亞馬遜 (AMZN) 2026 Q2 法說會逐字稿

Thank you for standing by. Good day, everyone, and welcome to the Amazon.com quarter-two 2026 financial results teleconference. (Operator Instructions) Today's call is being recorded.

感謝您耐心等候。各位好，歡迎參加 Amazon.com 2026 年第二季財務業績電話會議。(接線員指示) 今天的電話會議將被錄音。

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.

接下來的開場致詞，我將把電話交給投資人關係副總裁 Dave Fildes 先生。謝謝您，先生。請開始。

Hello, and welcome to our Q2 2026 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.

各位好，歡迎參加我們 2026 年第二季財務業績電話會議。今天與我們一同回答各位問題的有：我們的執行長 Andy Jassy，以及我們的財務長 Brian Olsavsky。在收聽今天的電話會議時，我們建議您將新聞稿放在手邊，其中包含我們的財務結果，以及本季的指標與評論。

Please note, unless otherwise stated, all comparisons in this call will be against our results for the comparable period of 2025. Our comments and responses to your questions reflect management's views as of today, July 30, 2026 only, and will include forward-looking statements. Actual results may differ materially.

請注意，除非另有說明，本次電話會議中的所有比較皆以 2025 年同期間的結果為基準。我們對各位問題的評論與回應僅反映管理層截至今日（2026 年 7 月 30 日）的觀點，並將包含前瞻性陳述。實際結果可能會有重大差異。

Additional information about factors that could potentially impact our financial results is included in today's press release and our filings with the SEC, including our most recent annual report on Form 10-K and subsequent filings.

關於可能影響我們財務結果之因素的更多資訊，已載於今日的新聞稿以及我們向美國證券交易委員會（SEC）提交的文件中，包括我們最近一期的 Form 10-K 年度報告及其後續申報文件。

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 財務衡量指標。在我們的新聞稿、隨本次網路直播提供的簡報，以及我們向 SEC 提交的文件（皆已發布於我們的投資人關係網站）中，您將可找到關於這些非 GAAP 指標的額外揭露資訊，包括這些指標與可比較 GAAP 指標之間的調節表。

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, oral 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.

我們的財測納入了截至目前所觀察到的訂單趨勢，以及我們今日認為適當的假設。我們的結果本質上難以預測，且可能受到多項因素的重大影響，包括外匯匯率與能源價格波動；全球經濟與地緣政治情勢變化；關稅與貿易政策、資源與供應波動（包括記憶體晶片）；以及客戶需求與支出（包括對衰退的擔憂、通膨、利率、區域勞動市場限制、口頭事件、網際網路成長速度、線上商務、雲端服務與新興技術的成長速度），以及我們向 SEC 提交文件中所詳述的各項因素。

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.

我們的財測亦假設（除其他事項外）我們不會完成任何額外的企業併購、重組或法律和解。我們無法準確預測對我們商品與服務的需求，因此實際結果可能與我們的財測有重大差異。

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

接下來我把電話交給 Andy。

Thanks, Dave. We're reporting $200.6 billion in revenue, up 20% year over year. Operating income was $27.5 billion, up 43% year over year. Q2 was another very strong quarter for Amazon. I'll start with AWS, which is booming right now, and I'll share the numbers what we think is going on and why we're enthusiastic about the ROIC equation, even with heavy CapEx the next few years.

謝謝，Dave。我們本季營收為 2,006 億美元，年增 20%。營業利益為 275 億美元，年增 43%。第二季對 Amazon 而言又是一個非常強勁的季度。我先從目前正蓬勃發展的 AWS 談起，分享相關數字、我們認為正在發生什麼，以及為何即使未來幾年資本支出（CapEx）很高，我們仍對 ROIC 的方程式感到振奮。

First, the numbers. Revenue growth of 36.7% year over year, accelerating for the fifth straight quarter, our fastest growth in 18 quarters back when AWS was less than half of its current revenue size. We added over $4.6 billion in revenue quarter over quarter, about 80% more than our largest increase ever. And our backlog stands at $496 billion, growing triple digits year over year.

先看數字。營收年增 36.7%，連續第五季加速，為 18 個季度以來最快的成長；當時 AWS 的營收規模還不到現在的一半。我們單季營收較前一季增加超過 46 億美元，比我們過去最大的單季增量還多約 80%。而我們的待履約合約（backlog）達到 4,960 億美元，年增為三位數。

AWS is now $169 billion annualized revenue run rate business, which for perspective, we placed at 24th on the Fortune 500 list if it was a standalone company. Our chips business now has an annual revenue run rate of over $25 billion, growing triple-digit percentages year over year. Our AI revenue run rate climbed significantly quarter over quarter has now also over $25 billion, growing triple-digit percentages year over year.

AWS 現在的年化營收運行率（annualized revenue run rate）為 1,690 億美元；作為參考，若它是一家獨立公司，將可在《財富》500 強名單中排名第 24。我們的晶片業務目前年化營收運行率超過 250 億美元，年增為三位數百分比。我們的 AI 營收運行率較前一季大幅攀升，現在也已超過 250 億美元，年增同樣為三位數百分比。

Customers choose AWS because we offer the broadest capabilities. They want their AI inference to reside near their other applications and data and more of it resides in AWS than anywhere else, and because AWS has the strongest security and operational performance. We're seeing strong growth across both AI and non-AI, what we call core. And growth in one is driving growth in the other.

客戶選擇 AWS，是因為我們提供最廣泛的能力。他們希望其 AI 推論能靠近其他應用程式與資料，而這些在 AWS 上的部署量比任何地方都多；同時 AWS 也具備最強的安全性與營運效能。我們看到 AI 與非 AI（我們稱之為核心 core）兩方面都呈現強勁成長。而其中一方的成長也在帶動另一方的成長。

Growth in AI drives core because post training reinforcement learning and agent tool use is mostly done on CPUs versus AI accelerators. This is an advantage for AWS as our Graviton chip is the strongest CPU chip hovering up to 30% to 40% better price performance than other options. You need a place to store this AI data and to run vector databases which are also emblematic of a meaningful edge for AWS because we have the broadest and most capable functionality by a fair bit in these core infrastructure areas.

AI 的成長會帶動核心業務，因為訓練後的強化學習與代理工具使用，多數是在 CPU 上完成，而非 AI 加速器。這對 AWS 是一項優勢，因為我們的 Graviton 晶片是最強的 CPU 晶片，價格效能比其他選項高出約 30% 到 40%。你也需要一個地方來儲存這些 AI 資料並執行向量資料庫；這同樣體現了 AWS 的顯著優勢，因為在這些核心基礎設施領域，我們的功能最廣、能力也明顯更強。

We feel similarly about the AI stack top to bottom. We have a unique offering that customers are excited about. As we've been saying for 18 months now, technically competent companies are going to build their own foundation models, not the really big Frontier models, but smaller models that leverage their proprietary data. There is no easier service for this than our SageMaker AI service.

我們對 AI 技術堆疊自上而下也有同樣的看法。我們有一套獨特的產品組合，讓客戶感到興奮。正如我們過去 18 個月一直在說的，技術能力強的公司會建立自己的基礎模型（foundation models）——不是那些真正龐大的前沿（Frontier）模型，而是利用其專有資料的小型模型。要做到這點，沒有比我們的 SageMaker AI 服務更容易的了。

Customers also need a high-performance, cost-effective inference service, and that's what Amazon Bedrock provides. Bedrock not only provides the best selection of leading models as superior performance and with the governance and security controls the companies need. It's also continuing to grow incredibly quickly.

客戶也需要高效能、具成本效益的推論服務，而這正是 Amazon Bedrock 所提供的。Bedrock 不僅提供最佳的領先模型選擇、卓越的效能，並具備企業所需的治理與安全控管。它也持續以驚人的速度成長。

In addition to leading model building and inference services, customers need easier ways to build, run, and leverage agents. For example, even if you've built an agent, you have a lot of mock to worry about. A production agent needs somewhere secure to run, memory, so it holds context, and identity, so it can act on a user's behalf, tools and data to connect to, and a way to watch what is doing once real traffic hits. Stitching all that together reliably is hard, and it stalled many production deployments.

除了領先的模型建置與推論服務之外，客戶也需要更容易的方法來建置、執行並運用代理（agents）。例如，即使你已經建好一個代理，仍有很多 mock 要擔心。一個上線的代理需要有安全的執行環境、記憶體以保留上下文，以及身分識別以便代表使用者行動；還需要可連接的工具與資料，以及在真實流量進來後能監控其行為的方法。要把這些可靠地串接在一起很困難，也讓許多正式環境部署停滯不前。

It's why we built Bedrock Agent Corp. To provide (technical difficulty) managed infrastructure. And our teams keep iterating recently adding features like policies, which give companies deterministic controls over what agents can do, payments so agents can execute transactions autonomously, web search to ground agents knowledge without having to leave AWS and a new harness that further speeds up how fast customers can put this all together, including creating the agent with strands.

