亞馬遜 (AMZN) 2025 Q2 法說會逐字稿

Thank you for standing by. Good day, everyone, and welcome to the Amazon.com second-quarter 2025 financial results teleconference. (Operator Instructions) Today's call is being recorded.

感謝您的支持。大家好，歡迎參加亞馬遜 2025 年第二季財務業績電話會議。（操作員指示）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, Mr. Dave Fildes. Thank you, sir. Please go ahead.

在開幕致詞時，我將把電話轉給投資者關係副總裁戴夫·菲爾德斯先生。謝謝您，先生。請繼續。

Hello, and welcome to our Q2 2025 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.

您好，歡迎參加我們 2025 年第二季財務業績電話會議。今天與我們一起回答您的問題的是我們的執行長 Andy Jassy 和我們的財務長 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。

Please note, unless otherwise stated, all comparisons in this call will be against our results for the comparable period of 2024. Our comments and responses to your questions reflect management's views as of today, July 31, 2025, only and will include forward-looking statements. Actual results may differ materially.

請注意，除非另有說明，本次電話會議中的所有比較都將針對我們 2024 年可比較期間的結果。我們對您的問題的評論和回應僅反映管理層截至今天（2025 年 7 月 31 日）的觀點，並將包括前瞻性陳述。實際結果可能存在重大差異。

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.

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美國證券交易委員會提交的文件中，包括我們最近的 10-K 表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.

在本次電話會議中，我們可能會討論某些非公認會計準則財務指標。在我們的新聞稿、本次網路廣播附帶的幻燈片以及我們向美國證券交易委員會提交的文件中，每份都發佈在我們的 IR 網站上。您將找到有關這些非 GAAP 指標的更多揭露，包括這些指標與可比較 GAAP 指標的對帳。

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, tariff and trade policies, 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.

我們的指導包含了我們迄今為止所看到的訂單趨勢以及我們今天認為合適的假設。我們的結果本質上是不可預測的，可能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、關稅和貿易政策以及客戶需求和支出，包括經濟衰退通貨膨脹的影響、利率、區域勞動力市場制約、世界事件、互聯網的增長率、在線商務雲服務和新興技術擔憂以及我們向美國證券交易委員會提交的文件中詳述的各種因素。

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.

我們的指導假設，除其他事項外，我們不會完成任何額外的業務收購、重組或法律和解。我們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 $167.7 billion in revenue, up 12% year over year, excluding the impact from foreign exchange rates. Operating income was $19.2 billion, up 31% year over year and trailing 12-month free cash flow was $18.2 billion. We saw good progress across our various customer experiences and businesses this past quarter.

謝謝，戴夫。今天，我們報告的收入為 1,677 億美元，不包括外匯匯率的影響，年增 12%。營業收入為 192 億美元，年增 31%，過去 12 個月的自由現金流為 182 億美元。上個季度，我們在各項客戶體驗和業務方面都取得了良好的進展。

Starting with stores. We feel good about both the inputs and outputs of the business. At Amazon, we think of our business in terms of inputs and outputs. Outputs or metrics like revenue are operating margin. But of course, you can't manage at the output level, it's the inputs that drive the outputs. So we spent virtually all of our time internally talking about and goaling against inputs.

從商店開始。我們對業務的投入和產出都感到滿意。在亞馬遜，我們從投入和產出的角度來考慮我們的業務。產出或收入等指標是營業利益率。但當然，你無法在輸出層面進行管理，而是輸入驅動輸出。因此，我們幾乎把所有的時間都花在了內部討論和製定投入目標上。

The inputs that matter most to customers in our stores business are selection, low prices, and speed of delivery. We've taken another step forward in selection these past few months headlined by the much requested return of Nike's products to Amazon's retail store.

在我們的商店業務中，對顧客來說最重要的輸入是選擇、低價和送貨速度。過去幾個月，我們在選擇方面又向前邁進了一步，其中最引人注目的是耐吉產品重返亞馬遜零售店的呼聲。

We've added premium brands like Away, Aveta, Mark Jacobs fragrances, and brands from Saks and Amazon like Dolce&Gabbana, Etro, Stella McCartney, Rosetta Getty, and the La Prairie. And we started expanding our very successful Perishables Pilot, where we offer customers perishables as a point of purchase when they're ordering other items that will be delivered same day from our same-day fulfillment nodes.

我們增加了 Away、Aveta、Mark Jacobs 香水等高端品牌，以及來自 Saks 和亞馬遜的品牌，如 Dolce&Gabbana、Etro、Stella McCartney、Rosetta Getty 和 La Prairie。我們開始擴大我們非常成功的易腐品試點項目，當顧客訂購其他商品時，我們會向他們提供易腐品作為購買點，這些商品將從我們的當日配送節點當天送達。

We're seeing strong customer adoption as 75% of customers who viewed as service this year are first-time shoppers for perishables on Amazon, with 20% of customers who use the service returning multiple times within their first month.

我們看到客戶採用率很高，因為今年 75% 的視為服務的客戶是首次在亞馬遜上購買易腐爛商品的購物者，而 20% 的使用該服務的客戶在第一個月內多次回訪。

Our prices continue to be low and sharp for customers. It's one of the reasons our everyday essentials growth outpaced the rest of the business globally and representing one out of every three units sold. It's also why well-known research firm, Profitero, has concluded for eight years in a row that Amazon has the lowest prices of any US retailer, but perhaps the clearest outputs are the rate at which our stores business grew this past quarter and the success we saw in our recent Prime Day event.

我們的價格持續為顧客提供低廉且優惠的價格。這是我們日常必需品的成長速度超過全球其他業務並占到所售出單位總數的三分之一的原因之一。這也是為什麼知名研究公司 Profitero 連續八年得出結論：亞馬遜是美國所有零售商中價格最低的，但也許最明顯的結果是我們商店業務上個季度的增長速度以及我們在最近的 Prime Day 活動中看到的成功。

This year's Prime Day was our biggest ever with record sales, number of items sold, and number of prime sign-ups in the three weeks leading up to the Prime Day. Customers save billions of dollars in independent sellers, most of which are small and medium-sized businesses saw their best sales performance of any Prime Day event yet. There continues to be a lot of noise about the impact that tariffs will have on retail prices and consumption. Much of it thus far has been wrong and misreported.

今年的 Prime Day 是我們有史以來規模最大的一次，在 Prime Day 之前的三週內，銷售額、售出的商品數量和 Prime 註冊人數均創下了紀錄。消費者為獨立賣家節省了數十億美元，其中大多數是中小型企業，取得了迄今為止 Prime Day 活動中的最佳銷售業績。關於關稅對零售價格和消費的影響的討論依然很多。到目前為止，其中很多內容都是錯誤的和誤報。

As we said before, it's impossible to know what will happen. Where will tariffs finally settle especially China? What happens when we deplete the inventory we forward bought or that our selling partners who were deployed in advance of the tariffs going into effect. If costs end up being higher, who will absorb them? But what we can share is what we've seen thus far, which is that through the first half of the year, we haven't yet seen diminishing demand nor price is meaningfully appreciating.

正如我們之前所說，我們不可能知道會發生什麼。關稅最終會落到哪裡，尤其是中國？當我們耗盡預先購買的庫存或在關稅生效前部署的銷售合作夥伴的庫存時會發生什麼。如果成本最終上升，誰來承擔？但我們可以分享的是迄今為止我們所看到的情況，那就是在今年上半年，我們還沒有看到需求減少，價格也沒有明顯上漲。

We also have such diversity of sellers in our marketplace over 2 million sellers in total with different strategies of whether to pass on higher cost to consumers, the customers are advantaged shopping at Amazon because they're more likely to find lower prices on the items they care about.

我們的市場上有各種各樣的賣家，總共超過 200 萬賣家，他們採用不同的策略來將更高的成本轉嫁給消費者，客戶在亞馬遜購物更有優勢，因為他們更有可能以更低的價格找到他們關心的商品。

Further improving delivery speed remains a key focus, and we continue to make progress. We've previously shared how we rearchitect our US inbound network into a regional structure, allowing us to place inventory and ship from locations closer to customers, improving speed and low run costs. That work is delivering tangible results.

進一步提高交付速度仍然是我們關注的重點，我們將繼續取得進展。我們之前曾分享過如何將美國入境網路重新設計為區域結構，使我們能夠從更靠近客戶的地方放置庫存和發貨，從而提高速度並降低運行成本。這項工作正在取得實際成果。

In Q2, we increased the share of orders moving through direct lanes where packages go straight from fulfillment to delivery without extra stops by over 40% year over year. We've also reduced the average distance packages traveled by 12% and lowered handling touches per unit by nearly 15%. We've made progress on order consolidation. With more products positioned locally, we're able to pack more items into each box and send fewer packages per order. That has helped drive higher units per box and improved overall cost to serve. Taken together, these improvements are making the network faster and structurally more efficient.

在第二季度，我們透過直達通道運送的訂單份額同比增長了 40% 以上，直達通道是指包裹從配送到送達無需額外停留的通道。我們也將包裹的平均運輸距離減少了 12%，並將每件包裹的處理次數減少了近 15%。我們在訂單整合方面取得了進展。隨著更多產品定位於本地，我們能夠將更多物品裝入每個箱子並減少每個訂單發送的包裹數量。這有助於提高每箱的銷售量並改善整體服務成本。綜合起來，這些改進使得網路速度更快、結構更有效率。

We've also set another global speed record in Q2 delivering to Prime members at our fastest speeds ever. In the US, we delivered 30% more items same day or next day than during the same period last year. Items customers used to pick up locally and nearby physical stores are now arriving at their door often within hours, and we're working to further improve delivery speeds no matter where customers live.

