfully fewer ads than linear TV and other streaming TV providers. If customers prefer and add free option, we plan to offer that for an additional $2.99 per month for U.S. members. There is still a lot of work to be done in innovation ahead, but we're excited about our future on Prime Video.

隨著我們繼續投資於引人注目的內容，從 2024 年初開始，Prime Video 節目和電影將包含有限的廣告。我們的目標是比線性電視和其他串流電視提供商大幅減少廣告數量。如果客戶願意並添加免費選項，我們計劃每月為美國會員額外提供 2.99 美元。未來的創新還有很多工作要做，但我們對 Prime Video 的未來感到興奮。

We're seeing progress on a number of our investments that expand our ability to serve more consumers and sellers in their e-commerce missions. Our emerging international stores continue to improve their customer experiences and profitability and are on a strong trajectory. Both consumers and sellers are excited about Buy with Prime, which enables third-party sellers with direct-to-consumer websites to offer Amazon Prime members the same fast payments and delivery options they receive on Amazon.com.

我們看到多項投資取得了進展，這些投資擴大了我們為更多消費者和賣家的電子商務使命提供服務的能力。我們新興的國際商店繼續改善客戶體驗和獲利能力，並走在強勁的軌道上。消費者和賣家都對 Buy with Prime 感到興奮，它使擁有直接面向消費者網站的第三方賣家能夠為 Amazon Prime 會員提供與 Amazon.com 上相同的快速付款和送貨選項。

We recently announced the capability for sellers to integrate Buy with Prime with their Shopify account, making it easier for Shopify merchants to manage their businesses with inventory pricing and promotions automatically synced in one place. And we're seeing very positive early response from sellers to Supply Chain by Amazon, a fully automated set of supply chain services where Amazon can pick up inventory from manufacturing facilities around the world, ship it across borders, handle customs clearance and ground transportation, store inventory in bulk, manage replenishment across Amazon and other sales channels and deliver directly to customers, all without sellers having to worry about managing their supply chain.

我們最近宣布，賣家可以將 Buy with Prime 與他們的 Shopify 帳戶集成，使 Shopify 商家能夠更輕鬆地管理他們的業務，庫存定價和促銷活動會自動同步到一個地方。我們看到賣家對亞馬遜供應鏈的早期反應非常積極，這是一套完全自動化的供應鏈服務，亞馬遜可以從世界各地的製造工廠提取庫存，跨境運輸，處理清關和地面運輸，批量存儲庫存，管理亞馬遜和其他銷售管道的補貨，並直接交付給客戶，所有這些賣家都無需擔心管理其供應鏈。

Our health care team is continuing to make health care easier for people to access. The Amazon Pharmacy customer experience has significantly evolved this year, and customers are responding that both in their purchasing behavior and qualitative feedback. We built RXPass for customers to get unlimited supply of eligible medications for $5 per month, meaningfully reduce the cost for customers to get insulin and diabetes products, and partnered with Blue Shield of California to offer a first-of-its-kind model to provide more affordable pharmacy care to its 4.8 million members, providing fast and free delivery of prescription medications and 24/7 access to pharmacists. We remain convinced that we can be part of the solution of making health care a better customer experience.

我們的醫療保健團隊正在繼續讓人們更容易獲得醫療保健。今年，亞馬遜藥局的客戶體驗發生了顯著變化，客戶在購買行為和定性回饋方面都對此做出了回應。我們建立了RXPass，讓客戶能夠以每月5 美元的價格無限量供應符合條件的藥物，顯著降低客戶獲得胰島素和糖尿病產品的成本，並與加州Blue Shield 合作，提供首個同類模型，以提供為其 480 萬會員提供更實惠的藥房服務，提供快速、免費的處方藥配送以及 24/7 全天候聯繫藥劑師。我們仍然堅信，我們可以成為改善醫療保健客戶體驗的解決方案的一部分。

And our low Earth orbit satellite initiative Project Kuiper, which aims to bring fast, affordable broadband to underserved communities around the world, took a meaningful step forward in the last few weeks with the successful launch of 2 prototype satellites. We will use this multi-month mission to test our satellites and network from space and collect data ahead of the planned start of satellite production later this year.

我們的低地球軌道衛星計畫柯伊伯計畫旨在為世界各地服務不足的社區提供快速、負擔得起的寬頻，在過去幾周里，成功發射了兩顆原型衛星，向前邁出了有意義的一步。我們將利用這個為期數月的任務從太空測試我們的衛星和網絡，並在計劃於今年稍後開始衛星生產之前收集數據。

I'd like to close by thanking our teams around the world who are gearing up for 2 of our most significant events across the company. First, our annual AWS re:Invent conference that begins on November 27. The team is excited to share a lot of new capabilities with customers and provide an array of opportunities for builders to learn and connect with one another. And on the stores side, we've already kicked off what will be our 29th holiday shopping season. Prime Big Deal Days held earlier this month was our most successful October holiday kickoff event ever, with Prime members saving more than $1 billion across hundreds and millions of items sold. Just as we do all year long, we aim to make our customers' lives easier and better every day, and there's no time where it's more important to us that we deliver on this mission than during the busy holiday shopping season.

最後，我要感謝我們世界各地的團隊，他們正在為全公司最重要的兩場活動做準備。首先，我們的年度 AWS re:Invent 會議將於 11 月 27 日開始。團隊很高興與客戶分享許多新功能，並為建構者提供一系列學習和相互聯繫的機會。在商店方面，我們已經開始了第 29 個假期購物季。本月稍早舉辦的 Prime Big Deal Days 是我們有史以來最成功的 10 月假期啟動活動，Prime 會員售出數億件商品，節省了超過 10 億美元。正如我們全年所做的那樣，我們的目標是讓客戶每天的生活變得更輕鬆、更美好，對我們來說，實現這項使命比在繁忙的假期購物季更重要。

With that, I'll turn it over to Brian.

有了這個，我會把它交給布萊恩。

Thanks, Andy. Overall, we saw a strong performance in the third quarter. Worldwide revenue was $143.1 billion, representing an increase of 11% year-over-year, excluding the impact of foreign exchange, and approximately $100 million above the top end of our guidance range. We saw our highest quarterly worldwide operating income ever, which was $11.2 billion for the quarter, an increase of $8.7 billion year-over-year from $2.7 billion above the high end of our guidance range.

謝謝，安迪。總體而言，我們在第三季看到了強勁的表現。全球營收為 1,431 億美元，年增 11%（排除外匯影響），比我們指導範圍的上限高出約 1 億美元。我們看到了有史以來最高的季度全球營業收入，該季度為 112 億美元，比去年同期的 27 億美元增加了 87 億美元，高於我們指導範圍的上限。

North America revenue was $87.9 billion, an increase of 11% year-over-year. And international revenue was $32.1 billion, an increase of 11% year-over-year, excluding foreign exchange. During the quarter, we held our biggest Prime Day event ever with prime members purchasing more than 375 million items worldwide and saving more than $2.5 billion on millions of deals across the Amazon store. Outside of Prime Day, we continue to see strong demand across everyday essentials, including categories like beauty and health and personal care.