這就是我們打造 Bedrock Agent Corp. 的原因：提供（技術難度）受管基礎設施。我們的團隊也持續迭代，近期新增了如 policies 等功能，讓企業能以確定性的方式控管代理能做什麼；payments 讓代理可自主執行交易；web search 讓代理在不離開 AWS 的情況下為其知識做落地（grounding）；以及一個新的 harness，進一步加快客戶把這一切整合起來的速度，包括用 strands 建立代理。

While companies will construct their own purpose-built agents from the ground up, most will also use turnkey agentic services. Coding agents are a good example, and there are several successful ones, including Claude Code, Codex, and our own spec-driven Kiro, which is up to 50% more cost effective than others and tripled in usage quarter over quarter.

雖然企業會從零開始打造自家專用的代理，但多數也會使用即開即用的代理式（agentic）服務。程式碼代理就是很好的例子，市面上已有幾個成功的產品，包括 Claude Code、Codex，以及我們自家的規格驅動 Kiro；Kiro 的成本效益比其他產品高達 50%，且使用量較前一季成長三倍。

Another of these agentic services is Amazon Quick, an intelligent AI work companion that helps you manage, search, and automate your digital workload across e-mail, calendar, local or cloud files, and custom workflows. Unlike other offerings in this space, Quick also lets you manage across leading SaaS tools like Slack, Salesforce, Jira, Teams, and ServiceNow. Quick enforces the company's existing access control, so each person sees only what they're clear to see. And then it takes action, scheduling meetings, drafting and sending e-mail, updating a CRM record, building a dashboard and more.

另一項這類代理式服務是 Amazon Quick，一個智慧型 AI 工作夥伴，協助你在電子郵件、行事曆、本機或雲端檔案，以及自訂工作流程之間管理、搜尋並自動化你的數位工作負載。不同於此領域的其他產品，Quick 也讓你能跨主流 SaaS 工具進行管理，例如 Slack、Salesforce、Jira、Teams 與 ServiceNow。Quick 會沿用公司既有的存取控制，因此每個人只能看到其被授權可查看的內容。接著它會採取行動，例如安排會議、撰寫並寄送電子郵件、更新 CRM 紀錄、建立儀表板等。

In Q2, we made Quick even more capable, adding autonomous agents that customer set up and plain language to run continuously in the background and carry out multi-step tasks, a personalized activity feed that pulls e-mail, messages, calendars, and tasks into one prioritized view and 16 new integrations, including Adobe, Moody's, and Snowflake. Quick is momentum, with 3M, Allianz, AstraZeneca, Autodesk, BMW, Exxon, FINRA, Hyundai, Intuit, Mondelez, Moody's, the NBA, the NFL life insurance, and Southwest Airlines all using it.

在第二季，我們讓 Quick 更加強大，新增了可由客戶設定、並以自然語言驅動、可在背景持續運作並執行多步驟任務的自主代理（agents）；一個個人化活動動態（activity feed），可將電子郵件、訊息、行事曆與任務整合到同一個依優先順序排列的視圖中；以及 16 項新的整合，包括 Adobe、Moody's 與 Snowflake。Quick 正在加速成長，3M、Allianz、AstraZeneca、Autodesk、BMW、Exxon、FINRA、Hyundai、Intuit、Mondelez、Moody's、NBA、NFL Life Insurance，以及 Southwest Airlines 都在使用它。

We also have services like Amazon Connect, our call center service; and AWS Transform, which automates software migration growing quickly. I'll mention one more that I'm excited about. As Frontier models get increasingly powerful, they're making it easier to find security vulnerabilities and technical applications, many of which humans haven't found. This is obviously concerning for companies that protect important data.

我們也有像 Amazon Connect（我們的呼叫中心服務）以及 AWS Transform（可自動化軟體遷移）等服務，且都在快速成長。我再提一個我特別興奮的。隨著 Frontier 模型變得愈來愈強大，它們讓找出安全性弱點與技術應用變得更容易，其中許多是人類尚未發現的。這對於保護重要資料的公司而言，顯然令人擔憂。

We recently released AWS Continuum, which discovers, prioritizes, validates, and remediate code vulnerabilities. It starts by ingesting the backlog of vulnerabilities the team already has and then leverages the new Frontier models to run comprehensive scans.

我們最近發布了 AWS Continuum，可用於發現、排序優先順序、驗證並修補程式碼弱點。它會先匯入團隊既有的弱點待辦清單，接著運用新的 Frontier 模型進行全面掃描。

Continuum uses agents in each company's own business context to prioritize what matters. Reasoning through questions like, is the effective component deployed? Is it reachable? Is it in a production path? And what's the impact if it's exploited? And then validate vulnerabilities in the sandbox, so teams aren't chasing false positives, and finally, it recommends the fix. It's hard to talk with enterprises about AI right now without their mentioning security, and we expect Continuum to grow quickly.

Continuum 會在各公司自身的業務情境中使用代理（agents）來判斷哪些事項最重要並排定優先順序。它會推理並回答例如：受影響的元件是否已部署？是否可被觸及？是否位於生產路徑中？若被利用會造成什麼影響？接著在沙箱中驗證弱點，讓團隊不必追逐誤報，最後再建議修補方式。目前與企業談 AI 幾乎不可能不提到資安，而我們預期 Continuum 會快速成長。

I mentioned earlier that our chips revenue run rate is now over $25 billion. We're unusually well positioned for this AI inflection given our leading price performance chips in both AI with Trainium and CPU with Graviton. In addition to the two leading AI labs in the world in Anthropic and OpenAI making multiyear multi-gigawatt commitments to Trainium, an increasing number of AI startups are also adopting Trainium, including unicorns like Neurorobotics and Odyssey, joining start-ups like TwelveLabs, Decart, Poolside, Karakuri, Metagenomi, NetoAI, and Splash Music, and larger companies like Uber and Pinterest, all adopting Trainium.

我先前提到，我們晶片營收的年化運行率（run rate）現在已超過 250 億美元。鑑於我們在 AI（Trainium）與 CPU（Graviton）兩方面都擁有領先的性價比晶片，我們在這波 AI 拐點上具備極佳的有利位置。除了全球兩大頂尖 AI 實驗室 Anthropic 與 OpenAI 對 Trainium 做出多年期、數千兆瓦（multi-gigawatt）規模的承諾外，愈來愈多 AI 新創也在採用 Trainium，包括 Neurorobotics 與 Odyssey 等獨角獸，並與 TwelveLabs、Decart、Poolside、Karakuri、Metagenomi、NetoAI、Splash Music 等新創，以及 Uber、Pinterest 等大型公司一同採用 Trainium。

Graviton is used by 98% of our top 1,000 EC2 customers. The revenue commitments have increased nearly 3 times quarter over quarter, and Graviton 5 is growing nearly 2x faster as Graviton 4 did. We also continue to have a deep partnership with NVIDIA, and we'll continue making AWS the best place to run NVIDIA chips as we have customers who will run on NVIDIA for as long as we can foresee.

我們前 1,000 大 EC2 客戶中有 98% 使用 Graviton。營收承諾（revenue commitments）較上一季成長近 3 倍，而 Graviton 5 的成長速度幾乎是 Graviton 4 的近 2 倍。我們也持續與 NVIDIA 保持深度合作，並將持續把 AWS 打造成執行 NVIDIA 晶片的最佳場所；因為我們有客戶在可預見的未來都會持續使用 NVIDIA。

And we believe strongly that customers want choice. Choice is good for customers, competition, and driving the cost of inference now, which customers care deeply about.

我們也堅信客戶需要選擇。選擇對客戶、競爭，以及推動當前推論（inference）成本下降都有好處，而這正是客戶非常在意的。

Let me talk for a second about how we see this investment playing out. Earlier this year, we said we plan to invest approximately $200 billion in cash CapEx in 2026, the majority of which to support AI and AWS. At this level of spend and higher, we have clear line of sight to strong financial returns. I'll explain why.

我花一點時間談談我們如何看待這項投資的發展。今年稍早，我們表示計畫在 2026 年投入約 2,000 億美元的現金資本支出（CapEx），其中大部分用於支援 AI 與 AWS。在這樣及更高的支出水準下，我們對強勁的財務回報有清楚的能見度。我來說明原因。

There are two major parts of the investment, the data centers and the servers and networking equipment that go into them. These are different capital cycles. Data center capital is spent starting two years before we can put servers into them to start monetizing. Once a data center opens with servers plugged in, we start generating significant revenue right away and then get to monetize these data centers for 30-plus years without having to spend that start-up capital again.

這項投資主要分成兩大部分：資料中心，以及其中的伺服器與網路設備。它們屬於不同的資本循環。資料中心的資本支出會在我們能把伺服器放入其中、開始變現（monetizing）之前約兩年就開始投入。一旦資料中心啟用並接上伺服器，我們幾乎立刻就開始產生可觀營收，之後可在 30 年以上的期間內持續將這些資料中心變現，而不需要再次投入那筆啟動資本。

Servers and networking equipment operate on a shorter cycle. We typically purchase these a few months before putting them into service, so we have strong visibility into customer demand before we trigger the spend. If the demand isn't there, we won't spend the capital. For servers and networking equipment, on average, it takes a little less than three years to breakeven on that investment.