我們也在第二季創下了另一項全球速度紀錄，以有史以來最快的速度向 Prime 會員提供配送服務。在美國，我們當天或隔天送達的物品比去年同期增加了 30%。顧客過去常常在當地和附近的實體店取貨，而現在，商品通常會在幾小時內送達他們家門口，而且我們正在努力進一步提高送貨速度，無論顧客住在哪裡。

We've recently announced plans to expand our same-day and next-day delivery to tens of millions of US customers and more than 4,000 smaller cities, towns and rural communities by the end of the year. Today, it's already available in more than 1,000 of these communities across the US. The early response from customers in these areas have been very positive. They're shopping more frequently and purchasing household essentials and meaningfully higher rates.

我們最近宣布了計劃在今年年底前將當日和次日送達服務擴展到數千萬美國客戶和 4,000 多個小城市、城鎮和農村社區。如今，它已覆蓋全美 1,000 多個此類社區。這些地區客戶的早期反應非常正面。他們購物的頻率更高，購買家庭必需品的金額也更高。

Automation and robotics are also important contributors to improving cost efficiencies and driving better customer experiences over time. We deployed our 1 millionth robot across our global fulfillment network and unveiled innovations in our last-mile innovation center, such as automated package sorting and a transformative technology that brings packages directly to employees in an ergonomic height.

自動化和機器人技術也是提高成本效率和持續改善客戶體驗的重要因素。我們在全球履行網路中部署了第 100 萬台機器人，並在最後一英里創新中心推出了創新，例如自動包裹分揀和以符合人體工學的高度將包裹直接送到員工手中的變革性技術。

We rolled out DeepFleet, our AI improves robot travel efficiency by 10%. At our scale, it's a big deal. DeepFleet acts like a traffic management system to coordinate robots' movements to find optimal paths and reduce bottlenecks. For customers, it means faster delivery times and lower costs. For our team members, our robots handle more of the physically demanding tasks, making our operations network even safer. This combination of robotics and generative AI is just getting started. And while we've made significant progress, it's still early with respect to what will roll out in the next few years.

我們推出了DeepFleet，我們的AI將機器人的行駛效率提高了10％。以我們的規模來說，這是一件大事。DeepFleet 就像一個交通管理系統，可以協調機器人的運動以找到最佳路徑並減少瓶頸。對客戶來說，這意味著更快的交貨時間和更低的成本。對於我們的團隊成員來說，我們的機器人可以處理更多體力要求高的任務，使我們的營運網路更加安全。機器人技術與生成式人工智慧的結合才剛起步。雖然我們已經取得了重大進展，但對於未來幾年將推出的舉措來說，現在還為時過早。

Moving on to Amazon ads. We're pleased with the strong growth, generating $15.7 billion of revenue in the quarter, growing 22% year over year. We continue to see strength across our broad portfolio of full funnel advertising offerings that in the US alone help advertisers reach an average ad-supported audience of more than $300 million across our own properties. These are properties like our retail marketplace, Prime Video, Twitch, and Fire TV; in live sports, such as NFL, NASCAR, and the NBA; as well as third-party websites and apps.

繼續討論亞馬遜廣告。我們對強勁的成長感到滿意，本季創造了 157 億美元的收入，年增 22%。我們繼續看到我們廣泛的全通路廣告產品組合的優勢，僅在美國，這些產品就幫助廣告商透過我們自己的產品覆蓋平均超過 3 億美元的廣告支援受眾。這些資產包括我們的零售市場、Prime Video、Twitch 和 Fire TV；現場體育賽事，例如 NFL、NASCAR 和 NBA；以及第三方網站和應用程式。

Another area we're excited about is our demand side platform, or Amazon DSP. Our DSP enables advertisers to plan, activate, and measure full funnel investments. Our trillions of proprietary browsing, shopping and streaming signals paired with extensive supply side relationships and our secure clean rooms provide advertisers the ability to optimize advertising, deliver greater precision, and drive efficient and effective advertising outcomes.

我們感興趣的另一個領域是我們的需求方平台，即 Amazon DSP。我們的 DSP 使廣告主能夠規劃、啟動和衡量全通路投資。我們擁有數萬億的專有瀏覽、購物和串流媒體訊號，加上廣泛的供應方關係和安全的潔淨室，為廣告主提供了優化廣告、提供更高精確度並推動高效和有效廣告成果的能力。

And in June, we announced a momentous partnership with Roku, giving advertisers access to 80 million connected TV households, the largest authenticated connected TV footprint in the US exclusively through Amazon DSP is a giant leap forward for advertisers bringing best-in-class planning, audience precision, and performance to TV advertising.

今年 6 月，我們宣布與 Roku 建立重要的合作夥伴關係，讓廣告商能夠接觸到 8000 萬個聯網電視家庭，這是美國透過 Amazon DSP 獨家獲得的最大的經過認證的聯網電視覆蓋範圍，對於廣告商來說是一個巨大的飛躍，為電視廣告帶來了一流的規劃、精準度和效果。

We also announced an integration between Disney's real-time ad exchange and Amazon DSP. This collaboration allows advertisers to gain direct access to Disney's premium inventory across platforms like Disney+, ESPN, and Hulu while allowing them to leverage insights from both companies.

我們也宣布了迪士尼即時廣告交易平台與亞馬遜 DSP 的整合。此次合作使廣告主能夠直接存取迪士尼在 Disney+、ESPN 和 Hulu 等平台上的優質庫存，同時也能利用兩家公司的見解。

When advertisers work with Amazon, they're not just buying ad space; they're benefiting from exceptional programming, innovative technology and unrivaled signals, measurement, and audience development that provide strong relevancy for consumers and return on investment for brands.

當廣告商與亞馬遜合作時，他們不僅僅是購買廣告空間；他們還可以受益於卓越的節目、創新的技術和無與倫比的信號、測量和受眾發展，這些廣告空間為消費者提供了強大的相關性並為品牌帶來了投資回報。

Moving on to AWS. In Q2, AWS grew 17.5% year over year and now has over $123 billion annualized revenue run rate. We continue to help organizations of all sizes accelerate their transition to the cloud, signing new agreements with companies, including PepsiCo, Airbnb, Peloton, Nasdaq, London Stock Exchange, Nissan Motor, GitLab, SAP, Warner Bros., Discovery, 12 Labs, FICO, Iberia Airlines, SK Telecom, and NatWest.

轉向 AWS。第二季度，AWS 年增 17.5%，目前年化營收運行率超過 1,230 億美元。我們繼續幫助各種規模的組織加速向雲端的過渡，並與百事可樂、Airbnb、Peloton、納斯達克、倫敦證券交易所、日產汽車、GitLab、SAP、華納兄弟、Discovery、12 Labs、FICO、西班牙國家航空、SK Telecom 和 NatWest 等公司簽署了新的協議。

In the rapidly evolving world of generative AI, AWS continues to build a large, fast-growing triple-digit year-over-year percentage multibillion-dollar business with more demand than we have supplied for at the moment.

在快速發展的生成式人工智慧領域，AWS 繼續建立一個規模龐大、快速成長、年增長率達三位數、價值數十億美元的業務，目前的需求量超過了我們的供應量。

A few points to make. First, on the hardware side, our custom AI chip, Trainium2, is landing capacity in larger quantities and has impressively emerged as the backbone for Anthropic's newest generation Claude models and many of our most essential offerings like Amazon Bedrock. We've also launched Amazon EC2 instances powered by NVIDIA Grace Blackwell Super chips, AWS' most powerful NVIDIA GPU accelerated instance.

有幾點要說明。首先，在硬體方面，我們的客製化 AI 晶片 Trainium2 正在實現更大容量，並已成為 Anthropic 最新一代 Claude 模型和我們許多最重要產品（如 Amazon Bedrock）的支柱。我們還推出了由 NVIDIA Grace Blackwell Super 晶片驅動的 Amazon EC2 實例，這是 AWS 最強大的 NVIDIA GPU 加速執行個體。

Second, in Bedrock, we've recently added Anthropic's Claude 4 and is the fastest-growing model ever in Bedrock. We've also continued to see strong adoption of Amazon Nova, our own Frontier model, and it's now the second most popular foundation model in Bedrock.

其次，在 Bedrock 中，我們最近加入了 Anthropic 的 Claude 4，這是 Bedrock 中成長最快的模型。我們也繼續看到我們自己的 Frontier 模型 Amazon Nova 的廣泛採用，它現在是 Bedrock 中第二受歡迎的基礎模型。

New features in Nova allow customers to customize their Nova models in ways they can't and other foundation models, allowing organizations to infuse these models with their unique expertise while optimizing for cost and speed.

Nova 的新功能允許客戶以其他基礎模型無法實現的方式自訂他們的 Nova 模型，讓組織將這些模型與其獨特的專業知識融合在一起，同時優化成本和速度。

As people have become excited about building agents, they're realizing they lack the tools to build them. In May, we released Strands, an open-source way to more easily build agents has taken off with a wide range of customers with already 2,500 stars on GitHub and over 300,000 downloads on PyPI.

當人們對建築代理商產生興趣時，他們意識到他們缺乏建造它們的工具。五月，我們發布了 Strands，這是一種更輕鬆地建立代理的開源方法，已在廣大客戶中流行起來，在 GitHub 上已獲得 2,500 顆星，在 PyPI 上下載量超過 300,000 次。

Customers are also struggling with deploying agents into production in a secure and scalable way. It's holding up enterprises scaling agents. To help solve that problem, Bedrock just released AgentCore. AgentCore is a set of building blocks that gives customers the industry's first secure serverless run time to provide both synchronous and asynchronous execution, aging identity and boundaries, a memory service a gateway to translate services to MCP compatible interfaces, built-in code execution, and web browser tools and an observability service. Customers are excited about Agent Core, and it frees them up to start deploying agents more expansively.