北美營收為879億美元，年增11%。國際營收為 321 億美元，年增 11%（不包括外匯）。本季度，我們舉辦了有史以來規模最大的 Prime Day 活動，Prime 會員在全球範圍內購買了超過 3.75 億件商品，並在亞馬遜商店的數百萬筆交易中節省了超過 25 億美元。除會員日外，我們繼續看到日常必需品的強勁需求，包括美容、健康和個人護理等類別。

From a customer behavior standpoint, we still see customers remaining cautious about price, trading down where they can and seeking out deals, coupled with lower spending on discretionary items. Building on the momentum from last quarter, we set another record for delivery speed. For the year-to-date period through the third quarter, we have delivered at the fastest speeds ever in the United States. These improvements in delivery speeds have been a key driver of growth and are resulting in increased purchase frequency by our Prime members.

從客戶行為的角度來看，我們仍然看到客戶對價格保持謹慎態度，盡可能降低價格並尋求優惠，加上在非必需品上的支出減少。憑藉著上季的勢頭，我們再創交付速度紀錄。從年初至今到第三季度，我們的交貨速度是美國有史以來最快的。交付速度的這些改進一直是成長的關鍵驅動力，並導致我們的 Prime 會員購買頻率增加。

Third-party sellers grew at 18% year-over-year, excluding foreign exchange, primarily driven by selection expansion and growing adoption of our optional services for sellers, including Fulfillment by Amazon and paid account management and more. During the quarter, we hosted Amazon Accelerate, our annual seller conference, where we launched a number of new innovations and product developments for our sellers, including Supply Chain by Amazon.

第三方賣家年增 18%（不包括外匯），這主要是由於選擇範圍擴大以及我們為賣家提供的可選服務越來越多地採用，包括亞馬遜配送和付費帳戶管理等。本季度，我們舉辦了年度賣家大會 Amazon Accelerate，會上我們為賣家推出了許多新的創新和產品開發，其中包括 Amazon Supply Chain。

We also continue to see durable growth in advertising, which grew 25% year-over-year, excluding foreign exchange, primarily driven by sponsored products as we lean into machine learning to improve the relevancy of the ads we show our customers and enhance our measurement capabilities on behalf of advertisers. We have seen strong improvement in our profitability. North America operating income was $4.3 billion, an increase of $4.7 billion year-over-year, resulting in an operating margin of 4.9%, up 100 basis points quarter-over-quarter. Since North America operating margins bottomed out in Q1 of 2022, we have now seen 6 consecutive quarters of improvement, resulting in a cumulative improvement of over 700 basis points over these past 6 quarters.

我們也繼續看到廣告業務持續成長，年增 25%（不包括外匯），這主要是由贊助產品推動的，因為我們依靠機器學習來提高向客戶展示的廣告的相關性並增強我們的衡量標準代表廣告商的能力。我們的獲利能力得到了強勁改善。北美地區營業收入為 43 億美元，較去年同期成長 47 億美元，營業利益率為 4.9%，較上季成長 100 個基點。自北美營運利潤率於 2022 年第一季觸底以來，我們現已連續 6 個季度實現改善，過去 6 個季度累計改善超過 700 個基點。

The third quarter marked the second full quarter of regionalization within the U.S., and we're pleased with the early results. Regionalization has allowed us to simplify the network by reducing the number of line-haul lanes, increasing volume within existing line-haul lanes and adding more direct fulfillment center to delivery station connections. We have also been focused on optimizing inventory placement in a new regionalized network, which when coupled with the simplification mentioned earlier, is helping contribute to an overall reduction in cost to serve.

第三季度是美國區域化的第二個完整季度，我們對早期結果感到滿意。區域化使我們能夠透過減少長途運輸通道的數量、增加現有長途運輸通道的運輸量以及增加更多直接配送中心與配送站連接來簡化網路。我們也致力於優化新區域網路中的庫存佈局，這與前面提到的簡化相結合，有助於整體降低服務成本。

Additionally, in the quarter, we saw benefits from lower inflation, primarily within line haul, ocean and rail shipping rates, which were partially offset by higher fuel prices. While we are encouraged by the improvements in operating profit, we still see a lot of opportunity in front of us. In international, we were closer to breakeven during the quarter with an operating loss of $95 million. This was an improvement of $2.4 billion year-over-year. This improvement was primarily driven by lowering our cost to serve through higher productivity, decreased inflationary pressures and improvements in leverage across our established and emerging international countries as we continue to focus on customer inputs and improve efficiencies within our operations.

此外，在本季度，我們看到通膨下降的好處，主要是在長途運輸、海運和鐵路運輸費率方面，但部分被燃油價格上漲所抵消。儘管我們對營業利潤的改善感到鼓舞，但我們仍然看到許多機會。在國際業務方面，本季我們的營運虧損為 9,500 萬美元，接近收支平衡。這比去年同期增加了 24 億美元。這項改善主要是由於我們繼續專注於客戶投入並提高營運效率，從而透過提高生產力、降低通膨壓力以及提高我們成熟和新興國際國家的槓桿率來降低我們的服務成本。

Moving to AWS. Revenues were $23.1 billion, an increase of 12% year-over-year. On a quarter-over-quarter basis, we added more than $900 million of revenue in AWS as customers are continuing to shift their focus towards driving innovation and bringing new workloads to the cloud. Similar to what we shared last quarter, while optimization still remain a headwind, we've seen the rate of new cost optimization slowdown in AWS and we are encouraged by the strength of our customer pipeline.

遷移到 AWS。營收為231億美元，年增12%。隨著客戶繼續將注意力轉向推動創新並將新工作負載引入雲端中，我們在 AWS 上的收入環比增加了超過 9 億美元。與我們上季度分享的內容類似，雖然優化仍然是一個阻力，但我們已經看到 AWS 中新成本優化的速度放緩，並且我們的客戶管道實力令我們感到鼓舞。

Customers are excited about our approach to generative AI, with several new announcements made during the quarter, including a strategic collaboration with Anthropic, opening Amazon Bedrock up to general availability, adding Meta's Llama 2 model to Bedrock in the near future and new customization capabilities of CodeWhisperer. AWS remains a clear cloud infrastructure leader with a significant leadership position in the number of customers, the size of our partner ecosystem, our breadth of functionality and the strongest operational performance in the industry.

客戶對我們的生成式AI 方法感到興奮，本季度發布了幾項新公告，包括與Anthropic 的戰略合作、開放Amazon Bedrock 全面可用、在不久的將來將Meta 的Llama 2 模型添加到Bedrock 以及新的自定義功能代碼耳語者。 AWS 仍然是雲端基礎設施領域的明顯領導者，在客戶數量、合作夥伴生態系統規模、功能廣度和業界最強的營運績效方面均處於顯著的領先地位。

When we look at the fundamentals of the business, we believe we are in good position to drive future growth as the rates of cost optimization slow down. AWS operating income was $7 billion, an increase of $1.6 billion year-over-year. Our operating margin for the quarter was 30.3%. This is an improvement of approximately 600 basis points quarter-over-quarter, primarily driven by increased leverage on our head count costs.

