亞馬遜 (AMZN) 2025 Q4 法說會逐字稿

Thank you for standing by. Good day, everyone, and welcome to the Amazon.com fourth-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2025年第四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.

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。謝謝您，先生。請繼續。

Hello, and welcome to our Q4 2025 financial results conference call. Joining us today to answer your questions is Andy Jassy, our CEO; and Brian Olsavsky, our CFO.

大家好，歡迎參加我們2025年第四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。

As you listen to today's conference call, we encourage you to have our press release in front of you, which includes our financial results as well as metrics and commentary on the quarter. Please note, unless otherwise stated, all comparisons in this call will be against our results for the comparable period of 2024.

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指標和評論。請注意，除非另有說明，本次電話會議中的所有比較都將與我們 2024 年同期業績進行比較。

Our comments and responses to your questions reflect management's views as of today, February 5, 2026, only, and will include forward-looking statements. Actual results may differ materially. Additional information about factors that could potentially impact our financial results is included in today's press release and our filings with the SEC, including our most recent annual report on Form 10-K and subsequent filings.

我們對你們問題的評論和答覆僅反映管理階層截至 2026 年 2 月 5 日的觀點，並且將包含前瞻性陳述。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（這些文件均發佈在我們的投資者關係網站上），您將找到有關這些非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 and energy prices, changes in global economic and geopolitical conditions, tariff and trade policies, resource and supply volatility, including for memory chips 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，包括外匯匯率和能源價格的波動、全球經濟和地緣政治狀況的變化、關稅和貿易政策、資源和供應波動（包括存儲晶片的波動）以及客戶需求和支出（包括經濟衰退的影響）、通貨膨脹、利率、區域性勞動力市場限制、世界事件、互聯網、在線增長

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.

我們的指導意見基於以下假設：我們不會進行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're reporting $213.4 billion in revenue, up 12% year over year, excluding the impact from foreign exchange rates.

謝謝你，戴夫。我們公佈的營收為 2,134 億美元，年增 12%，不計匯率影響。

Operating income was $25 billion and trailing 12-month free cash flow was $11.2 billion. We're seeing strong growth and with the incremental opportunities available to us in areas like AI, chips, low-earth-orbit satellites, quick commerce and serving more consumers' everyday essentials needs, we have a chance to build an even more meaningful business in Amazon in the coming years with strong return on invested capital, and we're investing to do so. We're already seeing strong demand in these areas even in these early innings.

營業收入為 250 億美元，過去 12 個月的自由現金流為 112 億美元。我們看到了強勁的成長，並且在人工智慧、晶片、近地軌道衛星、快速商務以及滿足更多消費者日常必需品需求等領域，我們擁有越來越多的發展機遇，這讓我們有機會在未來幾年內透過亞馬遜打造一個更有意義的業務，並獲得強勁的投資回報，而我們也正在為此進行投資。即使在初期階段，我們也已經看到這些領域有強勁的需求。

I'll start with AWS. AWS growth continued to accelerate to 24%, the fastest we've seen in 13 quarters, up $2.6 billion quarter over quarter and nearly $7 billion year over year. AWS is now a $142 billion annualized run rate business, and our chips business, inclusive of Graviton and Trainium is now over $10 billion in annual revenue run rate, growing triple-digit percentages year over year.

我先從AWS說起。AWS 的成長速度持續加快至 24%，這是 13 個季度以來最快的成長速度，較上季成長 26 億美元，較去年同期成長近 70 億美元。AWS 目前的年化收入為 1,420 億美元，而我們的晶片業務（包括 Graviton 和 Trainium）的年化收入已超過 100 億美元，並且每年都以三位數百分比成長。

As a reminder, it's very different having 24% year-over-year growth on a $142 billion annualized run rate than to have a higher percentage growth on a meaningfully smaller base, which is the case with our competitors. We continue to add more incremental revenue and capacity than others and extend our leadership position.

需要提醒的是，在 1,420 億美元的年化運行率下實現 24% 的同比增長，與在明顯較小的基數上實現更高的百分比增長（我們的競爭對手的情況就是如此）是非常不同的。我們持續增加收入和產能，超越其他競爭對手，鞏固了我們的領先地位。

We're continuing to see strong growth in core non-AI workloads as enterprises return to focusing on moving infrastructure from on-premises to the cloud, along with AWS having the broadest functionality, strongest security and operational performance and most vibrant partner ecosystem. AWS continues to earn most of the big enterprise and government transitions to cloud.

隨著企業重新將重點從本地遷移基礎設施到雲端，我們看到核心非人工智慧工作負載持續強勁成長，而 AWS 擁有最廣泛的功能、最強大的安全性和營運效能以及最活躍的合作夥伴生態系統。AWS 持續贏得大多數大型企業和政府遷移到雲端的業務。

Since our last call, we announced new agreements with OpenAI, Visa, NBA, BlackRock, Perplexity, Lyft, United Airlines, DoorDash, Salesforce, US Air Force, Adobe, Thomson Reuters, AT&T, S&P Global, National Bank of Canada, the London Stock Exchange Group, Choice Hotels, Accenture, Indeed, HSBC, CrowdStrike, and more. More of the top 500 US start-ups use AWS as their primary cloud provider than the next two providers combined.

自上次通話以來，我們宣布與 OpenAI、Visa、NBA、貝萊德、Perplexity、Lyft、聯合航空、DoorDash、Salesforce、美國空軍、Adobe、湯森路透、AT&T、標普全球、加拿大國家銀行、倫敦證券交易所集團、精選酒店集團、埃森哲、Indeed、匯豐銀行、CrowdStrike 等公司達成新的合作協議。在美國排名前 500 的新創公司中，使用 AWS 作為主要雲端服務供應商的企業數量，比使用排名第二和第三的兩家雲端服務供應商的企業數量總和還要多。

We're adding significant EC2 core computing capacity each day, and the majority of that new compute is using our custom CPU silicon, Graviton. Graviton is up to 40% more price performance than leading x86 processors and is used expansively by over 90% of AWS' top 1,000 customers. Graviton itself is a multibillion-dollar annualized run rate business, growing more than 50% year over year.

我們每天都在增加大量的 EC2 核心運算能力，而這些新增運算能力大部分都使用了我們客製化的 CPU 晶片 Graviton。Graviton 的性價比比領先的 x86 處理器高出 40%，AWS 前 1000 名客戶中有超過 90% 的客戶廣泛使用 Graviton。Graviton 本身就是年化營業額達數十億美元的企業，年增率超過 50%。

We consistently see customers wanting to run their AI workloads where the rest of their applications and data are. We're also seeing that as customers run large AI workloads on AWS, they're adding to their core AWS footprint as well. But the biggest reason that AWS continues to gain AI share is our uniquely broad top to bottom AI stack functionality.

我們經常看到客戶希望將他們的 AI 工作負載運行在與其他應用程式和資料相同的位置。我們也發現，隨著客戶在 AWS 上執行大型 AI 工作負載，他們也增加其核心 AWS 資源的使用規模。但 AWS 持續獲得 AI 市場份額的最大原因是其獨特的、從上到下的廣泛 AI 技術堆疊功能。

In AI, we're doing what we've always done in AWS, solving customer challenges. Let me give you some examples. The first challenge is having a strong foundation model to generate inferences or predictions. Customers are realizing as they get further into AI that they need choice as different models are better on different dimensions.

在人工智慧領域，我們所做的，正是我們在 AWS 中一直在做的事情：解決客戶面臨的挑戰。我舉幾個例子。首要挑戰是擁有一個強大的基礎模型來產生推論或預測。隨著客戶對人工智慧的了解不斷深入，他們逐漸意識到自己需要選擇，因為不同的模式在不同的方面各有優勢。

In fact, most sophisticated AI applications leverage multiple models, whether customers want frontier models like Anthropic's Claude or open models like Mistral or Llama, Frontier Intelligence with lower cost and latency like Amazon Nova or video and audio models like TwelveLabs or Nova Sonic. Amazon Bedrock makes it easy to use these models to run inference securely, scalably and performantly. Bedrock is now a multibillion-dollar annualized run rate business and customer spend grew 60% quarter over quarter.

事實上，大多數複雜的 AI 應用都會利用多種模型，無論客戶想要的是像 Anthropic 的 Claude 這樣的前沿模型，還是像 Mistral 或 Llama 這樣的開放模型，亦或是像 Amazon Nova 這樣成本和延遲更低的前沿智能模型，還是像 TwelveLabs 或 Nova Sonic 這樣的視頻和音頻模型。Amazon Bedrock 讓使用這些模型安全、可擴展且有效率地運行推理變得輕而易舉。Bedrock 目前是一家年化營業額達數十億美元的企業，客戶支出較上季成長 60%。

The second challenge is how to hone the model for your application. Customers sometimes think if they have a good model, they will have a good AI application. It's not really true. It takes a lot of work to post train and fine-tune a model for your application. Our SageMaker AI service, along with fine-tuning tools in Bedrock make this much easier for customers.

第二個挑戰是如何完善適用於您應用程式的模型。客戶有時會認為，如果他們有一個好的模型，他們就會有一個好的AI應用程式。這並非事實。訓練和微調模型以適應您的應用程式需要大量工作。我們的 SageMaker AI 服務，以及 Bedrock 中的微調工具，讓客戶更輕鬆地完成這項工作。

A third challenge is how to have a custom version of a foundation model that best leverages the company's secret sauce, their own data. To date, companies have tried to shape models with their own data late in the process, usually with fine-tuning or post-training.

第三個挑戰是如何擁有一個定製版的基礎模型，以最大程度地利用公司的核心優勢——他們自己的數據。到目前為止，各公司都嘗試在流程後期使用自己的資料來塑造模型，通常是透過微調或訓練後處理。

There's a debate in the industry about this, but we believe that enterprises will want models trained on their own data at an early stage of pretraining if possible. So their models have the best possible foundation for what matters most to each enterprise on which to learn and evolve. It's a little like teaching a child of foreign language early in their life. That becomes part of their learning foundation moving forward, and it makes it easier to pick up other languages later in their life.