客戶還在努力以安全和可擴展的方式將代理部署到生產中。它阻礙了企業擴展代理。為了幫助解決這個問題，Bedrock 剛剛發布了 AgentCore。AgentCore 是一組建置區塊，為客戶提供業界首個安全無伺服器運行時，以提供同步和非同步執行、老化身分和邊界、記憶體服務、將服務轉換為 MCP 相容介面的閘道、內建程式碼執行、Web 瀏覽器工具和可觀察性服務。客戶對 Agent Core 感到非常興奮，它讓他們可以更廣泛地部署代理程式。

Third, you're starting to see AWS release more powerful applications at the top layer of the AI stack. AWS transform as an AWS agent that dramatically reduces mainframe modernization timelines from years to months completes VMware TC2 conversions up to 80 times faster, it makes it simple to move from .NET windows to .NET Linux implementations, reducing licensing costs for .NET applications by up to 40%.

第三，您開始看到 AWS 在 AI 堆疊的頂層發布更強大的應用程式。AWS 轉型為 AWS 代理，可大幅縮短大型主機現代化時間，從數年縮短至數月，以高達 80 倍的速度完成 VMware TC2 轉換，從而輕鬆實現從.NET 視窗.NET Linux 實現，降低授權成本.NET 應用程式最多可提高 40%。

We've also just released Kiro, our new agentic-integrated development environment coding agent. There's a lot of buzz around Kiro with several hundred thousand developers using and requesting access in the first couple of weeks, 100,000 used in the first five days of the preview.

我們也剛發布了 Kiro，我們的新代理整合開發環境編碼代理。Kiro 引起了廣泛關注，在最初幾週內，有數十萬開發人員使用並請求訪問，預覽版發布後的前五天，就有 100,000 名開發人員使用並請求訪問。

What struck a chord for developers is that Kiro allows them to do Vibe coding where developers use natural language to chat with a coding agent to build code. But unlike other coding agents, where developers don't really have any structure to build on top of, Kiro allows developers to use natural language to build spec and then automatically updates that spec as they continue to vibe code or interact with Kiro. This makes it much easier to go from prototyping to production.

讓開發人員產生共鳴的是，Kiro 允許他們進行 Vibe 編碼，即開發人員使用自然語言與編碼代理程式聊天來建立程式碼。但與其他編碼代理不同，開發人員實際上沒有任何結構可以在此基礎上進行構建，而 Kiro 允許開發人員使用自然語言來構建規範，然後在他們繼續振動代碼或與 Kiro 交互時自動更新該規範。這使得從原型設計到生產變得更加容易。

Customers also like Kiro's event-driven hooks that act like an experienced developer catching things developers might miss. When developers save a react component, hooks update that test file. When they modify API endpoints, hooks refresh readme files. When they're ready to commit security hook scan for leak credentials. It's still very early for Kiro, but it seems clear we're on to something customers love, and Kiro has a chance to transform how developers build software.

客戶也喜歡 Kiro 的事件驅動鉤子，它可以像經驗豐富的開發人員一樣捕捉開發人員可能錯過的東西。當開發人員保存反應組件時，鉤子會更新該測試文件。當他們修改 API 端點時，鉤子會刷新自述文件。當他們準備提交安全鉤子掃描以查找洩漏憑證時。對於 Kiro 來說，現在還為時過早，但很明顯我們正在做一些客戶喜歡的事情，而且 Kiro 有機會改變開發人員建立軟體的方式。

I say this frequently, but remember that 85% to 90% of worldwide IT spend is still on-premises versus in the cloud. In the next 10 to 15 years, that equation is going to flip, further accelerated by company's excitement for leveraging AI. So AWS has significantly broader functionality, stronger security, and operational performance, a much deeper experience helping enterprises modernize their infrastructure bodes well for the AWS business moving forward.

我經常這麼說，但請記住，全球 85% 到 90% 的 IT 支出仍然在本地而不是雲端。未來 10 到 15 年內，這一等式將發生逆轉，而企業對利用人工智慧的熱情將進一步加速這一進程。因此，AWS 具有更廣泛的功能、更強的安全性和營運效能，以及幫助企業實現基礎設施現代化的更深入的經驗，這對 AWS 業務的未來發展具有良好的前景。

We're also seeing momentum in a number of our other areas across Amazon. I'll mention just a few. We're excited about our progress with Alexa Plus, our next-generation assistant powered by generative AI. We've been rolling out early access to US customers to start millions of customers have access now. We're seeing very positive feedback, and we'll continue to iterate on the experience.

我們也看到亞馬遜其他一些領域也呈現出良好的發展勢頭。我僅提及其中幾個。我們對 Alexa Plus 的進展感到非常興奮，它是我們由生成式人工智慧驅動的下一代助理。我們已經向美國客戶提供了早期訪問權限，現在數百萬客戶都可以使用。我們看到了非常積極的回饋，我們將繼續重複這一體驗。

We've recently completed our third successful launch of Project Kuiper. We haven't launched this service commercially yet but already have an impressive amount of enterprise and government customers who have signed agreements to use Kuiper.

我們最近成功完成了 Kuiper 專案的第三次發射。我們尚未正式推出這項服務，但已經有大量企業和政府客戶簽署了使用 Kuiper 的協議。

In Prime Video live sports, our first season of NASCAR drew about 2 million viewers per race and the youngest audience among NASCAR broadcasters in more than a decade. We've recently announced our stellar broadcasting crew for our upcoming first NBA season, including in Eagle, Stan Van Gundy, Kevin Harlan, Dwayne Wade, Taylor Rooks, Blake Griffin, Dirk Nowitzki, Steve Nash, and Candice Parker.

在 Prime Video 直播體育賽事中，我們的第一季 NASCAR 每場比賽吸引了約 200 萬觀眾，是十多年來 NASCAR 廣播公司中最年輕的觀眾。我們最近宣布了即將到來的第一個 NBA 賽季的優秀廣播團隊，包括 Eagle、Stan Van Gundy、Kevin Harlan、Dwayne Wade、Taylor Rooks、Blake Griffin、Dirk Nowitzki、Steve Nash 和 Candice Parker。

We also announced Denis Villeneuve, an Academy Award nominee, as the director for the next James Bond film. James Bond is in the hands of one of today's greatest filmmakers, and we cannot wait to get started on 007's next adventure.

我們也宣布奧斯卡獎提名人丹尼斯維倫紐瓦將擔任下一部詹姆士龐德電影的導演。詹姆斯龐德由當今最偉大的電影製作人之一執導，我們迫不及待地想開始 007 的下一次冒險。

Finally, we continue to be very pleased with the growth and residence of Amazon Pharmacy and it's grown 50% year over year, year to date on an already significant size base. A lot of good things happening across the company.

最後，我們繼續對亞馬遜藥局的成長和駐留感到非常高興，今年迄今為止，其規模已經相當可觀，年增 50%。公司裡發生了很多好事。

With that, I'll turn it over to Brian for a financial update.

說完這些，我會把財務更新交給 Brian。

Thanks, Andy. Let's start with our top-line financial results. Worldwide revenue was $167.7 billion, a 12% increase year over year, excluding the impact of foreign exchange. Foreign exchange had a $1.5 billion favorable impact to revenue in the quarter as foreign currencies generally strengthened versus the US dollar.

謝謝，安迪。讓我們從我們的頂級財務表現開始。全球營收為 1,677 億美元，不包括外匯影響，較去年同期成長 12%。由於外幣兌美元普遍走強，外匯對本季營收產生了 15 億美元的有利影響。

As a reminder, our Q2 revenue guidance had anticipated an unfavorable impact of approximately 10 basis points or $100 million. Worldwide operating income was $19.2 billion, which was $1.7 billion above the high end of our guidance range. Across our segments, we continue to prioritize cost-effective innovation that delivers value for our customers.

提醒一下，我們的第二季營收預期將產生約 10 個基點或 1 億美元的不利影響。全球營業收入為 192 億美元，比我們的預期上限高出 17 億美元。在我們的各個領域，我們繼續優先考慮能夠為客戶帶來價值的具有成本效益的創新。

In the North America segment, second-quarter revenue was $100.1 billion, an increase of 11% year over year. International segment revenue was $36.8 billion, an increase of 11% year over year excluding the impact of foreign exchange. Worldwide paid units grew 12% year over year. We remain focused on inputs that matter most to our customers.

北美地區第二季營收為1001億美元，年增11%。國際部門營收為 368 億美元，扣除外匯影響後年增 11%。全球付費單位較去年同期成長12%。我們始終專注於對客戶最重要的投入。

In the second quarter, we saw broad-based strength across our key performance metrics. This includes sharp pricing and more in stock availability as well as record delivery speeds for Prime members.

在第二季度，我們看到關鍵績效指標普遍強勁。這包括優惠的價格和更多的庫存，以及為 Prime 會員提供創紀錄的送貨速度。

Our millions of global sellers continue to be an important contributor to our vast selection. This helps customers find the items they need and does so at a competitive price. Our investment in tools, services, and fast delivery speeds help our selling partners reach more customers and further scale their businesses.

我們數以百萬計的全球賣家繼續為我們豐富的選擇做出重要貢獻。這可以幫助客戶找到他們需要的物品，而且價格具有競爭力。我們對工具、服務和快速交付速度的投資幫助我們的銷售合作夥伴接觸更多客戶並進一步擴大他們的業務。

In Q2, worldwide third-party seller unit mix was 62%, the highest ever, up 100 basis points from Q2 of last year. We're also closely monitoring the macroeconomic environment, including the impact of tariffs. As Andy mentioned, our Q2 plan factored in a range of assumptions, not all of which materialized. We will continue to consider a range of assumptions going forward.