當我們審視業務的基本面時，我們相信，隨著成本優化速度放緩，我們處於推動未來成長的有利位置。 AWS營運收入為70億美元，年增16億美元。本季我們的營業利益率為 30.3%。這比上一季提高了約 600 個基點，這主要是由於我們的人員成本槓桿增加所致。

Shifting to free cash flow. On a trailing 12-month basis, free cash flow adjusted for finance leases was $20.2 billion, an improvement of $41.7 billion year-over-year. The largest driver of the improvement in free cash flow is our increased operating income, which we're seeing across all 3 of our segments. Key drivers of this improvement include reductions in our cost to serve, continued advertising growth and improved leverage on our fixed costs. We are also seeing improvements in working capital, notably with our inventory efficiency as we improve our inventory placement.

轉向自由現金流。在過去 12 個月的基礎上，融資租賃調整後的自由現金流為 202 億美元，年增 417 億美元。自由現金流改善的最大推動力是我們的營業收入增加，我們在所有三個部門都看到了這一點。這項改進的主要驅動因素包括服務成本的降低、廣告的持續成長以及固定成本槓桿率的提高。我們也看到營運資本有所改善，特別是隨著我們改善庫存佈局，我們的庫存效率也得到了改善。

Now let's turn to our capital investments. We define our capital investments as a combination of CapEx plus equipment finance leases. These investments were $50 billion for the trailing 12-month period ended September 30, down from $60 billion in the comparable prior year period. For the full year 2023, we expect capital investments to be approximately $50 billion compared to $59 billion in 2022. We expect fulfillment and transportation CapEx to be down year-over-year, partially offset by increased infrastructure CapEx to support growth of our AWS business, including additional investments related to generative AI and large language model efforts.

現在讓我們轉向我們的資本投資。我們將資本投資定義為資本支出加上設備融資租賃的組合。截至 9 月 30 日的過去 12 個月期間，這些投資額為 500 億美元，低於去年同期的 600 億美元。對於2023 年全年，我們預計資本投資約為500 億美元，而2022 年為590 億美元。我們預計履行和運輸資本支出將同比下降，部分被基礎設施資本支出增加所抵消，以支持我們的AWS業務成長，包括與產生人工智慧和大型語言模型工作相關的額外投資。

As we head into the fourth quarter, we are ready to make this a great holiday season for our customers. Looking at our operations network, our inventory is the best position it's ever been heading into the holiday season, enabling us to serve customers with fast delivery speeds from their local regions. We continue to believe putting customers first is the only reliable way to create lasting value for our shareholders.

隨著第四季的到來，我們已準備好為我們的客戶打造一個美好的假期。看看我們的營運網絡，我們的庫存處於假期期間的最佳位置，使我們能夠從當地地區為客戶提供快速的交貨速度。我們始終相信，客戶至上是為股東創造持久價值的唯一可靠方法。

With that, let's move on to questions.

接下來，讓我們繼續提問。

(Operator Instructions) And the first question comes from the line of Justin Post with Bank of America. Justin, your line is live.

（操作員說明）第一個問題來自美國銀行賈斯汀·波斯特的電話線。賈斯汀，您的線路已上線。

I'll ask about AWS. I guess the first question is, as you look forward in the fourth quarter, you mentioned you've signed some new deals. Are you seeing less cost optimization as you look forward? Or do you think it will be similar to Q3? And then second, you couldn't help but notice the big margin improvement in AWS all the way back to where you were 7 quarters ago. Could you talk about the drivers and sustainability of those margins?

我會詢問AWS的狀況。我想第一個問題是，當您展望第四季度時，您提到您已經簽署了一些新協議。您期待的成本優化是否會減少？還是你認為它會類似Q3？其次，您不禁注意到 AWS 的利潤率大幅提高，回到了 7 個季度前的水平。您能談談這些利潤的驅動因素和永續性嗎？

Yes, Justin. Sure. This is Andy. I think if you look at AWS, we grew 12% year-over-year. And I think that you saw a continued stabilization of our year-over-year growth rate. And included $919 million of incremental quarter-over-quarter revenue, which it's hard to compare and do the math across different players because not everyone discloses them clearly. But as far as we can tell, that also looks like the most absolute growth of any of the players out there.

是的，賈斯汀。當然。這是安迪。我想如果你看看 AWS，我們的年增了 12%。我認為您看到我們的同比增長率持續穩定。其中包括 9.19 億美元的季度環比增量收入，很難對不同的參與者進行比較和計算，因為並不是每個人都清楚地揭露它們。但據我們所知，這看起來也是所有球員中最絕對的成長。

We're still seeing elevated customer optimization levels than we've seen in the last year or year before this, I should say. So if you look at the optimization, it's more than a year ago, but it's meaningfully attenuating from where we've seen in the last few quarters. And if you look at the optimization too, what's interesting is it's not all customers deciding to shut down workloads.

我應該說，我們仍然看到客戶優化水平比去年或前年有所提高。因此，如果你看一下優化情況，那是一年多以前的事了，但與我們在過去幾個季度看到的情況相比，它明顯減弱了。如果你也看看優化，有趣的是並不是所有客戶都決定關閉工作負載。

A very significant portion of the optimization are customers taking advantage of enhanced price performance capabilities in AWS and making use of it. So for example, if you look at the growth of customers using EC2 instances that are Graviton based, which is our custom chip that we built for generalized CPUs, the number of people and the percentage of instances launched their Graviton base as opposed to Intel or AMD base is very substantially higher than it was before.

優化的一個非常重要的部分是客戶利用並利用 AWS 中增強的性價比功能。例如，如果您觀察使用基於 Graviton 的 EC2 執行個體（這是我們為通用 CPU 建置的客製化晶片）的客戶的成長情況，就會發現啟動 Graviton 基礎的人數和執行個體的百分比，而不是 Intel 或AMD 基數比以前高得多。

And one of the things that customers love about Graviton is that it provides 40% better price performance than the other leading x86 processors. So you see a lot of growth in Graviton. You also see a lot of customers who are moving from the hourly on demand rates for significant portions of their workloads to 1- to 3-year commitments, which we call savings plans. So those are just good examples of some of the cost optimization that customers are making in less certain economies where it's really good for customers short and long term, and I think it's also good for us.

客戶喜歡 Graviton 的原因之一是它的性價比比其他領先的 x86 處理器高出 40%。所以你會看到 Graviton 的大量成長。您還會看到許多客戶正在將大部分工作負載的按小時按需費率轉變為 1 到 3 年的承諾，我們稱之為節省計劃。因此，這些只是客戶在不太確定的經濟體中進行的一些成本優化的很好的例子，這些經濟體對客戶的短期和長期確實有好處，我認為這對我們也有好處。

But we're starting to see -- as I said, we're seeing that optimization attenuate. I expect that to continue over time. I remain very optimistic about AWS in the medium to long term. And it's because we have the most functionality by a large amount. We have a much larger partner ecosystem than you'll find elsewhere. We have stronger security and operational performance than you can find elsewhere.