業界對此存在爭議，但我們認為，如果可能的話，企業希望在預訓練的早期階段就使用自己的資料來訓練模型。因此，他們的模型為每個企業學習和發展最重視的方面奠定了最佳基礎。這有點像在孩子很小的時候就教他們外語。這將成為他們未來學習的基礎，並使他們日後更容易學習其他語言。

To solve for this need, we just launched Nova Forge, which give customers early checkpoints on our Amazon Nova models, allows them to securely mix their own proprietary data with the models data in the pretraining stage, enables their own uniquely customized versions of Nova, what we call Novellas, trained with their data early in the process. This will be very useful for companies as they build their own agents on top of the model. There is nothing else out there like this today and a potential game changer for companies.

為了滿足這一需求，我們推出了 Nova Forge，它為客戶提供 Amazon Nova 模型的早期檢查點，允許他們在預訓練階段安全地將自己的專有數據與模型數據混合，從而能夠創建他們自己獨特的 Nova 定製版本（我們稱之為 Novella），這些版本在流程早期就使用他們的數據進行訓練。這將對企業非常有用，因為他們可以基於該模型建立自己的代理。目前市面上還沒有類似的產品，它有可能改變企業的格局。

Another challenge is cost. I've said this many times, but if we want AI to be used as expansively as companies want, we have to make the cost of inference lower. A significant impediment today is the cost of AI chips. Customers are starving for better-price performance. And typically, and understandably, the dominant early leaders aren't in a hurry to make that happen. They have other priorities.

另一個挑戰是成本。我已經說過很多次了，如果我們希望人工智慧能夠像企業希望的那樣廣泛應用，我們就必須降低推理的成本。目前最大的障礙是人工智慧晶片的成本。消費者渴望獲得性價比更高的產品。通常情況下，而且可以理解的是，早期佔據主導地位的領導者並不急於實現這一點。他們有其他更重要的事要辦。

It's why we've built our own custom silicon and Trainium, and it's really taken off. We've landed over 1.4 million Trainium2 chips, our fastest ramping chip launch ever. Trainium2 is 30% to 40% more price performance than comparable GPUs and is a multibillion-dollar annualized revenue run rate business with 100,000-plus companies using it as Trainium is the majority underpinning of Bedrock usage today.

這就是我們自主研發客製化晶片和 Trainium 的原因，而且它真的成功了。我們已經交付了超過 140 萬顆 Trainium2 晶片，這是我們有史以來速度最快的晶片發布。Trainium2 的性價比比同類 GPU 高出 30% 到 40%，並且是一個年收入達數十億美元的業務，有超過 10 萬家公司使用它，因為 Trainium 是目前 Bedrock 使用的主要基礎。

We recently launched Trainium3, which is up to 40% more price performance than Trainium2. We're seeing very strong demand for Trainium3 and expect nearly all of our Trainium3 supply of chips to be committed by mid-2026. And though we're still building Trainium4, we're seeing very strong interest already.

我們最近推出了 Trainium3，其性價比比 Trainium2 高出 40%。我們看到市場對 Trainium3 的需求非常強勁，預計到 2026 年年中，我們幾乎所有的 Trainium3 晶片供應都將得到滿足。雖然我們仍在開發 Trainium4，但我們已經看到了非常濃厚的興趣。

Looking ahead, the primary way companies will get value from AI is with agents, some their own, some from others, and there are several customer challenges that we're well positioned to solve. It's harder to build agents than it should be.

展望未來，企業從人工智慧中獲得價值的主要方式是透過代理，有些是企業自己的代理，有些是其他公司的代理，而我們有能力解決客戶面臨的幾個挑戰。建構代理比想像中要難。

For that, we've built Strands, a service enabling agents to be created from any model. Once agents are built, enterprises are apprehensive about deploying to production because these agents need to securely and scalably connect to compute, data, tools, memory, identity, policy governance, performance monitoring and other elements. This is a new and hard problem where a solution has not existed until we launched Bedrock AgentCore. Customers are quite excited about AgentCore, and it's unlocking deployments.

為此，我們開發了 Strands，這項服務能夠從任何模型建立代理。代理建置完成後，企業會擔心將其部署到生產環境，因為這些代理需要安全、可擴展地連接到運算、資料、工具、記憶體、身分、策略治理、效能監控和其他元素。這是一個全新的、棘手的問題，在我們推出 Bedrock AgentCore 之前，這個問題一直沒有解決方案。客戶對 AgentCore 非常興奮，它正在推動部署工作。

Customers also want to leverage others' useful agents, and we've built several, including Kiro for coding, Amazon Quick for knowledge workers to leverage their own data and analytics, AWS Transform for software migration, and Amazon Connect for call center operations. We continue adding new capabilities and usage continues to grow quickly. For example, the number of developers using Kiro grew more than 150% quarter over quarter.

客戶還希望利用其他人的實用代理，我們已經建立了幾個，包括用於編碼的 Kiro、用於知識工作者利用自身資料和分析的 Amazon Quick、用於軟體遷移的 AWS Transform 以及用於呼叫中心運營的 Amazon Connect。我們不斷增加新功能，使用量也持續快速成長。例如，使用 Kiro 的開發者數量較上季增加超過 150%。

In addition to agents that customers direct, customers are also becoming excited about agents that require less human interaction. They can be fully autonomous, run persistently for hours or days, scale out quickly and remember context. At this past AWS re:Invent, we launched Frontier Agents to do that. Kiro autonomous agents for coding tasks, AWS DevOps agents for detecting and resolving operational issues, and AWS security agents for proactively securing applications throughout the development life cycle, and they're already making a big difference for customers.

除了客戶直接指定的客服人員外，客戶也開始對那些需要較少人為幹預的客服人員感到興奮。它們可以完全自主運行，持續運行數小時或數天，快速擴展並記住上下文。在上一屆 AWS re:Invent 大會上，我們推出了 Frontier Agents 來實現這一目標。Kiro 自主代理用於編碼任務，AWS DevOps 代理用於檢測和解決操作問題，AWS 安全代理用於在整個開發生命週期中主動保護應用程序，它們已經為客戶帶來了巨大的改變。

We expect to invest about $200 billion in capital expenditures across Amazon, but predominantly in AWS because we have very high demand, customers really want AWS for core and AI workloads, and we're monetizing capacity as fast as we can install it. We have deep experience understanding demand signals in the AWS business and then turning that capacity into strong return on invested capital. We're confident this will be the case here as well.

我們預計將在亞馬遜各業務部門投入約 2000 億美元的資本支出，但主要投入 AWS，因為需求非常高，客戶確實需要 AWS 來處理核心和 AI 工作負載，而且我們正在以最快的速度將容量貨幣化。我們擁有豐富的經驗，能夠理解 AWS 業務的需求訊號，並將這種能力轉化為強勁的投資回報。我們相信這裡的情況也會如此。

I'll now turn to stores. We continue to expand selection, including more than 400 new beauty brands in the US in 2025, like Bobbi Brown Cosmetics, Charlotte Tilbury, and Laura Mercier and new fashion brands like Away Luggage, Converse, Diesel, Michael Kors, Nike, and The North Face. Our ultra-low-priced offering, Amazon Haul, grew selection to over 1 million items under $10 and expanded to serve customers in more than 25 countries and regions.

接下來我要去商店看看。我們將繼續擴大產品選擇範圍，到 2025 年將在美國推出 400 多個新的美妝品牌，例如 Bobbi Brown Cosmetics、Charlotte Tilbury 和 Laura Mercier，以及新的時尚品牌，例如 Away Luggage、Converse、Diesel、Michael Kors、Nike 和 The North Face。我們推出的超低價商品服務 Amazon Haul，商品種類已增至 100 多萬件，價格均低於 10 美元，服務範圍也擴展到 25 個以上的國家和地區。

We continue to see strong customer response to Everyday Essentials and grocery. In 2025, Everyday Essentials grew nearly twice as fast as all other categories in the US, representing one out of every three units sold in our store, and we've become a go-to grocery destination for over 150 million Americans, mostly through online shopping and Whole Foods. With over $150 billion in gross sales, Amazon is clearly a large grocer at this point.

我們持續看到顧客對日常必需品和食品雜貨的強勁需求。2025 年，日常必需品在美國的成長速度幾乎是其他所有類別的兩倍，占我們商店每售出三件商品中的一件，我們已成為超過 1.5 億美國人的首選雜貨店，他們主要透過線上購物和 Whole Foods 購買商品。亞馬遜的銷售額已超過 1500 億美元，顯然已經成為大型食品雜貨商。

Customers in thousands of US cities and towns can now get perishables delivered same day alongside millions of other items, and customers who use that service shop more than twice as often as customers who don't. We plan to expand to many more communities in 2026, and we also plan to open more than 100 new Whole Foods Market stores over the next few years as we work to make grocery shopping easier, faster and more affordable for customers.

美國數千個城鎮的顧客現在可以當天收到易腐品以及數百萬其他商品，而且使用這項服務的顧客購物頻率是未使用該服務的顧客的兩倍以上。我們計劃在 2026 年擴展到更多社區，並且在未來幾年內，我們還計劃開設 100 多家新的 Whole Foods Market 門市，努力讓顧客的食品雜貨購物更輕鬆、更快捷、更實惠。

We remain committed to staying sharp on price and continue to meet or beat other retailers' prices. A recent study from Profitero showed that Amazon is America's lowest priced retailer for the ninth straight year, 14% lower on average than other major online retailers. We again achieved our fastest ever delivery speeds for Prime members around the world in 2025.

我們將繼續致力於保持價格優勢，並繼續與其他零售商的價格持平或更低。Profitero 最近的一項研究表明，亞馬遜連續第九年成為美國價格最低的零售商，平均比其他主要線上零售商低 14%。2025年，我們再次實現了全球Prime會員有史以來最快的配送速度。

In the US, we delivered nearly 70% more items same day than the year before. We also continue increasing speed for rural customers with nearly 2 times more average monthly customers in rural areas receiving same-day delivery year over year. Same-day is our fastest-growing delivery offering and nearly 100 million customers used it last year in the US.