第二季度，全球第三方賣家單位比例為 62%，為歷史最高水平，較去年第二季上升 100 個基點。我們也密切關注宏觀經濟環境，包括關稅的影響。正如安迪所提到的，我們的第二季計畫考慮了一系列假設，但並非所有假設都實現了。我們將繼續考慮一系列未來假設。

Shifting to profitability. North America segment operating income was $7.5 billion, an increase of $2.5 billion year on year. North America operating margin was 7.5%, up 190 basis points year over year. International segment operating income was $1.5 billion, up $1.2 billion year over year. International operating margin was 4.1%, up 320 basis points year over year. We're pleased with the strong execution of our operations teams and the positive experience they delivered for customers.

轉向盈利。北美地區營業收入為75億美元，年增25億美元。北美營業利益率為7.5%，較去年成長190個基點。國際部門營業收入為 15 億美元，較去年同期成長 12 億美元。國際營業利益率為4.1%，較去年同期成長320個基點。我們對營運團隊的強大執行力以及他們為客戶提供的正面體驗感到滿意。

In Q2, we saw productivity gains in our transportation network, driven by improved inventory placement, strong leverage on high unit volumes, and higher levels of in-demand inventory from both first-party and third-party selling partners. These factors contributed to faster delivery speeds and lower costs. Outbound shipping costs were up 6% year over year and continue to grow at a meaningfully slower pace than unit growth, which as I mentioned earlier, was up 12% year over year.

在第二季度，我們的運輸網路生產力有所提高，這得益於庫存配置的改善、高單位數量的強大槓桿作用以及來自第一方和第三方銷售合作夥伴的更高水平的按需庫存。這些因素有助於加快交貨速度並降低成本。出境運輸成本年增 6%，且成長率明顯低於單位成長率，如我先前所提到的，單位成長率年增 12%。

We're committed to initiatives that further improve our cost structure. Strategic inventory placement drives multiple benefits, including better in-stock availability, shorter delivery routes, and faster customer delivery times. When we optimize inventory location, we can consolidate more items for package, reducing packaging materials and costs. To achieve this, we will continue to improve upon our inbound network, expand our US same-day delivery facilities, including rural communities, and implement robotics and automation across our facilities. While year over year improvements in operating margin may fluctuate, we have a purposeful strategy to achieve sustained progress over time.

我們致力於進一步改善成本結構的措施。策略性庫存佈局可帶來多種好處，包括更好的庫存可用性、更短的交貨路線和更快的客戶交貨時間。當我們優化庫存位置時，我們可以合併更多物品進行包裝，從而減少包裝材料和成本。為了實現這一目標，我們將繼續改善我們的入境網絡，擴大我們的美國當日送達設施（包括農村社區），並在我們的設施中實施機器人和自動化。雖然營業利潤率的逐年改善可能會有所波動，但我們有一個有目的的策略來實現長期持續的進步。

Shifting to advertising. Advertising revenue grew 22% year over year, driven by sponsored products as we saw strong traffic in our stores. Advertising remains an important contributor to profitability in the North American International segments. Our full funnel advertising approach of connecting brands with customers is resonating.

轉向廣告。由於我們商店客流量龐大，贊助產品推動了廣告收入年增 22%。廣告仍是北美國際部門獲利的重要貢獻者。我們將品牌與客戶連結的全通路廣告方式引起了共鳴。

Moving next to our AWS segment. Revenue was $30.9 billion, an increase of 17.5% year over year. AWS now has an annualized revenue run rate of more than $123 billion. During the second quarter, we continue to see growth in both our generative AI and non-generative AI businesses as companies turn their attention to newer initiatives bring more workloads to the cloud, restart or accelerate existing migrations from on-premise to the cloud, and tap into the power of generative AI.

接下來前往我們的 AWS 部分。營收為309億美元，年增17.5%。AWS 目前年化營收運行率已超過 1,230 億美元。在第二季度，隨著企業將注意力轉向新舉措，將更多工作負載轉移到雲端、重新啟動或加速現有的從本地到雲端的遷移，並利用生成式人工智慧的力量，我們的生成式人工智慧和非生成式人工智慧業務繼續成長。

AWS operating income was $10.2 billion. We did see AWS segment margins decline from a record high of 39.5% in Q1 to 32.9% in Q2. The largest quarter-over-quarter driver of the decrease or about half is due to the seasonal step-up in stock-based compensation expense, driven by the timing of our annual compensation cycle. AWS margins also saw headwinds from higher depreciation expense as well as unfavorable impacts from year-over-year fluctuations in foreign exchange rates. The depreciation expense is a result of our growing investments in capital expenditures in AWS.

AWS營業收入為102億美元。我們確實看到 AWS 部門的利潤率從第一季的歷史高點 39.5% 下降到第二季的 32.9%。造成季度環比下降的最大因素（約佔一半）是由於股票薪酬費用的季節性增加，這是由我們年度薪酬週期的時間所驅動的。AWS 利潤率也受到折舊費用增加以及外匯匯率年比波動的不利影響。折舊費用是我們對 AWS 資本支出不斷增加的投資的結果。

As we've said in the past, we expect AWS operating margins to fluctuate over time driven in part by the level of investments we are making at any point in time. We will continue to invest more capital in chips, data centers, and power to pursue this unusually large opportunity that we have in generative AI.

正如我們過去所說，我們預計 AWS 的營業利潤率會隨著時間的推移而波動，部分原因是我們在任何時間點進行的投資水準。我們將繼續在晶片、資料中心和電力方面投入更多資金，以抓住生成人工智慧領域這一異常巨大的機會。

Now, turning to our cash CapEx, which was $31.4 billion in Q2. We expect Q2 CapEx to be reasonably representative of our quarterly capital investment rate for the back half of this year. AWS continues to be the primary driver as we invest to support demand for our AI services and increasingly in custom silicon, like Trainium, as well as tech infrastructure to support our North America and international segments.

現在，談談我們的現金資本支出，第二季為 314 億美元。我們預計第二季的資本支出將合理地代表今年下半年的季度資本投資率。隨著我們投資滿足對 AI 服務的需求，並不斷增加對 Trainium 等客製化晶片以及支援我們北美和國際市場的技術基礎設施的投資，AWS 仍然是主要驅動力。

Additionally, we continue to invest in our fulfillment and transportation network to support growth of the business, improve delivery speeds and lower our cost to serve by investing in same-day delivery facilities as well as robotics and automation. Collectively, these investments will support growth for many years to come.

此外，我們繼續投資我們的履行和運輸網絡，以支持業務成長，提高交付速度，並透過投資當日送達設施以及機器人和自動化來降低服務成本。總體而言，這些投資將支持未來多年的成長。

Moving on to our third-quarter financial guidance. As a reminder, our guidance considers a range of possibilities, which take into consideration Q2 results, trends we see quarter to date, and expectations around the macroeconomic environment, including tariffs.

繼續討論我們的第三季財務指導。提醒一下，我們的指導考慮了一系列可能性，其中包括第二季度的業績、我們本季迄今所看到的趨勢以及包括關稅在內的宏觀經濟環境的預期。

Q3 net sales are expected to be between $174 billion and $179.5 billion. We estimate the year-over-year impact of changes in foreign exchange rates based on current rates, which we expect to be a favorable impact of approximately 130 basis points. As a reminder, global currencies can fluctuate during the quarter.

預計第三季淨銷售額將在 1,740 億美元至 1,795 億美元之間。我們根據目前匯率估計外匯匯率變動的年比影響，預計有利影響約為 130 個基點。提醒一下，本季全球貨幣可能會出現波動。

Q3 operating income is expected to be between $15.5 billion and $20.5 billion. In this dynamic environment, we'll focus on what matters most; delivering exceptional customer value through product selection, competitive prices, and unmatched convenience.

預計第三季營業收入將在155億美元至205億美元之間。在這個充滿活力的環境中，我們將專注於最重要的事情；透過產品選擇、有競爭力的價格和無與倫比的便利性提供卓越的客戶價值。

We remain focused on driving a better customer experience and believe putting customers first is the only reliable way to create lasting value for our shareholders.

我們始終致力於提供更好的客戶體驗，並相信客戶至上是為股東創造持久價值的唯一可靠途徑。

With that, let's move on to your questions.

好了，讓我們繼續回答您的問題。

(Operator Instructions) Doug Anmuth, JPMorgan.

（操作員指示）摩根大通的 Doug Anmuth。

Thanks so much for taking the questions. I have two. First, can you just help us understand with some more granularity how tariffs are being absorbed across suppliers, Amazon, and consumers and whether you anticipate any change going forward?

非常感謝您回答這些問題。我有兩個。首先，您能否更詳細地幫助我們了解供應商、亞馬遜和消費者如何吸收關稅，以及您是否預期未來會發生任何變化？

And then second on AWS, we're seeing significantly faster cloud growth among the number two and number three players in the space. I totally appreciate that AWS is coming off of a bigger base. But beyond that, do you think the output gap is due more to customer demand or infrastructure supply for both?

其次，在 AWS 方面，我們看到該領域排名第二和第三的雲端運算公司的成長速度明顯加快。我非常欣賞 AWS 擁有更大的基礎。但除此之外，您認為產出缺口更多的是因為客戶需求還是基礎建設供應所造成的？

Yeah. I'll take both of those. I'll start with the tariffs. I think what we said a number of times, and we still believe it is we just don't know what's going to happen moving forward. It's hard to know where the tariffs are going to settle, particularly in China. It's hard to know what will happen when we deplete some of the prebuys that we did on our own first-party retail and then some of the forward deploying that we saw of our third-party selling partners. And if costs go up over time, it's -- we're unsure at this point who's going to end up absorbing those higher costs.