但我們開始看到——正如我所說，我們看到優化正在減弱。我預計這種情況會隨著時間的推移而持續下去。從中長期來看，我對AWS仍然非常樂觀。這是因為我們擁有最多的功能。我們擁有比其他地方更大的合作夥伴生態系統。我們擁有比其他地方更強大的安全性和營運績效。

I think we're the most customer-focused. Even if you look during optimization times in this difficult economy, customers have really noticed how AWS leaned in with them for the long term. And I think that matters to customers. And then we have a $92 billion revenue run rate business where 90% of the global IT spend still resides on premises. And if you believe like we do, that equation is going to flip. There's a lot more there for us.

我認為我們是最以客戶為中心的。即使您觀察當前經濟困難時期的最佳化時期，客戶也確實注意到 AWS 如何與他們長期合作。我認為這對客戶很重要。我們的業務營運收入達 920 億美元，其中 90% 的全球 IT 支出仍駐留在本地。如果你像我們一樣相信，這個等式將會翻轉。我們還有很多事情要做。

And then you look at the very substantial gigantic new generative AI opportunity, which I believe will be tens of billions of dollars of revenue for AWS over the next several years, I think we have a unique and broad approach that's really resonating with customers. And you can see it with the array of customers I mentioned that are using us and starting to build workloads for generative AI who have already on top of us.

然後你會看到非常巨大的新生成式人工智慧機會，我相信在未來幾年內將為AWS 帶來數百億美元的收入，我認為我們擁有一種獨特而廣泛的方法，能夠真正引起客戶的共鳴。你可以從我提到的一系列客戶中看到這一點，他們正在使用我們並開始為生成式人工智慧建立工作負載，他們已經領先我們。

I could see it also. Just the growth rate for us in generative AI is very fast. Again, I have seen a lot of different numbers publicly. It's real hard to measure an apples-to-apples. But in our best estimation, our -- the amount of growth we're seeing and the absolute amount of generative AI business we're seeing compares very favorably with anything else I've seen externally. So I think that you can see that in the deals that we're doing, too.

我也看得到。只是我們在生成人工智慧方面的成長速度非常快。同樣，我公開看到了很多不同的數字。很難衡量同類之間的情況。但根據我們的最佳估計，我們所看到的成長量和生成式人工智慧業務的絕對量與我在外部看到的任何其他業務相比都非常有利。所以我認為你也可以在我們正在進行的交易中看到這一點。

I spoke about the significant number of deals that we've closed over the last couple of months. A lot of those conversations, it's -- a big piece of it is what I mentioned earlier, the functionality, the ecosystem, the operational performance, the security, how you take care of customers, but also whether or not they like your vision and set of products that you're building in this brand-new technology space, generative AI, which I think has been very effective so far. So to me, I think there's a lot of growth in front of AWS. I'm very optimistic about it.

我談到了過去幾個月我們完成的大量交易。很多這樣的對話，其中很大一部分是我之前提到的，功能、生態系統、營運績效、安全性、你如何照顧客戶，還有他們是否喜歡你的願景和你們在這個全新的技術領域——生成式人工智慧——中建構的一系列產品，我認為到目前為止非常有效。所以對我來說，我認為 AWS 前面還有很大的成長空間。我對此非常樂觀。

And Justin, on your comment about -- a question about AWS margins. So yes, the margin improved 600 basis points quarter-over-quarter, an increase of income of $1.6 billion quarter-over-quarter for AWS, is driven by -- primarily by our head count reductions in Q2 and also continued slowness in hiring, rehiring open positions. There's been also a lot of cost control in nonpeople categories, things like infrastructure costs and also discretionary costs. Natural gas prices and other energy costs have come down a bit in Q3 as well. So as we've said historically, the margins on -- the operating margin for AWS is going to fluctuate quarter-to-quarter, and this is a good example of that.

Justin，關於您關於 AWS 利潤率問題的評論。所以，是的，利潤率環比提高了 600 個基點，AWS 的收入環比增加了 16 億美元，這主要是由於我們第二季度的員工人數減少以及招聘持續緩慢，重新招聘空缺職位。非人員類別也有很多成本控制，例如基礎設施成本和可自由支配成本。第三季天然氣價格和其他能源成本也有所下降。正如我們過去所說，AWS 的營運利潤率將按季度波動，這就是一個很好的例子。

Our next question is from Doug Anmuth with JPMorgan.

我們的下一個問題來自摩根大通的 Doug Anmuth。

Can you just talk more about how the regional fulfillment network is exceeding your expectations? And then also, how does that support your confidence in moving North America beyond mid-single-digit margin levels? And then just perhaps on generative AI, obviously, a lot of innovation here. You talked about a number of different customers running early workloads. How should we think about the timing, just to drive some tangible monetization there?

您能否詳細談談區域配送網路如何超越您的預期？另外，這如何支持您將北美地區的利潤率提升至中個位數以上的信心？然後，也許在生成人工智慧方面，顯然，這裡有很多創新。您談到了許多運行早期工作負載的不同客戶。我們該如何考慮時機，只是為了推動一些有形的貨幣化？

Well, I'll start. The -- on regionalization, I think it was such a significant change for us in the network. It's hard to really appreciate with a big change across so many dimensions it was that first to make such a change has all sorts of risk. And I think the team did a great job planning around it being very thorough.

好吧，我要開始了。關於區域化，我認為這對我們網路來說是一個重大變化。很難真正理解跨越如此多維度的巨大改變，首先做出這樣的改變會帶來各種各樣的風險。我認為團隊圍繞著它做了非常徹底的出色規劃。

I think that we were able, with our placement algorithms, to get more regional local in-stock levels than we anticipated. And then I think until you actually put all the connections together, we changed a lot of the connections from a lot of these middle connections going from fulfillment centers to sortation centers and then to delivery stations to connecting the fulfillment centers and delivery stations more directly, which, of course, is easier to do when you have more local in stock in a region.

我認為，透過我們的佈局演算法，我們能夠獲得比我們預期更多的區域本地庫存水準。然後我認為，直到你真正將所有連接放在一起之前，我們改變了很多中間連接的很多連接，從履行中心到分揀中心，然後到送貨站，以更直接地連接履行中心和送貨站，當然，當您在某個地區擁有更多本地庫存時，這會更容易做到。

But I think that we were able -- the connections that we made and the optimization that we made there allowed us to get shorter transportation distances than we even anticipated in items to people a lot quicker. And then always one of the issues you got to worry about when you make a change that big is whether or not you end up splitting shipments and having more -- fewer items per box and per shipment.

但我認為我們能夠——我們建立的聯繫和我們在那裡所做的優化使我們能夠以比我們預期更快的速度獲得比我們預期的更短的運輸距離。當你做出如此大的改變時，你必須擔心的問題之一就是你最終是否會分開發貨，並且每箱和每批貨物的物品數量會增加或減少。

And that was also something that we really had to work through in the design and in the early stages, and we've gotten a lot better on. So we're just across the board, we're seeing shorter transportation distances and much faster delivery to customers. And when you deliver faster delivery to customers, they actually start to consider you for a lot more items than they otherwise would. I think it's part of what -- if you look at our very significant growth rates right now in everyday essentials and consumables, a lot of it is when you -- if you're going to order something which you need in the same day or next day, you're not going to consider it if it's coming in 3 or 4 days. But when you're consistently getting it in same day or the next day, just changes what you're willing to do.