伺服器與網路設備的循環較短。我們通常在投入使用前幾個月才採購，因此在觸發支出前，對客戶需求有很高的可視性。如果需求不存在，我們就不會投入資本。就伺服器與網路設備而言，平均而言，這項投資的損益兩平（breakeven）時間略少於三年。

The servers currently have a useful life of at least five to six years. And most of our AI capacity these days is being contracted for at least five-year terms. That means that we're driving significant free cash flow on the servers and networking equipment in the two to three years after we breakeven.

目前伺服器的使用年限至少為五到六年。而我們如今大多數 AI 產能都以至少五年期的合約方式簽訂。這意味著在伺服器與網路設備達到損益兩平後的兩到三年，我們將帶來可觀的自由現金流。

It's also worth noting that AWS has a strong track record of pulling forward breakevens on server equipment, where we've already made meaningful progress and finding ways to extend the useful life of this equipment without sacrificing customer experience. So for our data centers, which have 30-plus year useful lives, we should get at least five to six generations of server economics, like I explained earlier, with subsequent generations after the first having even better overall economics because we don't have to repeat that upfront data center investment I mentioned earlier.

同時也值得注意的是，AWS 在伺服器設備上提前達成損益兩平方面有很強的歷史紀錄；我們已取得實質進展，並找到在不犧牲客戶體驗的前提下延長設備使用年限的方法。因此，對於使用年限超過 30 年的資料中心而言，我們應可至少獲得五到六代的伺服器經濟效益（server economics），如我先前所述；而第一代之後的後續世代整體經濟效益會更好，因為我們不需要重複我先前提到的前期資料中心投資。

This means in the short term, when demand is necessitating so many data centers being built simultaneously in advance of when we can start monetizing them, we'll spend a lot of CapEx and encounter free cash flow headwinds. And until these data centers come online can be monetized and we get a few years into these servers being utilized. But as we get a few years out, the revenue growth outpaces the incremental CapEx growth, which will happen at some point.

這表示在短期內，當需求迫使我們必須在能開始變現之前就同時興建大量資料中心時，我們將投入大量資本支出（CapEx），並面臨自由現金流的逆風。而在這些資料中心上線、能夠變現，且伺服器開始被使用並經過幾年之前，情況都會如此。但隨著時間推進幾年後，營收成長將超過新增資本支出成長，這在某個時間點會發生。

The resulting revenue, free cash flow, and return on invested capital is very compelling. We've done this before in the first era of cloud computing just over a longer time horizon where demand built more gradually than it has in AI. But we see the margins and returns in AI tracking what we saw with core at the same point of evolution actually a little ahead.

最終帶來的營收、自由現金流與投入資本報酬率（return on invested capital）非常具吸引力。我們在雲端運算的第一個時代就曾做過同樣的事，只是當時的時間軸更長，需求的累積也比 AI 更為漸進。但我們看到 AI 的利潤率與報酬率走勢，與核心業務在同一演進階段時相當，甚至略為領先。

We now believe we will spend approximately $220 billion in cash CapEx in 2026, the higher cost of memory pushing this number up from a prior estimate of about $200 billion. But even at that amount, we will still not have enough capacity to meet all the demand we have in 2026. And I believe this dynamic will also be true in 2027 too.

我們現在認為，2026 年我們將投入約 2,200 億美元的現金資本支出（CapEx）；由於記憶體成本上升，這個數字較先前約 2,000 億美元的估計上調。但即使在這個金額下，我們在 2026 年仍將沒有足夠的產能來滿足所有需求。我相信這種動態在 2027 年也會同樣成立。

In fact, the demand we already have for 2028 is striking. And remember, enterprises are still very early in using inference at scale in their current production applications. We won't believe AWS could become a few hundred billion dollar revenue business and now believe it will be at least double that, and very positively be $1 trillion annual revenue business for us in time with very appealing accompanying free cash flow and return on invested capital.

事實上，我們目前已掌握的 2028 年需求相當驚人。而且請記得，企業在其現有的生產應用中，以規模化方式使用推論（inference）仍處於非常早期的階段。我們曾不相信 AWS 會成為數千億美元營收規模的業務，而現在我們相信至少會是其兩倍，並且隨著時間推進，極有可能成為我們年營收 1 兆美元的業務，同時伴隨非常可觀的自由現金流與投入資本報酬率。

I'll now turn to stores. We added millions of new products to our selection, including over $700,000 from notable brands. We also expanded ultra-low price selection on Amazon Haul in the US by nearly 20x since launch and now have over 6 million items priced under $10. We continue offering everyday low prices to meet or beat our competitors as well as deep discounts and savings during sales events.

接下來我談零售（stores）。我們在商品選擇中新增了數百萬項新產品，其中包括來自知名品牌、總價值超過 70 萬美元的商品。我們也將 Amazon Haul 在美國的超低價商品選擇自上線以來擴大近 20 倍，目前已有超過 600 萬件商品定價低於 10 美元。我們持續提供每日低價，以達到或優於競爭對手，同時在促銷活動期間提供大幅折扣與節省優惠。

We're pleased with the customer response to Prime Day where customers shop millions of deals, including more than 80% at our lowest price of the year and hundreds of thousands discounted by 40% or more. We're the second largest grocer in the US, and our grocery business continues growing quickly across perishables and non-perishables. The number of monthly active perishables customers grew over 50% since the start of the year, same-day orders with perishables average over 3x more units per order, and fresh groceries now make up 6 of the top 20 best sellers in Amazon.com.

我們對顧客在 Prime Day 的回應感到滿意；顧客選購了數百萬項優惠，其中超過 80% 為我們今年最低價，且有數十萬項折扣達 40% 或以上。我們是美國第二大雜貨零售商，我們的雜貨業務在生鮮與非生鮮品類持續快速成長。自年初以來，每月活躍生鮮顧客數成長超過 50%；含生鮮的當日達訂單平均每筆訂單的件數超過 3 倍；而新鮮雜貨如今在 Amazon.com 前 20 大暢銷商品中占了 6 項。

We grew the number of new customers for Amazon Pharmacy by more than 2x in the first six months of the year and same-day prescription deliveries nearly 5x. We also saved customers nearly $250 million so far this year in out-of-pocket costs, up more than 400% year over year. We continue speeding up overall delivery and once again achieved record delivery speeds for customers in the first half of the year.

今年前六個月，我們 Amazon Pharmacy 的新顧客數成長超過 2 倍，當日處方配送量接近 5 倍。截至目前，我們也為顧客節省了近 2.5 億美元的自付費用，年增超過 400%。我們持續加快整體配送速度，並在今年上半年再次為顧客達成創紀錄的配送速度。

We offer millions of items for same-day delivery with Prime, up to 40 times more selection than a typical big box retail store, and our same-day network continues to expand. Globally, we delivered over 40% more items same-day or overnight in the first six months of the year than the same period last year.

我們透過 Prime 提供數百萬項商品的當日達服務，選擇數量最高可達一般大型賣場（big box）零售店的 40 倍，而我們的當日達網路也持續擴張。在全球範圍內，今年前六個月我們當日達或隔夜送達的配送件數較去年同期增加超過 40%。

We also continued to expand our ultrafast service Amazon Now, which offers delivery in 30 minutes or less on thousands of everyday essentials. We added 80 new cities and towns across the US and several major cities in Egypt in Q2. And Amazon Now is available in 9 countries and over 250 cities and towns globally.

我們也持續擴展超快速服務 Amazon Now，針對數千項日常必需品提供 30 分鐘內或更快的配送。第二季我們在美國新增 80 個城市與城鎮，並在埃及的數個主要城市上線。目前 Amazon Now 已在 9 個國家、全球超過 250 個城市與城鎮提供服務。

We continue to see strong customer response with over 80% growth in gross sales and units sold quarter over quarter, and we served over 60% more customers quarter over quarter.

我們持續看到強勁的顧客回應：總銷售額與售出件數季增均超過 80%，且我們服務的顧客數季增超過 60%。

We recently launched Amazon Supply Chain Services, so any business can move, store, and deliver everything from raw materials to finished products using the same supply chain that supports Amazon. And we already have several large customers, including Procter & Gamble, 3M, Lands’ End, and American Eagle Outfitters.

我們近期推出 Amazon Supply Chain Services，讓任何企業都能使用支援 Amazon 的同一套供應鏈，來搬運、儲存與配送從原物料到成品的各類商品。我們已經擁有數家大型客戶，包括寶僑（Procter & Gamble）、3M、Lands’ End，以及 American Eagle Outfitters。

The stores team also continues to innovate and deliver for customers with AI. Customers love Alexa for Shopping, our agentic AI shopping assistant. It offers personalized recommendations, product comparisons, price history, and the ability to automate shopping through features like price rewards and auto buy. Over 350 million customers have used it in the last 12 months, and engagement accelerated in Q2 with active users nearly doubling and interactions up over 5x year over year.

門市團隊也持續以 AI 創新並為顧客交付成果。顧客喜愛 Alexa for Shopping——我們的代理式（agentic）AI 購物助理。它提供個人化推薦、商品比較、價格歷史，以及透過價格獎勵與自動購買等功能來自動化購物的能力。過去 12 個月已有超過 3.5 億名顧客使用；第二季互動加速，活躍使用者幾乎倍增，互動次數年增超過 5 倍。

We also expanded Amazon Lens, which lets customers take a photo of anything they see and instantly find the same or similar items on Amazon to 10 additional countries is now available in 21 countries around the world.