是的。我會接受這兩個。我先從關稅開始。我想我們已經說過很多次了，而且我們仍然相信，我們只是不知道未來會發生什麼。很難知道關稅將在何處解決，特別是在中國。很難知道當我們耗盡我們在自己的第一方零售上進行的一些預購，然後又耗盡我們在第三方銷售合作夥伴上看到的一些前瞻性部署時會發生什麼。如果成本隨著時間的推移而上升，那麼——我們目前不確定誰最終將承擔這些更高的成本。

What we can tell you is what we've seen so far in the first half of the year, in the first half, we just haven't seen diminished demand. And we haven't seen any kind of broad scale ASP increases. And so that could change in the second half. There are a lot of things that we don't know, but that's what we've seen so far.

我們可以告訴大家的是，就今年上半年的情況來看，我們並沒有看到需求減少。我們還沒有看到任何大規模的平均售價上漲。因此，下半年的情況可能會改變。有很多事情我們不知道，但這就是我們目前所看到的。

On the question on AWS, the first thing I'd say is it's -- as you said, Doug, in your question, year-over-year percentages and growth rates are always a function of the base in which you operate. And we have a meaningfully larger business in the AWS segment than others. I think the second player is about 65% of the size of AWS.

關於 AWS 的問題，我首先要說的是——正如你所說，Doug，在你的問題中，同比百分比和成長率始終取決於你營運的基礎。我們在 AWS 領域的業務比其他公司大得多。我認為第二名玩家的規模大約是 AWS 的 65%。

And when we look at the results over the last number of quarters, there are sometimes where -- as far as we can tell, we're growing faster than others and sometimes others are growing faster than us. But it's still like if you look at second place player you're talking about, it's a -- it's still a pretty significant segment market segment leadership position that we have.

當我們回顧過去幾季的業績時，我們發現有時——據我們所知，我們的成長速度比其他公司快，而有時其他公司的成長速度也比我們快。但如果你看看你談論的第二名玩家，你會發現我們仍然佔據著相當重要的細分市場領導地位。

And regardless, these are all really just moments in time. The last week is a moment in time too where -- the reality of what really matters is what customers' experiences are in operating on these platforms. And if you look at what matters to customers, what they care a lot about what the operational performance is, what the availability is, what the durability is, what the latency and throughput is of the various services. And I think we have a pretty significant advantage in that area.

不管怎樣，這些都只是時間中的瞬間。上週也是一個關鍵時刻——真正重要的是客戶在這些平台上操作時的體驗。如果你看看客戶關心什麼，他們最關心的是營運績效、可用性、耐用性、各種服務的延遲和吞吐量。我認為我們在該領域具有相當明顯的優勢。

They care a lot about security. If you have data that matters. And for most companies, they're putting data that they really care about in the cloud. The security and the privacy of that data matters a lot, and there are very different results in security in AWS than you'll see in other players. And yes, you could just look at what's happened in the last couple of months, you can just see kind of adventures at some of these players almost every month. And so a very big difference, I think, in security.

他們非常關心安全。如果您有重要的數據。對於大多數公司來說，他們將真正關心的數據放在雲端。資料的安全性和隱私性非常重要，AWS 的安全性與其他參與者的安全性結果截然不同。是的，你可以看看過去幾個月發生的事情，你幾乎每個月都可以看到一些球員的冒險。因此，我認為在安全性方面存在很大差異。

And then I think a really significant difference in functionality where not just in the core infrastructure, do we have a lot more functionality in our services. But I think if you look at our end-to-end offering in AI, it's from the bottom of the stack all the way to the top, it's pretty different.

然後我認為功能上有一個真正顯著的差異，不僅僅是在核心基礎設施上，我們的服務中還具有更多的功能。但我認為，如果你看一下我們在人工智慧領域提供的端到端產品，你會發現從堆疊底部一直到頂部，這是非常不同的。

So I feel good about the inputs and the services that we're offering to customers across AI as well as non-AI. And we have more demand than we have capacity right now. So we could be doing more revenue and helping customers more, and we're working very hard on changing that outcome and how much capacity we have. But it's still -- like if you look at the business, it's $123 billion annual revenue run rate business and it's still early. I mean, how often do you have an opportunity that's $123 billion of annual revenue run rate where you say it's still early. It's a very unusual opportunity that we're very bullish about.

因此，我對我們為人工智慧和非人工智慧領域的客戶提供的投入和服務感到滿意。目前我們的需求量已經超過了我們的產能。因此，我們可以創造更多收入並為客戶提供更多幫助，我們正在努力改變這種結果以及我們的產能。但它仍然——如果你看一下這個業務，它是一項年收入 1230 億美元的業務，而且現在還為時過早。我的意思是，你多久會遇到一次年收入運行率達到 1230 億美元而你卻說現在還為時過早的機會？這是一個非常難得的機會，我們對此非常樂觀。

Mark Mahaney, Evercore.

馬克‧馬哈尼 (Mark Mahaney)，Evercore。

Okay. I'll stick with AWS to start with. Could you just disclose the backlog number? And then in the past, I know you've talked about the supply constraints and hoping that they will sort of resolve themselves by the back half of the year. Is that still your intention? Anything that suggests that the supply constraints are going to get resolved earlier or later?

好的。首先，我會堅持使用 AWS。能透露一下積壓訂單的數量嗎？然後，我知道您過去曾談到供應限制問題，並希望這些問題能夠在今年下半年解決。這還是你的本意嗎？有什麼跡象顯示供應限制問題將會提前或延遲得到解決？

And then a long-term question on Alexa Plus and I've been experimenting with it for a while. Just Andy, when you think about the potential that, that has in terms of increasing engagement, maybe tapping into some services revenue, advertising, maybe a little bit more retail sales per household, you're just reducing friction. Just talk about what -- from a financial perspective, how you think that could play out, how we would maybe see that in the numbers?

然後是關於 Alexa Plus 的一個長期問題，我已經對它進行了一段時間的試驗。安迪，當你考慮到它在提高參與度方面的潛力時，也許可以利用一些服務收入、廣告，也許每個家庭的零售額會增加一點，你只是在減少摩擦。只討論一下——從財務角度來看，您認為這會如何發展，我們如何從數字上看到這一點？

Hey, Mark. This is Dave. I'll just start off to give you the backlog figures. So at the end of the quarter, at June 30, that was $195 billion, so that's up about 25% year over year.

嘿，馬克。這是戴夫。我首先要向你們提供積壓數據。因此，截至本季末（6 月 30 日），這一數字為 1,950 億美元，年增約 25%。

On the supply constraints as it relates to AWS and what we see there, as I mentioned, we have more demand than we have capacity at this point. And I think that -- and you see some of the constraints and they kind of exist in multiple places, the single biggest constraint power.

關於與 AWS 相關的供應限制以及我們所看到的情況，正如我所提到的，目前我們的需求大於我們的產能。我認為——你會看到一些限制因素，它們存在於多個地方，這是最大的限制。

But you also see constraints off and on with chips and then some of the components that -- once you have the chips to actually make the servers, the sometimes you have new generations of chips that are a little bit later than they're supposed to be and sometimes you get the chips and the yield you get in making servers isn't what you expect when you get to ramp. So there are a bunch of those pieces today that we're working on.

但你也會看到晶片和一些組件時斷時續的限制——一旦你有了真正製造伺服器的晶片，有時你會得到比預期稍晚的新一代晶片，有時你得到的晶片和你在製造伺服器時獲得的產量並不像你在量產時所期望的那樣。所以今天我們正在處理很多這樣的作品。

It's really true across the industry today. I don't believe that we will have fully resolved the amount of capacity we need for the amount of demand that we have in a couple of quarters. I think it will take several quarters. But I do expect that it's going to get better each quarter, and I'm optimistic about that.

如今，整個產業都是如此。我不相信我們能夠在短短幾季內完全解決我們所需的產能與需求量的問題。我認為這將需要幾個季度。但我確實預計每季情況都會好轉，我對此感到樂觀。

I think on the Alexa question, I think I'd start by saying the Alexa Plus experience is so much better than I think our prior Alexa experience. She's much more intelligent than her prior self. She's much more capable. And I would say unlike the other chat bots that are out there today who are good at answering questions, but really can't take any action for you, Alexa Plus can take a lot of action for you, which is very compelling.

我認為關於 Alexa 的問題，我想先說 Alexa Plus 的體驗比我們之前的 Alexa 體驗要好得多。她比以前的自己聰明多了。她的能力更強。我想說的是，與當今其他擅長回答問題但無法為您採取任何行動的聊天機器人不同，Alexa Plus 可以為您採取很多行動，這非常引人注目。

So I can ask Alexa to play music for me or play video for me to move my music from one device to another or if I'm listening to a song, that's on -- that's in a movie, I can ask Alexa Plus to actually put that movie scene on -- of the song I'm playing, and it will put it on my Prime video on Fire TV or if I have guests coming over. I can say, Alexa draw the curtains, put the light on the porch and the driveway, increase the temperature by 5 degrees and put on music that would be great for a dinner party. And she does all that just through using natural language. So if she could take a lot of actions and it's compelling.

因此，我可以讓 Alexa 為我播放音樂或視頻，以便將我的音樂從一個設備移動到另一個設備，或者如果我正在聽一首歌，那是在一部電影中，我可以要求 Alexa Plus 實際上把那個電影場景放在我正在播放的歌曲中，它會把它放在我的 Fire TV 上的 Prime 視頻上，或者當我有客人過來時。我可以說，Alexa 拉上窗簾，打開門廊和車道上的燈，將溫度提高 5 度，並播放適合晚宴的音樂。她僅透過使用自然語言就做到了這一切。所以如果她能採取很多行動，那就很有說服力了。

And what we see so far, we've been rolling out Alexa Plus starting in the US. It's with millions of customers now. The rest in the US coming in the next couple of months and it's starting the international rollout more broadly later in the year. And customers really like the experience. They recognize how much better it is than what it was before. The ratings are very high. The usage is much more expansive than what they were using before and the number of calls they're making is meaningfully higher.