這也是我們在設計和早期階段確實必須解決的問題，而且我們已經做得更好了。因此，我們看到運輸距離更短，交付給客戶的速度更快。當您為客戶提供更快的送貨服務時，他們實際上會開始考慮比其他情況下更多的商品。我認為這是一部分 - 如果你看看我們現在在日常必需品和消耗品方面非常顯著的增長率，很多都是當你 - 如果你要在同一天訂購你需要的東西或第二天，如果三四天後才到，你就不會考慮它。但是，當您始終在同一天或第二天得到它時，只需改變您願意做的事情即可。

I think the second question was on gen AI and the timing of monetization. What I would tell you is that we have been surprised at the pace of growth in generative AI. Our generative AI business is growing very, very quickly, as I mentioned earlier. And almost by any measure, it's a pretty significant business for us already. And yet I would also say that companies are still in the relatively early stages.

我認為第二個問題是關於人工智慧時代和貨幣化的時機。我要告訴你的是，我們對產生人工智慧的成長速度感到驚訝。正如我之前提到的，我們的生成式人工智慧業務成長得非常非常快。幾乎以任何標準衡量，這對我們來說都已經是一項相當重要的業務了。但我也想說，公司仍處於相對早期的階段。

I mean now you have to get perspective. My perspective is that the cloud is still in the early stages. If you think about 90% plus of the global IT spend being on-premises, where I think that equation is going to flip in 10 years. I think cloud is early. So if you -- with that lens on, I still think we're very early in generative AI. And what's interesting, too, around generative AI because we have so many companies who are doing all sorts of prototypes and it's really accelerating very rapidly on the training side with Trainium and Inferentia and then on the application building and running side with Bedrock, is that companies are still trying to sort out for themselves what they're going to run at large-scale production in all of these areas.

我的意思是現在你必須有遠見。我的觀點是，雲仍處於早期階段。如果您考慮到全球 90% 以上的 IT 支出都在本地，那麼我認為這種情況將在 10 年內逆轉。我認為雲還早。因此，如果你從這個角度來看，我仍然認為我們在生成人工智慧方面還處於早期階段。圍繞生成式人工智慧也很有趣，因為我們有很多公司正在製作各種原型，而且它在訓練方面（透過Trainium 和Inferentia）以及在應用程式建置和運行方面（透過Bedrock）確實在非常迅速地加速，那就是：公司仍在嘗試自己弄清楚他們將在所有這些領域進行大規模生產。

Because what happens is you try a model, you test the model, you like the results of the model and then you plug it into your application. And what a lot of companies figure out quickly is that using the really large -- the large models and the large sizes ends up often being more expensive than what they anticipated and what they want to spend on that application. And sometimes too much latency in getting the answers as it shovels through the really large models.

因為所發生的情況是您嘗試一個模型，測試該模型，您喜歡模型的結果，然後將其插入您的應用程式。許多公司很快就發現，使用真正的大型模型和大尺寸最終往往比他們的預期和他們想要在該應用程式上花費的費用更昂貴。有時，當它鏟過真正的大型模型時，獲得答案的延遲太多。

And so customers are experimenting with lots of different types of models and then different model sizes to get the cost and latency characteristics that they need for different use cases. And it's one of the things that I think is so useful about Bedrock is that customers are trying so many variants right now but to have a service that not only lets you leverage lots of third party as well as Amazon large language miles, but also lots of different sizes and then makes the transition of moving those workloads easy between them is very advantageous.

因此，客戶正在嘗試許多不同類型的模型，然後嘗試不同的模型大小，以獲得不同用例所需的成本和延遲特徵。我認為Bedrock 非常有用的一件事是，客戶現在正在嘗試如此多的變體，但擁有一項服務不僅可以讓您利用大量第三方以及亞馬遜大語言里程，而且還可以讓您利用大量第三方和亞馬遜大語言里程，不同大小的工作負載，然後在它們之間輕鬆移動這些工作負載，這是非常有利的。

Our next question is from Brian Nowak with Morgan Stanley.

我們的下一個問題來自摩根士丹利的布萊恩·諾瓦克。

Thanks for taking my question, I have two, one on AWS, one on the retail business. On AWS AI, Andy, I recognize you have a pretty multipronged AI approach. But just could you talk us through sort of one or two of the early generative AI products where you're seeing the most early demand and interest? And as you talk to customers, are there still hurdles or pain points that you're not quite serving in your product suite you look to solve and innovate on over the next couple of years in AI?

感謝您提出我的問題，我有兩個問題，一個關於 AWS，一個關於零售業務。關於 AWS AI，Andy，我意識到您採用了多管齊下的 AI 方法。但您能否向我們介紹一下您看到最早的需求和興趣的一兩個早期生成人工智慧產品？當您與客戶交談時，您希望在未來幾年的人工智慧領域解決和創新的產品套件中是否仍然存在一些障礙或痛點？

And then the second one, you made a lot of steps on the regionalization of warehouses and making it more efficient. Where are you on robotics in the warehouses? And how should we think about the potential impact of that to drive profitability even higher?

第二個，您在倉庫區域化方面採取了許多步驟，並提高了效率。您在倉庫中的機器人技術方面處於什麼位置？我們應該如何考慮這對提高獲利能力的潛在影響？

On the AI side, I think that if you're looking for some of the products that we're offering that are -- that have a lot of early resonance and traction, I would -- I'd start with Bedrock. These customers are -- they're very excited about Bedrock. And it's making it so much easier to get applications, generative AI applications built. And again, it's machine learning and AI has been something that people have been excited about for 25 years.

在人工智慧方面，我認為如果你正在尋找我們提供的一些產品，這些產品具有許多早期的共鳴和吸引力，我會從 Bedrock 開始。這些客戶對 Bedrock 感到非常興奮。它使得建立應用程式、生成式人工智慧應用程式變得更加容易。再說一遍，機器學習和人工智慧 25 年來一直讓人們興奮不已。

In my opinion, about a half dozen years ago, it took a pretty significant leap forward where it was much easier given the economics and scalability of compute and storage and then some of the tools that we built like SageMaker, it was much easier for everyday developers to start to interact with AI. But it just -- it took another meaningful step forward with generative AI, but still it's complicated to actually figure out which models you want to work, you want to use and how you actually want to employ them and trying to make sure you have the right results, trying to make sure you get safe results, trying to make sure you end up with a cost structure and a customer experience that you want.

