亞馬遜 (AMZN) 2025 Q3 法說會逐字稿

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

感謝您的耐心等待。大家好，歡迎參加亞馬遜公司2025年第三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.

接下來，我將把電話交給投資人關係副總裁戴夫‧菲爾德斯先生，請他致開幕詞。

Thank you, sir. Please go ahead.

謝謝您，先生。請繼續。

Hello, and welcome to our Q3 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.

大家好，歡迎參加我們2025年第三季財務業績電話會議。今天我們邀請到執行長 Andy Jassy 和財務長 Brian Olsavsky 來回答大家的問題。當您收聽今天的電話會議時，我們建議您將我們的新聞稿放在手邊，其中包含我們的財務業績，以及本季度的各項指標和評論。

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, October 30, 2025, only, and will include forward-looking statements.

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 2024 年同期業績進行比較。我們對你們問題的評論和答覆僅反映管理階層截至 2025 年 10 月 30 日的觀點，並且將包含前瞻性陳述。

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.

實際結果可能與實際情況有重大差異。有關可能影響我們財務業績的因素的更多信息，請參閱今天的新聞稿以及我們向美國證券交易委員會提交的文件，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.

在本次電話會議中，我們可能會討論某些非GAAP財務指標。在我們的新聞稿、本次網路直播的幻燈片以及我們向美國證券交易委員會提交的文件中，所有這些文件都發佈在我們的投資者關係網站上。您可以在此處找到有關這些非GAAP指標的更多披露信息，包括這些指標與可比較GAAP指標的調節表。

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.

我們的指導方針融合了我們迄今為止觀察到的訂單趨勢以及我們目前認為合適的假設。我們的業績本質上是不可預測的，並且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狀況的變化、關稅和貿易政策、客戶需求和支出，包括經濟衰退擔憂的影響、通貨膨脹、利率、區域勞動力市場限制、世界事件、互聯網、在線商務、雲服務以及新興技術的增長率，以及我們在提交給美國證券交易委員會的文件中的詳細因素。

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.

我們的指導意見的前提是，我們不會完成任何其他業務收購、重組或法律和解。我們無法準確預測對商品和服務的需求，因此，我們的實際業績可能與我們的預期有重大差異。

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

現在我把電話交給安迪。

Thanks, Dave. We saw strong growth across our business in Q3, and we're reporting $180.2 billion in revenue, up 12% year over year, excluding the impact from foreign exchange rates. Operating income was $17.4 billion, but would have been over $21 billion, if not for two special Q3 expenses, $2.5 billion for an FTC settlement and $1.8 billion for estimated severance costs. Trailing 12-month free cash flow was $14.8 billion. I'll start with AWS.

謝謝你，戴夫。第三季度，我們的各項業務均實現了強勁成長，營收達 1,802 億美元，年增 12%（不計匯率影響）。營業收入為 174 億美元，但如果不是因為第三季的兩項特殊支出（25 億美元的聯邦貿易委員會和解金和 18 億美元的預計遣散費），營業收入本應超過 210 億美元。過去 12 個月的自由現金流為 148 億美元。我先從AWS說起。

AWS is growing at a pace we haven't seen since 2022, reaccelerating to 20.2% year over year, our largest growth rate in 11 quarters. It's worth remembering that year-over-year percentage growth is a relative term. It's very different having 20% year-over-year growth on a $132 billion annualized run rate and to have a higher percentage growth rate on a meaningfully smaller annual revenue, which is the case with our competitors. Backlog grew to $200 billion by Q3 quarter end and doesn't include several unannounced new deals in October, which together or more than our total deal volume for all of Q3. AWS is gaining momentum.

AWS 的成長速度達到了自 2022 年以來的最高水平，年成長 20.2%，這是我們 11 個季度以來的最大成長率。值得注意的是，年比百分比成長率是一個相對概念。在年化收入 1320 億美元的情況下實現 20% 的年增長率，與在年收入明顯較低的情況下實現更高的增長率（我們的競爭對手的情況就是如此）是非常不同的。截至第三季末，積壓訂單成長至 2,000 億美元，這還不包括 10 月幾筆未公佈的新交易，這些交易加起來超過了我們第三季的總交易量。AWS正在迅速發展壯大。

Customers want to be running their core and AI workloads in AWS given its stronger functionality, security and operational performance and the scale I see in front of us gives me significant confidence in what lies ahead.

鑑於 AWS 更強大的功能、安全性和營運效能，客戶希望在 AWS 上運行其核心和 AI 工作負載，而我所看到的規模也讓我對未來充滿信心。

I'll share a little more detail on why. It starts with AWS having much broader infrastructure functionality. Start-ups, enterprises, and governments want to move their production workloads to the place that has the broadest and deepest array of capabilities. AWS has more services and deeper features within those services than anybody else and continues to innovate at a rapid clip.

我再詳細解釋一下原因。首先，AWS擁有更廣泛的基礎設施功能。新創企業、大型企業和政府都希望將生產工作負載遷移到擁有最廣泛、最深入的功能的地方。AWS 擁有比其他公司更多的服務和更深入的功能，並且持續快速創新。

These are key building blocks for anything that customers want to create, and they're a big part of why Gartner has named AWS leader in its strategic cloud platform services Magic Quadrant for 15 consecutive years. We're bringing the same building block approach to AI. SageMaker makes it much simpler for companies to build and deploy their own foundation models.

這些是客戶想要創建的任何東西的關鍵建置模組，也是 Gartner 連續 15 年將 AWS 評為策略雲端平台服務魔力像限領導者的重要原因之一。我們將同樣的模組化建構方法應用到人工智慧領域。SageMaker 讓公司建立和部署自己的基礎模型變得更簡單。

Bedrock gives customers leading selection of foundation models and superior price performance to deploy inference into their next-generation applications. A lot of the future value companies will get from AI will be in the form of agents.

Bedrock 為客戶提供領先的基礎模型選擇和卓越的性價比，以便將推理技術部署到他們的下一代應用程式中。未來企業從人工智慧中獲得的許多價值將以智慧代理的形式體現。

AWS is heavily investing in this area and well positioned to be a leader. Companies will both create their own agents and use agents from other companies. For those building their own, it's been harder to build than it should be. It's why we launched strands to make it much easier to create agents from any foundation model that builders desire. For companies who successfully built agents, they've hesitated putting them into production because they lack secure scalable runtime services or memory or observability built specifically for agents.

AWS正在該領域投入巨資，並已做好成為領導者的準備。公司既可以創建自己的代理商，也可以使用其他公司的代理商。對於那些自己動手建造房屋的人來說，建造過程比預想的要困難得多。正因為如此，我們推出了 Strands 功能，讓開發者更容易根據他們想要的任何基礎模型建立代理程式。對於那些成功建立了代理程式的公司來說，他們一直猶豫是否要將它們投入生產，因為它們缺乏安全、可擴展的運行時服務，或者專門為代理程式構建的記憶體或可觀測性。

It's why we launched AgentCore, a set of infrastructure building blocks that allow builders to deploy secure, scalable agents. Ericsson used AgentCore to deliver AI agents across their workforce, Sony used it to build a agentic AI platform with enterprise-level security, observability and scalability.

這就是我們推出 AgentCore 的原因，它是一套基礎架構建置模組，允許建置者部署安全、可擴展的代理程式。愛立信利用 AgentCore 為其員工提供 AI 代理，索尼利用它建立了一個具有企業級安全性、可觀測性和可擴展性的代理 AI 平台。

And Cohere Health is using AgentCore to deploy agents that will reduce medical review times by up to 30% to 40%. AgentCore's SDK has already been downloaded over 1 million times, and our builders are excited about it. It's an enabler.

Cohere Health 正在使用 AgentCore 部署代理，這將使醫療審核時間縮短 30% 至 40%。AgentCore 的 SDK 已被下載超過 100 萬次，我們的開發人員對此感到非常興奮。它是一種促成因素。

Companies will also use other agents, and AWS continues to build many of the agents we believe builders will use in the future. For coding, we've recently opened up our agentic coding IDE called Kiro. More than 100,000 developers jumped into Kiro in just the first few days of preview and that number has more than doubled since. It's processed trillions of tokens thus far, weekly actives are growing fast, and developers love its unique spec and tool call and capabilities. For migration and transformation, we offer an agent called Transform.

企業也會使用其他代理，AWS 也將繼續建構我們認為開發者未來會使用的許多代理。對於編碼，我們最近推出了名為 Kiro 的智能體編碼 IDE。在 Kiro 預覽版推出的短短幾天內，就有超過 10 萬名開發者加入，此後這個數字又翻了一番還多。迄今為止，它已處理了數萬億個代幣，每週活躍用戶數量增長迅速，開發者喜歡它獨特的規範、工具調用和功能。對於遷移和轉型，我們提供了一個名為 Transform 的代理商。

Year-to-date, customers have already used it to save 700,000 hours of manual effort. The equivalent of 335 developer years of work. For example, Thomson Reuters used it to transform 1.5 million lines of code per month, moving from Windows to open source alternatives and completing tasks or a times faster than with other migration tools.