就我們目前所見，我們已經開始在美國推出 Alexa Plus。目前它已擁有數百萬客戶。其餘產品將在未來幾個月內在美國上市，並將在今年稍後開始在國際上進行更廣泛的推廣。顧客確實喜歡這種體驗。他們認識到它比以前好多了。收視率非常高。與以前相比，他們的使用範圍更加廣泛，撥打的電話數量也顯著增加。

And I think there are a number of different areas where we'll see benefit. I think first, if you build the world's best personal assistant, that has a lot of utility for customers, and therefore, it gets used a lot. So it means everything from people are excited about the devices that they can buy from us that has Alexa Plus enabled in it. People do a lot of shopping and it's really -- it's a delightful shopping experience that will keep getting better.

我認為我們將在許多不同領域看到其好處。我認為首先，如果你打造了世界上最好的個人助理，它對客戶來說會有很多實用性，因此會被廣泛使用。所以這意味著人們對從我們這裡購買的啟用了 Alexa Plus 的裝置感到興奮。人們購物很多，這確實是一種令人愉快的購物體驗，而且會越來越好。

I think over time, there will be opportunities as people are engaging more multiturn conversations to have advertising play a role to help people find discovery and also as a lever to drive revenue. And I think over time, you could also imagine, as we keep adding functionality that there could be some sort of subscription element beyond what there is today.

我認為，隨著時間的推移，隨著人們參與更多多輪對話，廣告將有機會發揮作用，幫助人們發現新事物，並成為推動收入的槓桿。我認為隨著時間的推移，您還可以想像，隨著我們不斷添加功能，可能會出現某種超出現有功能的訂閱元素。

Today, Prime members get Alexa Plus for free and non-Prime members pay $9.99 a month for Alexa Plus. So I think it's very -- it's still very early days, but we're very encouraged by the experience we're providing and you can bet we're going to be iterating on it constantly.

如今，Prime 會員可以免費獲得 Alexa Plus，非 Prime 會員每月需支付 9.99 美元才能獲得 Alexa Plus。所以我認為這還處於非常早期的階段，但我們對我們所提供的體驗感到非常鼓舞，你可以打賭我們會不斷地對其進行迭代。

Colin Sebastian, Baird.

科林·塞巴斯蒂安，貝爾德。

Thanks for taking the questions. I guess, first off, with respect to the International segment and the progress in both revenues and margins. I was hoping you could add maybe some color on the drivers of each of those and the sustainability of the improved efficiency in those markets.

感謝您回答這些問題。我想，首先是關於國際部門以及收入和利潤的進展。我希望您能對每個因素的驅動因素以及這些市場效率提高的可持續性進行一些說明。

And then, Andy, you mentioned Kuiper. We haven't heard as much about that of late. So maybe if you could review where things stand relative to next year's launch target timing of the service rollout and maybe any perspective you have on the longer-term ambitions for the satellite network.

然後，安迪，你提到了柯伊伯。我們最近沒有聽到太多關於這方面的消息。因此，您是否可以回顧明年服務推出的目標時間的相關情況，以及您對衛星網路長期目標的看法。

Thanks, Colin. This is Brian. I'll start with the international segment question. So a very strong quarter for International segment, both on revenue growth and also on operating margin. Operating margin was up 320 basis points year over year to 4.1%. And if you look, that's the continuation of a strong progression we've seen quarter by quarter over the last 10 quarters in total. We've seen an increase of close to 700 basis points during that time period.

謝謝，科林。這是布萊恩。我先從國際部分的問題開始。因此，對於國際部門來說這是一個非常強勁的季度，無論是收入成長還是營業利潤率。營業利益率年增320個基點至4.1%。如果你看一下，你會發現這是我們在過去 10 個季度中逐季度看到的強勁成長的延續。我們看到在此期間利率增加了近 700 個基點。

So really, it's a tale of two pieces of segment -- or excuse me, sections within international. One is the established countries like UK, Germany, and Japan, already at similar margin profiles to the US. So we'll -- as they continue to grow their contribution of profit will grow over time, and that's what we're seeing.

所以實際上，這是一個關於兩個部分的故事——或者對不起，是國際內部的兩個部分。一類是英國、德國、日本等成熟國家，其利潤率已與美國相似。因此，隨著他們的持續成長，他們的利潤貢獻也會隨著時間的推移而成長，而這就是我們所看到的。

In the quarter, we saw strong productivity in our transportation network in those countries, much like we saw in the US, and that's led to higher units for package and faster delivery speeds at lower cost. So again, the theme of lower cost to serve and also increased speed and better selection for our customers continues to grow internationally as well.

本季度，我們發現這些國家的運輸網絡生產力強勁，就像我們在美國看到的一樣，這導致包裹單位數量增加、運送速度加快且成本降低。因此，降低服務成本、提高速度並為客戶提供更好的選擇主題在國際上也持續發展。

In our emerging countries, we're pleased with the progress we're making there. We've launched eight countries, of course, in the last five years. And there are all varying degrees of upfront investment in different point in times in their journey to profitability, but they're all making very nice improvements quarter over quarter in growing selection, adding prime members and expanding our customer offerings.

在我們的新興國家，我們對在那裡取得的進展感到滿意。當然，在過去五年裡，我們已經在八個國家開展業務。在實現盈利的過程中，他們在不同時間點都進行了不同程度的前期投資，但他們在增加選擇、增加主要會員和擴大我們的客戶服務方面都取得了非常好的季度進步。

So I think what you're saying, again, is sustained improvement in those areas. I feel very good about it. The established countries are continuing to grow and develop and very much look like the United States and the emerging countries, again, are all very different stages of growth right now.

所以我認為你所說的是這些領域的持續改善。我對此感覺非常好。已開發國家正在持續成長和發展，與美國非常相似，而新興國家目前正處於非常不同的成長階段。

On the Project Kuiper question, so Project Kuiper's or low earth orbit satellite constellation that we're putting up and launching. And there's 400 million to 500 million households worldwide who don't have broadband connectivity. And it means they can't do a lot of things we take for granted, like education online or business online or shopping or entertainment. There is really a digital divide, and it's much needed.

關於柯伊伯計畫的問題，也就是我們正在建立和發射的柯伊伯計畫或低地球軌道衛星星座。全球有 4 億到 5 億個家庭沒有寬頻連線。這意味著他們無法做很多我們認為理所當然的事情，例如線上教育、線上商務、購物或娛樂。確實存在著數位鴻溝，而且這是非常必要的。

And it's also true for enterprises and for governments that they have assets or needs to have visibility or connectivity that they can't get today given the lack of broadband and a bunch of places around the world. So there's a high need.

對於企業和政府來說，由於寬頻的缺乏以及世界各地許多地方的現狀，他們擁有資產或需要獲得可見性或連接性，而這些是他們目前無法獲得的。因此，需求量很大。

I would say that as we get our constellation into space, there will really be two players that have what I would consider the modern technology in low Earth orbit satellite. One is the incumbent in the market today and the second will be Project Kuiper.

我想說，當我們將衛星星座送入太空時，實際上將有兩位參與者擁有我認為的現代低地球軌道衛星技術。一個是目前市場上的現有產品，第二個是 Project Kuiper。

I think that we will have a pretty meaningful differentiation here in performance. If you look at the performance of what I expect on the uplink and downlink, I think Project Kuiper will be advantaged. I also think the pricing is going to be very compelling for customers.

我認為我們在性能方面將會有非常有意義的差異化。如果您看一下我所期望的上行鏈路和下行鏈路的性能，我認為 Project Kuiper 將具有優勢。我還認為定價對客戶來說非常有吸引力。

And then I think if you think about the three key customer segments who want lower Earth orbit satellite, consumers enterprises, and governments. We have very strong relationships with all three customer segments given our consumer businesses and our AWS business. And I think if you think about enterprises and governments, a lot of what they want to do when they take the data down from space as they actually want to put it into a cloud to do analysis, analytics and AI and various operations on top of it. And the fact that Project Kuiper and AWS are so seamlessly connected is very attractive to enterprises and to governments.

然後我想如果你考慮需要低地球軌道衛星的三個關鍵客戶群，也就是消費者企業和政府。鑑於我們的消費者業務和 AWS 業務，我們與所有三個客戶群都建立了非常牢固的關係。我認為，如果你考慮企業和政府，當他們從太空獲取數據時，他們想要做的很多事情實際上是將其放入雲端進行分析、分析和人工智慧以及在其上進行各種操作。而且 Project Kuiper 與 AWS 如此無縫連接的事實對企業和政府來說非常有吸引力。

And I'm kind of amazed we haven't launched Project Kuiper yet. But the number of enterprise and government agreements that have been signed already to use Project Kuiper is impressive. So we're working very hard to get the satellites into space. We have some delays with some of the rocket providers, but we have most of the available rocket launches over the next couple of years and were very helpful to get the service into commercial into commercial data later this year or early next year.

我有點驚訝我們還沒有啟動 Kuiper 計畫。但已經簽署使用 Kuiper 計畫的企業和政府協議的數量令人印象深刻。因此我們正在努力將衛星送入太空。我們與一些火箭供應商之間存在一些延誤，但在接下來的幾年裡，我們擁有大部分可用的火箭發射，這對於在今年稍後或明年年初將服務投入商業並轉化為商業數據非常有幫助。

Brian Nowak, Morgan Stanley.