在我看來，大約六年前，它取得了相當大的飛躍，考慮到計算和存儲的經濟性和可擴展性，以及我們構建的一些工具（如 SageMaker），日常生活變得更加容易開發人員開始與人工智慧互動。但這只是——它在生成人工智慧方面又向前邁出了有意義的一步，但實際上弄清楚你想要工作、想要使用哪些模型以及你實際上想要如何使用它們並試圖確保你擁有正確的結果，努力確保獲得安全的結果，並努力確保最終獲得您想要的成本結構和客戶體驗。

And so it's hard. And customers will like -- there's a certain number of customers who have very deep AI expert practitioners, but most companies don't. And so Bedrock just takes so much of the difficulty out of those decisions and those variables that people are very excited about Bedrock. They're using it in a very broad way. They're extremely excited about not just the set of models in there, but if you look at a leader like Anthropic and the ability for our customers in Bedrock to have exclusive early access to models and customization tools and fine-tuning which gives them more control, there's just -- there's a lot of buzz and a lot of usage and a lot of traction around Bedrock.

所以這很難。客戶會喜歡—有一定數量的客戶擁有非常深入的人工智慧專家從業者，但大多數公司沒有。因此，Bedrock 消除了這些決策和變數中的大部分困難，人們對 Bedrock 感到非常興奮。他們以非常廣泛的方式使用它。他們不僅對其中的模型集感到非常興奮，而且如果你看看像 Anthropic 這樣的領導者，以及我們在 Bedrock 的客戶能夠獨家早期訪問模型和定制工具以及微調的能力，這可以讓他們獲得更多控制，只是——基岩周圍有很多嗡嗡聲、很多使用和很多牽引力。

I would also say our chips, Trainium and Inferentia, as most people know, there's a real shortage right now in the industry in chips. It's really hard to get the amount of GPUs that everybody wants. And so it's just another reason why Trainium and Inferentia are so attractive to people. They have better price performance characteristics than the other options out there, but also the fact that you can get access to them. And we've done, I think, a pretty good job providing supply there and ordering meaningfully in advance as well.

我還要說我們的晶片，Trainium 和 Inferentia，正如大多數人所知，目前晶片行業確實存在短缺。獲得每個人都想要的 GPU 數量確實很難。這也是 Trainium 和 Inferentia 對人們如此有吸引力的另一個原因。它們比其他選項具有更好的性價比特徵，而且您可以訪問它們。我認為，我們在提供供應和提前訂購方面做得非常好。

And so you're seeing very large LLM providers make big bets on those chips. I think Anthropic deciding to train their future LLM model on Trainium and using Inferentia as well is really a statement. And then you look at the really hot start-up Perplexity.ai, who also just made a decision to do all their training and inference on top of Trainium and Inferentia. So those are 2 examples.

所以你會看到非常大的法學碩士提供者在這些晶片上下了很大的賭注。我認為 Anthropic 決定在 Trainium 上訓練他們未來的 LLM 模型並使用 Inferentia 確實是一個聲明。然後你看看非常熱門的新創公司 Perplexity.ai，他們也只是決定在 Trainium 和 Inferentia 之上進行所有訓練和推理。這是兩個例子。

I'd say CodeWhisperer, too, is just, again, it's just a game changer if you can allow your engineers not to have to do the more repetitive work of cutting and pasting and building certain functions that really, if somebody knew your code base better, could do. And so it's a real -- it's a productivity game changer for developers. And then actually launching that customization vehicle so that they actually understand your own proprietary code base, that is something that customers are quite excited about. So those are ultimately early traction AI.

我想說的是，CodeWhisperer 也只是，再次強調，如果你可以讓你的工程師不必做更多重複性的工作，例如剪切、粘貼和構建某些功能，那麼它只是一個遊戲規則改變者，如果有人知道你的程式碼庫的話比較好，可以做。因此，它確實是開發人員生產力遊戲規則的改變者。然後實際啟動自訂工具，以便他們真正了解您自己的專有程式碼庫，這是客戶非常興奮的事情。所以這些最終都是早期牽引人工智慧。

There's so much more to provide, Brian. I mean there's -- I think people -- even though Bedrock is so much easier to use than people trying to build models themselves and build the applications, I think people are still looking to find ways to make it easier to look at a big corpus of data and run an agent on top of it or maybe they don't have to do all that work themselves. I think people are looking for automated ways to understand developer environments and be able to ask any question on the developer environment. So there's a lot more. It's going to be a long time before we run out of services. And yes, I think it's a good thing to look toward the next few months in re:Invent to see the additional things that team launches.

還有很多東西要提供，布萊恩。我的意思是——我認為人們——儘管 Bedrock 比人們嘗試自己建立模型和建立應用程式更容易使用，但我認為人們仍在尋找方法來更容易地查看大型語料庫資料並在其之上運行代理，或者也許他們不必自己完成所有這些工作。我認為人們正在尋找自動化的方法來了解開發人員環境並能夠提出有關開發人員環境的任何問題。所以還有很多。需要很長時間我們的服務才會耗盡。是的，我認為展望未來幾個月的 re:Invent 團隊推出的其他內容是一件好事。

I think on the robotics piece, it's a very significant investment for us. It has been for several years. It's made a huge difference for us. It's made a big difference for us both on the productivity side, on the cost side as well as importantly on the safety side where we can have our teammates working on things that are even safer than what they get to work on today. We have a very substantial investment of additional robotics initiatives, I would say many of which are coming to fruition in 2024 and 2025 that we think will make a further additional impact on the cost and productivity and safety and our fulfillment service.

我認為在機器人領域，這對我們來說是一項非常重要的投資。已經好幾年了。這為我們帶來了巨大的改變。這對我們在生產力方面、成本方面以及重要的安全方面都產生了很大的影響，我們可以讓我們的團隊成員從事比他們今天所做的事情更安全的事情。我們對額外的機器人計劃進行了大量投資，我想說其中許多計劃將在 2024 年和 2025 年取得成果，我們認為這將對成本、生產力、安全性以及我們的履行服務產生進一步的額外影響。

Our next question comes from the line of Eric Sheridan with Goldman Sachs.

我們的下一個問題來自高盛的埃里克·謝裡登（Eric Sheridan）。

Maybe one follow-up on AWS and one on the ads business. Andy, would love your perspective. The cloud optimization theme started in the second half of '22 when there were a lot of macro concerns. And then the AI theme really only sort of came to the forefront in the last 8 or 9 months. What's your perspective on how turning the calendar into 2024 and there being a new IT budget cycle could possibly lead us to put the optimization theme in the background and some of the AI theme come more to the forefront when there might be more distinct budgeting around AI as a theme? That would be number one.

也許一項是關於 AWS 的後續行動，另一項是關於廣告業務的後續行動。安迪，會喜歡你的觀點。雲端優化主題始於 22 年下半年，當時有許多宏觀擔憂。然後，人工智慧主題實際上只是在過去 8 或 9 個月才真正走到了最前沿。您對如何將日曆轉到 2024 年以及新的 IT 預算週期可能會導致我們將優化主題放在後台，而當圍繞 AI 的預算可能更加明確時，一些 AI 主題更加突出，您有何看法作為主題？那將是第一。

And then in your ads business, you're approaching $50 billion run rate, and it's compounding in the mid-20s. What are you most excited about on the initiative front to continue to build scale both on Amazon properties and possibly off Amazon as a broader digital advertising player?