我們也擴展了 Amazon Lens，讓顧客拍下所見任何物品的照片，即可立即在 Amazon 上找到相同或相似商品；我們新增了 10 個國家，目前已在全球 21 個國家提供。

Moving on to Amazon Ads. We saw strong growth across our offerings, generating $19.8 billion of revenue, up 26% year over year. Sponsored Products continues to be our largest offering and a key driver of growth. Additionally, increasingly more shoppers are discovering products in our agentic and conversational experiences, including an Alexa+ and Alexa for Shopping. Shoppers who click a sponsored prompt convert to a sale of 48% more often and spend 21% more on average than those who don't.

接著談 Amazon Ads。我們各項產品均呈現強勁成長，營收達 198 億美元，年增 26%。Sponsored Products 仍是我們最大的產品，也是成長的關鍵驅動力。此外，愈來愈多的購物者透過我們的代理式與對話式體驗（包括 Alexa+ 與 Alexa for Shopping）來發現商品。點擊贊助提示的購物者，其轉換為銷售的機率高出 48%，且平均消費金額比未點擊者高出 21%。

We see continued growth and engagement in Prime Video ads and live sports. We introduced more than 30 new advertisers to the NBA in our first year, and inventory on Thursday night football, NBA, WNBA, and NASCAR all sold out. Advertisers are increasingly investing in multisport strategies with brands activating across multiple sports, seeing 2.3 times higher unduplicated reach compared to single support advertisers, and multisport viewers are driving 12% higher spend and 17% more orders on Amazon.

我們看到 Prime Video 廣告與直播體育持續成長並提升參與度。在與 NBA 合作的第一年，我們引入了超過 30 家新廣告主；而週四夜間美式足球、NBA、WNBA 與 NASCAR 的廣告庫存皆已售罄。廣告主正日益加碼多項運動的投放策略，品牌跨多項運動啟動投放，相較僅投放單一運動的廣告主，其不重複觸及（unduplicated reach）高出 2.3 倍；同時，多運動觀眾在 Amazon 上帶動 12% 更高的消費金額與 17% 更多的訂單。

And finally, we make it easy to create, launch, and optimize full funnel campaigns using AI-powered tools, including Ads Agent, which turns hours of setup and targeting into minutes. Advertisers using Ads Agent targeting see 8% lower cost per impression and 6% lower cost per acquisition, and we've expanded it to 11 new countries this year.

最後，我們透過 AI 驅動工具讓建立、上線與最佳化全漏斗行銷活動變得更容易，其中包括 Ads Agent，可將原本需數小時的設定與受眾鎖定縮短至數分鐘。使用 Ads Agent 進行受眾鎖定的廣告主，其每次曝光成本降低 8%，每次獲客成本降低 6%；今年我們也已將其擴展至另外 11 個新國家。

We're also continuing to see momentum in several other areas, and I'll mention just a few. Starting with entertainment, the inaugural season of NBA on Prime Video delivered strong viewership with a peak of 6.5 million US viewers for Game 7 of the Eastern Conference semi files, outperforming Game 7 on broadcast a year ago. In Europe, viewership in the MBA more than doubled year over year on Prime Video, with the highest average viewership on record. We also drew 36 million viewers globally for the series premiere of Off Campus on Prime Video in its first 12 days, becoming Prime Videos number three top viewed series debut ever.

我們也在其他幾個領域持續看到動能，我只提幾點。先從娛樂開始，Prime Video 上 NBA 的首季帶來強勁收視，在東區準決賽第 7 戰於美國的收視高峰達 650 萬名觀眾，表現優於一年前在電視播出的第 7 戰。在歐洲，Prime Video 上的 MBA 收視年增超過一倍，並創下史上最高的平均收視。我們也在 Prime Video 上《Off Campus》影集首播後 12 天內吸引全球 3,600 萬名觀眾，成為 Prime Video 史上收視第三高的影集首播。

Alexa+ expanded to Germany, Austria, France, and Brazil, and hundreds of millions of customers are using new Alexa experiences. We find that everywhere less it goes, it drives momentum for the business. For example, in the US, customers who use Alexa for Shopping spend an average of over 40% more per order than those who don't. And customers who've tried Alexa+ are signing up for Prime at nearly 25% higher rates.

Alexa+ 已擴展至德國、奧地利、法國與巴西，數億名顧客正在使用新的 Alexa 體驗。我們發現它所到之處都能為業務帶來動能。例如在美國，使用 Alexa for Shopping 的顧客，其每筆訂單平均消費比未使用者高出 40% 以上。而試用過 Alexa+ 的顧客，加入 Prime 的比率高出近 25%。

And finally, Amazon Leo is close to 400 satellites in orbit, enough to begin initial satellite Internet service this year. We already have meaningful revenue commitments from enterprise and government customers, and we have more than 20 partners who will extend the reach of our network across the globe.

最後，Amazon Leo 在軌衛星數接近 400 顆，已足以在今年開始提供初期的衛星網際網路服務。我們已取得來自企業與政府客戶具實質意義的營收承諾，並擁有超過 20 家合作夥伴，將把我們的網路覆蓋延伸至全球。

We continue to be in the middle of some of the biggest inflections of our lifetime, and we're building multiple new long-term businesses that will make customers' lives better and easier and lead to substantial free cash flow and return invested capital for our shareholders and business.

我們仍處於此生一些最大轉折點的核心，我們正在打造多個新的長期業務，將讓顧客生活更好、更便利，並為股東與公司帶來可觀的自由現金流與投入資本報酬率。

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

接下來我把時間交給 Brian。

Thanks, Andy. Starting with our top-line financial results. Worldwide revenue was $200.6 billion, a 20% increase year over year, excluding the impact of foreign exchange. These results include the timing shift of Prime Day into Q2 for most of our largest countries, including the United States.

謝謝你，Andy。先從我們的營收端財務結果開始。全球營收為 2,006 億美元，若排除匯率影響，年增 20%。這些結果包含 Prime Day 在我們多數最大市場（包括美國）時點移至第二季所帶來的影響。

In Q2, we reported worldwide operating income of $27.5 billion. This includes the benefit from two items that reduced expenses by approximately $1.2 billion during the quarter.

第二季，我們公布全球營業利益為 275 億美元。其中包含兩項因素帶來的效益，使本季費用約減少 12 億美元。

First, we received tariff-related refunds of approximately $600 million. This is included in our North America segment and represents a significant majority of refunds we expect to receive. Second, we recorded a separate benefit of approximately $600 million related to the change in fair value measurement of energy contracts subject to derivative accounting. This primarily impacts the AWS segment. These energy contracts are to secure electricity supply for existing and future operations.

第一，我們收到與關稅相關的退款約 6 億美元。此項計入北美分部，且代表我們預期將收到退款中的絕大部分。第二，我們認列另一項約 6 億美元的利益，與採用衍生性金融商品會計處理之能源合約公允價值衡量變動相關。此項主要影響 AWS 分部。這些能源合約用於確保現有與未來營運所需的電力供應。

Certain terms in these contracts cause them to be subject to derivative accounting. Derivatives are measured at fair value each reporting period, and changes in fair value measurements will create unrealized gains and losses recorded within operating expenses on our statements of operations. While the impact of these fair value measurements can vary, these adjustments have not been significant in prior quarters.

這些合約中的某些條款使其需適用衍生性金融商品會計處理。衍生性金融商品在每個報導期間以公允價值衡量，公允價值衡量的變動將形成未實現損益，並在我們的損益表中列入營業費用。雖然這些公允價值衡量的影響可能有所波動，但在先前季度中，這些調整並不顯著。

Moving on to our segment results. In the North America segment, second-quarter revenue was $116.2 billion, an increase of 16% year over year. International segment revenue was $42.2 billion, an increase of 15% year over year, excluding the impact of foreign exchange. Worldwide paid units grew 17% year over year.

接下來談我們的分部業績。北美分部第二季營收為1,162億美元，年增16%。國際分部營收為422億美元，若排除外匯影響，年增15%。全球付費單位數年增17%。

Prime remains a key pillar of our business, and our double-digit year-over-year membership growth reflects the value of our offerings delivered at scale. We saw broad-based momentum across the inputs that drive our customer experience, including new selection, sharp prices, and fast delivery.

Prime 仍是我們業務的關鍵支柱，而會員數年增達雙位數，反映出我們以規模化方式交付之服務組合的價值。我們在推動客戶體驗的各項投入面向上看到全面性的動能，包括更多新品選擇、具競爭力的價格，以及快速配送。

Shifting to profitability. North America segment operating income was $9.1 billion, with an operating margin of 7.9%. International segment operating income was $1.7 billion, with an operating margin of 4.1%.

接著談獲利能力。北美分部營業利益為91億美元，營業利益率為7.9%。國際分部營業利益為17億美元，營業利益率為4.1%。

In our fulfillment network, we made progress optimizing inventory placement, shortening shipping distances, reducing touches per package, and improving consolidation rates. We're expanding our deployment of robotics and automation, which have been integral to our operations for decades. We're retrofitting our facilities with our latest generation technology, and we expect to more than double our fleet of robotic arms like Cardinal and Sparrow in 2026.