摩根士丹利的布萊恩·諾瓦克。

Thank you for taking my questions. Andy, I have two for you on AWS. They're a little tough, but I'm going to throw at you. So there is a Wall Street finance person narrative right now, that AWS is falling behind in GenAI with concerns about share loss to peers, et cetera. Can you just sort of address that? What is your rebuttal to that? And talk to us about your and the team's most important focal points. Just to ensure that AWS stays on the nice edge of innovation versus hyperscaler peers?

感謝您回答我的問題。安迪，我有兩個關於 AWS 的資訊要告訴你。它們有點難對付，但我還是會丟給你。因此，目前華爾街金融人士的說法是，AWS 在 GenAI 領域落後，擔心市佔率輸給同業等等。您能簡單解釋一下這個問題嗎？你對此有何反駁？並與我們討論您和團隊最重要的關注點。只是為了確保 AWS 在與超大規模同行的創新中保持領先地位？

And then secondly, I know AWS is a big business. But is there any reason to assume it shouldn't accelerate in the back half and into '26 given the size of the opportunity and all of the GenAI capabilities that are going to sort of come to us in the next 12 months?

其次，我知道 AWS 是一門大生意。但是，考慮到機會的規模和未來 12 個月內即將出現的所有 GenAI 功能，有什麼理由認為它不應該在下半年和 26 年加速發展？

Yeah. So on the first one around AI. The first thing I would say is that I think it is so early right now in AI. If you look at what's really happening in the space, you have -- it's very top heavy. So you have a small number of very large frontier models that are being trained that spend a lot on computing, a couple of which are being trained on top of AWS and others are being trained elsewhere.

是的。第一個是關於人工智慧的。我想說的第一件事是，我認為現在人工智慧還處於早期階段。如果你觀察這個領域真正發生的事情，你會發現──它非常頭重腳輕。因此，您有少量正在接受訓練的非常大的前沿模型，這些模型在計算上花費了大量的時間，其中一些是在 AWS 上進行訓練的，其他是在其他地方進行訓練的。

And then you also have, I would say, a relatively small number of very large-scale generative AI applications. The one category would be chatbots with the largest by a fair bit being ChatGPT, but the other category being really, I'll call it, coding agents. So these are companies like Cursor, Versall, Lovable, and some of the companies like that. Again, several of which run significant chunks on top of AWS.

然後我想說，你還會擁有數量相對較少的大規模生成式人工智慧應用程式。一類是聊天機器人，其中最大的是 ChatGPT，但另一類實際上是，我稱之為編碼代理。這些公司包括 Cursor、Versall、Lovable 以及一些類似的公司。同樣，其中有幾個在 AWS 上運行大量資料。

And then you've got a very large number of generative AI applications that are in pilot mode -- or they're in pilots or that are being developed as we speak and a very substantial number of agents that also people are starting to try to build and figure out how to get into production in a broad way, but they're all -- they're quite early.

然後，您會看到大量處於試點模式的生成式人工智慧應用程式 - 或者它們正在試點或正在開發中，還有大量的代理，人們也開始嘗試構建並弄清楚如何廣泛地投入生產，但它們都還處於相當早期的階段。

And many of them that are out there are they're significant, but they're just smaller in terms of usage relative to some of those top heavy applications I mentioned earlier. We have a very significant number of enterprises and startups who are running applications on top of AWS' AI services.

其中許多應用程式都很重要，但與我之前提到的一些頂級應用程式相比，它們的使用量較小。我們有大量企業和新創公司在 AWS 的 AI 服務上運行應用程式。

And then -- but they're all -- again, like the amount of usage and the expansiveness of the use cases and how much people are putting them into production and the number of agents that are going to exist. It's still just earlier stage than it's going to be and so then when you think about what's going to matter in AI, what's going to -- what are customers going to care about when they're thinking about what infrastructure use, I think you kind of have to look at the different layers of the stack. And I think for those that are both building models, but also just -- if you look at where the real costs are, they're going to ultimately be an inference today, so much of the cost in training because customers are really training their models and trying to figure out to get the applications into production.

然後 — — 但它們都是 — — 再次，像是使用量和用例的擴展性以及有多少人將它們投入生產以及將要存在的代理數量。現在還處於早期階段，所以當你思考人工智慧中什麼是重要的，什麼是重要的——當客戶考慮使用什麼基礎設施時，他們將會關心什麼，我認為你必須看看堆疊的不同層。我認為對於那些既在建立模型，又在建立模型的人來說——如果你看看實際成本在哪裡，它們最終會成為今天的推論，所以大部分成本都花在了訓練上，因為客戶實際上正在訓練他們的模型，並試圖弄清楚如何將應用程式投入生產。

But at scale, 80% to 90% of the cost will be an inference because you only train periodically, but you're spinning out predictions and inferences all the time. And so what they're going to care a lot about is they're going to care about the compute and the hardware they're using.

但從規模上看，80% 到 90% 的成本將是推理，因為您只是定期進行訓練，但您一直在進行預測和推理。因此，他們非常關心的是他們所使用的計算和硬體。

And we have a very deep partnership with NVIDIA and will for as long as I can foresee, but we saw this movie in the CPU space with Intel, where customers are anchoring for better price performance. And so we built just like in the CPU space, where we built our own custom silicon and building Graviton, which is about 40% more price performance than the other leading x86 processors.

我們與 NVIDIA 保持著非常深厚的合作關係，據我所知，這種合作關係將持續下去，但我們在與英特爾的 CPU 領域也看到了這種情況，客戶都希望獲得更好的性價比。因此，我們就像在 CPU 領域一樣，構建了自己的定制矽片並構建了 Graviton，其性價比比其他領先的 x86 處理器高出約 40%。

We've done the same thing on the custom silicon side in AI with Trainium and our second version of Trainium2 is really -- it's become the backbone of Anthropic's next Claude models they're training on top of, and it's become the backbone of Bedrock and the inference that we do.

我們在 AI 的客製化矽片方面使用 Trainium 做了同樣的事情，我們的第二個版本 Trainium2 實際上已經成為 Anthropic 在其上進行訓練的下一代 Claude 模型的骨幹，並且成為 Bedrock 和我們進行的推理的骨幹。

So I think a lot of the inference, it's about 30% and 40% better price performance than the other GPU providers out there right now, and we're already working on our third version of Trainium as well. So I think a lot of the compute and the inference is going to ultimately be run on top of Trainium2. And I think that, that price performance is going to matter to people as they get to scale.

因此，我認為許多推論表明，它的價格效能比目前其他 GPU 供應商高出 30% 到 40%，而且我們也已經在開發 Trainium 的第三個版本。所以我認為很多計算和推理最終會在 Trainium2 上運行。我認為，隨著規模的擴大，性價比對人們來說將變得非常重要。

Then I would say that that middle layer of the stack are really, it's a combination of services that customers care about to be able to build models and then to be able to leverage existing leading frontier models and then build high-quality generative AI applications that do inference at scale. And we see it for people building models, they continue to use SageMaker AI very expansively. And then Bedrock, when you're leveraging leading frontier models is also growing very substantially.

然後我想說，堆疊的中間層實際上是客戶關心的服務的組合，以便能夠建立模型，然後能夠利用現有的領先前沿模型，然後建立可進行大規模推理的高品質生成式 AI 應用程式。我們看到，對於建立模型的人來說，他們繼續廣泛地使用 SageMaker AI。然後，當你利用領先的前沿模型時，Bedrock 也會大幅成長。

And as I said in my opening comments, the number of agents of scale is still really small in the scheme of what's going to be the case, but part of the problem is it's actually hard to actually build agents. And it's hard to deploy these agents in a secure and scalable way. And so I think the launches we made recently in strands that make it much easier to build agents and then agent core that make it much easier to deploy at scale and in a secure way are being very well received and customers are excited is going to change what's possible on the agent side.

正如我在開場白中所說的那樣，在未來的方案中，規模代理商的數量仍然非常少，但問題的一部分在於實際上很難真正建立代理商。而且很難以安全和可擴展的方式部署這些代理程式。因此，我認為我們最近推出的一系列產品使得建立代理和代理核心變得更加容易，從而使得大規模部署和安全部署變得更加容易，這些產品受到了熱烈歡迎，客戶也很高興，這將改變代理方面的可能性。

And then I think that it's -- you've got a very large number. I mean, remember, 85% to 90% of the global IT spend is still on premises. If you believe that equation is going to flip, which I do, and we do. You have a lot of legacy infrastructure that you've got to move. These are mainframes. These are VMware's instances and when we build agents like AWS Transform to make it much easier to move mainframe to the cloud, much easier to move VMware to the cloud, much easier to move .NET windows to .NET Linux to say, those are compelling for enterprises or things like Kiro that allow customers to develop in a much easier way and in a much more structured way, which is why I think people are excited about it.

然後我認為——你得到了一個非常大的數字。我的意思是，請記住，全球 85% 到 90% 的 IT 支出仍然在本地。如果你相信這個等式將會翻轉，我相信，我們也相信。您有很多遺留的基礎架構需要遷移。這些是大型主機。這些是 VMware 的實例，當我們建立像 AWS Transform 這樣的代理程式時，可以更輕鬆地將大型主機遷移到雲端中，更輕鬆地將 VMware 遷移到雲端中，更輕鬆地遷移.NET 視窗.NET Linux 可以說對於企業或 Kiro 這樣的東西來說很有吸引力，它允許客戶以更簡單、更結構化的方式進行開發，這就是我認為人們對此感到興奮的原因。

So I think I really like the inputs and the set of services that we're building in the AI space today. Customers really like them and it's resonating with them. I still think it's very early days in AI and in terms of adoption.