今年迄今為止，客戶已利用該技術節省了 70 萬小時的人力。相當於 335 個開發人員年的工作量。例如，湯森路透利用它每月轉換 150 萬行程式碼，從 Windows 遷移到開源替代方案，完成任務的速度比其他遷移工具快一倍或幾倍。

Customers have also already used Transform to analyze nearly 1 billion lines of mainframe code as they move mainframe applications to the cloud. For business customers, we've recently launched QuickSleep to bring a consumer AI-like experience to work, making it easy to find insights, conduct deep research, automate tasks, visualize data, and take actions.

客戶已經使用 Transform 分析了近 10 億行大型主機程式碼，以便將大型主機應用程式遷移到雲端。對於企業客戶，我們最近推出了 QuickSleep，旨在將類似消費者人工智慧的體驗帶入工作中，使用戶能夠輕鬆發現洞察、進行深度研究、自動化任務、視覺化資料並採取行動。

We've already seen users churn months long projects in today's get 80% plus time savings on complex tasks and realize 90% plus cost savings. And for contact centers, we offer Amazon Connect which creates a more personalized and efficient experience for contact center agents, managers and their customers.

我們已經看到用戶將耗時數月的專案轉移到如今的平台，在複雜任務上節省了 80% 以上的時間，並實現了 90% 以上的成本節省。對於呼叫中心，我們提供 Amazon Connect，它能為呼叫中心客服人員、經理及其客戶創造更個人化和高效的體驗。

Connect has recently crested $1 billion annualized revenue run rate with 12 billion minutes of customer interactions being handled by AI in the last year and is being used by large enterprises like Capital One, Toyota, American Airlines, and Ryanair. These are real practical results for customers, and there are many more examples like them.

Connect 的年化收入最近突破了 10 億美元，去年人工智慧處理了 120 億分鐘的客戶互動，並且已被 Capital One、豐田、美國航空和瑞安航空等大型企業所使用。這些都是客戶實際獲得的成果，類似的例子還有很多。

Because of its advantaged capabilities, security, operational performance and customer focus, AWS continues to earn most of the big enterprise and government transformations to the cloud. As a result, AWS is where the preponderance of company's data and workloads reside and part of why most companies want to run AI and AWS.

由於其在功能、安全性、營運效能和客戶導向方面具有優勢，AWS 繼續贏得大多數大型企業和政府轉型為雲端的需求。因此，AWS 是該公司大部分資料和工作負載的所在地，這也是大多數公司想要運行 AI 和 AWS 的部分原因。

To enable customers to do so, we need to have the requisite capacity, and we've been focused on accelerating capacity the last several months, adding more than 3.8 gigawatts of power in the past 12 months, more than any other cloud provider.

為了幫助客戶實現這一目標，我們需要具備必要的容量，在過去的幾個月裡，我們一直致力於加快容量成長，在過去 12 個月中增加了超過 3.8 吉瓦的電力，比任何其他雲端供應商都多。

To put that into perspective, we're now double the power capacity that AWS was in 2022, and we're on track to double again by 2027. In the last quarter of this year alone, we expect to add at least another 1 gigawatt of power.

為了讓大家更直觀地了解這一點，我們現在的電力容量是 AWS 在 2022 年的兩倍，而且我們預計在 2027 年再次翻倍。光是今年最後一個季度，我們預計就將新增至少 1 吉瓦的電力。

This capacity consists of power, data center and chips, primarily our custom silicon, Trainium and NVIDIA. We've recently brought Project Rainier Online, our massive AI compute cluster spanning multiple US data centers and containing nearly 500,000 of our Trainium2 chips.

此產能包括電力、資料中心和晶片，主要包括我們客製化的矽晶片、Trainium 晶片和 NVIDIA 晶片。我們最近推出了 Project Rainier Online，這是一個龐大的 AI 運算集群，橫跨多個美國資料中心，包含近 50 萬個 Trainium2 晶片。

Anthropic is using it now to build and deploy its industry-leading AI model, Claude, which we expect to be on more than 1 million Trainium2 chips by year-end. Trainium2 continues to see strong adoption, is fully subscribed is now a multibillion-dollar business that grew 150% quarter over quarter.

Anthropic 目前正利用該技術建造和部署其領先業界的 AI 模型 Claude，我們預計到今年年底，該模型將安裝在超過 100 萬個 Trainium2 晶片上。Trainium2 繼續保持強勁的成長勢頭，用戶已全部訂閱，如今已成為一家價值數十億美元的企業，季度環比增長 150%。

Today, Trainium is being used by a small number of very large customers but we expect to accommodate more customers starting with Trainium3. We're building Bedrock to be the biggest inference engine in the world and in the long run, believe Bedrock could be as big a business for AWS as EC2, and the majority of token usage in Amazon Bedrock is already running on Trainium.

目前，Trainium 僅被少數幾家規模非常大的客戶使用，但我們預計從 Trainium3 開始，我們將服務更多客戶。我們正在將 Bedrock 打造成世界上最大的推理引擎，從長遠來看，我們相信 Bedrock 對 AWS 來說可能像 EC2 一樣重要，而且 Amazon Bedrock 中大部分的代幣使用量已經在 Trainium 上運行。

We're also continuing to work closely with chip partners like NVIDIA, with whom we continue to order very significant amounts as well as with AMD and Intel. These are very important partners with whom we expect to keep growing our relationships over time.

我們繼續與英偉達等晶片合作夥伴密切合作，並繼續向他們訂購大量晶片，此外我們也與 AMD 和英特爾保持密切合作。這些都是非常重要的合作夥伴，我們希望隨著時間的推移，與他們的關係能夠持續成長。

You're going to see us continue to be very aggressive in investing in capacity because we see the demand. As fast as we're adding capacity right now, we're monetizing it. It's still quite early and represents an unusual opportunity for customers in AWS.

你會看到我們繼續積極投資產能，因為我們看到了市場需求。我們現在以極快的速度增加產能，同時也將其變現。現在還處於相當早期的階段，對於 AWS 的客戶來說，這是一個難得的機會。

I'll now turn to stores. Where the team continues to deliver and innovate for customers across our key priorities, selection, low prices, and convenience, particularly fast delivery, we're offering 14% more selection since last quarter from popular brands like The North Face and Charlotte Tilbury, and we've added hundreds of thousands of items from popular brands this year. Everyday Essentials continues to grow quickly, and year-to-date is growing nearly twice as fast as the rest of the business.

接下來我要去商店看看。團隊始終致力於為客戶提供優質服務和創新產品，尤其是在快速配送方面，我們專注於產品選擇、低價和便利性。與上個季度相比，我們增加了 14% 的產品選擇，涵蓋了 The North Face 和 Charlotte Tilbury 等熱門品牌，並且今年我們新增了數十萬件來自熱門品牌的商品。日常必需品業務持續快速成長，今年迄今的成長速度幾乎是其他業務的兩倍。

We continue to make it easier for customers to order low-priced perishable groceries from Amazon, and customers in more than 1,000 cities and towns now can shop fresh groceries alongside millions of Amazon.com products with free same-day delivery. This is a game changer for customers who can now order milk alongside electronics, check out with one cart and have everything delivered to their doorstep within hours.

我們不斷努力讓顧客更容易從亞馬遜訂購價格低廉的生鮮食品，現在超過 1000 個城鎮的顧客可以購買新鮮食品以及數百萬種 Amazon.com 商品，並享受免費當日送達服務。這對顧客來說是一項顛覆性的變革，他們現在可以同時訂購牛奶和電子產品，用一個購物車結帳，所有商品都會在幾個小時內送到家門口。

The team also invented a new add to delivery button that lets customers add items to previously scheduled orders and it's been used more than 80 million times since launch, and it's just launch. It's an example of one of those seemingly simple but powerful innovations that make customers' lives easier. We remain committed to staying sharp on price and meeting or beating prices of other major retailers.

該團隊還發明了一種新的「新增至配送」按鈕，讓客戶可以將商品新增至先前安排好的訂單中。自推出以來，該按鈕已被使用超過 8000 萬次，而這僅僅是推出而已。這是一個看似簡單卻功能強大的創新案例，它讓客戶的生活更輕鬆、更方便。我們將繼續致力於維持價格優勢，力求達到或低於其他主要零售商的價格。

In July, we had our biggest Prime Day event ever, with customers saving billions of dollars across more than 35 categories. We continue to break records on speed. We're on track to deliver at our fastest speeds ever for Prime members globally once again this year, and we've started rolling out three-hour delivery in select US cities. We're also continuing to invest in infrastructure to speed up rural deliveries and serve more customers in more communities.

7 月，我們舉辦了有史以來最大的 Prime Day 活動，顧客在超過 35 個類別中節省了數十億美元。我們不斷刷新速度紀錄。今年，我們預計將再次以史上最快的速度為全球 Prime 會員提供配送服務，並且我們已經開始在美國部分城市推出三小時送達服務。我們也持續投資基礎設施，以加快農村地區的配送速度，為更多社區的更多客戶提供服務。

That includes committing over $4 billion to expand our rural delivery network across the US. These are small towns where people want fast delivery, but where other companies have been backing out and reducing service. In contrast, we've already increased the number of rural communities with access to our same-day and next-day delivery by 60%, reaching roughly half of the total communities we plan to expand to by the end of the year.