在美國，我們當日送達的商品數量比前一年增加了近 70%。我們也持續提升農村客戶的送貨速度，並在農村地區每月享受當日送達服務的客戶數量較去年同期成長近 2 倍。當日達是我們成長最快的配送服務，去年美國有近 1 億客戶使用了這項服務。

And the team is continuing to innovate. We've launched Amazon now in India, Mexico and the UAE, ultrafast delivery on thousands of items in about 30 minutes or less, and we're testing it in several communities in the US and UK. It's early, but customers are loving it. For example, in India, customer response exceeded our most optimistic expectations, and we're seeing Prime members triple their shopping frequency once they start using it.

團隊也在不斷創新。我們已在印度、墨西哥和阿聯酋推出亞馬遜服務，可在 30 分鐘或更短時間內超快速地配送數千件商品，並且我們正在美國和英國的幾個社區進行測試。雖然時間尚短，但顧客都很喜歡。例如，在印度，客戶的回饋超出了我們最樂觀的預期，我們看到 Prime 會員一旦開始使用該服務，購物頻率就會增加兩倍。

Expanding our same-day delivery coverage also leads to meaningfully later cutoff times for orders, which is a big deal for customers. For example, on Christmas Eve, customers in about 4,000 US cities could order items up until midday and get them that same day. Another example is our recently launched feature Add to Delivery, which enables Prime members in the US to add items to their upcoming Amazon deliveries with just one tap without going through checkout again or paying additional shipping fees.

擴大當日送達範圍也意味著訂單截止時間將大幅延後，對顧客來說意義重大。例如，在聖誕節前夕，美國約 4000 個城市的顧客可以在中午之前訂購商品，並在當天收到商品。另一個例子是我們最近推出的「添加到配送」功能，該功能使美國 Prime 會員能夠一鍵將商品添加到即將到來的亞馬遜配送中，而無需再次結帳或支付額外的運費。

Just six months after launch, Add to Delivery already makes up about 10% of all Prime volume fulfilled through the Amazon network each week. While this seems simple on the surface, this feature is supported by a lot of invention where we need to figure out in real time and with incredibly low latency, what items among Amazon's hundreds of millions of products are available to add to a customer's upcoming deliveries, surface them, find a way to include in their packages, and deliver within the same customer promise.

上線僅六個月後，「新增至配送」功能每週已佔亞馬遜網路配送的 Prime 商品總量的約 10%。雖然表面上看起來很簡單，但這項功能背後有很多創新，我們需要實時且以極低的延遲找出亞馬遜數億件商品中哪些可以添加到客戶即將收到的包裹中，將它們顯示出來，找到將它們放入包裹的方法，並在承諾的客戶時間內交付。

The stores team is also continuing to innovate and deliver for customers with AI. Our agentic AI shopping assistant, Rufus, has rapidly expanded. Rufus can research products, track prices and auto buy, purchasing a product in our store when it reaches your set price.

門市團隊也不斷創新，利用人工智慧為顧客提供更好的服務。我們的智慧AI購物助理Rufus發展迅速。Rufus 可以搜尋產品、追蹤價格並自動購買，當產品達到您設定的價格時，Rufus 會自動從我們的商店購買該產品。

It can also now shop tens of millions of items in other online stores and make purchases for customers using our agentic Buy for Me feature. Last year, more than 300 million customers used Rufus. In addition, customers use Lens, our AI-powered visual search tool, to find products with a phone's camera, a screenshot or a barcode, and they did it 45% more Year-over-year.

現在它還可以從其他線上商店購買數千萬件商品，並使用我們的代理商「幫我買」功能為客戶購買商品。去年，超過 3 億用戶使用了 Rufus。此外，客戶還使用我們基於人工智慧的視覺搜尋工具 Lens，透過手機相機、螢幕截圖或條碼尋找產品，而且這項使用量比前一年增長了 45%。

Moving on to Amazon Ads. We're pleased with the continued strong growth across our full-funnel offerings, generating $21.3 billion of revenue in the quarter and growing 22% year over year. Sponsored products advertising in our store continues to be our largest ads offering and the combination of trillions of shopping, browsing and streaming signals with advanced AI and machine learning led us to deliver highly relevant and useful ads for customers.

接下來是亞馬遜廣告。我們對全通路產品持續強勁成長感到滿意，本季創造了 213 億美元的收入，年增 22%。在我們的商店中，贊助商品廣告仍然是我們最大的廣告形式，數萬億次的購物、瀏覽和串流媒體訊號與先進的人工智慧和機器學習相結合，使我們能夠為客戶提供高度相關和有用的廣告。

We saw continued growth in Prime Video ads, which is now available in 16 countries and is contributing meaningfully to our revenue growth. Prime Video has an average ad-supported audience of 315 million viewers globally, up from 200 million in early 2024.

我們看到 Prime Video 廣告持續成長，目前已在 16 個國家推出，並對我們的營收成長做出了重要貢獻。Prime Video 的全球平均廣告支援觀眾人數為 3.15 億，高於 2024 年初的 2 億。

Our ads team is also innovating with AI. We recently announced our ads agent, which lets brands use AI to create and optimize campaigns at scale, implement effective campaign targeting, and quickly create actionable insights. And our creative agent lets advertisers research, brainstorm and generate full funnel ad campaigns from concept to completion using conversational guidance in Amazon's retail data, transforming what was a week-long process into just hours.

我們的廣告團隊也正在利用人工智慧進行創新。我們最近發布了廣告代理，它可以讓品牌利用人工智慧大規模創建和優化廣告活動，實施有效的廣告活動定位，並快速產生可操作的洞察。我們的創意代理商讓廣告主能夠利用亞馬遜零售數據的對話式指導，研究、集思廣益並產生從概念到完成的全流程廣告活動，將原本需要一周的時間縮短到幾個小時。

We're also continuing to invent and see momentum in several other areas, and I'll mention just a few. Starting with live sports on Prime. The fourth season of Thursday Night Football broke more records. It was our most watched season ever, averaging more than 15 million viewers, a 16% year-over-year increase and a third consecutive year of double-digit growth. And the Packers versus Bears wild card game was the most streamed NFL game in history with 31.6 million viewers, clearing the prior mark by more than 4 million.

我們也在其他幾個領域不斷進行創新並取得進展，我僅舉幾例。首先是Prime上的體育直播。第四季的《週四晚間橄欖球賽》打破了更多紀錄。這是我們有史以來收視率最高的一季，平均收視人數超過 1500 萬，年增 16%，連續第三年實現兩位數增長。綠灣包裝工隊對陣芝加哥熊隊的外卡賽是 NFL 歷史上觀看人數最多的比賽，共有 3,160 萬觀眾收看，比之前的紀錄高出 400 多萬。

We just made Alexa+ available to all customers in the US, free for Prime members and $19.99 a month for non-Prime members. Alexa+ continues to get even better and more capable, and we've added new ways to interact with Alexa, including a new chat experience at alexa.com, a redesigned mobile app, and new integrations with third-party devices like Samsung TVs and BMW cars. We've also added new features like the ability to answer a ring doorbell on a customer's behalf and more ways to shop or manage a home.

我們剛剛向美國所有客戶提供 Alexa+ 服務，Prime 會員免費，非 Prime 會員每月收費 19.99 美元。Alexa+ 不斷變得更好、更強大，我們增加了與 Alexa 互動的新方式，包括 alexa.com 上的全新聊天體驗、重新設計的行動應用程序，以及與三星電視和寶馬汽車等第三方設備的新整合。我們還添加了一些新功能，例如代表客戶接聽門鈴，以及更多購物或管理房屋的方式。

And finally, the team is making rapid progress on Amazon Leo, which will bring connectivity to consumers, enterprises and governments in places where they don't have broadband connectivity. Our enterprise-grade customer terminal, Leo Ultra, is the fastest satellite Internet antenna ever built, delivering simultaneous download speeds of up to 1 gigabit per second and upload speeds of up to 400 megabits per second.

最後，該團隊在 Amazon Leo 的研發上取得了快速進展，Amazon Leo 將為那些沒有寬頻連線的地方的消費者、企業和政府提供網路連線。我們的企業級客戶終端 Leo Ultra 是迄今為止建造的速度最快的衛星互聯網天線，可同時提供高達每秒 1 千兆比特的下載速度和高達每秒 400 兆比特的上傳速度。

Leo will offer enterprise-grade performance and advanced encryption with secure private networking that bypasses public Internet connecting directly to AWS. We've launched 180 satellites, have more than 20 launches planned in 2026, more than 30 in 2027, and expect to launch commercially in 2026.

Leo 將提供企業級效能和進階加密，以及繞過公共網路直接連接到 AWS 的安全私有網路。我們已經發射了 180 顆衛星，2026 年計畫發射 20 多次，2027 年計畫發射 30 多次，預計 2026 年開始商業發射。

We have dozens of commercial agreements already signed, including with AT&T, DirecTV Latin America, JetBlue, and Australia's National Broadband Network and have many more on the way. It's been an action-packed year of innovation and progress, and we've hit the ground running in 2026.

我們已經簽署了數十項商業協議，包括與 AT&T、DirecTV 拉丁美洲、捷藍航空和澳洲國家寬頻網路的協議，還有更多協議正在洽談中。過去的一年充滿了創新和進步，我們在 2026 年也取得了長足的進步。

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 $213.4 billion, a 12% increase year over year, excluding the 150 basis point favorable impact of foreign exchange. In Q4, we reported worldwide operating income of $25 billion. This operating income includes three special charges, which reduced operating income by $2.4 billion.

謝謝你，安迪。首先來看我們的主要財務表現。全球營收為 2,134 億美元，年增 12%，不包括 150 個基點的外匯有利影響。第四季度，我們公佈的全球營業收入為 250 億美元。該營業收入包含三項特殊費用，導致營業收入減少了 24 億美元。

The first charge of $1.1 billion is for the resolution of tax disputes associated with our stores business in Italy and the settlement of a lawsuit. This charge primarily impacts our International segment and is largely recorded in the fulfillment and other operating expense line items.