在我們的履約網路中，我們在優化庫存配置、縮短運輸距離、降低每件包裹的處理觸點，以及提升併單率方面取得進展。我們正在擴大機器人與自動化的部署，這些技術數十年來一直是我們營運不可或缺的一部分。我們正以最新一代技術改造既有設施，並預期在2026年將如 Cardinal 與 Sparrow 這類機械手臂的規模擴增至超過兩倍。

We continue to lower our overall cost to serve even as we faced heightened transportation costs driven by fuel inflation from the conflict in the Middle East and higher linehaul rates from driver capacity limitations. Excluding the impact of higher fuel and linehaul rates, shipping costs grew more slowly than worldwide unit growth at a pace that is relatively consistent with last quarter.

即使面臨運輸成本上升——包括中東衝突引發的燃油通膨，以及因司機運能受限導致的幹線運輸費率上升——我們仍持續降低整體服務成本。若排除燃油與幹線費率上升的影響，運輸成本的增速低於全球單位數成長，且其增速與上一季大致一致。

On the operating income side, the impact of these higher costs is partially offset by our FBA fuel and logistics surcharge that was implemented in April. Looking ahead, we see meaningful opportunities to further enhance productivity across our global fulfillment network, all while continuing to raise the bar and delivery speed. While our operating margin may fluctuate and the progress may not always be linear, we take a deliberate approach to achieving sustained long-term improvement in our cost to serve.

在營業利益方面，這些較高成本的影響，部分由我們於4月實施的 FBA 燃油與物流附加費所抵銷。展望未來，我們看到在全球履約網路中進一步提升生產力的重大機會，同時也會持續拉高標準並提升配送速度。雖然我們的營業利益率可能波動、進展也未必線性，但我們會以審慎的方式，實現服務成本的長期且可持續改善。

Moving to the AWS segment. Revenue was $42.2 billion, up 36.7% year over year, driven by both core and AI services. AWS now has an annualized revenue run rate of $169 billion. Customers continue to increase cloud migrations and scale up their use of AWS core services. (technical difficulty) AI are accelerating their transition to the cloud.

接著談 AWS 分部。營收為422億美元，年增36.7%，成長動能來自核心服務與 AI 服務。AWS 目前的年化營收運行率為1,690億美元。客戶持續增加雲端遷移，並擴大對 AWS 核心服務的使用規模。(technical difficulty) AI 正在加速其向雲端轉移。

We see a strong linkage between AI spend and core growth. As customers invest in AI, we see a core spending increase in core consumption. We expect this relationship to strengthen over time as more AI workloads move into full-scale production and drive additional demand for our core services.

我們看到 AI 支出與核心成長之間有很強的連動性。當客戶投資 AI 時，我們也看到核心消費帶動的核心支出增加。隨著更多 AI 工作負載進入全面量產並帶來對核心服務的額外需求，我們預期這種關係將隨時間而更為強化。

AWS operating income was $16.6 billion, which reflects our strong growth, coupled with our focus on driving efficiencies across the business. Our investments in software and process improvements optimize server capacity and help to develop a more efficient network using our lower-cost custom silicon and custom network gear.

AWS 營業利益為166億美元，反映我們強勁的成長，以及我們專注於推動全公司效率提升。我們在軟體與流程改善上的投資，可最佳化伺服器容量，並透過較低成本的自研晶片與自研網路設備，協助打造更高效率的網路。

Now turning to our cash CapEx, which is $53.1 billion in Q2. This primarily relates to AWS and Generative AI as we invest to support strong customer demand. We'll continue to make significant investments, especially in Generative AI, as we believe it to be a massive opportunity with the potential to drive long-term revenue and free cash flow.

接著談我們的現金資本支出（CapEx），第二季為531億美元。這主要與 AWS 與生成式 AI 相關，因我們投資以支援強勁的客戶需求。我們將持續進行重大投資，尤其是在生成式 AI 上，因為我們相信這是一個龐大的機會，具備推動長期營收與自由現金流的潛力。

Before moving on to guidance, I'll briefly touch on the impact from the tariff-related refunds on our results. We are participating in the tariff refund process. And as I mentioned earlier, we received approximately $600 million in Q2.

在進入財測指引之前，我先簡要說明與關稅相關的退稅對我們業績的影響。我們正在參與關稅退稅流程。如我先前提到的，我們在第二季收到約6億美元。

The amount is limited for a couple of reasons. First, our teams did a lot of work forward buying and prepositioning inventory to avoid tariff costs. Second, we are not the importer of record for the large majority of items sold in our store given suppliers typically handle imports and pay relevant tariffs. In cases where we did see an increase in costs due to tariffs, we largely absorbed these costs rather than pass them on to customers. You can see that in how we stayed very sharp in our price throughout the last year, with our product prices on average 14% less than other retailers according to third-party research firm, Profitero.

該金額之所以有限，主要有幾個原因。第一，我們的團隊做了大量工作，透過提前採購並預先配置庫存，以避免關稅成本。第二，由於供應商通常負責進口並支付相關關稅，因此我們商店中銷售的絕大多數商品，我們並非名義進口商（importer of record）。在我們確實因關稅而看到成本上升的情況下，我們多半自行吸收，而非轉嫁給客戶。這也反映在我們過去一年持續維持非常具競爭力的價格；根據第三方研究機構 Profitero 的資料，我們的商品價格平均比其他零售商低14%。

We have identified a limited set of circumstances where we can trace that we pass specific import charges on to customers. And when we receive those refunds, we will proactively contact effective customers and automatically issue refunds to them. Otherwise, like other large retailers, we'll utilize refunds to continue to invest in low prices for customers.

我們已辨識出少數情境，可追溯到我們確實將特定進口費用轉嫁給客戶。當我們收到這些退稅時，我們將主動聯繫受影響的客戶，並自動向其發放退款。除此之外，如同其他大型零售商，我們將運用退稅持續投資於為客戶提供低價。

I'll finish with our financial guidance. Q3 net sales are expected to be between $197 billion and $202 billion. I'll call out two areas that are driving the sequential deceleration in net sales growth from Q2 to Q3. First, Prime Day timing shifted this year with the sales event occurring in Q2 for most of our large countries, including the US. In 2025, Prime Day was entirely in Q3. Excluding the impact of Prime Day in both 2025 and 2026, third-quarter 2026 year-over-year growth would have been nearly 400 basis points higher.

最後說明我們的財務指引。第三季淨銷售額預期介於1,970億至2,020億美元。我特別指出兩個因素，導致淨銷售額成長率從第二季到第三季出現季對季放緩。第一，今年 Prime Day 的時點有所變動，對於包括美國在內的大多數主要國家，促銷活動發生在第二季。在2025年，Prime Day 完全落在第三季。若排除2025年與2026年 Prime Day 的影響，2026年第三季的年增率原本將高出將近400個基點。

We recognize the timing shift of Prime Day creates some noise in the modeling of our financial results. However, after adjusting for Prime Day, as we look across our stores business heading into Q3, we see strong customer engagement growth and a continuation of the trends that we have seen in the first half of the year.

我們理解 Prime Day 時點的變動，會讓財務結果的建模出現一些雜訊。然而，在調整 Prime Day 影響後，從我們商店業務在進入第三季的表現來看，我們看到客戶參與度強勁成長，且延續了我們在上半年所觀察到的趨勢。

Second, the Q3 guidance anticipates an unfavorable impact of approximately 80 basis points from the year-over-year changes in foreign exchange rates based on current rates. Q3 operating income is expected to be between $22.5 billion and $26.5 billion.

第二，第三季指引在目前匯率水準下，預期會受到外匯匯率年對年變動帶來約80個基點的不利影響。第三季營業利益預期介於225億至265億美元。

I want to thank our teams across the company for their hard work and focus on customers. We'll continue to work to deliver more value to the broad range of customers we serve across each of our businesses, which is the only reliable way to create lasting value for our shareholders.

我要感謝公司各團隊的辛勤付出，以及對客戶的專注。我們將持續努力，為我們在各項業務所服務的廣大客群提供更多價值，而這也是為股東創造持久價值的唯一可靠方式。

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

接下來，我們進入提問環節。

(Operator Instructions) Doug Anmuth, JPMorgan.

(接線員指示) JPMorgan 的 Doug Anmuth。

Just one for Brian and one for Andy. Brian, many have assumed that AI workloads would be lower margin, at least near term. Can you just talk about the drivers of the 39% AWS operating margin in 2Q and just how we should think about sustainability?

我有一題問 Brian，另一題問 Andy。Brian，許多人認為 AI 工作負載的毛利率會較低，至少在短期內是如此。你能否談談第二季 AWS 營業利益率達39%的驅動因素，以及我們應如何看待其可持續性？

And then, Andy, strong bedrock traction with customers spending more in the quarter than in all the prior quarters combined. But when you think about the full-stack offering, does Amazon need its own leading model towards the Frontier? Thank you.