其中包括投入超過 40 億美元，用於擴大我們在美國各地的農村配送網絡。這些都是小城鎮，人們希望快速送貨，但其他公司卻紛紛撤離並減少服務。相較之下，我們已經將可享有當日達和隔日達服務的農村社區數量增加了 60%，到今年年底，我們計劃將服務擴展到的社區總數已達到大約一半。

The stores team is also innovating rapidly with AI. For example, Rufus, our AI-powered shopping assistant has had 250 million active customers this year with monthly users up 140% year over year, interactions up 210% year over year and customers using Rufus during a shopping trip being 60% more likely to complete a purchase.

門市團隊也在人工智慧領域快速創新。例如，我們的人工智慧購物助理 Rufus 今年擁有 2.5 億活躍用戶，每月活躍用戶年增 140%，互動量年增 210%，在購物過程中使用 Rufus 的用戶完成購買的可能性高出 60%。

Rufus is on track to deliver over $10 billion in incremental annualized sales. Here are the highlights. Our generative AI-powered audio feature that combines product summaries and reviews to make shopping easier has expanded from hundreds of products at launch to millions of products and millions of customers have used it streaming almost 3 million minutes.

Rufus有望實現超過100億美元的年度增量銷售額。以下是重點內容。我們利用人工智慧產生的音訊功能，將產品摘要和評論結合起來，讓購物更加便利。該功能最初支援數百種產品，現在已支援數百萬種產品，數百萬用戶累計收聽時長近 300 萬分鐘。

In Amazon Lens, an AI-powered visual search tool that lets customers find products with their phones camera, a screenshot or a bar code, now includes Lens Live, which instantly scans products and shows real-time matches in a swipeable carousel. Tens and millions of customers are using Amazon Lens each month.

亞馬遜 Lens 是一款由人工智慧驅動的視覺搜尋工具，可讓顧客使用手機相機、螢幕截圖或條碼尋找產品。現在，它還新增了 Lens Live 功能，可以即時掃描產品，並在可滑動的輪播圖中顯示即時匹配結果。每月有數千萬用戶使用 Amazon Lens。

Moving on to Amazon ads. We're pleased with the continued strong growth, generating $17.6 billion of revenue in the quarter and growing 22% year over year. We see strength across our broad portfolio of full photo advertising offerings that helps advertisers reach an average ad-supported audience of more than $300 million in the US alone. We also continue to be excited about our demand side platform, Amazon DSP, which lets advertisers plan, activate and measure full funnel investments.

接下來是亞馬遜廣告。我們對持續強勁的成長感到滿意，本季營收達 176 億美元，年成長 22%。我們看到，我們廣泛的全圖廣告產品組合具有強大的實力，僅在美國，就能幫助廣告商觸及平均超過 3 億美元的廣告支援受眾。我們對需求方平台 Amazon DSP 也一直感到非常興奮，該平台允許廣告主規劃、啟動和衡量全通路投資。

Last quarter, I mentioned our partnership with Roku and we've built on that with a partnership with Netflix, providing advertisers using Amazon DSP with direct access to Netflix's premium ad inventory. We announced integrations with Spotify and SiriusXM.

上個季度，我提到了我們與 Roku 的合作關係，現在我們又與 Netflix 建立了合作關係，為使用 Amazon DSP 的廣告商提供直接存取 Netflix 高級廣告資源的途徑。我們宣布與 Spotify 和 SiriusXM 進行整合。

With Spotify, we provide advertisers with direct programmatic access to a global audience of more than 400 million monthly ad-supported listeners. And with SiriusXM, brands can reach 160 million monthly digital listeners across services like Pandora and SoundCloud and we're excited about the advertising opportunity around prime video live sports. Live sports got a lot of interest from advertisers in upfront negotiations for 2025, '26, and we exceeded our own expectations for upfront commitments with significant growth across the board.

透過 Spotify，我們為廣告主提供直接的程式化管道，觸及全球超過 4 億的月活躍廣告聽眾。透過 SiriusXM，品牌可以透過 Pandora 和 SoundCloud 等服務接觸每月 1.6 億數位聽眾，我們對黃金時段體育直播影片帶來的廣告機會感到非常興奮。在 2025 年和 2026 年的預售談判中，現場體育賽事引起了廣告商的極大興趣，我們預售承諾的金額也超出了我們自己的預期，實現了全面顯著的增長。

Finally, we're continuing to invade for advertisers with AI. For example, in September, we announced an agentic AI tool and creative studio that plans and executes the entire creative process in a matter of hours instead of weeks. We're also inventing and seeing strong momentum in several other areas, and I'll mention just a few.

最後，我們將繼續利用人工智慧入侵廣告商的市場。例如，在 9 月份，我們發布了一款智慧 AI 工具和創意工作室，它可以在幾個小時內（而不是幾週）規劃和執行整個創意過程。我們也在其他幾個領域進行創新，並看到了強勁的發展勢頭，我僅舉幾例。

In Prime Video live sports, NBA on Prime tipped off last week and our opening night doubleheader averaged 1.25 million viewers in the US, a double-digit increase over last season on cable. You'll see us bring the same constant innovation here that we brought to our NFL broadcast.

在 Prime Video 的直播體育節目中，NBA on Prime 上週開播，首播當晚的雙賽在美國平均吸引了 125 萬觀眾，比上賽季在有線電視上的收視率增長了兩位數。你會看到我們把在 NFL 轉播中展現出的那種持續創新精神帶到這裡。

We're adding golf with The Masters in 2026 and new skins competition with the PGA Tour on Black Friday this year. And we've added Peacock and FOX One to Prime Videos add-on subscription offering of over 100 channels in the US. We continue to be energized by the response to Alexa+ compared to what we call the classic Alexa experience, Alexa+ customers are talking to Alexa 2 times more.

我們將在 2026 年增加高爾夫賽事，包括大師賽，並在今年的黑色星期五推出 PGA 巡迴賽的新獎金賽。我們已將 Peacock 和 FOX One 添加到 Prime Video 的附加訂閱服務中，該服務在美國提供超過 100 個頻道。與經典的 Alexa 體驗相比，Alexa+ 的反應讓我們倍感振奮，Alexa+ 用戶與 Alexa 的對話次數是經典 Alexa 體驗的兩倍。

Those interactions are much longer, and they're covering a broader range of topics. So using Alexa+ and Fire TV at 2.5 times the rate of classic using natural conversation to discover audio content 4 times more, engaging with photos 4 times more and customers are completing 4 times more shopping conversations that end in a purchase.

這些互動時間更長，涵蓋的主題範圍也更廣。因此，使用 Alexa+ 和 Fire TV 的頻率是傳統方式的 2.5 倍，使用自然對話發現音訊內容的頻率是傳統方式的 4 倍，與照片互動的頻率是傳統方式的 4 倍，顧客完成的購物對話數量是傳統方式的 4 倍，最終促成購買的對話數量也是傳統方式的 4 倍。

We've expanded the number of project hyper satellites and space to more than 150 and delivered over 1 gigabit per second speeds and test with our enterprise-grade customer terminal, the first commercial phased array we know of to clear that threshold.

我們已將超高速衛星和太空專案的數量擴大到 150 多顆，並實現了每秒超過 1 千兆位元的速度，並透過我們的企業級客戶終端進行了測試，這是我們所知的第一個突破該閾值的商用相控陣。

Finally, Zoox robotaxis are available to riders in Las Vegas, and we've announced Washington, D.C. as the eighth testing location. We're excited for these to continue rolling out to more riders. Q4 is one of our busiest and most energizing times of the year, and we're excited about the continued demand for AWS.

最後，Zoox 無人駕駛計程車已在拉斯維加斯投入使用，我們宣布華盛頓特區為第八個測試地點。我們很高興這些服務能夠繼續推廣到更多騎手。第四季是我們一年中最忙碌、最有活力的時期之一，我們對AWS的持續需求感到興奮。

The innovations will announce the reinvent in December, the positive customer response to our AI-powered experiences, all the guests will be delivering throughout the holiday season and a lot more. Thanks in advance to our teammates around the world who are gearing up to deliver for customers once again.

這些創新將在 12 月宣布，屆時將推出重塑計劃，客戶對我們人工智慧驅動體驗的積極反饋，所有賓客將在整個假期季節享受更多服務等等。在此提前感謝我們世界各地的團隊成員，他們正積極準備再次為客戶提供服務。

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

接下來，我將把發言權交給布萊恩，讓他報告財務狀況。

Thanks, Andy. Starting with our top line financial results. Worldwide revenue was $180.2 billion, a 12% increase year over year, excluding a 90 basis point favorable impact of foreign exchange. In Q3, we reported worldwide operating income of $17.4 billion. This operating income includes two special charges, which reduced operating income by $4.3 billion.