第一筆 11 億美元的支出用於解決與我們在義大利的門市業務相關的稅務糾紛以及和解一起訴訟。這項費用主要影響我們的國際業務部門，並且主要計入履約和其他營運費用項目。

Second charge of $730 million is for the estimated severance costs. This charge impacts all three of our segments and is recorded primarily in the fulfillment, sales and marketing, and technology and infrastructure expense line items.

第二項支出 7.3 億美元是預計的遣散費。這項費用會影響我們所有的三個業務部門，主要計入履行、銷售和行銷以及技術和基礎設施費用項目。

The third charge of $610 million is for asset impairments, primarily related to physical stores. This charge primarily impacts the North America segment and is recorded in the other operating expense line.

第三項支出為 6.1 億美元，用於資產減損，主要與實體店有關。這項費用主要影響北美業務部門，並計入其他營運費用項目。

Moving on to our segment results. In the North America segment, fourth-quarter revenue was $127.1 billion, an increase of 10% year over year. International segment revenue was $50.7 billion, an increase of 11% year over year, excluding the impact of foreign exchange. Worldwide paid units grew 12% year over year, which was our highest quarterly growth rate in 2025.

接下來是各業務區的業績報告。在北美地區，第四季營收為 1,271 億美元，較去年同期成長 10%。國際業務收入為 507 億美元，年增 11%（不計匯率影響）。全球付費用戶數量年增 12%，這是我們 2025 年最高的季度成長率。

The fourth quarter marked a strong finish to the year as we delivered to customers during the peak holiday season. Our sharp pricing, vast selection and record fast delivery speeds resonated with customers. They appreciate the convenience of receiving their items quickly from gifts for family and friends to everyday essentials and perishable groceries. Our millions of global third-party sellers continue to be an important contributor to our broad selection.

第四季為全年畫上了圓滿的句號，我們在假日高峰期也成功交付了產品。我們極具競爭力的價格、豐富的商品選擇和創紀錄的快速配送速度贏得了客戶的青睞。他們很欣賞這種便捷性，能夠快速收到各種物品，從送給家人和朋友的禮物到日常必需品和易腐食品。我們遍布全球的數百萬第三方賣家仍然是我們豐富商品選擇的重要貢獻者。

In Q4, Worldwide third-party seller unit mix was 61%. We continue to invest in tools and services, including a comprehensive suite of AI tools that help our selling partners manage and grow their businesses.

第四季度，全球第三方賣家單位佔比為 61%。我們持續投資於各種工具和服務，包括一套全面的人工智慧工具，以幫助我們的銷售合作夥伴管理和發展他們的業務。

Shifting to profitability. North America segment operating income was $11.5 billion with an operating margin of 9%, up from an 8% margin in Q4 of 2024. International segment operating income was $1 billion with an operating margin of 2.1%. Excluding the impact of special charges mentioned earlier, International segment operating margins also expanded year over year.

轉向盈利。北美業務部門的營業收入為 115 億美元，營業利潤率為 9%，高於 2024 年第四季的 8%。國際業務部門的營業收入為 10 億美元，營業利益率為 2.1%。剔除前面提到的特殊費用影響，國際事業部的營業利益率也較去年同期成長。

We're pleased with the fulfillment network performance throughout the peak season. We made strong progress improving the cost structure of our network over the past few years. In the US, our regionalized network is operating at scale, and we continue to make refinements. This regionalization has improved local inventory placement, leading to faster delivery at lower costs.

我們對旺季期間的物流網絡表現感到滿意。過去幾年，我們在改善網路成本結構方面取得了顯著進展。在美國，我們的區域化網路正在大規模運營，我們將繼續進行改進。這種區域化策略改善了本地庫存佈局，從而以更低的成本實現了更快的交付速度。

Last year, US Prime members received over 8 billion items the same or next day, up more than 30% year over year, with groceries and everyday essentials making up half of the total items. For the third year in a row, globally, in 2025, we achieved both our fastest ever delivery speeds for Prime members while also reducing our cost to serve. By leveraging our existing US network, we can now deliver perishable groceries to customers in more than 2,300 cities and towns, all with same-day delivery.

去年，美國 Prime 會員當天或隔天收到了超過 80 億件商品，年增超過 30%，其中食品雜貨和日常必需品佔商品總數的一半。2025 年，我們連續第三年在全球範圍內實現了 Prime 會員有史以來最快的配送速度，同時降低了服務成本。利用我們現有的美國網絡，我們現在可以向超過 2300 個城鎮的顧客配送易腐食品雜貨，而且全部當日送達。

We saw significant adoption of this service throughout the year. When customers engage with our perishable offering, they demonstrate notably higher monthly spend compared to those who do not shop the category. We also see that customers shopping perishable groceries add 3 times more items to their same-day delivery orders.

我們看到這項服務在全年都得到了廣泛的採用。與那些不購買生鮮商品的顧客相比，購買我們生鮮商品的顧客每月消費量明顯更高。我們還發現，購買易腐食品的顧客在當天送達的訂單中增加的商品數量是其他顧客的 3 倍。

Looking ahead, we see further opportunity to enhance productivity in our global fulfillment network while delivering at faster speeds for customers. We will continue optimizing inventory placement to drive down distance travel, reduce touches per package, and improve package consolidation as well as launch robotics and automation to increase efficiency and elevate the customer experience.

展望未來，我們看到了進一步提升全球物流網絡生產力的機會，同時也能以更快的速度為客戶提供服務。我們將繼續優化庫存擺放，以減少運輸距離、減少每個包裹的搬運次數、改善包裹整合，並推出機器人和自動化技術，以提高效率和提升客戶體驗。

Shifting to advertising. Advertising revenue grew 22% in the fourth quarter, and we added over $12 billion of incremental revenue in 2025 alone as our full funnel advertising approach of connecting brands with customers is resonating, simplifying the advertiser experience to enable brands to better reach customers wherever they are.

轉向廣告業。第四季廣告收入成長了 22%，僅到 2025 年，我們就新增了超過 120 億美元的收入，因為我們將品牌與客戶聯繫起來的全通路廣告方法正在引起共鳴，簡化廣告商體驗，使品牌能夠更好地觸達客戶，無論他們身在何處。

Moving next to our AWS segment. Revenue was $35.6 billion and growth accelerated to 24% year over year. We added $2.6 billion in quarter-over-quarter revenue and AWS now has an annualized revenue run rate of $142 billion. This acceleration was driven by both core and AI services as customers continue to modernize their infrastructure and migrate workloads to the cloud.

接下來我們進入AWS部分。營收達 356 億美元，年增 24%。我們本季新增營收 26 億美元，AWS 目前的年化營收運作率為 1,420 億美元。隨著客戶不斷對其基礎設施進行現代化改造並將工作負載遷移到雲端，核心服務和人工智慧服務共同推動了這項加速發展。

Our AI offerings continue to resonate with customers, including our agentic capabilities. This growth was helped in part by the more than 1 gigawatt of capacity we added in Q4.

我們的人工智慧產品，包括我們的智慧代理功能，持續受到客戶的青睞。這一成長部分得益於我們在第四季新增的超過 1 吉瓦的產能。

In 2025, AWS added more data center capacity than any other company in the world. AWS operating income was $12.5 billion. We're seeing strong top line growth while remaining focused on driving efficiencies across the business. This includes investing in software and process improvements to optimize server capacity, developing a more efficient network using our lower-cost custom networking gear, and advancing custom silicon.

2025年，AWS新增的資料中心容量超過了世界上任何其他公司。AWS 的營業收入為 125 億美元。我們在維持強勁營收成長的同時，也持續專注於提高整個業務的效率。這包括投資軟體和流程改進以優化伺服器容量，利用我們成本更低的客製化網路設備開發更有效率的網絡，以及推進客製化晶片技術。

At the same time, we continue to rapidly develop products and services on behalf of customers. 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.

同時，我們持續快速開發產品和服務，以滿足客戶的需求。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。

Turning to cash flows. Our full-year operating cash flow increased to $139.5 billion in 2025, up 20% year over year due primarily to improved operating income and changes in working capital.

接下來我們來看現金流。2025 年，我們的全年營運現金流增加至 1,395 億美元，年增 20%，這主要得益於營業收入的提高和營運資本的變化。

Now turning to our Q1 financial guidance. Q1 net sales are expected to be between $173.5 billion and $178.5 billion. This guidance anticipates a favorable impact of approximately 180 basis points from foreign exchange rates. As a reminder, global currencies can fluctuate during the quarter. Q1 operating income is expected to be between $16.5 billion and $21.5 billion.

現在來看我們第一季的財務預期。預計第一季淨銷售額將在 1,735 億美元至 1,785 億美元之間。該指引預計外匯匯率將產生約 180 個基點的有利影響。提醒各位，全球貨幣在季度內可能會出現波動。預計第一季營業收入將在 165 億美元至 215 億美元之間。

A few things to mention on the operating income guidance. Within the North America segment, we do expect a year-over-year cost increase of approximately $1 billion related to Amazon Leo. We have more than 20 launches planned in 2026 and more than 30 in 2027, which means we're spending more on launching satellites each year. Select enterprise customers are testing Amazon Leo services now, and we expect a wider commercial rollout later this year.

關於營業收入預期，有幾點需要說明。在北美地區，我們預計與亞馬遜 Leo 相關的成本將比前一年增加約 10 億美元。我們計劃在 2026 年進行 20 多次發射，在 2027 年進行 30 多次發射，這意味著我們每年在衛星發射上的花費都在增加。目前部分企業客戶正在測試 Amazon Leo 服務，我們預計今年稍後進行更廣泛的商業推廣。

As a reminder, today, we do expense most of these Leo costs as incurred. We expect that later in the year, many of these costs such as satellite manufacturing and launch services will be capitalized.

再次提醒，目前我們大部分的Leo相關費用都是以實際發生額計入支出的。我們預計，今年晚些時候，衛星製造和發射服務等許多此類成本將被資本化。

Within the International segment, we're continuing to invest more in our stores business to enhance the customer experience and to encourage retail demand to move online more quickly. This includes bringing faster delivery options, including Amazon Now, our service which delivers to customers in 30 minutes or less.