所以我認為我真的很喜歡我們今天在人工智慧領域建立的輸入和服務集。顧客們真的很喜歡它們，並且引起了他們的共鳴。我仍然認為人工智慧及其應用還處於早期階段。

But the other thing I would just say is that, remember, because we're at a stage right now where so much of the activity is training and figuring out how to get your gender of AI applications into production. People aren't paying as close attention as they will and making sure that those generative AI applications are operating where the rest of their data and infrastructure.

但我想說的另一件事是，請記住，因為我們現在處於一個階段，很多活動都在進行培訓，並弄清楚如何將你的性別的人工智慧應用程式投入生產。人們並沒有給予足夠的關注，也沒有確保這些生成式人工智慧應用程式能夠在其餘數據和基礎設施上運作。

Remember, a lot of generative AI inference is just going to be another building block like compute, storage, and database. And so people are going to actually want to run those applications close to where the other applications are running, where their data is. There's just so many more applications and data running in AWS than anywhere else. And I'm very optimistic about as we get to a bigger scale what's going to happen to AWS on the AI side. And I think we have a set of services that is unique top to bottom in the stack.

請記住，許多生成性人工智慧推理只不過是計算、儲存和資料庫等另一個構建塊。因此人們實際上希望將這些應用程式運行在靠近其他應用程式運行的位置，靠近它們的資料所在位置。AWS 中運行的應用程式和資料比其他任何地方都多得多。隨著規模擴大，我對 AWS 在人工智慧方面將會發生的變化非常樂觀。我認為我們擁有一套從上到下都是獨一無二的服務。

I think on the last part about what do we expect with respect to acceleration, we don't give guidance by segment. So I'm not going to try and give you guidance. But I do believe that the combination of more enterprises who have resumed their march to modernize their infrastructure and move from on-premises to the cloud, coupled with the fact that AI is going to accelerate in terms of more companies deploying more AI applications into production that start to scale, coupled with the fact that I do think that more capacity is going to come online in the coming months and quarters, make me optimistic about the AWS business.

我認為最後一部分關於我們對加速的期望，我們不會分部分給予指導。所以我不會試著給你指導。但我確實相信，越來越多的企業已經恢復了對基礎設施進行現代化改造並從本地遷移到雲端的步伐，再加上人工智慧將加速發展，越來越多的公司將更多的人工智慧應用程式部署到生產中並開始擴大規模，再加上我確實認為未來幾個月和幾個季度將有更多的產能上線，這讓我對 AWS 業務感到樂觀。

Ron Josey, Citi.

花旗銀行的 Ron Josey。

That was really helpful. Maybe taking that same question, but focusing internally on Amazon, I think you penned an article or a blog post back in June, just talking about the ability or potential with AI agents and improving efficiencies and speed to market internally. So would love to hear your thoughts as you think about how Amazon is adopting generative AI internally, how perhaps you've seen improving speed to market as a result of everything you've just talked about.

這真的很有幫助。也許問的是同樣的問題，但重點關注亞馬遜內部，我想您在六月寫了一篇文章或一篇部落格文章，只是談論人工智慧代理的能力或潛力以及提高內部效率和上市速度。因此，我很想聽聽您的想法，了解亞馬遜如何在內部採用生成式人工智慧，以及您是否認為透過剛才談到的一切，亞馬遜的上市速度有所提高。

Yeah. I think that AI is the biggest technology transformation for a lifetime, which is saying a lot because even in some of our relatively short lifetimes, we've been through the cloud, mobile, and the Internet itself. But I think it's going to be the biggest transformation technically in our lifetime.

是的。我認為人工智慧是人類一生中最大的技術變革，這意義重大，因為即使在我們相對較短的一生中，我們也經歷了雲端運算、行動技術和互聯網本身。但我認為這將是我們一生中技術上最大的轉變。

And I think it's going to not only change every customer experience that we know and enable customer experience we really only dreamed about before, but it's also going to change very substantially the way we work.

我認為它不僅會改變我們所知道的每一種客戶體驗，實現我們以前夢寐以求的客戶體驗，而且還會從根本上改變我們的工作方式。

And if you think about it, the way that we do coding, the way that we do analytics, the way that we do research, the way that we do finance and measure, I mean, really, the way we do business process automation, the way we do customer service. Every single area that I can think of in the way we work is likely going to be impacted in some meaningful way by AI.

如果你仔細想想，我們編碼的方式、我們分析的方式、我們研究的方式、我們進行財務和測量的方式，我的意思是，我們進行業務流程自動化的方式、我們進行客戶服務的方式。我能想到的我們工作方式的每一個領域都可能受到人工智慧的某種有意義的影響。

And I think when you have a big shift like that, you have two macro choices. You can either decide that you're going to embrace it. and you're going to help shape it and you're going to figure out how to build the right tools to allow you to take advantage of the technology or you can wish it away and have it shape you.

我認為，當面臨這樣的重大轉變時，你有兩個宏觀選擇。你可以決定接受它，幫助塑造它，並想辦法建立正確的工具，以便你能夠利用這項技術，或者你也可以希望它消失，讓它塑造你。

And the posting that you're referencing, Ron, that I made was just really being clear with the team that we're going to pursue that former approach. We are going to embrace it. We're going to try and shape it.

羅恩，你所提到的那個帖子，我只是想向團隊明確表示，我們將採取以前的做法。我們將擁抱它。我們將盡力塑造它。

So we have here a number of tools and agents that we've built already inside the company. These are things like if you think about Kiro and the opportunity to have coding agents do a lot of a coating that's very compelling. It's going to allow our teammates to be able to start from a more advanced starting spot and to be able to invent for customers much more quickly and much more expansively.

因此，我們這裡已經有許多在公司內部建構的工具和代理商。如果你考慮 Kiro 以及讓編碼代理做大量塗層的機會，那麼這些都是非常引人注目的事情。這將使我們的隊友能夠從更先進的起點開始，並能夠更快、更廣泛地為客戶進行發明創作。

If you think about services like Connect, which is our AWS service, it does call center software that has a lot of AI built into it that changes the productivity of all your customer service agents. And you can just imagine across the board, the types of things we're going to do to make it easier to get software out to build high-quality software, to do operations, to automate a lot of the business process coordination that happens inside the kind. We're going to work on a whole bunch of those areas to allow ourselves primarily to be able to invent for customers much more quickly and expansively.

如果您考慮像 Connect 這樣的服務（這是我們的 AWS 服務），它確實是一款呼叫中心軟體，其中內建了大量 AI，可以改變所有客戶服務代理的工作效率。你可以想像一下，我們將要做的事情類型是讓軟體更容易發布，建立高品質的軟體，進行操作，自動化大量內部發生的業務流程協調。我們將在眾多領域開展工作，以便我們能夠更快、更廣泛地為客戶進行發明創作。

But also, I think it's going to make all of our teammates jobs much more enjoyable because they won't have to do as many of the road parts of the job that we all do right now, and they're going to be able to own more pieces of what they're trying to solve for customers. And we want deep owners that want to own as much end to end as possible.

但同時，我認為這將使我們所有隊友的工作變得更加愉快，因為他們不必像我們現在一樣做那麼多道路工作，而且他們將能夠承擔更多他們試圖為客戶解決的問題。我們希望深度所有者能夠擁有盡可能多的端到端業務。

Justin Post, Bank of America.

美國銀行的賈斯汀·波斯特 (Justin Post)。

Great. I'll just ask on the revenue guidance. It looks pretty robust growth in the third quarter. I know you won't say whether AWS is expected to accelerate. But could you talk about some of the drivers and what kind of tariff and other contingencies you've put in there? And then maybe any thoughts on how you're thinking about how the Q4 is shaping up?

偉大的。我只是想詢問一下收入指導。第三季的成長看起來相當強勁。我知道你不會說AWS是否有望加速。但是您能否談談其中的一些驅動因素以及您制定的關稅和其他應急措施？那麼，您對第四季的進展有何看法？

Hi, Justin. This is Brian. I'll take this one. We've guided to $174 billion to $175 billion. And we -- excuse me, $179.5 billion is a typo. We feel good about the growth rate in Q2 that we had and the acceleration in a number of areas, including units. And we had a very successful Prime Day earlier this month.

你好，賈斯汀。這是布萊恩。我要這個。我們預計該金額將達到 1,740 億美元至 1,750 億美元。而且我們——抱歉，1,795 億美元是打字錯誤。我們對第二季度的成長率以及包括單位在內的多個領域的加速感到滿意。本月初，我們舉辦了非常成功的 Prime Day。

So there is uncertainty on where tariffs will settle and maybe the ultimate impact on consumers, as Andy mentioned earlier. But we feel really good about the key inputs we control price selection and convenience. We've talked about delivery speeds increasing. We've talked about selection increasing high-end stock levels, well dispersed inventory close to customers.

因此，正如安迪之前提到的，關稅最終會如何確定以及最終對消費者的影響尚不確定。但我們對我們控制價格選擇和便利性的關鍵輸入感到非常滿意。我們已經討論過提高運送速度的問題。我們已經討論過選擇增加高端庫存水平，將庫存分散到靠近客戶的地方。

So we think that all works in our favor. So I would say we're cautiously optimistic I'm not going to give any guidance for Q4 at this time, but we'll talk about that next time.

所以我們認為一切都對我們有利。所以我想說我們持謹慎樂觀的態度，我目前不會對第四季度給出任何指導，但我們下次會討論這個問題。

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

感謝您今天參加電話會議並提出您的問題。重播將在我們的投資者關係網站上提供至少三個月。感謝您對亞馬遜的關注，我們期待下個季度再次與您交談。

And 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。現在您可以斷開線路。感謝您的參與。