謝謝你，安迪。首先來看我們的主要財務表現。全球營收為 1802 億美元，年增 12%，不包括 90 個基點的外匯有利影響。第三季度，我們公佈的全球營業收入為 174 億美元。該營業收入包含兩項特殊費用，導致營業收入減少了 43 億美元。

The first charge of $2.5 billion is related to a legal settlement with the Federal Trade Commission, which impacts the North America segment and is recorded in the other operating expense line. The second charge of $1.8 billion relates to severance costs for roll eliminations and impacts all three of our segments.

第一筆 25 億美元的支出與聯邦貿易委員會的法律和解有關，這會影響北美業務，併計入其他營運費用項下。第二筆 18 億美元的支出與裁員遣散費有關，影響我們所有三個業務部門。

The severance charge is recorded primarily in the technology and infrastructure, sales and marketing and general and administrative expense line items. Excluding these two charges, worldwide operating income would have been $21.7 billion or $1.2 billion above the high end of our guidance range. Moving to our segment results.

遣散費主要計入技術和基礎設施、銷售和行銷以及一般和行政費用項目。如果排除這兩項費用，全球營業收入將達到 217 億美元，比我們預期範圍的上限高出 12 億美元。接下來查看各業務板塊的業績結果。

We remain encouraged by the innovation our teams are delivering for customers across all three segments. In the North America segment, third quarter revenue was $106.3 billion, an increase of 11% year over year. International segment revenue was $40.9 billion, an increase of 10% year over year, excluding the impact of foreign exchange. Worldwide paid units grew 11% year over year. We continue to prioritize the inputs that matter most to our customers.

我們的團隊在所有三個細分市場中為客戶帶來的創新成果令我們倍感鼓舞。在北美地區，第三季營收為1,063億美元，年增11%。國際業務收入為 409 億美元，年增 10%（不計匯率影響）。全球付費用戶數量較去年同期成長 11%。我們將繼續優先考慮對客戶而言最重要的意見。

In the third quarter, our sharp pricing, broad selection and fast delivery speeds continue to resonate with customers. Customers appreciate the ability to quickly receive items essential for their daily needs, including perishable groceries and have them delivered in the same day. Our millions of global third-party sellers continue to be important contributors to our vast selection, which helps customers find the items they need at competitive prices.

第三季度，我們極具競爭力的價格、豐富的選擇和快速的配送速度持續受到顧客的青睞。顧客們很欣賞能夠快速收到日常必需品（包括易腐食品雜貨）並當天送達的服務。我們遍布全球的數百萬第三方賣家繼續為我們豐富的商品選擇做出重要貢獻，這有助於客戶以具有競爭力的價格找到他們需要的商品。

We're committed to building innovative services and features for our sellers, including our ongoing advancements in generative AI. Today, more than 1.3 million sellers have used our generative AI capabilities to more quickly launch high-quality listings.

我們致力於為賣家打造創新服務和功能，包括我們在生成式人工智慧領域不斷取得的進展。如今，已有超過 130 萬賣家利用我們的生成式人工智慧功能，更快推出高品質的商品資訊。

Better listings translate into better traction with customers. And in Q3, worldwide third-party seller unit mix was 62%, up 200 basis points from Q3 of last year. Shifting to profitability. North America segment operating income was $4.8 billion, with an operating margin of 4.5%. Excluding the $2.5 billion charge related to the legal settlement with the FTC, North America segment operating income would have been $7.3 billion with an operating margin of 6.9%.

更優質的商品資訊能帶來更好的顧客吸引力。第三季度，全球第三方賣家單位佔 62%，比去年第三季成長 200 個基點。轉向盈利。北美業務部門的營業收入為 48 億美元，營業利益率為 4.5%。如果排除與聯邦貿易委員會達成法律和解相關的 25 億美元費用，北美業務部門的營業收入將達到 73 億美元，營業利潤率為 6.9%。

North America segment operating margin also includes a portion of the severance charge. International segment operating income was $1.2 billion, with an operating margin of 2.9%. Excluding the impact of the severance charge International segment operating margins expanded year over year. Globally, our progress on key inputs is delivering a better customer experience while driving a more efficient cost structure. For example, we're making notable strides in improving inventory placement to speed up delivery to customers.

北美業務部門的營業利潤率也包括部分遣散費。國際業務部門的營業收入為 12 億美元，營業利益率為 2.9%。剔除遣散費的影響，國際業務部門的營業利潤率較去年同期成長。在全球範圍內，我們在關鍵投入方面取得的進展，在提供更好客戶體驗的同時，也推動了更有效率的成本結構。例如，我們在改善庫存佈局方面取得了顯著進展，以加快向客戶交付貨物的速度。

And as a result, for the third year in a row, we are on track to deliver our fastest speeds ever for Prime members in 2025. We continue to tune and improve our fulfillment operations and our regionalized network is operating at scale.

因此，我們連續第三年預計在 2025 年為 Prime 會員提供有史以來最快的網路速度。我們不斷調整和改進我們的物流運營，我們的區域化網路正在大規模運行。

We see many benefits of our inbound process improvements, including a reduction of US inbound lead time by nearly four days compared to last year. This allows us to be more efficient with our inventory purchasing, which benefits working capital.

我們看到了入庫流程改善帶來的許多好處，包括與去年相比，美國入庫交貨時間縮短了近四天。這使我們能夠更有效地進行庫存採購，從而有利於營運資金。

We're also placing inventory more strategically throughout the network. And by leveraging our existing infrastructure, we're now offering US customers the ability to order perishable groceries and receive them the same day and as little as five hours.

我們還在整個網路中更具策略性地部署庫存。透過利用我們現有的基礎設施，我們現在可以為美國客戶提供訂購易腐食品雜貨並在當天或最短 5 小時內送達的服務。

We're seeing positive early results since launching in January, when customers start shopping groceries on Amazon, they are visiting the site more often and returning twice as often as nonperishable shoppers. Looking ahead, we see further opportunity to improve our activity in our global fulfillment and transportation network.

自 1 月推出以來，我們已經看到了積極的早期成果。當顧客開始在亞馬遜上購買雜貨時，他們造訪網站的頻率更高，回頭率是購買非易腐商品顧客的兩倍。展望未來，我們看到了進一步提升我們在全球物流和運輸網路中營運效率的機會。

We continue to improve inventory placement to drive down distance travel and touches for package. We will also build on the gains from our regionalized network through algorithmic improvements as well as launching robotics and automation.

我們不斷改進庫存擺放位置，以減少包裹的運輸距離和搬運次數。我們也將透過演算法改進以及推出機器人和自動化技術，進一步鞏固我們區域化網路所取得的成果。

Operating margin may fluctuate quarter to quarter, we have a delivered approach to achieve sustained progress over the long term. Shifting to advertising. Advertising revenue was $17.7 billion and growth accelerated for the third consecutive quarter.

營業利潤率可能會逐季波動，但我們採取切實可行的方法，以實現長期持續進步。轉向廣告業。廣告收入達177億美元，連續第三季加速成長。

We continue to see strong growth on an increasingly large base, as our full funnel advertising approach of connecting brands with customers is resonating. Moving next to our AWS segment. Revenue was $33 billion, up 20.2% year over year.

我們持續看到強勁成長，基數越來越大，因為我們將品牌與客戶聯繫起來的全通路廣告策略正在產生共鳴。接下來我們進入AWS部分。營收達330億美元，年增20.2%。

This is an acceleration of 270 basis points compared to last quarter, driven by strong growth across both our AI and core services and more capacity, which has come online to support customer demand. AWS revenue increased $2.1 billion quarter over quarter and now has an annualized revenue run rate of $132 billion.

與上一季相比，成長加快了 270 個基點，這主要得益於人工智慧和核心服務的強勁成長，以及為滿足客戶需求而上線的更多產能。AWS 營收季增 21 億美元，目前年化營收為 1,320 億美元。

AWS operating income was $11.4 billion, and reflects our continued growth, coupled with our focus on driving efficiencies across the business. We are expanding our data center footprint, largely to accommodate Gen AI.

AWS營業收入為 114 億美元，反映了我們持續成長的態勢，以及我們致力於提高整個業務效率的舉措。我們正在擴大資料中心規模，主要是為了滿足人工智慧世代的需求。

And to the extent those assets were placed into service related to depreciation does impact our margins. As we've long said, we expect AWS operating margins to fluctuate over time, driven in part by the level of investments we're making at any point in time.

而這些資產投入使用所產生的折舊確實會影響我們的利潤率。正如我們一直以來所說，我們預計 AWS 的營運利潤率會隨著時間的推移而波動，部分原因是受我們在任何特定時間點進行的投資水準的影響。

Now turning to our cash CapEx, which was $34.2 billion in Q3. We've now spent $89.9 billion so far this year. This primarily relates to AWS as we invest to support demand for our AI and core services and in custom silicon, like Trainium as well as tech infrastructure to support our North America and international segments. We'll continue to make significant investments, especially in AI, as we believe it to be a massive opportunity with the potential for strong returns on invested capital over the long term.