另外，Andy，Bedrock 在客戶端的採用動能很強，客戶本季的支出甚至超過此前所有季度合計。但當你思考全堆疊（full-stack）產品時，亞馬遜是否需要自有、面向前沿（Frontier）的領先模型？謝謝。

Doug, let me start with the first question. Yes, we're pleased with the growth in both revenue and also margin expansion that we had in AWS in Q2, especially given the size of our business. You're seeing, despite the large investments, AWS margins have continued to remain strong, and we're up 650 basis points year over year, 520 basis points if you exclude the derivative accounting gain that I mentioned.

Doug，我先回答第一個問題。是的，我們對 AWS 在第二季的營收成長以及利益率擴張感到滿意，尤其考量到我們業務規模之大。你看到的是，儘管投入龐大投資，AWS 的利益率仍持續維持強勁；年對年提升650個基點，若排除我提到的衍生性商品會計收益，則提升520個基點。

We've said before these margins will fluctuate. They're based on a number of factors, including our investment levels, Alexa products, Alexa AI versus non-AI. But I would say that the profitability you're seeing from AWS isn't random. It's a result of disciplined efficiency gains, capacity optimization, which we've benefited quite a bit from in Q2 and always closely managing our fixed costs. So again, they'll fluctuate, but very strong performance year over year, and we'll take it.

我們之前說過，這些利潤率會波動。它們取決於多項因素，包括我們的投資水準、Alexa 產品、Alexa AI 與非 AI。但我會說，你們在 AWS 看到的獲利能力並非偶然。這是嚴謹的效率提升、產能最佳化（我們在第二季受益良多），以及一貫嚴密管理固定成本的結果。所以再次強調，它們會波動，但年對年表現非常強勁，我們會持續推進。

Yeah. I'll just add one other thing to what Brian said, which is, as I mentioned in my opening comments, we see the AI business following very much the same type of margin trajectory that we saw in the core business before and it's a little bit ahead of that pace that we saw. So we're optimistic about that.

是的。我只想在 Brian 所說的基礎上再補充一點：如我在開場評論中提到的，我們看到 AI 業務的利潤率走勢非常類似於先前核心業務的利潤率軌跡，而且進展速度還略快於我們當時看到的節奏。所以我們對此感到樂觀。

On the question about Bedrock and our own Frontier model. So my view of it is that AWS and Amazon can have a wildly successful business without its own Frontier model. And a lot of that is because there is not going to be one model to rule the world. You already see that right now. You see it.

關於 Bedrock 以及我們自家的 Frontier 模型這個問題。我的看法是，即使沒有自家的 Frontier 模型，AWS 和 Amazon 也能擁有極其成功的業務。其中很大一部分原因在於，不會只有一個模型能統治全世界。你現在就已經看到了。你看得到。

It's not just Anthropic or it's not just OpenAI. You see increasingly more and more companies being interested in the open models as well. And we have all of them in Bedrock. And it's one of the many reasons why Bedrock is growing so quickly.

不只是 Anthropic，也不只是 OpenAI。你也看到越來越多公司對開源模型同樣感興趣。而我們在 Bedrock 裡把它們都納入了。這也是 Bedrock 成長如此快速的眾多原因之一。

If you're a company that's building important AI applications, you want to make sure that you have the ability to use all the available models. They're going to each leapfrog each other at different times. They're going to have lots of different models that actually are comparable in capabilities. And you want that leading selection with the right price performance and with the right governance and security, and there's nothing like Bedrock that provides that right now. And we use those models as well.

如果你是一家正在打造重要 AI 應用的公司，你會希望確保自己有能力使用所有可用的模型。它們會在不同時間點彼此超車。它們也會有許多在能力上其實相當可比的不同模型。而你會想要具備領先的選擇、合適的性價比，以及完善的治理與安全性；目前沒有任何產品能像 Bedrock 一樣提供這些。而我們自己也會使用這些模型。

All that said, we are pursuing our own Frontier model. And we're doing it for a few reasons. First of which is it just gives us additional control over cost, cost for our own consumer applications, but also we're trying to drive costs down for customers. And having a player like ourselves, it's always focused on trying to take the price performance and the cost down for customers all the time we think will help keep the models more cost effective for customers.

話雖如此，我們也在推進自家的 Frontier 模型。我們這麼做有幾個原因。第一，它能讓我們對成本有更多掌控——不僅是我們自家消費者應用的成本，我們也在努力為客戶降低成本。而像我們這樣的參與者，始終專注於不斷為客戶提升性價比並降低成本，我們認為將有助於讓模型對客戶而言更具成本效益。

I think also it allows us to have more control over prioritization of what models focus on. And we have, both from our own external customers as well as our internal customers inside the company, certain priorities that matter that we want the models trained especially well for. And then it gives us some control on speed.

我也認為，這讓我們能更掌控模型優先聚焦的方向。無論是外部客戶，還是公司內部的客戶，我們都有一些重要的優先事項，希望模型能特別針對這些方向訓練得更好。此外，這也讓我們在速度上有一定的掌控力。

And so, my view of it is that within the next few years, you're going to have at least a half dozen models that are comparably good to each other. They'll all be in Bedrock, and one of them will be ours.

因此，我的看法是，在接下來幾年內，你將至少會看到半打在水準上彼此相當的模型。它們都會在 Bedrock 裡，而其中一個會是我們的。

Justin Post, Bank of America.

Justin Post，美國銀行。

Just thinking about the AWS acceleration, was that really driven by a lot of capacity coming online in the quarter? You guys have been very more open than your peers on gigawatts you're adding. Any help you can give us on how much you might be adding in the second half versus the first half and also how you're thinking about '27? Thank you.

想請教 AWS 加速成長這件事，是否主要是因為本季有大量產能上線所帶動？你們相較同業更公開談到新增的 GW（吉瓦）規模。能否協助我們理解一下，下半年相較上半年你們可能會新增多少，以及你們對 2027 年的規劃思考？謝謝。

Yeah. I think that -- there are several reasons for why we saw such significant growth. And it's -- we're really pleased, and excited fifth straight acceleration quarter, largest acceleration in 18 quarters. I think there are several things that are driving it.

是的。我認為——我們之所以看到如此顯著的成長，有幾個原因。我們非常滿意也很興奮，這是連續第五個季度加速，也是 18 個季度以來最大幅度的加速。我認為有幾個因素正在驅動這件事。

I think the first part is that customers are choosing AWS in part because it has the broadest functionality across both Claude Code and AI, in part because it has the strongest operational performance in security, and in part because as more and more companies are bringing their inference workloads to production, they wanted to live near the rest of their workloads and data, and so much more of it lives in AWS than anywhere else.

我認為第一個部分是，客戶選擇 AWS，部分原因是它在 Claude Code 與 AI 兩方面都具備最廣泛的功能；部分原因是它在安全性方面的營運表現最強；也部分原因是，隨著越來越多公司把推論工作負載導入正式生產環境，他們希望靠近其餘工作負載與資料所在之處，而這些在 AWS 的集中程度遠高於其他任何地方。

I think there are a couple of other things going on here on the core side. I mean, AI is obviously growing at a very rapid rate as we talked about well over $25 billion in annual revenue run rate at this point. But the core business is growing very quickly as well. And I think there's at least a couple of things at [pipe]. One is that increasingly more enterprises are building their transformation plan to move from on premises to the cloud.

我認為在核心業務這邊還有幾件事同時在發生。我的意思是，AI 顯然如我們所談到的那樣，以非常快的速度成長，目前年化營收運行率已遠超過 250 億美元。但核心業務也同樣成長得非常快。我認為至少有幾件事在[pipe]。其中之一是，越來越多企業正在制定其轉型計畫，從自建機房（on premises）遷移到雲端。

Remember, by the way, that 85% of the global IT spend is still on premises. That equation is going to flip in the next 10 to 20 years. And you see more and more enterprises that are moving and building plans to move to the cloud, and we're winning the lion's share of those with the capabilities I mentioned earlier and the advantages.

順帶一提，請記得全球 IT 支出仍有 85% 在自建機房。這個結構在未來 10 到 20 年會翻轉。你會看到越來越多企業正在遷移並制定上雲計畫，而憑藉我先前提到的能力與優勢，我們贏得了其中絕大部分。

And then AI is growing at such a rapid rate, and it's pulling a long core alongside of it. And that's because the post-training and the reinforcement learning and all the agent tool use is being driven on CPU and core. And with the leading CPU chip and Graviton, it makes AWS an even more attractive choice.

此外，AI 成長速度非常快，也帶動了核心業務的長尾一同成長。這是因為後訓練（post-training）、強化學習，以及各種代理（agent）工具使用，都是在 CPU 與核心運算上驅動的。而憑藉領先的 CPU 晶片 Graviton，AWS 成為更具吸引力的選擇。

So yes, we're adding a lot of capacity, but there are a lot of other reasons why it's growing. I expect that we will -- we're on pace with the capacity build that we talked about a few quarters ago where we said we expect to have double the capacity -- power capacity by the end of '27 that we had in '25, and we continue to be on that track.

所以是的，我們正在增加大量產能，但成長的原因還有很多。我預期我們將——我們正按幾個季度前所談到的產能建置節奏推進；當時我們說過，預期到 2027 年底，我們的電力產能將是 2025 年的兩倍，而我們仍持續在這條軌道上。

Brian Nowak, Morgan Stanley.