然後，在您的廣告業務中，您的運行率已接近 500 億美元，並且在 20 多歲左右開始復合。在繼續擴大亞馬遜資產以及可能在亞馬遜之外作為更廣泛的數位廣告參與者的計劃方面，您最興奮的是什麼？

On the AWS side, my perspective, we'll obviously all have to wait and see to some extent. But my perspective is that in 2024, you're going to -- I think a lot of the relatively low-hanging fruit on optimization has happened in 2023. It's not to say there won't be any more optimization. It's just that there's more low-hanging fruit when you have very large footprints and you've built a lot of applications on a platform for you to go decide to optimize if that's what you want to go do.

在 AWS 方面，我認為，我們顯然都必須在某種程度上拭目以待。但我的觀點是，到 2024 年，我認為很多相對容易實現的最佳化成果已經在 2023 年實現了。這並不是說不會再有任何優化。只是當您的足跡非常大並且您已經在平台上構建了很多應用程式以便您決定優化（如果這是您想要做的）時，就會有更多容易實現的目標。

And so I think 2020 -- we're already seeing it now with the attenuation of optimization over the last several months. But I think you'll continue to see the attenuation continue, and we're already seeing more and more companies that are turning their attention to newer initiatives. And I think what you will see in '24 and '25 as well, I think -- I don't think it's a 1-year deal, I think that's going to be a several-year trajectory, is that you're going to just see a lot of companies not just looking at the new generative AI workloads, but also there was a significant number of new customer transformations where companies were going to largely move from being on-premises to being in the cloud.

所以我認為 2020 年——我們現在已經看到了過去幾個月優化的減弱。但我認為你會繼續看到這種衰減繼續下去，而且我們已經看到越來越多的公司將注意力轉向更新的舉措。我認為你也會在 24 和 25 年看到——我不認為這是為期一年的協議，我認為這將是一個幾年的軌跡，你會看到很多公司不僅關注新的生成式人工智慧工作負載，而且還出現了大量新的客戶轉型，公司將在很大程度上從本地轉移到雲端。

That got stalled in 2023 because companies were being more conservative with their spend and wary of an uncertain economy. And so I think that what you'll see increasingly is that companies will both go back to those transformations they were planning on making and working with a lot of systems integrator partners as well as ourselves as well as start to see the production in large scale of the generative AI applications that they're all working on and prototyping and starting to deploy into production.

這一趨勢在 2023 年陷入停滯，因為企業在支出方面更加保守，並對不確定的經濟保持警覺。因此，我認為您將越來越多地看到，公司將回歸他們計劃進行的那些轉型，並與許多系統整合商合作夥伴以及我們自己合作，並開始大規模生產他們正在開發和製作原型並開始部署到生產中的生成式人工智慧應用。

I think on the ad front, well, there's a lot I'm excited about on the ad side as well. I think that it's interesting what's happened in our ads business as if you look around the industry, most advertising-heavy companies have struggled growth-wise as the economy has been difficult. And while we see companies being more cautious on the ad side and the top-of-funnel products, things like display and a little bit of video, we're still seeing a lot of strength in the lower-funnel ad products like sponsored products.

我認為在廣告方面，嗯，廣告方面也有很多讓我興奮的地方。我認為我們的廣告業務中發生的事情很有趣，如果你環顧整個行業，大多數廣告密集型公司在經濟困難的情況下都在成長方面舉步維艱。雖然我們看到公司在廣告方面和漏斗頂部產品（例如展示和一些影片）更加謹慎，但我們仍然看到贊助產品等漏斗下部廣告產品具有很大的優勢。

And I think in these types of economies, we have fared pretty well in part because we have a number of owned and operated properties that have very large volumes that advertisers and brands want to get in front of. Even in a harder economy, there's going to be a lot of e-commerce purchasing. So people want to be in front of our customers in our marketplace. Or take Thursday Night Football, which is we're in our second season of Thursday Night Football, and off to a great start, the ratings are 25% higher than they were a year ago through 6 weeks. But also, we're doing much better on the advertising side than we did in our first year, and that's a property that's really valuable. It's the one game that week, and advertisers want to be in front of customers because there's 13 million customers a week watching. So I think part of it is because we have owned and operated properties that have a lot of volume.

我認為在這些類型的經濟體中，我們表現得相當不錯，部分原因是我們擁有許多擁有和經營的房產，這些房產的銷量非常大，廣告商和品牌都希望搶佔先機。即使在經濟不景氣的情況下，也會有大量的電子商務採購。因此，人們希望在我們的市場中處於客戶面前。或者以《週四橄欖球之夜》為例，我們已經進入了《週四橄欖球之夜》的第二季，我們有了一個良好的開端，截至6 週，收視率比一年前高出25% 。而且，我們在廣告方面做得比第一年好得多，這是一項非常有價值的資產。這是本周唯一一場比賽，廣告商希望展示在客戶面前，因為每周有 1300 萬客戶觀看比賽。所以我認為部分原因是我們擁有並經營大量的房產。

And then I think the other piece is that most of our resource in the advertising side is spent on machine learning expert practitioners who are owning algorithms to make sure that the sponsor results people get when they search on something are relevant. And because of that, those ads perform better for advertisers. So when they have to think about budget decisions, they're going to choose the ones that have large volume and perform better. I think both of those are real advantages in our advertising area right now.

然後我認為另一件事是，我們在廣告方面的大部分資源都花在了機器學習專家從業者身上，他們擁有演算法，以確保人們在搜尋某些內容時獲得的贊助商結果是相關的。正因為如此，這些廣告對廣告主來說效果更好。因此，當他們必須考慮預算決策時，他們會選擇數量大且性能更好的預算。我認為這兩者都是目前我們廣告領域的真正優勢。

In terms of additional things we're excited about. I think that we have barely scraped the surface with respect to figuring out how to intelligently integrate advertising into video, into audio and into grocery. So I think we're early days in that. I think that we also started externalizing some of our products like sponsored products to third-party websites. And you see that with what we've done with Pinterest, Hearst Newspapers and BuzzFeed, so I think there's -- again, we're still pretty early in that area, but it's growing well, and we're very focused on continuing to in a great customer experience.

就我們感到興奮的其他事情而言。我認為，在弄清楚如何將廣告智慧地整合到視訊、音訊和雜貨中方面，我們僅僅觸及了表面。所以我認為我們還處於早期階段。我認為我們也開始將我們的一些產品（例如贊助產品）外部化到第三方網站。你可以看到我們在 Pinterest、Hearst Newspapers 和 BuzzFeed 上所做的事情，所以我認為，我們在這個領域還處於早期階段，但它發展良好，我們非常專注於繼續良好的客戶體驗。

And our final question comes from the line of Mark Mahaney with Evercore ISI.

我們的最後一個問題來自 Evercore ISI 的 Mark Mahaney。

Okay. On those AWS deals, Andy, that you talked about in the September quarter, was there something different about those deals, different industry, different verticals, different geographic markets? Or is it just kind of a resumption of kind of the deal flow that you've had in years past? So that's the first question.