現在來看我們的現金資本支出，第三季為 342 億美元。今年到目前為止，我們已經花了899億美元。這主要與 AWS 有關，因為我們投資以支援對我們人工智慧和核心服務的需求，以及客製化晶片（如 Trainium）和支援我們在北美和國際業務的技術基礎設施。我們將繼續進行大量投資，尤其是在人工智慧領域，因為我們相信這是一個巨大的機會，從長遠來看，它有可能帶來豐厚的投資回報。

Additionally, we continue to invest in our fulfillment and transportation network to support the growth of the business, improve delivery speeds and lower our cost to serve. These investments will support growth for many years to come.

此外，我們將繼續投資於我們的物流和運輸網絡，以支持業務成長，提高交付速度並降低我們的服務成本。這些投資將為未來多年的成長提供支持。

Looking ahead, we expect our full year cash CapEx to be approximately $125 billion in 2025, and we expect that amount will increase in 2026. I'll finish up my remarks with net income. While we primarily focus our comments on operating income, our third quarter net income of $21.2 billion includes a pretax gain of $9.5 billion related to our investment in Anthropic.

展望未來，我們預計 2025 年全年現金資本支出約為 1,250 億美元，並且預計 2026 年該金額將會增加。最後，我再談談淨收入。雖然我們的評論主要集中在營業收入上，但我們第三季的淨收入為 212 億美元，其中包括與我們對 Anthropic 的投資相關的 95 億美元的稅前收益。

This investment activity is not related to Amazon's ongoing operations and is included in nonoperating income. We're encouraged by the start of the peak season and we are ready to serve customers in the coming months.

這項投資活動與亞馬遜的持續經營無關，併計入非經營性收入。旺季的到來令我們倍感鼓舞，我們已做好準備，在接下來的幾個月為顧客提供服務。

I want to thank our teams across Amazon for their hard work as we get ready to delight customers during the holiday season. Our commitment to elevating the customer experience is the only reliable way to drive sustainable value for our shareholders.

我要感謝亞馬遜各團隊的辛勤付出，感謝他們為在假期季節為顧客帶來愉悅體驗所做的準備工作。我們致力於提升客戶體驗，這是我們為股東創造永續價值的唯一可靠途徑。

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

那麼，接下來我們來回答您的問題。

(Operator Instructions) Justin Post, Bank of America.

（操作員說明）賈斯汀·波斯特，美國銀行。

Great. Thank you. I'll ask on AWS. Can you just go through how you're feeling about your capacity levels and how capacity constrained you are right now? And then in your prepared remarks, you mentioned Trainium3 demand and maybe broadening out your customer base. Can you talk about the demand you're seeing outside of your major customers for Trainium? Thank you.

偉大的。謝謝。我會在AWS上問。您能否簡要說明一下您對自身能力水準的感受，以及您目前的能力受限程度？然後，在您事先準備好的演講稿中，您提到了 Trainium3 的需求，以及可能擴大客戶群。您能否談談除了主要客戶之外，其他客戶對 Trainium 的需求？謝謝。

Yeah. On the capacity side, we brought in quite a bit of capacity, as I mentioned in my opening comments, 3.8 gigawatts of capacity in the last year with another gigawatt plus coming in the fourth quarter and we expect to double our overall capacity by the end of 2027.

是的。在產能方面，正如我在開場白中提到的，我們去年新增了相當多的產能，達到 3.8 吉瓦，第四季度還將新增 1 吉瓦以上，我們預計到 2027 年底，總產能將翻一番。

So we're bringing in quite a bit of capacity today, overall in the industry, maybe the bottleneck is power. I think at some point, it may move to chips, but we're bringing in quite a bit of capacity. And as fast as we're bringing in right now, we are monetizing it.

所以今天我們引進了相當大的產能，就整個產業而言，瓶頸可能在於電力。我認為在某個時候，它可能會轉向晶片領域，但我們正在引進相當大的產能。我們現在以如此快的速度引入資金，並正在將其變現。

And then on the Trainium demand, outside of our major customers. So first of all, as I mentioned on Trainium2, it's really doing well. It's fully subscribed on Trainium2. We have -- it's a multibillion-dollar business at this point. It grew 150% quarter over quarter in revenue.

然後是Trainium的需求，除了我們的主要客戶之外。首先，正如我在 Trainium2 中提到的那樣，它的表現非常出色。Trainium2 已全部訂閱。我們現在擁有──這已經是一個價值數十億美元的產業了。該公司營收季增150%。

And you see really big projects at scale now, like our Project Rainier that we're doing with Anthropic, where they're running their next version of -- they're training the next version of Claude on top of Trainium2 on 500,000 Trainium2 chips going to 1 million Trainium2 chips by the end of the year. As I mentioned, we have -- today, with Trainium2, we have a small number of very large customers on it.

現在你可以看到一些規模非常大的項目，例如我們與 Anthropic 合作的“雷尼爾項目”，他們正在使用 Trainium2 在 50 萬個 Trainium2 晶片上訓練 Claude 的下一個版本，到今年年底將使用 100 萬個 Trainium2 晶片。正如我之前提到的，目前我們透過 Trainium2 擁有少量但規模非常大的客戶。

But because Trainium is 30% to 40% more price performance than other options out there, and because as customers, as they start to contemplate broader scale of their production workloads, moving to being AI-focused and using inference, they badly care about price performance.

但由於 Trainium 的性價比比其他同類產品高出 30% 到 40%，而且客戶在開始考慮擴大生產工作負載規模、轉向以 AI 為中心並使用推理時，非常關心性價比。

And so we have a lot of demand for Trainium. Trainium3 should preview at the end of this year with much fuller volumes coming in the beginning of '26, we have a lot of customers, both very large, and I'll call it, medium-sized who're quite interested in Trainium3.

因此，我們對 Trainium 的需求量很大。Trainium3 將於今年底推出預覽版，更完整的版本將於 2026 年初推出。我們有許多客戶，包括大型客戶和中型客戶，他們都對 Trainium3 非常感興趣。

Brian Nowak, Morgan Stanley.

Brian Nowak，摩根士丹利。

Thanks for taking my questions. Congrats on the quarter, guys. So maybe two. One, Andy, a philosophical chip question. There's a lot of questions in the market about Trainium and its positioning versus other third-party chips.

謝謝您回答我的問題。恭喜各位，本季業績圓滿完成。所以也許是兩個。安迪，第一個問題是關於哲學晶片的。市場上對 Trainium 及其相對於其他第三方晶片的定位有很多疑問。

So how do you think about the key hurdles of Trainium3 need to overcome to really make Trainium adoption broader, to your point on the last question and continue to drive Trainium as opposed to satisfying what could be broader demand with third-party chips in the near term?

那麼，您認為 Trainium3 需要克服哪些關鍵障礙才能真正擴大 Trainium 的採用範圍？正如您在最後一個問題中提到的，如何才能繼續推動 Trainium 的發展，而不是在短期內用第三方晶片來滿足更廣泛的需求？

Yeah. Well, first of all, we're always going to have multiple chip options for our customers. It's been true in every major technology building block or component that we've had in AWS. Really in the history of AWS, it's never just one player that over a long period of time has the entire market segment and then can satisfy everybody's needs on every dimension. And so we have a very deep relationship with NVIDIA.

是的。首先，我們始終會為客戶提供多種晶片選擇。這一點在 AWS 的每一個主要技術建置模組或元件中都得到了驗證。實際上，在 AWS 的發展歷程中，從來沒有一家公司能夠長期佔據整個市場，並滿足每個人在各方面的需求。因此，我們與英偉達建立了非常深厚的合作關係。

We have for a very long time. And we will for as long as I can foresee the future. We buy a lot of NVIDIA. We are not constrained in any way in buying NVIDIA, and I expect that we'll continue to buy more NVIDIA both next year and in the future. But we're different from most technology companies in that we have our own very strong chip team, and this is our Annapurna team.

我們一直都是這樣。只要我還能預見未來，我們就會一直這麼做。我們大量採購英偉達的產品。我們在購買英偉達股票方面沒有任何限制，我預計明年以及未來我們將繼續購買更多英偉達股票。但我們與大多數科技公司不同，我們擁有自己非常強大的晶片團隊，這就是我們的 Annapurna 團隊。

And you saw it first on the CPU side with what we built with Graviton which is about 40% better price performance than the other x86 processors, and you're seeing it again on the custom silicon on the AI side with Trainium, which is about the same amount of price performance benefit for customers relative to other GPU options.

首先，我們在 CPU 方面透過 Graviton 處理器看到了這一點，其性價比比其他 x86 處理器高出約 40%。現在，我們在 AI 方面的客製化晶片 Trainium 也再次展現了這一點，與其他 GPU 選項相比，它為客戶帶來了大致相同的性價比優勢。

And our customers to be able to use AI as expansively as they want. And remember, it's still relatively early days at this point. They're going to need better price performance and they care about it deeply. And so I mentioned earlier the momentum that Trainium2 has.