Brian Nowak，摩根士丹利。

I have two, Andy. I appreciate the color on the long-lived data center investments versus the server and network investments. Just the question is, as you sort of look into 2027, you look at the demand that's coming, et cetera. Are you at a point where you're going to be able to start to slow that long-lived data center spend at all in '27? Or is that just too soon where you're still going to have to be opening up new data centers over the next two, three, four years as you look into '27? That's number one.

Andy，我有兩個問題。謝謝你針對長期資料中心投資相較於伺服器與網路投資所提供的說明。我的問題是，當你展望 2027 年、看著即將到來的需求等等，你們是否已經到了能在 2027 年開始放緩這些長期資料中心支出的階段？還是說現在談仍太早，你們在展望 2027 年時，未來兩、三、四年仍需要持續開設新的資料中心？這是第一個問題。

Second one, in the past 90 days or so, you've talked -- the company talked publicly about selling Trainium at some point to third-party data centers. How do you think about when you could do that and just sort of the ROIC on that versus core AWS loads?

第二個問題，在過去大約 90 天，你們——公司曾公開談到，未來某個時間點會把 Trainium 銷售給第三方資料中心。你如何看待何時可能做到，以及相較於核心 AWS 負載，這樣做的 ROIC（投入資本報酬率）會如何？

Well, on the first question, Brian, we have so much demand right now. Apart from what we've talked about in '26, a lion's share of capacity in '27, we're adding a lot of capacity, as I mentioned just a few minutes ago, is largely reserved. And we have quite a bit of capacity that's already been reserved for '28.

嗯，關於第一個問題，Brian，我們現在的需求非常強勁。除了我們談到的 2026 年之外，2027 年相當大一部分我們正在新增的產能——如我幾分鐘前提到的——基本上已經被預留了。而且我們也已經有相當多的 2028 年產能被預留。

And so, I think it's actually kind of useful to look at least our view of what we see in the demand and adoption curve right now, which is we see this adoption curve in AI right now is very barbell. There is on one end of the barbell, the AI labs are consuming gobs and gobs of compute, and there are a few runaway successful generative AI applications like Claude Code and ChatGPT.

因此，我認為至少從我們目前在需求與採用曲線上所看到的情況來看，其實很有幫助：我們看到現在 AI 的採用曲線非常呈「槓鈴型」。在槓鈴的一端，AI 實驗室正在消耗大量、海量的運算資源，而在應用端也有少數幾個一騎絕塵、非常成功的生成式 AI 應用，例如 Claude Code 和 ChatGPT。

On the other end of the barbell are enterprises who are getting real value from AI in cost avoidance and productivity. And these are things like automating customer service or business process automation or fraud or things like that.

在槓鈴的另一端，是企業正在從 AI 的成本避免與生產力提升中獲得實質價值。這些包括自動化客服、業務流程自動化、反詐欺之類的應用等。

In the middle of the barbell is all of the current enterprise production workloads. Some of which have -- are using inference in a pervasive way, but most of which aren't. And that is going to change very significantly over time. And that will be -- in my opinion, that will be the largest absolute segment, the existing production workloads in the enterprise and new businesses and workloads that start-ups build too.

而在槓鈴的中間，是目前所有企業的既有生產工作負載。其中有一部分已經以相當普遍的方式在使用推論，但大多數還沒有。而這會隨著時間推移而非常顯著地改變。而且在我看來，這將會是絕對規模最大的區塊：企業既有的生產工作負載，以及新創公司所打造的新業務與新工作負載。

And so, I think we're still in the relative early stages of how much demand there's going to be for AI. I think it's going to change every customer experience that we know I think that it will invent all sorts of new ones that we never imagined. And I don't know if the trajectory of that middle part of the barbell will be the same wildly steep trajectory that we've seen with the current barbelled AI Labs piece, but we have a lot of demand in front of us, and we're going to invest in this business to continue to be the significant market segment leader that we are today.

因此，我認為我們仍處於 AI 需求將會有多大這件事的相對早期階段。我認為它將改變我們所熟知的每一種客戶體驗，也會發明各式各樣我們從未想像過的新體驗。我不確定槓鈴中間那一段的成長軌跡，是否會像我們在目前槓鈴型結構中 AI 實驗室那一端所看到的那樣陡峭、爆發式成長，但我們面前有大量需求，我們也會投資這項業務，持續成為我們今天所處的、重要的市場區隔領導者。

We think, as I mentioned earlier, it has the potential to be a $1 trillion revenue business for AWS, and we intend on continuing to be the leaders.

我們認為，如我先前提到的，它有潛力成為 AWS 一個年營收達 1 兆美元的業務，而我們也打算持續保持領先。

On the question about selling Trainium, we're quite excited about what's happening in our chips business. As I mentioned earlier, it's over $25 billion in annual revenue at this point. We think we have the leading price performance chip in both the AI space with Trainium and in the CPU space with Graviton. In fact, we have a multi-year multi-gigawatt commitments from the two largest AI labs in Anthropic and OpenAI and more and more companies, as I mentioned in my opening comments, using Trainium is exciting and promising.

關於銷售 Trainium 的問題，我們對晶片業務的進展感到相當振奮。如我先前提到的，目前它的年營收已超過 250 億美元。我們認為，在 AI 領域的 Trainium，以及在 CPU 領域的 Graviton，我們都擁有領先的性價比晶片。事實上，我們已獲得兩家最大的 AI 實驗室 Anthropic 與 OpenAI 的多年期、數千兆瓦等級承諾；而且如我在開場致詞提到的，越來越多公司採用 Trainium，這令人興奮且前景可期。

And we just have an incredible amount of demand for Trainium. So there are a lot of customers who are very excited about using it in the form that we're providing right now. We do have an increasing number of customers who are interested in us providing the Trainium chips to them separate from our cloud, and we're actively having those conversations and exploring. And I expect there's a real chance we'll do that in the future.

我們對 Trainium 的需求量非常驚人。因此，有很多客戶對以我們目前提供的形式來使用它感到非常興奮。我們確實也看到越來越多客戶有興趣讓我們在雲端之外、單獨提供 Trainium 晶片，我們正在積極進行相關對話並探索可能性。我預期未來我們很有機會會這麼做。

Colin Sebastian, Baird.

Colin Sebastian，Baird。

Andy, is it fair to say that there's a more concerted effort to move into the application layer with Kiro and transform, and I guess more broadly plans for workplace productivity tools? And do you see those as sort of providing a boost to the broader platform offering from infrastructure on up?

Andy，可以這麼說嗎：你們正更有系統地往應用層推進，透過 Kiro 和 Transform，並且更廣泛地規劃職場生產力工具？你是否認為這些能夠為從基礎設施往上的整體平台產品帶來助力？

And then, Brian, I mean, just given the demand signals you guys are both talking about and plans for additional capacity, what are your current thoughts on sources of capital for the build-out over the next couple of years? Thank you.

另外，Brian，考量你們兩位都在談的需求訊號以及新增產能的計畫，對於未來幾年擴建所需資本來源，你們目前的想法是什麼？謝謝。

Hi, Colin. Let me take your second question first. You've seen us issue debt this year. We have a lot of options available to us as we continue to fund this growth that we're seeing in AWS. So we'll continue to look at all the options and make the appropriate decision at the right time, but nothing to share today.

嗨，Colin。我先回答你的第二個問題。你們今年已看到我們發行債務。隨著我們持續為 AWS 所見到的成長提供資金，我們有很多可用的選項。因此，我們會持續評估所有選項，並在適當的時間做出合適的決策，但今天沒有更多可以分享的內容。

And your first question, Collin, we see a very substantial opportunity, both for our customers and for AWS in building some of these Agentic applications. And some of this is borne out of what customers tell us they wish they had and they want to be using. Some of it is borne out of just needing to provide those capabilities to ourselves inside Amazon.

至於你的第一個問題，Colin，我們看到在打造這些 Agentic（代理式）應用方面，無論對客戶或對 AWS 都有非常可觀的機會。其中一部分來自客戶告訴我們他們希望擁有、也想使用的東西。另一部分則來自我們在亞馬遜內部也需要具備這些能力。

And so, Kiro, which is our coding -- agentic coding service is an example of that. But Amazon Quick is a really interesting example where we just had so many people inside the company who wanted really an intelligent AI assistant to help them work to -- first started off with we're a very document-oriented, culture. People wanted, when they got documents, not to have to read every document so carefully to get a summary and then to be able to write their own analyses and responses to these things and to be able to do business intelligence through these agents.

因此，Kiro——也就是我們的程式開發代理式編碼服務——就是一個例子。但 Amazon Quick 是另一個非常有意思的例子：公司內部有非常多人想要一個智慧型 AI 助理來協助工作——一開始是因為我們的文化非常以文件為導向。大家希望在收到文件時，不必把每份文件都讀得那麼仔細，就能先得到摘要，接著能撰寫自己的分析與回覆，並且能透過這些代理來做商業智慧分析。

And that's really how Amazon Quick started was to do research, to do business intelligence, to do summarization. And then we had so many people inside the company using it that they said, can't you actually find a way to make it much more productive and easier for us to manage our e-mail, to manage our Slack communications, to manage our calendar, and to use all those things together? And that's really this next instantiation of Amazon Quick.