好的。安迪，您在 9 月季度談到的那些 AWS 交易，這些交易、不同的產業、不同的垂直市場、不同的地理市場有什麼不同嗎？或者這只是您過去幾年的交易流程的恢復？這是第一個問題。

And secondly, Brian, international. Is international finally at a point where it can be sustainably profitable going forwards, maybe except for the seasonally challenged March quarter? Have you wrung out enough efficiencies and gotten enough scales? And the oldest markets there are big enough and scalable enough and profitable enough that it offsets the newer countries? Have you finally reached that point?

其次，布萊恩，國際化的。國際航空最終是否能在未來實現可持續盈利（也許除了季節性挑戰的三月季度之外）？您是否已達到足夠的效率並獲得足夠的規模？那裡最古老的市場足夠大、足夠可擴展、足夠有利可圖，足以抵消新興國家的影響？你終於達到那個地步了嗎？

First, just to give Andy a break. On international, thanks for your question. Yes, the quarter was just short of breakeven. And as you pointed out, that's a departure from kind of prior trends. I would answer that question this way. There's multiple things going on internationally. In our established countries, U.K., Germany, Japan, France, those countries are profitable and have been profitable. And we continue to work on price selection and convenience. And all that retail base is essentially adding sellers, adding vendors and selection, scaling advertising and improving the cost structure of our ops network. So many of the ops productivity initiatives, probably with the exception of regionalization, is more of a U.S. side right now. But we're working on all those productivity elements and speed concurrently globally. And you're seeing that internationally and customers are responding.

首先，只是為了讓安迪休息一下。關於國際，謝謝你的提問。是的，該季度剛剛實現盈虧平衡。正如您所指出的，這與先前的趨勢背道而馳。我會這樣回答這個問題。國際上正在發生多種事情。在我們的老牌國家，英國、德國、日本、法國，這些國家都是獲利的，而且已經獲利了。我們將繼續致力於價格選擇和便利性。所有這些零售基礎本質上都是在增加賣家、增加供應商和選擇、擴大廣告規模並改善我們營運網路的成本結構。目前，許多營運生產力措施（可能除了區域化之外）更多的是美國方面的措施。但我們正在全球範圍內同時致力於所有這些生產力要素和速度。您會看到國際上和客戶正在做出反應。

On the emerging side, over the last 6 years, we've launched 10 new countries. History has shown us that those all take time to grow into profitability. The U.S. took 10 years -- excuse me, 9 years originally. And they're all on their own journey there with growth and scale and profitability and selection and a number of other variables. So that's -- those are all going well as well.

在新興市場方面，在過去 6 年裡，我們推出了 10 個新國家。歷史告訴我們，這些都需要時間才能獲利。美國花了10年——對不起，本來是9年。他們都在自己的旅程中，伴隨著成長、規模、獲利能力、選擇和許多其他變數。所以，這些都進展順利。

We continue -- we're going to continue to invest internationally in things like Prime and expanding Prime benefits, and we're going to continue to build out the fulfillment and transportation networks to better serve customers. So I can't say it's permanently we've reached a breakeven threshold for profitability. I think the trend lines are clear, though, and we'll continue to work on accelerating that journey in all countries, especially the emerging ones.

我們將繼續——我們將繼續在 Prime 等方面進行國際投資並擴大 Prime 福利，我們將繼續建立履行和運輸網絡，以更好地為客戶服務。因此，我不能說我們永遠達到了獲利損益兩平的門檻。不過，我認為趨勢線是明確的，我們將繼續努力加速所有國家，特別是新興國家的這一進程。

On the AWS deals, it's a really broad mix of industries and geographies. So it's not comped up in one. Some are kind of first really big deals from customers. Some of them are very large expansions of existing agreements where they've gone from call it, 20% of their workloads to 50% of their workloads moving to AWS in the cloud.

在 AWS 交易中，涉及的行業和地理非常廣泛。所以它沒有合而為一。有些是來自客戶的第一筆真正的大交易。其中一些是對現有協定的非常大的擴展，他們將其從 20% 的工作負載轉移到 50% 的工作負載遷移到雲端中的 AWS。

It's also -- I'm not even really including in that number, a number of really big public sector deals that we've done over the last chunk of time that won't hit for a period of time. And so all these deals don't hit in a month. They happen over a period of time as you help those customers safely transition and migrate their workloads to AWS. But it hasn't been any one piece. And I wish I could tell you we knew exactly why they're starting to happen in faster numbers.

我甚至沒有真正將我們在過去一段時間內完成的一些非常大型的公共部門交易納入其中，這些交易在一段時間內不會發生。所以所有這些交易都不會在一個月內達成。當您幫助這些客戶安全地將其工作負載過渡和遷移到 AWS 時，它們會在一段時間內發生。但它並不是任何一件作品。我希望我能告訴你，我們確切地知道為什麼它們開始以更快的速度發生。

I do think, in general, historically, deal volume tends to be lumpy, and it doesn't perfectly distribute over a calendar year. I do think though that we've seen this in '23, for sure, that the time to close deals lengthened. And I think it's all reflective of what most companies in the world have been thinking about the last year, which is just in the face of uncertain economy, you're going to be more conservative. There are going to be more people involved. You're going to spend more time on how you can save on your existing cost instead of migrating new workloads or thinking about signing new deals.

我確實認為，總的來說，從歷史上看，交易量往往是不穩定的，並且在日曆年中的分佈並不完美。我確實認為，儘管我們在 23 年已經看到了這一點，但確實，完成交易的時間延長了。我認為這都反映了世界上大多數公司去年的想法，即面對不確定的經濟，你會變得更加保守。將會有更多的人參與其中。您將花費更多時間來考慮如何節省現有成本，而不是遷移新的工作負載或考慮簽署新交易。

And so I think what you're just starting to see along with some of the optimization attenuation is that companies are starting to look forward again. And so we've just seen a collection of those the last couple of months that had been -- being discussed for several months where I think, frankly, both sides thought they would close faster, but just went slower than they did. So I just think you're starting to see companies look forward more.

因此，我認為，隨著一些優化的減弱，您剛開始看到的是，公司開始再次展望未來。因此，我們剛剛看到了過去幾個月的一系列內容 - 討論了幾個月，坦率地說，我認為雙方都認為他們會更快地關閉，但只是比他們做的要慢。所以我認為你開始看到公司有更多的期待。

Thanks for joining us today for the call and for your questions. A replay will be available on our Investor Relations website for at least 3 months. We appreciate your interest in Amazon and look forward to talking with you again next quarter.

感謝您今天加入我們的電話並提出您的問題。我們的投資者關係網站將提供至少 3 個月的重播。我們感謝您對亞馬遜的興趣，並期待下季再次與您交談。

Ladies and gentlemen, that does conclude today's teleconference. You may disconnect your lines at this time. Thank you for your participation.

女士們、先生們，今天的電話會議到此結束。此時您可以斷開線路。感謝您的參與。