讓我們的客戶能夠根據自己的意願盡可能廣泛地使用人工智慧。記住，現在還為時過早。他們需要性價比更高的產品，而且他們非常在意這一點。正如我之前提到的，Trainium2 目前的發展勢頭非常強勁。

And I think that for us, as we think about Trainium3, I expect Trainium3 will be about 40% better than Trainium2 and Trainium2 is already very advantaged on price performance. So we have to, of course, deliver the chip. We have to deliver it in volumes and deliver it quickly.

我認為，就我們而言，在考慮 Trainium3 時，我預計 Trainium3 將比 Trainium2 好 40% 左右，而 Trainium2 在性價比方面已經非常有優勢了。所以，我們當然要交付晶片。我們必須大量交付，並且快速交付。

And we have to continue to work on the software ecosystem, which gets better all the time. And as we have more proof points like we have with Project Rainier with what Anthropic's doing on Trainium2, it builds increasing credibility for Trainium. And I think customers are very bullish about it. I'm bullish about it as well.

我們必須繼續努力完善軟體生態系統，讓它不斷進步。隨著我們像在「雷尼爾計畫」中一樣，透過 Anthropic 在 Trainium2 上所做的工作，獲得了更多證據，Trainium 的可信度也越來越高。我認為顧客們對此非常看好。我也非常看好它。

Doug Anmuth, JPMorgan.

道格·安穆斯，摩根大通。

Thanks for taking the question. I'll stick with basically the same topic, Andy. But can you just talk a little bit about the architecture of Project Rainier and how it's differentiated and what that means for customers and for AWS? And do you expect Rainier to expand beyond Anthropic? And how do you replicate Rainier with Trainium3 chips? Thanks.

感謝您回答這個問題。安迪，我還是會繼續討論同樣的話題。您能否簡要談談 Project Rainier 的架構，以及它的獨特之處，以及這對客戶和 AWS 意味著什麼？你認為雷尼爾會把業務拓展到人腦以外的地區嗎？如何用 Trainium3 晶片複製 Rainier 的效果？謝謝。

Yeah. I think what is compelling for entropic around Project Rainier is really is the Trainium2 chip, which we built a very -- first of all, we built a very large cluster that they can use in a very expansive way. And it's not simple to be able to build a cluster that has 500,000 plus chips going to 1 million. That's an infrastructure feet that's hard to do at scale. And so some piece of it is the infrastructure capabilities that we've built over a long period of time in AWS that is unusual in the industry.

是的。我認為雷尼爾計劃中熵的吸引力真正在於 Trainium2 晶片，我們首先構建了一個非常大的集群，他們可以以非常廣泛的方式使用它。要建造一個擁有 50 萬到 100 萬個晶片的集群並非易事。這是一項難以大規模實施的基礎建設。因此，其中一部分原因是我們在 AWS 中長期建置的基礎架構能力，這在業界並不常見。

But it's just also the performance of the chip and the price performance, both of which matter. And I think that Project Rainier is something that is specific for anthropic, but we have a lot of other customers who are interested in employing large clusters of Trainium chips that we're going to hopefully give them a chance to do so with Trainium3.

但晶片的性能和性價比也同樣重要，這兩點都很重要。我認為雷尼爾計畫是專門針對 Humanic 的，但我們還有很多其他客戶對使用大量 Trainium 晶片感興趣，我們希望能夠透過 Trainium3 為他們提供這樣的機會。

Mark Mahaney, Evercore ISI.

Mark Mahaney，Evercore ISI。

Thanks. I want to ask about two topics, groceries and then how to think about head count in the future. And on groceries, I want to -- the perishables, I think last quarter, you talked about 70% or something of users had never purchased from perishables from Amazon before. Just talk about whether you -- I think you used the term, Game Changer, before. Does this mean that maybe we don't -- you no longer need to Amazon Fresh stores. You always had this DVD delivery van density advantage.

謝謝。我想問兩個問題，一個是食品雜貨，另一個是未來如何考慮人員數量。關於食品雜貨，我想說的是——關於易腐食品，我認為上個季度您提到大約 70% 的用戶以前從未在亞馬遜上購買過易腐食品。就說說你是否——我想你以前用過「變革者」這個詞。這是否意味著我們可能不再需要——你不再需要去亞馬遜生鮮商店了？你們一直擁有DVD配送貨車密度的優勢。

And have you reached a point you think of scale and speed that you really can change people habit and really have them consider Amazon as one of their first grocery options? Do you really feel like you're at that point? And then secondly, just on the head count, some of the recent news.

你是否已經達到了一定的規模和速度，能夠真正改變人們的習慣，讓他們把亞馬遜視為首選的食品雜貨購物平台之一？你真的覺得自己已經到那個地步了嗎？其次，就人員統計而言，最近的一些新聞也印證了這一點。

Just talk to us about how you think about head count going forward? Are you seeing -- is the level of efficiencies that you're getting from AI such that you can keep head count relatively flattish for the foreseeable future? Just talk about the pros and cons or the wins and losses in terms of that head count going forward. Thank you.

請您談談您對未來人員配置的看法？您是否看到—人工智慧帶來的效率提升水準是否足以讓您在可預見的未來保持相對穩定的員工人數？就談談未來這個人數方案的利弊或勝負吧。謝謝。

Yeah. So I'll start with grocery, Mark. We have a very large grocery business. If you look at our entire grocery business, if I don't even count Whole Foods Market and Fresh, in the last 12 months to over $100 billion of gross merchandising sales, which would make us a top three grocery in the US. A good chunk of it is a lot of the items that you'd find in the middle aisle so consumables and canned goods and pet food and health and beauty, very significant and continues to grow at a very good clip.

是的。馬克，那我就先從食品雜貨說起。我們擁有規模非常大的食品雜貨業務。如果縱觀我們整個食品雜貨業務，即使不把 Whole Foods Market 和 Fresh 算在內，過去 12 個月的總商品銷售額也超過了 1000 億美元，這將使我們成為美國排名前三的食品雜貨商。其中很大一部分是你在超市中間貨架上能找到的商品，例如日用品、罐頭食品、寵物食品、保健品和美容產品，這些商品非常重要，而且增長速度也很快。

But then we also have Whole Foods Market, which is the pioneer in organic foods, which is also growing at a faster clip than most grocery companies with an attractive trajectory on profitability, and we'll expand our Whole Foods physical presence over the coming years here.

但我們還有 Whole Foods Market，它是有機食品的先驅，其成長速度也比大多數雜貨公司更快，獲利前景也十分可觀，未來幾年我們將擴大 Whole Foods 在這裡的實體店規模。

And I'm also very excited about this new concept, daily shop that we have, which is a smaller version of Whole Foods in urban settings, which we have three that we've launched that are off to very good starts that you should expect to see more of as well.

我對我們推出的「日常商店」這個新概念也感到非常興奮，它是城市環境中小型版的 Whole Foods，我們已經推出了三家，開局都非常好，你們應該會看到更多這樣的商店。

And we have always been -- as you referenced, we've talked a lot about having a larger mass physical presence. And we continue to experiment with various formats. But the one that we are most excited about is what you referenced, which is the ability to provide perishable groceries with same-day deliveries.

正如您所提到的，我們一直在談論要擴大實體存在規模。我們將繼續嘗試各種不同的形式。但我們最興奮的還是你提到的那一點，那就是能夠提供當日送達的易腐食品雜貨。

And if you think about how many of our customers are buying from us multiple times a week and who are buying things like shampoo or detergent or paper cups or water, where the ability to add milk and eggs and yogurt and other perishables to their order and have it live in the same shop in cart and then show up a few hours later, is very compelling.

想想看，有多少顧客每週多次從我們這裡購買商品，例如洗髮精、洗滌劑、紙杯或水，他們能夠將牛奶、雞蛋、優格和其他易腐食品添加到訂單中，讓這些商品同時出現在購物車裡，幾個小時後就能送到，這對他們來說非常有吸引力。

And we started with a few markets about a year ago, and we were really taken aback at the adoption, not just the number of people that started buying perishables from us very quickly but how often they came back downstream to buy perishables and groceries from us in the future. And so we've now expanded that to 1,000 cities around the US and will be in 2,300 by the end of the year. And it's really changing the trajectory and the size of our grocery business.

大約一年前，我們從幾個市場開始嘗試，市場反響之熱烈著實讓我們感到驚訝，不僅是很快就有很多人開始從我們這裡購買易腐品，而且他們之後也經常再次光顧，從我們這裡購買易腐品和食品雜貨。因此，我們現在已經將這項服務擴展到美國各地的 1000 個城市，到今年年底將涵蓋 2300 個城市。這確實改變了我們食品雜貨業務的發展軌跡和規模。

And I also believe that this many years tradition of the weekly stock up grocery stock up is changing. And I think we're a big part of that. And I think there's a lot of potential there for the grocery side. It doesn't mean that we won't continue to experiment with other physical formats, but we're on to something very significant with what we're doing with perish both from our same-day facilities.