在國際業務方面，我們將繼續增加對門市業務的投資，以提升客戶體驗，並鼓勵零售需求更快轉移到線上。這包括提供更快捷的配送選項，例如 Amazon Now，這項服務可在 30 分鐘或更短時間內將貨物送達客戶手中。

We're also working hard to stay sharp on pricing and seller fees. And there are countries where we've had to be more aggressive to meet or beat competitors' prices. We like these investments because they will delight customers, grow our business, and we believe they will generate long-term positive return on invested capital.

我們也在努力保持定價和賣家費用的優勢。在某些國家，我們必須採取更積極的策略來達到或超過競爭對手的價格。我們喜歡這些投資，因為它們將令客戶滿意，促進業務成長，我們相信它們將帶來長期的正投資回報。

As we enter 2026, I'm energized by our team's strong execution. I want to thank everyone across the company for their hard work on behalf of our customers. We remain focused on driving an even better customer experience, which is the only reliable way to create lasting value for our shareholders.

進入2026年，我為我們團隊的出色執行力感到振奮。我要感謝公司全體員工為我們的客戶所付出的辛勤努力。我們將繼續專注於提升客戶體驗，因為這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.

那麼，接下來我們來回答您的問題。

(Operator Instructions) Mark Mahaney, Evercore ISI.

（操作說明）Mark Mahaney，Evercore ISI。

I think, Brian, let me throw this to you or maybe to Andy. On the strong long-term return on invested capital, I think that's the debate in the market today. So could you give us a little bit more insight into how you think investors will be able to see that, either talk about the duration of the CapEx cycle that you're going through now or what we should see in terms of profitability levels?

布萊恩，我覺得應該把這個任務交給你或是安迪來做。我認為，目前市場上爭論的焦點在於投資資本能否獲得強勁的長期回報。那麼，您能否更詳細地談談您認為投資者將如何看待這一點，例如談談您目前正在經歷的資本支出週期的持續時間，或者我們應該在盈利水平方面看到什麼？

And maybe also talk about like other de minimis or minimum free cash flow generation levels that you don't want to go below as you go through this CapEx cycle. Just help us get to that -- get to your level of confidence in having a strong long-term return on that invested capital.

或許還可以談談其他一些最低限度或最低自由現金流產生水平，在這個資本支出週期中，你不希望低於這些水平。請幫助我們達到那個目標—讓您對投資資本獲得長期豐厚回報充滿信心。

Yes. Sure, Mark. Thank you. I'll start from the financial side. So on the investments we're making, as Andy said earlier, we are putting into service with customers all capacity that we're getting and it's immediately useful. And we're also seeing a long arc of additional revenue that we see from other customers and backlog and commitments that people are anxious to make with us, especially for AI services.

是的。當然可以，馬克。謝謝。我先從財務方面說起。所以，正如安迪之前所說，我們正在進行的投資，我們將獲得的所有產能都投入到客戶的服務中，並且立即發揮了作用。我們也看到，其他客戶的額外收入以及積壓訂單和人們渴望與我們達成的承諾，特別是人工智慧服務的承諾，都將帶來長期的成長。

So you can see that's working its way into our P&L, both through CapEx and also through our operating margin in AWS. AWS is 35% operating margin through Q4, up 40 basis points year over year. As we talked about before, that is going to fluctuate over time. It certainly has a headwind from the investments in AI and the depreciation on that CapEx. But we also work very hard to offset that with efficiencies and cost reductions.

所以你可以看到，這正在逐步影響我們的損益表，既體現在資本支出方面，也體現在我們在 AWS 的營運利潤率方面。AWS第四季營業利益率為35%，較去年同期成長40個基點。正如我們之前討論過的，這種情況會隨著時間推移而波動。對人工智慧領域的投資以及相關資本支出的折舊，無疑地為它帶來了不利影響。但我們也努力透過提高效率和降低成本來彌補這些損失。

So we will see how that develops over time. So -- but yes, we see strong return on invested capital. We see strong demand for these services, and we continue to like the investments in this area.

所以我們將拭目以待，看看事態如何發展。所以——是的，我們看到了強勁的投資回報。我們看到市場對這些服務有強勁的需求，我們繼續看好該領域的投資。

I would add to that. If you look at the capital we're spending and intend to spend this year, it's predominantly in AWS. And some of it is for our core workloads, which are non-AI workloads because they're growing at a faster rate than we anticipated. But most of it is in AI. And we just have a lot of growth and a lot of demand.

我還要補充一點。如果你看一下我們今年正在花費和計劃花費的資金，你會發現它們主要都投入到了 AWS 上。其中一部分用於我們的核心工作負載，也就是非人工智慧工作負載，因為它們的成長速度比我們預期的要快。但大部分都集中在人工智慧領域。我們業務成長迅速，需求也很大。

And when you're growing 24% year over year with an annualized revenue run rate of $142 billion, you're growing a lot. And what we're continuing to see is as fast as we install this capacity -- this AI capacity, we are monetizing it. And so it's just a very unusual opportunity. As I've shared a lot of times, I passionately believe that every customer experience that we know of today is going to be reinvented with AI, there are going to be a whole bunch of customer experiences that none of us ever imagined that are going to become the norms of how we all operate every day and what we use.

當你的年增長率達到 24%，年化收入運行率達到 1,420 億美元時，你的成長速度就非常驚人了。我們不斷看到的情況是，我們安裝這種能力（人工智慧能力）的速度越快，我們就越能將其貨幣化。所以，這確實是一個非常難得的機會。正如我多次分享的那樣，我堅信我們今天所知的每一種客戶體驗都將透過人工智慧被重新定義，將會出現許多我們從未想像過的客戶體驗，這些體驗將成為我們日常運作和使用方式的規範。

And I think the other thing is that if you really want to use AI in an expansive way, you need your data in the cloud and you need your applications in the cloud. Those are all big tailwinds pushing people towards the cloud.

我認為另一點是，如果你真的想廣泛地使用人工智慧，你需要將資料儲存在雲端，你的應用程式也需要運行在雲端。這些都是推動人們邁向雲端的巨大順風。

So we're going to invest aggressively here, and we're going to invest to be the leader in this space as we have been for the last number of years. We have, I think, a fair bit of experience over the years in AWS of forecasting demand signals and doing it in such a way that we don't have a lot of wasted capacity and that we also have enough capacity to serve the demand that's there.

因此，我們將加強投資力度，爭取成為該領域的領導者，就像過去幾年一樣。我認為，多年來我們在 AWS 上累積了相當多的經驗，能夠預測需求訊號，並且能夠避免大量容量浪費，同時又能確保有足夠的容量來滿足現有需求。

And I think we've also proven, with AWS, over the years, in how we build data centers and how we run them and how we invent in there, if you think about our chips and our hardware and our networking gear and how we've invented in power that this isn't some sort of quixotic top-line grab. We have confidence that we -- that these investments will yield strong returns on invested capital.

而且我認為，多年來，透過 AWS，我們也證明了我們在資料中心的建置、營運和創新方面所取得的成就。想想我們的晶片、硬體、網路設備以及我們在電力領域的創新，就會明白這並非異想天開的攫取巨額利潤。我們有信心，這些投資將帶來豐厚的投資報酬率。

We've done that with our core AWS business. I think that will very much be true here as well. And I think some of the things that you will see over time in the AI space is you're going to keep seeing all of the inference services, which is going to be the majority of the long-term AI workloads is going to be inference. You're going to see the inference keep getting optimized. You're going to see higher utilization on those services. You'll see prices normalize over a period of time.

我們已經在核心 AWS 業務中實現了這一點。我認為這種情況在這裡也同樣適用。我認為隨著時間的推移，人工智慧領域的一些發展趨勢是，推理服務將持續存在，長期人工智慧工作負載的大部分都將是推理。你會看到推理過程不斷被優化。這些服務的使用率將會更高。一段時間後，價格會恢復正常。

And then I think the companies that have, not just the excellence in infrastructure, but also the components that give them -- give customers better price performance and give those companies themselves better economics, are going to have advantaged financials. And I think if you look, we're already off to a really good start having Trainium underneath the majority of our Bedrock service. And that's not just giving customers better prices, but it also gives us better economics.

我認為，那些不僅擁有卓越的基礎設施，而且擁有能夠為客戶提供更優性價比、並為公司本身帶來更好經濟效益的組件的公司，將會擁有更有利的財務狀況。而且我認為，如果你仔細觀察，你會發現我們已經有了一個非常好的開端，因為我們的大部分 Bedrock 服務都基於 Trainium 技術。這不僅能讓顧客享受更優惠的價格，也能讓我們獲得更好的經濟效益。

And so we see that following the same sorts of patterns we saw in the early days of our core AWS investment. I'm very confident we're going to have strong return on invested capital here.

因此，我們看到，這遵循了我們在早期對 AWS 進行核心投資時所看到的類似模式。我非常有信心，我們在這裡會獲得豐厚的投資回報。

Doug Anmuth, JPMorgan.

道格·安穆斯，摩根大通。

Can you just talk about how Project Rainier is running with Anthropic after its first full quarter? And I think in the release, it talks about 500,000 chips, but a few months ago, you talked about getting to 1 million as well. So if you could clarify that.

能否談談雷尼爾計畫在第一個完整季度後與Anthropic的合作進度？我認為在新聞稿中提到了 50 萬枚晶片，但幾個月前，你們也說過要達到 100 萬枚。所以，如果您能澄清一下就好了。

And then maybe just to follow up on Mark's question. Are there any financial guardrails or governors in place that we should think about around the spend just in terms of operating income growth or positive free cash flow?

然後，或許可以就馬克提出的問題做個後續回答。是否存在任何財務保障措施或限制措施，我們應該考慮在營運收入成長或正自由現金流方面限制支出？

Yes. I'll start with the Trainium piece. We are very excited about the growth that we see in Trainium and the future that we have there. I think if you look at what's happened in the early innings of AI over the first few years, you see a lot of usage. But customers are really thirsty for better price performance. And Trainium has 30% to 40% better price performance than comparable GPU. So it's very compelling to customers.