而且我認為，多年來每週一次的食品雜貨採購傳統正在改變。我認為我們在這方面發揮了重要作用。我認為食品雜貨方面有很大的發展潛力。這並不意味著我們不會繼續嘗試其他實體形式，但就我們當天生產的食品而言，我們在處理易腐品方面取得了非常重要的進展。

And then on your head count question, what I would tell you is the announcement that we made a few days ago was not really financially driven and it's not even really AI-driven, not right now, at least. It really -- its culture. And if you grow as fast as we did for several years, the size of businesses, the number of people, the number of locations, the types of businesses you're in, you end up with a lot more people than what you had before, and you end up with a lot more layers.

至於你提出的人員編制問題，我想告訴你的是，我們幾天前發布的公告並非真正出於財務考慮，甚至也不是真正出於人工智慧考慮，至少目前不是。確實——是它的文化。如果你像我們一樣在幾年內快速發展，那麼企業的規模、員工人數、辦公地點數量、業務類型都會增加，最終你會比以前擁有更多的員工，最終你會擁有更多的層級。

And when that happens, sometimes without realizing that you can weaken the ownership of the people that you have who are doing the actual work and who own most of the two-way door decisions, the ones that should be made quickly and right at the front line, and it can lead to slowing you down. And as a leadership team, we are committed to operating like the world's largest start-up. And that means removing layers.

當這種情況發生時，有時你會在不知不覺中削弱那些實際執行工作、擁有大部分雙向決策權的人的責任感，而這些決策本應在前線迅速做出，這可能會導致你的工作效率下降。作為領導團隊，我們致力於像世界上最大的新創公司一樣運作。這意味著要一層層地移除。

It means increasing the amount of ownership that people have, and it means inventing and moving quickly. And I don't know if there's ever been a time in the history of Amazon or maybe business in general with the technology transformation happening right now, where it's important to be lean, it's important to be flat, and it's important to move fast, and that's what we're going to do.

這意味著增加人們擁有的所有權，也意味著快速創新和行動。我不知道在亞馬遜的歷史上，或者在整個商業領域，在當前技​​術變革的浪潮下，是否曾經有過像現在這樣，需要精簡、扁平化和快速行動的時期，而這正是我們要做的事情。

Eric Sheridan, Goldman Sachs.

艾瑞克‧謝裡丹，高盛集團。

Thanks so much for taking the question. Wanted to know, Andy, if you could reflect on the opportunity that's continuing to present itself in terms of rolling out more robotics and automation and the broader theme of physical AI across your operations? And how should we be thinking about that as a driver of potential efficiencies, but also as a driver of the ability to possibly reinvest back in the business over the long term? Thanks so much.

非常感謝您回答這個問題。安迪，我想了解一下，在你們的營運中，隨著更多機器人和自動化技術的推出，以及更廣泛的物理人工智慧主題的普及，目前有哪些機會正在不斷湧現？我們該如何看待這一點：它不僅是潛在效率的驅動因素，也是長期將資金再投資於業務的能力的驅動因素？非常感謝。

Robotics is a very substantial area of investment for us. We have over 1 million robots in our fulfillment network at this point. And I would say that while that's significant, we have a lot of invention in flight. So I expect that we'll have more over a period of time.

機器人技術是我們非常重要的投資領域。目前我們的物流網絡中擁有超過100萬台機器人。我認為，雖然這意義重大，但我們在航空領域還有很多發明創作。所以我預計隨著時間的推移，我們會有更多的。

Robotics are very important for us and for our customers and for our teammates because they improve safety, they boost productivity, they increased speed, and they let our human teammates focused on problem solving and what they do best.

機器人技術對我們、我們的客戶和我們的團隊成員都非常重要，因為它們提高了安全性，提高了生產力，並加快了速度，讓我們的團隊成員專注於解決問題和他們最擅長的事情。

And we expect that our people remain at the heart in the center of our fulfillment network as they have from when we first started working the robotics. And we expect that over time, we will have a fulfillment network where robots and humans complement each other and work together.

我們希望，自從我們開始使用機器人技術以來，我們的員工始終是我們履行網路的核心。我們預計，隨著時間的推移，我們將擁有一個機器人和人類相互補充、共同工作的履行網絡。

But I think you're going to continue to see us advance invest very significantly in robotics. It's going to help on the safety, the productivity, the speed, and ultimately, some of the cost pieces, which will allow us to continue to improve the customer experience.

但我認為你會看到我們繼續加大對機器人技術的投資。這將有助於提高安全性、生產力、速度，並最終降低一些成本，使我們能夠繼續改善客戶體驗。

John Blackledge, TD Cowen.

約翰·布萊克利奇，TD Cowen。

Great. Thank you. How does Amazon think about agentic commerce going forward? And how do you think Amazon will serve customers using agents to purchase goods on Amazon in the future? Thank you.

偉大的。謝謝。亞馬遜如何看待未來智慧商務的發展？你認為亞馬遜未來將如何服務那些透過代理商在亞馬遜上購買商品的顧客？謝謝。

I'm very excited about -- and as a business, we're very excited about in the long term the prospect of agentic commerce. And it has a chance to be good for customers has a chance to be really good for e-commerce. And I think if you're -- if you know what you want to buy, there are a few experiences that are better than coming to Amazon. But if you don't know what you want, it's a physical store with a physical salesperson still has some advantages. Obviously, lots of people do it on Amazon all the time.

我對此感到非常興奮——而且從長遠來看，我們整個企業也對代理商業的前景感到非常興奮。它有可能對顧客有利，也有可能對電子商務大有裨益。而且我認為，如果你知道自己想買什麼，那麼有一些購物體驗比來亞馬遜更好。但如果你不知道自己想要什麼，實體店和實體銷售人員仍然有一些優勢。顯然，很多人經常在亞馬遜上這樣做。

But you very often want to ask questions and help get help narrowing what you're going to look for. And as you keep asking new questions, having a whole bunch of different options presented to you. And I think AI and agentic commerce are going to change the experience online where that experience where you're narrowing what you want when you don't know is going to get better online than it even is in physical environments.

但你常常會想問問題，並獲得幫助來縮小你要尋找的範圍。當你不斷提出新問題時，就會出現許多不同的選項。我認為人工智慧和智慧商務將改變線上體驗，當用戶不知道自己想要什麼時，在線上縮小選擇範圍的體驗將比在實體環境中更好。

Now we obviously have our own efforts here in agentic commerce. We have Rufus, which I talked about in my opening comments, which is continuing to get better and better and used more broadly. And we have features like Buy for Me where we will surface on Amazon, even items that we don't stock that other merchants have.

現在，我們顯然也在代理商業領域做出了自己的努力。我們有 Rufus，我在開場白中提到它，它變得越來越好，使用範圍也越來越廣。我們還有一些功能，例如“幫我買”，即使是我們沒有庫存但其他商家有的商品，我們的商品也會出現在亞馬遜上。

And then if customers want us to go and buy it for them on those merchants websites, we will do that. And both of those have been successful for us. But we're also having conversations with and expect over time to partner with third-party agents. And I think that it reminds me in some ways of the beginning of search engines many years ago being sources of discovery for commerce. And you had to figure out the right way to work together.

如果客戶希望我們去這些商家的網站幫他們購買，我們也會這樣做。這兩點對我們來說都成功了。但我們也正在與第三方代理商進行洽談，並希望隨著時間的推移與他們建立合作關係。我覺得這在某些方面讓我想起了多年前搜尋引擎的興起，當時搜尋引擎是為商業提供資訊發現的來源。你們必須找到正確的合作方式。

And today, search engines are a very small part of our referral traffic and third-party agents are a very small subset of that. But I do think that we will find ways to partner. We have to find a way, though, that makes the customer experience good.

如今，搜尋引擎在我們推薦流量中所佔比例非常小，而第三方代理商又只佔其中的一小部分。但我認為我們終會找到合作的方式。但我們必須找到一種方法，讓客戶體驗變得良好。

Right now, I would say the customer experience is not -- there's no personalization. There's no shopping history. The delivery estimates are frequently wrong. The prices are often wrong. So we've got to find a way to make the customer experience better and have the right exchange value. But I do think that the exciting part of this and the promise is that AI and agentic commerce solutions are going to expand the amount of shopping that happens online.

就目前而言，我認為客戶體驗並不理想—缺乏個人化服務。沒有購物記錄。預計送達時間經常不準確。價格經常不準確。所以我們必須找到一種方法來改善客戶體驗，並實現合適的交換價值。但我認為，人工智慧和智慧商務解決方案最令人興奮和充滿前景的地方在於，它們將擴大線上購物的數量。

And I think that's really good for customers, and I think it's really good for Amazon because at the end of the day, you're going to buy from the outfit that allows you to have the broadest selection, great value and continues to deliver for you very quickly and reliably. And I think that bodes well for us.

我認為這對顧客來說真的很好，對亞馬遜來說也很好，因為歸根結底，你會選擇從能夠提供最廣泛的選擇、最優惠的價格，並且能夠持續快速可靠地為你送貨的公司購買商品。我認為這對我們來說是個好兆頭。

Colin Sebastian, Baird.