是的。我先來說說 Trainium 這部分。我們對 Trainium 的發展勢頭和未來前景感到非常興奮。我認為，如果你看看人工智慧在最初幾年的早期發展階段，你會發現它得到了廣泛的應用。但消費者真正渴望的是更高的性價比。Trainium 的性價比同類 GPU 高出 30% 到 40%。所以這對顧客來說非常有吸引力。

You mentioned Project Rainier. Anthropic is building their next -- they're training their next cloud model on top of Trainium2. And that's what Project Rainier is. So we talked about 500,000 chips there. You'll see that continuing to increase. They're also using a fair bit of Trainium2 for other workloads and their own APIs beyond just Project Rainier.

你提到了雷尼爾計劃。Anthropic 正在建立他們的下一代模型——他們正在 Trainium2 之上訓練他們的下一代雲端模型。這就是雷尼爾計劃。所以我們當時談到了50萬枚晶片。你會看到這種情況持續增長。除了 Project Rainier 之外，他們還在其他工作負載和自己的 API 中使用了大量的 Trainium2。

But Trainium is a multi-billion dollar annualized run rate business at this point, and it's fully subscribed. And what you're also seeing is Trainium3, which is the next version of Trainium, which we just started shipping. That's 40% more price performance than Trainium2. And we have -- there is a very substantial amount of interest there. We expect that nearly all of that supply will be committed by somewhere around the middle of this year.

但 Trainium 目前已發展成為年收入達數十億美元的企業，並且已經全部售罄。你現在看到的是 Trainium3，它是 Trainium 的下一個版本，我們剛開始出貨。這比 Trainium2 的性價比高出 40%。而且，確實有很多人對此感興趣。我們預計，到今年年中左右，幾乎所有這些供應都將得到滿足。

And we're just in the process of building Trainium4. There's very substantial interest in Trainium4, which is coming in 2027. And we're already having conversations about Trainium5. So there is a lot of interest in Trainium at this point. And I think when you -- I think people know about our chips capability and our chips business, but I'm not sure folks realize how strong a chips company we've become over the last 10 years.

我們正在開發 Trainium4。人們對 Trainium4 非常感興趣，遊戲將於 2027 年發布。我們已經在討論 Trainium5 的相關事宜了。所以目前大家對 Trainium 很有興趣。我認為，人們了解我們的晶片能力和晶片業務，但我不太確定人們是否意識到我們在過去 10 年裡已經發展成為一家多麼強大的晶片公司。

If you look at what we've done with Trainium, if you look at what we've done with Graviton, which is our CPU chip, which is about 40% better price performance than comparable x86 processors, 90% of the top 1,000 AWS customers are using Graviton very expansively. If you combine Trainium and Graviton, it's well over a $10 billion annualized run rate business, and it's still very early there.

如果你看看我們用 Trainium 做了什麼，如果你看看我們用 Graviton 做了什麼（Graviton 是我們的 CPU 晶片，它的性價比比同類 x86 處理器高出約 40%），排名前 1000 的 AWS 客戶中有 90% 都在廣泛使用 Graviton。如果把 Trainium 和 Graviton 合併起來，年化營業額將超過 100 億美元，而且目前還處於非常早期的階段。

So I'm very optimistic about what we're seeing. The Project Rainier has gone very well. I think Anthropic is quite pleased with it. We've learned a lot in the process as well, but it's early days with what's possible here. This is a big business that's getting bigger and has a lot of potential.

所以我對我們目前看到的情況非常樂觀。雷尼爾山計畫進展非常順利。我認為人形動物公司對此相當滿意。在這個過程中，我們也學到了很多，但現在要說這裡能做到什麼，還為時過早。這是一個規模龐大、發展迅速且極具潛力的企業。

And then I just -- I'd briefly comment on your second question that we are, as I mentioned, this is what -- I think this is an extraordinarily unusual opportunity to forever change the size of AWS and Amazon as a whole. I think it also is an extraordinary opportunity for companies to change all their customer experiences and for start-ups to be able to build brand-new experiences and businesses that would have taken much longer to try to accomplish before that they can do right now.

然後，關於你的第二個問題，我想簡單評論一下，正如我之前提到的，我認為這是一個極其難得的機會，可以永遠改變 AWS 和整個亞馬遜的規模。我認為這也是企業改變所有客戶體驗的絕佳機會，也是新創公司打造全新體驗和業務的絕佳機會，而這些體驗和業務在以前需要花費更長的時間才能實現。

So we see this as an unusual opportunity, and we are going to invest aggressively here to be the leaders because like we've been in the last number of years and like I think we will be moving forward.

所以我們認為這是一個難得的機會，我們將大力投資，力爭成為行業領導者，就像過去幾年我們所做的那樣，而且我認為我們將繼續前進。

Ross Sandler, Barclays.

羅斯·桑德勒，巴克萊銀行。

Great. Andy, you mentioned a few calls back how the AI market was currently a bit top heavy with a lot of the spend kind of clustering around a few of the AI native labs. So how is that changing as you look out into '26? And specifically, how do you think you might extend your relationship with a company like OpenAI to maybe help Amazon's AI efforts, both on the retail side and the AWS side?

偉大的。安迪，你在之前的幾通電話中提到，人工智慧市場目前有點點頭重腳輕，很多支出都集中在少數幾家人工智慧原生實驗室周圍。那麼，展望2026年，情況又會如何改變呢？具體來說，您認為如何擴展與 OpenAI 這類公司的合作關係，從而幫助亞馬遜在零售和 AWS 方面的 AI 工作？

Yes. The way I would describe what we see right now in the AI space is it's really kind of a barbelled market demand where on one end, you have the AI labs who are spending gobs and gobs of compute right now, along with what I would consider a couple of runaway applications. And then at the other side of the barbell, you've got a lot of enterprises who are getting value out of AI in doing productivity and cost avoidance types of workloads. These are things like customer service or business process automation or some of the fraud pieces.

是的。我目前對人工智慧領域的描述是，它實際上是一種矛盾的市場需求，一方面是人工智慧實驗室，他們現在正在投入大量的運算資源，另一方面則是一些我認為發展失控的應用。而在槓鈴的另一端，有許多企業正在利用人工智慧來提高生產力並避免成本。這些包括客戶服務、業務流程自動化或一些反詐騙措施等。

And then in that middle of the barbell are all the enterprise production workloads. And I would say that the enterprises are in various stages at this point of evaluating how to move those, working on moving those and then putting them into production. But I think that middle part of the barbell very well may end up being the largest and the most durable. And I would put in the middle of that barbell, too, by the way, I would put just the altogether brand-new businesses and applications that companies build that right from the get-go run in production on top of AI.

然後，在槓鈴的中間部分，包含了所有企業生產工作負載。我認為，目前各企業正處於評估如何推進這些專案、努力推進這些專案以及將其投入生產的不同階段。但我認為槓鈴的中間部分很可能會成為最大、最耐用的部分。順便說一句，我還會把那些公司從一開始就基於人工智慧建構並投入生產的全新業務和應用程式放在這個槓鈴的中間。

And so I think that, to me, when I look at this and what's happening, it's kind of unbelievable if you look at the demand of what you're seeing already with AI. But the lion's share of that demand is still yet to come in the middle of that barbell. And that will come over time. It will come as you have more and more companies with AI talent as more and more people get educated with the AI background. as inference continues to get less expensive, and that's a big piece of what we're trying to do with Trainium and our hardware strategy.

所以我覺得，當我看到這一切以及正在發生的事情時，如果你看看人工智慧已經帶來的需求，你會覺得這簡直難以置信。但大部分需求仍將出現在槓鈴的中間部分。隨著時間的推移，這自然會發生。隨著越來越多的公司擁有人工智慧人才，越來越多的人接受人工智慧的教育，以及推理成本的不斷降低，人工智慧將會得到更廣泛的應用。而這正是我們透過 Trainium 和我們的硬體策略努力實現的關鍵目標之一。

And as companies start to have success in moving those workloads to -- further and further success in moving those workloads to run on top of AI. So I think there's -- it's just a huge opportunity. It's still in the relative early stages, even though it's growing at a very -- like an unprecedented clip as we've talked about.

隨著企業開始成功地將這些工作負載遷移到人工智慧之上，並且不斷取得更大的成功。所以我認為這是一個巨大的機會。雖然它正以前所未有的速度增長，但正如我們之前討論過的，它仍處於相對早期的階段。

And then I think how do we see our relationships extending with other companies like OpenAI, I would tell you that this movement in what's happening in AI is -- it's very broad. It's going to be a lot of companies. It is a lot of companies already. There's a number of AI labs, but almost every company you talk to, almost every conversation we have on the AWS side, starts with AI. And so we have very significant relationships with a lot of different companies.

然後我想，我們該如何看待與 OpenAI 等其他公司的關係拓展呢？我會告訴你，人工智慧領域正在發生的這種變化——它非常廣泛。將會有很多公司參與。已經有很多公司了。雖然有許多人工智慧實驗室，但幾乎你和每家公司交談，幾乎我們在 AWS 方面進行的每一次對話，都是從人工智慧開始的。因此，我們與許多不同的公司建立了非常重要的合作關係。

I think we announced an agreement with OpenAI in November. We're excited about that agreement. It's a big one. We have a lot of respect for the company, and we hope to continue to extend our partnership over time. But this AI movement is not going to be a couple of companies. It's going to be thousands of companies over time.

我想我們是在11月宣布與OpenAI達成協議的。我們對這項協議感到非常興奮。這是件大事。我們非常尊重貴公司，並希望隨著時間的推移繼續深化合作關係。但這場人工智慧運動不會只由幾家公司主導。隨著時間的推移，將會有成千上萬家公司參與其中。

Michael Morton, MoffettNathanson.

Michael Morton，MoffettNathanson。

This one is on the retail business. Andy, you've talked about how you're passionate this is going to change experiences across the board. And you've shared some encouraging data points on Rufus. And we're seeing all of the other Internet platforms roll out agentic protocols.

這篇是關於零售業的。安迪，你曾說過你對此充滿熱情，認為這將全面改變人們的體驗。您分享了一些關於 Rufus 的令人鼓舞的數據點。我們看到其他所有互聯網平台都在推出代理協議。

I would love to see how you think this plays out for the retail business and the on-site ads portion of the retail business is what seems like it could be a compression in the funnel as consumers get better answers over time. Anything there would be great.

我很想知道你認為這對零售業會產生怎樣的影響，而零售業的現場廣告部分似乎可能會壓縮銷售漏斗，因為隨著時間的推移，消費者會得到更好的答案。那裡的任何東西都很好。

I'm very optimistic about the customer experience that will ultimately be what customers use for agentic shopping. And I think it's good for customers. I think it's going to make it easier for them. It's a big piece of why we've invested as significantly as we have in our own shopping assistant in Rufus.

我對客戶體驗非常樂觀，這最終將成為客戶在代理購物時所使用的體驗。我認為這對顧客來說是件好事。我認為這對他們來說會更容易。這正是我們為何在自家購物助手 Rufus 上投入如此巨資的重要原因之一。

And if you haven't checked out Rufus recently, I really encourage you to do so. It's gotten much, much better and keeps getting better every month. And we have about -- we have 300 million customers who used Rufus in 2025. Customers who use Rufus are about 60% more likely to complete a purchase. And so you just -- you're seeing a lot of usage of it and a lot of growth, and I think it's very useful.

如果你最近還沒看過 Rufus 的作品，我強烈建議你去看看。情況已經好轉很多，而且每個月都在變得更好。預計到 2025 年，Rufus 的用戶數將達到 3 億。使用 Rufus 的顧客完成購買的可能性高出約 60%。所以你會看到它的使用量很大，成長也很快，我認為這非常有用。

And I think at the same time, we will have relationships with third-party horizontal agents that can enable shopping as well. We have to collectively figure out a better customer experience. It's still -- these horizontal agents don't have any of your shopping history. They get a lot of the product details wrong, they get a lot of the pricing wrong. And so we have to try to find a customer experience together that's better and a value exchange that makes sense for both parties. But I'm very hopeful that we'll get there over time. We continue to have a number of conversations.

我認為同時，我們也會與第三方橫向代理商建立合作關係，從而實現購物功能。我們必須共同努力，找到更好的客戶體驗。不過，這些橫向代理商仍然沒有你的任何購物記錄。他們的許多產品細節都搞錯了，價格也標錯了。因此，我們必須努力共同尋找更好的客戶體驗，以及對雙方都有利的價值交換。但我非常有信心，假以時日，我們終將實現目標。我們持續進行著多次對話。

And then I think you're going to have to look at as time goes on, which types of -- which shopping agents are consumers going to use. And it kind of reminds me in some ways of the early days of kind of all the search engines that were referring traffic to retailers.

然後我認為，隨著時間的推移，你需要考慮消費者會使用哪些類型的購物代理商。這在某種程度上讓我想起了早期搜尋引擎將流量導向零售商的情景。

And it's still a relatively small portion of the overall traffic and sales. But of that fraction, you have to ask how many consumers are going to prefer using a horizontal agent where it's kind of a middle person between the retailer and the consumer versus wanting to use a great agent from that retailer that has all its shopping history and that has all the data right there and makes it easy if you're just spearfishing for something to shop for it right there or if you want to do discovery, you can do it there, and it's got the best data on shopping.

而且，它仍然只佔整體流量和銷售額的一小部分。但對於這部分消費者，你必須問問自己，有多少消費者會更喜歡使用橫向代理商（它就像零售商和消費者之間的中間人），而不是選擇使用零售商提供的優秀代理商（該代理商擁有所有購物歷史記錄和數據，無論你是想隨便看看還是想進行探索，都能輕鬆完成，而且它擁有最好的購物數據）。

I think a lot of customers are ultimately going to choose to use a great shopping agent from that retailer. Because if you think about what consumers really want in retail in a retailer, they want really broad selection. They want low prices. They want really fast delivery. And then they want a retailer that they can trust and that takes care of them.

我認為很多顧客最後都會選擇使用該零售商提供的優秀代購服務。因為如果你想想消費者在零售商那裡真正想要的是什麼，他們想要的是非常廣泛的選擇。他們想要低價。他們想要最快的送貨速度。然後，他們需要的是一家值得信賴、能夠照顧他們的零售商。

And I think horizontal agents are pretty good at aggregating selection, but retailers are much better at doing all four of those items. And so I'm very optimistic that people will use our shopping agent. It's off to a great start. I also expect that we'll work with other third-party agents over time as we work on the issues I mentioned earlier.

我認為橫向代理商在聚合選擇方面做得相當不錯，但零售商在做好這四件事上要好得多。因此，我非常樂觀地認為人們會使用我們的購物代理服務。開局非常順利。我也預計，隨著我們著手解決我之前提到的問題，我們會逐漸與其他第三方代理商合作。

Brian Nowak, Morgan Stanley.

Brian Nowak，摩根士丹利。

Andy, I want to ask you one about the global retail business this year. I know there's a lot of areas of investment in it that you're talking about to sort of make -- improve the service, make it more durable over the long term, et cetera. But I'm assuming there are also sources of efficiency you expect to see this year.

安迪，我想問你一個關於今年全球零售業的問題。我知道您提到的許多投資領域都是為了改善服務、使其更持久耐用等等。但我假設您也期望今年能看到一些提高效率的措施。

So can you sort of help us understand both sides of the ledger on retail this year? Where are some of the areas where you see the potential for sources of efficiency and cost to serve savings? And then where should we be thinking about the areas of investment to sort of drive more durable growth, robotics, et cetera? How does that sort of break down?

那麼，您能否幫我們了解今年零售業的供需情況呢？您認為在哪些領域存在提高效率和降低服務成本的潛力？那麼，我們應該考慮在哪些領域進行投資，以推動更持久的成長，例如機器人技術等等？這種分解方式具體是怎麼回事？

Yes. So I would say on the side of continuing to invest to keep growing the retail business, the kind of core drivers of demand continue to be the same. We're going to work really hard to expand selection. And you've seen what we've done over the last several years. The expansion of selection has been broad.

是的。因此，我認為，在繼續投資以維持零售業務成長方面，核心需求驅動因素仍然相同。我們將努力擴大選擇範圍。你們也看到了我們過去幾年所做的工作。選擇範圍已經擴大到很廣的程度。

And you'll see it on both ends of the spectrum. We have a lot more of those luxury brands that have built presences in Amazon had success and found that we could manage their brand presentation in the right way, and they've been very happy. I mean you only have to look at L'Oreal as an example, too, of just how fast that business is growing and how happy our partners have been.

你會發現這種情況在光譜的兩端都存在。許多在亞馬遜上建立起品牌影響力的奢侈品牌都取得了成功，他們發現我們可以以正確的方式管理他們的品牌展示，他們對此感到非常滿意。我的意思是，你只要看看歐萊雅這個例子，就能明白這家公司發展得有多快，我們的合作夥伴有多滿意。

And at the same time, we are working really hard to continue to expand the amount of everyday essentials that we offer our customers. And the growth in Everyday Essentials in our business is really remarkable, as I mentioned in my opening comments. And one out of three units now that we move our Everyday Essentials. And what we find there is that the more the customers can rely on us for Everyday Essentials and the lower ASP items, they just choose to do more of their downstream shopping with us in every way. We're just more front of mind.

同時，我們也在努力增加我們為客戶提供的日常必需品的數量。正如我在開場白中提到的，我們業務中日常必需品的成長確實非常顯著。現在，我們搬遷日常必需品後，每三個單位中就有一個單位會受到影響。我們發現，如果顧客更信賴我們提供的日常必需品和低價商品，他們就會選擇在各方面都更多地在我們這裡進行後續購物。我們只是比較容易被想到而已。

And so I think a big piece of why we have captured more and more of those everyday essentials, and you see it also in our grocery business with perishables, too, is just our speed of delivery improvements over the last three years has been really marked. I mean it's customers -- it's the one thing I get stopped on the street most often about, which is I just can't believe how quickly from when I order something, I get it to my door and how reliable you are.

因此，我認為我們能夠佔據越來越多的日常必需品市場，而且在我們的生鮮食品雜貨業務中也能看到這一點，很大程度上是因為過去三年我們的配送速度有了顯著提高。我的意思是，顧客——這是我在街上最常被人攔住談論的一件事，那就是我簡直不敢相信從我下單到東西送到家門口的速度如此之快，而且你們的服務如此可靠。

I think along that speed of delivery piece, it's also quite interesting what's happening with quick commerce, and we have this offering called Amazon Now that we've largely started outside the US, in India and the UAE and Mexico that gets thousands of items to customers within 30 minutes. And it really is -- it's quite interesting how quickly that is growing.

我認為，就配送速度而言，快速商務的發展也很有意思，我們有一項名為 Amazon Now 的服務，這項服務主要在美國以外的地區推出，例如印度、阿聯酋和墨西哥，它可以在 30 分鐘內將數千件商品送到客戶手中。確實如此——它的成長速度之快令人驚嘆。

And I think that it's just another one of those things like Everyday Essentials that when you're able to order more and more from Amazon, you just think of Amazon first if it's a great experience that we're offering for whatever you're looking for. But in our -- if you look in India, which is the place we've rolled out quick commerce the fastest, customers who try quick commerce are shopping with triple the frequency than they did before they tried us in quick commerce.

我認為這就像「日常必需品」一樣，當你能夠從亞馬遜訂購越來越多的東西時，如果你需要我們提供的購物體驗很棒，那麼你首先想到的就是亞馬遜。但是，如果你看看我們在印度的情況，那裡是我們快速推出快速商務服務最快的地方，嘗試過快速商務服務的顧客的購物頻率是他們嘗試快速商務服務之前的三倍。

So those are all areas, I think, are pretty excited that we're expanding. You'll see us continue to expand what we're doing on the perishable side, too, which we're quite excited about. And we are able to deliver perishables same day in thousands of cities around the world now.

所以我覺得，這些地區都對我們的擴張感到非常興奮。你也會看到我們繼續擴大在易腐品領域的業務，對此我們感到非常興奮。現在，我們已經能夠在世界數千個城市實現易腐品當日送達。

And the cities in which we have those perishables available, 9 of the 10 top items that are ordered in that geography are perishables. And so we're just having a lot of success with that, too. And people buy perishables from us after they buy perishables, they're shopping with us twice as frequently. So a lot of good things to like there.