科林·塞巴斯蒂安，貝爾德。

Thanks. Good afternoon. I guess first on AWS, following up there. How much of this acceleration is driven by core infrastructure versus AI workload monetization? And I think part of it is trying to understand how important newer services like AgentCore are becoming and bringing enterprises to AWS to build agents? And then I guess, secondly, regarding the acceleration in advertising, if you could potentially disaggregate the core advertising contribution versus DSP and Prime video. That would be helpful as well. Thank you.

謝謝。午安.我猜首先是在AWS上，接下來會跟進。這種加速發展有多少是由核心基礎設施驅動，又有多少是由人工智慧工作負載貨幣化所驅動？我認為部分原因在於試圖了解像 AgentCore 這樣的新興服務的重要性，以及它們如何吸引企業使用 AWS 來建立代理商？其次，關於廣告業的加速發展，如果能夠將核心廣告的貢獻與 DSP 和 Prime 影片的貢獻區分開來，結果會如何呢？那也很有幫助。謝謝。

Yeah. I'll start on the AWS side, we are seeing -- we're really pleased with the results from this quarter, 20% year over year on a annualized run rate of $132 billion is unusual. And we have momentum. You can see it. And we see the growth in both our AI area, where we see it in inference. We see it in training.

是的。我先從 AWS 這邊說起，我們看到——我們對本季的業績非常滿意，同比增長 20%，年化運行率為 1320 億美元，這很不尋常。我們現在勢頭正盛。你可以看到。我們看到人工智慧領域的成長，尤其是在推理方面。我們在訓練中看到了這一點。

We see it in the use of our Trainium custom silicon. Bedrock continues to grow really quickly. SageMaker continues to grow quickly. And I think that the number of companies who are working on building agents is very significant. I do believe that a lot of the value that companies will realize over time and AI will come from agents.

我們在 Trainium 客製化晶片的應用中看到了這一點。基岩仍在快速成長。SageMaker持續快速成長。我認為，致力於打造代理商的公司數量非常可觀。我相信，隨著時間的推移，企業和人工智慧所能實現的許多價值都將來自智慧代理。

And I think that building agents today is still harder than it should be. You need tools to make it easier, which is why we built strands, which is an open source capability that lets people build agents from any model that they can imagine. But even more so, when you talk to enterprises or companies that care a lot about security and scale.

我認為如今培養經紀人仍然比應有的難度更高。你需要一些工具來簡化這個過程，這就是我們建立 strands 的原因，它是一個開源功能，可以讓人們根據他們能想像到的任​​何模型來建立代理。但當你與那些非常重視安全性和規模的企業或公司交談時，這種感覺就更加強烈了。

They're starting to build agents, and they don't really feel like they've got -- they've had building blocks that allow them to have the type of secure scalable agents that they need to bet their businesses and their customer experience and their data. And that's why -- that was really the inspiration behind AgentCore was to build another set of primitive building blocks like we built in the early days of AWS, where it was compute and storage and database.

他們開始建立代理，但他們感覺自己還沒有真正擁有——他們還沒有建立模組，使他們能夠擁有他們需要的安全可擴展的代理，從而押注他們的業務、客戶體驗和數據。這就是為什麼 AgentCore 的靈感真正源自於建立另一組原始建置模組，就像我們在 AWS 早期建置的那樣，即運算、儲存和資料庫。

We defined a set of building blocks that you needed to be able to deploy agents securely and scalably that we provide in AgentCore. And then when we talk to our customers, it really resonates. There is not anything else like it, it's changing their time frame and their receptivity to building agents, and it's very compelling for them.

我們定義了一組建置模組，您需要這些模組才能安全、可擴充地部署我們在 AgentCore 中提供的代理程式。當我們與客戶溝通時，他們對此深有同感。沒有其他類似的東西，它改變了他們的時間觀念和對建築代理商的接受度，這對他們來說非常有吸引力。

So I do think the combination of what we're doing to enable agents to be built and run securely and scalably as well as some of the agents that we're building ourselves that our customers are excited about are compelling for them.

所以我認為，我們為使代理能夠安全、可擴展地構建和運行所做的一切，以及我們自己構建的一些令客戶興奮的代理，這些結合起來對他們來說都很有吸引力。

And I think the other place we see a lot of growth in AWS also is just the number of enterprises who are -- who have gotten back to moving from on-premises infrastructure to the cloud. And we continue to earn the lion's share of those transformations. And I look at the momentum we have right now, and I believe that we can continue to grow at a clip like this for a while.

我認為 AWS 的另一個成長點在於越來越多的企業開始從本地基礎架構遷移到雲端。而我們則繼續在這些變革中佔據主導地位。縱觀我們目前的成長勢頭，我相信我們可以繼續以這樣的速度成長一段時間。

I think on the advertising side, that is also an area where I think collectively, we feel very pleased about the progress. Every single one of our advertising offerings this quarter grew in a meaningful way. I think there's a few things going on for us.

我認為在廣告方面，我們整體上也對所取得的進展感到非常滿意。本季我們所有的廣告產品都實現了顯著成長。我覺得我們這邊有幾件事要處理。

We have what I think of as a pretty unusual full funnel offering. And if you look at the top of the funnel, which typically tends to be awareness building and broad scale to be able to use our own Prime Video and our live sports capabilities as well as going all the way down to the bottom of the funnel at point of sale being able to use sponsored products, that's -- most people don't have a full funnel offering as robust as that.

我們提供的產品線是我認為相當獨特的全通路銷售模式。如果你看看銷售漏斗的頂部，通常是為了建立品牌認知度和擴大規模，以便能夠使用我們自己的 Prime Video 和直播體育賽事功能，以及一直到銷售點的漏斗底部，以便能夠使用贊助產品，那麼——大多數人都沒有如此強大的完整銷售漏斗。

And then when you layer on top of it, the combination of the audience curation and development we can do, along with the advantage measurement, it just all leads to a return on advertising spend is very unusual. And I think there are multiple places where we can expect to continue to grow.

然後，當我們把受眾群體的篩選和開發，以及優勢衡量等因素結合起來，最終帶來的廣告支出回報是非常不尋常的。我認為在很多方面我們都能繼續成長。

One is in our stores business. I still think if you look at the worldwide market segment share of retail, still 80% to 85% of it lives in physical stores. And that equation is going to flip over time. And I think AI is going to only accelerate that. So I think we have an opportunity -- a significant opportunity still in our existing stores.

其中一家是我們門市業務部門。我仍然認為，如果你看一下全球零售市場份額，其中 80% 到 85% 仍然存在於實體店中。隨著時間的推移，這種局面將會逆轉。我認為人工智慧只會加速這一進程。所以我認為我們仍然有機會——在我們現有的門市中仍然存在著巨大的機會。

And then I think video, we've only been at this for a little bit of time, but it's already a very large amount of advertising revenue, and we're still relatively early stage. I think that will continue to be a big area of growth. And then as you referenced, the amount -- their demand-side platform or Amazon DSP, that is growing really quickly as well. And some of it had to do with the fact that we had some features.

然後我認為影片方面，我們涉足這個領域的時間還不長，但它已經帶來了非常可觀的廣告收入，而且我們仍處於相對早期的階段。我認為那將繼續是一個有很大成長的領域。如你所提到的，他們的需求方平台（Amazon DSP）的規模也正在快速成長。部分原因在於我們有一些特色功能。

We always had a number of the core components people wanted around some of our properties, the measurement capabilities, Amazon Marketing Cloud, but we lack some features for a while as we were building out our DSP that customers told us mattered and the team over the last 20 months have closed those gaps in a very significant way so that now people feel like our DSP is fully featured.

我們一直以來都具備一些人們希望在我們平台上使用的核心元件，例如衡量功能和亞馬遜行銷雲，但在建立 DSP 的過程中，我們一度缺少一些客戶認為很重要的功能。在過去的 20 個月裡，我們的團隊以非常重要的方式彌補了這些差距，現在人們感覺我們的 DSP 功能齊全。

And then you look at some of the partnerships that we've done, the Roku partnership gives us the largest connected TV footprint in the US. And you layer on top of that, what we've recently done in providing our DSP customers, the opportunity to integrate with the ad inventory in Netflix and Spotify and SiriusXM, it's powerful. And so we are growing very quickly on the demand side platform.

然後看看我們達成的一些合作關係，與 Roku 的合作使我們在美國擁有最大的連網電視市場份額。再加上我們最近為 DSP 客戶提供與 Netflix、Spotify 和 SiriusXM 的廣告資源整合的機會，這非常強大。因此，我們在需求方平台方面發展非常迅速。

So very optimistic about what we're doing there. We've continued work to do, obviously, but I don't think we're close to being able to grow there.

我對我們在那裡所做的事情非常樂觀。我們顯然還有很多工作要做，但我認為我們離實現那方面的成長還很遠。

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 look forward to speaking with you again next quarter.

感謝您今天參加我們的電話會議，也感謝您提出的問題。本次活動的錄影將在我們的投資者關係網站上保留至少三個月。感謝您對亞馬遜的關注，期待下個季度再次與您交流。