在我們供應這些易腐品的城市中，該地區訂購量排名前十的商品中有九種是易腐品。所以，我們在這方面也取得了很大的成功。而且，人們在我們這裡購買易腐品之後，在我們這裡購物的頻率會增加一倍。所以那裡有很多值得喜歡的地方。

And then on the efficiencies, we are -- I mean, we always have a very long list of these that we're working on, Brian. And it's true today as well. Like if you look -- even -- I mentioned -- I talked a lot about regionalization in our fulfillment network, particularly in the US over the last couple of years. And I said we weren't done honing that, and that's true. It's just -- we don't talk about it every time. But if you look at what we've done there, we've extended the number of regions. It was 8. It's now 10.

至於提高效率方面，我們——我的意思是，布萊恩，我們總是有一長串需要改進的地方。今天依然如此。例如，如果你仔細觀察——甚至——我之前提到過——過去幾年裡，我多次談到我們物流網絡的區域化，尤其是在美國的物流網絡區域化。我說過我們還沒有完成這方面的完善，這是事實。只是——我們不會每次都談論這件事。但如果你看看我們在那裡所做的工作，我們會發現我們擴大了區域的數量。當時是8點。現在是10點。

We've extended regionalization to what we do with our inbound delivery to be much more efficient in being able to get more items closer to customers more quickly. We have made a lot of -- we're doing a lot of work, and we've made a huge amount of progress in being able to get more units into each box.

我們將區域化擴展到入庫配送環節，以便更有效率地將更多商品更快送到客戶手中。我們已經做了很多工作，並且在提高每個盒子裡的單元數量方面取得了巨大的進步。

And as we're able to get more units into each box, it obviously saves shipments and we drive better operating income when we do that. And we've made very significant progress there, but have a lot more planned. It's part of -- by the way, that improvement is part of what helps us do things like I was talking about earlier and adding to a delivery in near real time.

而且，由於每個箱子裡可以裝更多的產品，顯然可以節省運輸成本，這樣做也能帶來更高的營業收入。我們在這方面取得了非常顯著的進展，但還有更多計劃。順便說一句，這種改進也是幫助我們實現我之前提到的那些功能，以及近乎即時地添加交付內容的一部分。

And then robotics, as you mentioned, is another big one for us. We have over 1 million robots today in our fulfillment network. They take care of all sorts of functions, but still a fraction of what I think we're going to be able to enable over time, which will allow our -- we'll always have a lot of people that we employ in our fulfillment network, but they'll leave to the robotics things that are more repetitive.

正如您所提到的，機器人技術也是我們關注的另一個重點領域。目前我們的物流網絡中擁有超過100萬台機器人。它們可以處理各種功能，但與我認為我們隨著時間的推移能夠實現的功能相比，仍然只是一小部分。這將使我們——我們始終會在我們的履行網絡中僱用很多人，但他們會將重複性較強的工作交給機器人。

So it's better productivity for the business, more safe for our teammates and there's real cost efficiencies in that as well. So a lot on both sides of the ledger as always.

這樣一來，企業生產力更高，團隊成員更安全，還能真正提高成本效益。所以，和往常一樣，帳目上雙方都有很多事情要處理。

Eric Sheridan, Goldman Sachs.

艾瑞克‧謝裡丹，高盛集團。

Maybe a few parts just on AWS. Can you speak to the current state of your revenue backlog as of Q4 and also discuss a little bit about what you see both for internal use cases and external client needs with respect to any imbalance between supply and demand around AI efforts, and how you think about closing the gap on those as more capacity comes online through 2026?

可能只有一部分部署在AWS上。能否談談截至第四季度的收入積壓情況，並談談您對內部用例和外部客戶需求在人工智慧領域供需不平衡方面的看法，以及您如何看待隨著更多產能於 2026 年前上線而縮小這些差距？

That's a lot of parts. I'll start with the first one, which is on backlog, our backlog is $244 billion. That's up 40% year over year. I think it's up 22% quarter over quarter. We have -- and we have a lot of deals that are in the pipeline. There's just -- as I mentioned earlier, there is a lot of demand for AWS right now in the AI space and also in the core AWS space.

零件真是不少。我先從第一個問題說起，那就是積壓訂單，我們的積壓訂單金額為 2,440 億美元。較去年同期成長40%。我認為環比增長了22%。我們有——而且我們還有很多交易正在洽談中。正如我之前提到的，目前人工智慧領域以及AWS核心領域對AWS的需求很大。

Your second question was internal and external use cases. How -- and then the impact around supply and demand. The vast majority of our -- the capital that we spend and the capacity that we have is consumed by external customers. We have -- Amazon has always been a very large AWS customer, a very helpful AWS customer because they're very demanding, and they use the services very expansively and stretch the limits as we launch things. So they've always been a very important big customer, but always a very small fraction of the total, and that's true today in AI as well as the overall AWS business.

您的第二個問題是關於內部和外部使用案例。如何實現－以及對供需的影響。我們投入的絕大部分資金和擁有的產能都被外部客戶消耗掉了。亞馬遜一直是 AWS 的大型客戶，也是 AWS 的得力客戶，因為他們的要求很高，而且他們廣泛使用這些服務，在我們推出新產品時不斷挑戰極限。所以他們一直都是非常重要的大客戶，但始終只佔總數的一小部分，如今在人工智慧領域以及整個 AWS 業務中都是如此。

Internally, we have all sorts of ways that we are using AI. We have over 1,000 AI applications that we've either deployed or in the process of building, and they range from our shopping assistant in Rufus that we were just talking about to Alexa+, which is a really large-scale generative AI application, to applications in our fulfillment network that allow us to have more accurate forecasting predictions, to how we do customer service and our customer service chatbot, to how we are making it much easier for brands to create advertisements and to optimize all their campaigns across the full funnel of advertising options we have, to in live sports, if you watch Thursday Night Football, you can see defensive alerts, which predict which player is going to blitz or pocket health.

在公司內部，我們以各種方式使用人工智慧。我們已經部署或正在建立超過 1000 個 AI 應用，涵蓋了從我們剛才提到的 Rufus 購物助理到 Alexa+（一個真正的大規模生成式 AI應用），再到我們履行網路中的應用程式（使我們能夠進行更準確的預測），以及我們如何開展客戶服務和客戶服務聊天機器人，還有我們如何讓品牌更容易地創建廣告並優化其在我們所有廣告選項渠道中的所有廣告活動，甚至在體育直播中，如果你觀看周四晚上的橄欖球比賽，你可以看到防守警報，它可以預測哪個球員會進行突襲或保護好哪個球員會進行突襲自己的位置。

I mean we -- in every one of our businesses, you see a very broad use of AI to improve the customer experience. And in many cases, just to completely reinvent what was possible before. I mean it's pretty neat to use something like Lens where you may see something you want to buy, you can just take a picture of it in the app and it finds the item on the detail page you can buy in one click. It's kind of magic.

我的意思是，在我們所有的業務中，你都會看到人工智慧被非常廣泛地用於改善客戶體驗。在很多情況下，這完全是為了重新創造以前不可能實現的事情。我的意思是，使用像 Lens 這樣的應用程式非常方便，例如你看到想買的東西，只需在應用程式中拍照，它就能在詳情頁找到該商品，一鍵即可購買。這簡直太神奇了。

Externally, I would say it's kind of what I said earlier. You have AI labs consuming lots and lots of capacity. both for training as well as for the inference and the research across what they're doing with their different applications and models. We see enterprises all sorts of workloads, customer service automation, business process automation, fraud, completely reinventing their applications, agentic coding applications, legal applications. Suno is a really cool example of an AWS customer that's kind of reinvented how you can write music and build music.

從表面上看，我覺得這和我之前說的差不多。人工智慧實驗室消耗了大量的資源，無論是用於訓練、推理，或是用於研究他們正在使用的不同應用和模型。我們看到企業面臨著各種各樣的工作負載，例如客戶服務自動化、業務流程自動化、反詐騙、徹底改造應用程式、代理程式編碼應用程式、法律應用程式等等。Suno 是一個非常酷的 AWS 客戶案例，它重新定義了音樂創作和製作方式。

So really across the board. And I just think on the supply and demand, what I would tell you is we're growing 24% year over year on a $142 billion annualized run rate business. So we're growing at really an unprecedented rate. Yeah, I think every provider would tell you, including us, that we could actually grow faster if we had all the supply that we could take. And so we are being incredibly scrappy around that.

所以真的是方方面面都這樣。就供需關係而言，我想告訴大家的是，我們以每年 1420 億美元的年化運行率業務實現了 24% 的同比增長。所以，我們的成長速度確實前所未有。是的，我想每個供應商都會告訴你，包括我們自己，如果我們能獲得我們所需的所有供應，我們實際上可以發展得更快。因此，我們在這方面採取了非常靈活的策略。

If you look in the last 12 months, we added 3.9 gigawatts of power. Just for perspective, that's twice what we had in 2022 when we were an $80 billion annual run rate business. We expect to double it again by the end of '27. We added 1.2 gigawatts of power in Q4, just quarter over quarter. So it's -- so we are -- our team is being aggressive and scrappy and inventive in adding capacity as fast as we can.

如果看過去 12 個月的數據，我們新增了 3.9 吉瓦的電力。為了讓大家有個概念，這相當於我們 2022 年的兩倍，當時我們的年營業額為 800 億美元。我們預計到 2027 年底，這一數字將再次翻倍。我們在第四季新增了 1.2 吉瓦的電力，僅比上一季增加了 1.2 吉瓦。所以，我們的團隊正在積極進取、精益求精、富有創意地以最快的速度增加產能。

We'll add a lot more in '26 and '27 and '28 for that matter. And we're very optimistic we can continue to grow in the ballpark of what we have.

在 2026 年、2027 年以及 2028 年，我們還會增加更多。我們非常樂觀地認為，我們可以繼續保持目前的成長水準。

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 talking 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，我們期待下個季度再次與您洽談。