這也正是 Amazon Quick 的起點：用來做研究、做商業智慧、做摘要。接著公司內部使用的人非常多，大家就說：你們能不能想辦法讓它在管理電子郵件、管理 Slack 溝通、管理行事曆方面更有效率、更容易，並且把這些工具整合起來使用？而這就是 Amazon Quick 的下一個版本。

And as I mentioned in my opening comments, it's pretty remarkable, not only how fast it's taken off inside Amazon, but how many external enterprises have put it into production with a very large number of people at their companies. And we see that opportunity up and down kind of the different needs of companies. I think that Connect -- Amazon Connect, which is our call center service, which is used by all five major leading airline providers as well as many of the leading banks and healthcare companies, continues to grow very quickly.

而且如我在開場致詞提到的，不僅它在亞馬遜內部爆發成長的速度相當驚人，也有許多外部企業已將它導入正式生產環境，且在其公司內由非常大量的人使用。我們看到這樣的機會，能夠涵蓋企業各種不同需求的上下游。我認為 Connect——Amazon Connect，也就是我們的客服中心服務——目前被五大主要航空公司全部採用，也被許多領先的銀行與醫療保健公司採用，仍在非常快速地成長。

AWS Transform, which makes it much easier to migrate software, is super useful for enterprises. And then the latest one we just launched with Continuum. It's really hard to have a conversation with a large company about AI right now where they don't actually ask you about security with just all the noise and the hype about the security risk with the most current powerful models. And so, Continuum really allows them to use those models productively to find their own vulnerabilities in their code, to design the fixes, and to help them deploy them.

AWS Transform 能讓軟體遷移變得容易得多，對企業非常有用。然後是我們最新與 Continuum 一起推出的產品。現在要和大型公司談 AI，幾乎很難不談到資安，因為對於最新、最強大的模型所帶來的資安風險，市場上充斥著各種雜音與炒作。因此，Continuum 真的能讓他們更有效率地使用這些模型，去找出自己程式碼中的弱點、設計修補方案，並協助他們部署。

And those are kind of the first set of them. They all have very high promise, but there are several others that we're working on, and we think that's going to be very helpful for customers and our business.

以上算是第一批產品。它們都很有潛力，但我們還在開發其他幾項，我們認為這將對客戶與我們的業務都非常有幫助。

Jason Holstein, Oppenheimer & Company.

Jason Holstein，Oppenheimer & Company。

Ken Gawrelski, Wells Fargo.

Ken Gawrelski，Wells Fargo。

Two if I may. First, your RPO reported is 2.5 times that of the third quarter of '25 when you gave us the doubling of capacity comments for year-end '27. How does that RPO number and the massive expansion there impact your outlook for future capacity? I know that you talked about through year-end '27, but maybe at least (inaudible), if you could touch upon what the RPO means for '28 and beyond capacity.

如果可以的話兩個問題。第一，你們公布的 RPO 是你們在談到 2027 年底產能翻倍時所提到的 2025 年第三季的 2.5 倍。這個 RPO 數字以及如此大幅的擴張，會如何影響你們對未來產能的展望？我知道你們談到的是到 2027 年底，但也許至少（聽不清楚），如果可以的話，請談談 RPO 對 2028 年及之後產能的意涵。

And the second one related is you raised your CapEx guidance this year for some supply chain inflation. Could you talk about how your pricing strategy at AWS incorporates future cost inflation to your longer-term contracts allow for stable return profiles despite cost inflation? Thank you.

第二個相關問題是，因為供應鏈通膨，你上調了今年的資本支出（CapEx）指引。你能談談 AWS 的定價策略如何在較長期合約中納入未來成本通膨，讓即使在成本上升下仍能維持穩定的報酬輪廓嗎？謝謝。

Yeah. I'll start on the backlog number. Yeah, to your point, it's very substantially continuing to grow. I think it's a reflection, again, of customers being very enthusiastic about using AWS, both across core and for AI. We have taken in -- we know about that backlog, obviously.

是的。我先談積壓訂單（backlog）的數字。是的，如你所說，它確實仍在非常顯著地持續成長。我認為這再次反映出客戶對使用 AWS 非常熱衷，無論是在核心服務或 AI 方面。我們已經納入——我們當然知道那個積壓訂單。

So that's all taken into account in our CapEx projections. And over time, I expect that we will continue to sign more deals with customers. And as I mentioned earlier, we're going to pursue the opportunity to continue being the significant market segment leader that we are.

所以這些都已納入我們的資本支出預測中。而且隨著時間推移，我預期我們會持續與客戶簽下更多交易。正如我先前提到的，我們將把握機會，持續成為我們目前所處的、重要市場區隔的領導者。

On the second question on the supply chain inflation, what I would say is that most of the deals that you sign, other than -- there's a certain amount of your demand that is on demand, where there aren't contracts. But a large amount of it tends to be deals and agreements that you've signed.

關於第二個供應鏈通膨的問題，我想說的是，你簽的多數交易——除了有一部分需求是隨用隨付（on demand），沒有合約。但其中很大一部分通常是你已簽署的交易與協議。

And the deals that you signed, those will be the prices and those would be the agreements that we have over the duration of that contract. And new agreements that you signed, you always take into account what your costs are and how you ultimately build a price that you agreed to with your customers. And I think it's no secret right now to any company in the world that there are inflated prices right now on some of the components like memory and hard drives and SSDs.

而你已簽署的交易，其價格與協議條款會在該合約期間內適用。至於你新簽的協議，你總是會把成本納入考量，並思考最終如何建立一個你與客戶同意的價格。而且我想現在對全球任何公司都不是秘密：某些零組件（例如記憶體、硬碟與 SSD）目前的價格都在上漲。

Eric Sheridan, Goldman Sachs.

Eric Sheridan，高盛。

Maybe pivoting to the Commerce business. When you're talking about scaling some of your initiatives around fast commerce and a wider array of supply of groceries and everyday essentials, can you talk a little bit about the signal you're getting from consumers in terms of either adoption rate of those services or what it's doing the overall spend trends? And whether there's any countries or geographies where you're seeing different outcomes as you launch and scale some of those services? Thanks so much.

也許把焦點轉到商務（Commerce）業務。當你談到擴大一些圍繞快速商務（fast commerce）以及更廣泛的雜貨與日常必需品供給的計畫時，你能談談你從消費者那裡看到的訊號嗎？例如這些服務的採用率，或它對整體支出趨勢造成了什麼影響？以及在你推出並擴大這些服務時，是否有任何國家或地區出現不同的結果？非常感謝。

Yeah. We are quite enthusiastic and excited about the pace with which we are growing, the amount of everyday essentials as well as perishables in the business right now. And I think some of that has to do with the broader selection we have. And some of that has to do with just how fast our delivery has gotten over the last two to three years.

是的。我們對目前業務中日常必需品以及生鮮品（perishables）成長的速度與規模感到非常振奮與興奮。我認為其中一部分原因在於我們更廣泛的選品。另一部分原因則在於過去兩到三年，我們的配送速度提升得非常快。

And when you can deliver items to people, when you have that broad selection like we do at low prices and you can deliver that selection to people as fast as we are right now, people consider you for a lot more of their total purchases and shopping visits.

當你能以低價提供像我們這樣廣泛的選品，並且能以目前這麼快的速度把這些商品送到消費者手上時，人們就會在更多的總採購與購物造訪中把你納入考量。

And we've talked for a while about grocery. And we have a very large business in that space. Last year, it was over $150 billion in gross merchandise sales, making us the second largest grocer in the US. And a lot of that are non-perishables. The middle aisles that you'd find in a grocery store where you have consumables and canned goods and beauty items and pharmaceutical items.

我們談雜貨（grocery）已經有一段時間了。我們在這個領域有非常大的業務。去年總商品銷售額（gross merchandise sales）超過 1,500 億美元，使我們成為美國第二大雜貨商。其中很大一部分是非生鮮品（non-perishables）。也就是你在雜貨店中間走道會看到的那些：消耗品、罐頭食品、美妝用品以及藥品類商品。

A big chunk of it is our Whole Foods market business, which is the leading organic grocer out there. And if you look at the growth in geographies that Whole Foods markets are in, they're significantly outpacing the growth of comparable grocers, and the profit trajectory continues to trend the right way as well. And we found a new format there in daily shop in urban settings. It's off to an amazing start that we're expanding very rapidly.

其中很大一塊來自我們的 Whole Foods Market 業務，它是領先的有機雜貨商。如果你看 Whole Foods Market 所在地區的成長，它們明顯超越可比的雜貨商，而獲利走勢也持續朝正確方向發展。我們也在都會環境中找到一種新的門市形式——daily shop。它的起步非常亮眼，我們正在非常快速地擴張。

And then we always knew that if we wanted to serve the number of customers who want us to serve them and that we want to serve, we had to find a way to offer mass brands and perishables in a significant way. And we've tried lots of experiments over the last few years, as we've talked about on this call for a few years, but we have finally found something that is a real needle mover for us in offering perishables in our same-day facilities that we're now able to offer same-day perishables in 2,300 cities around the US.

此外，我們一直都知道，如果我們想服務那些希望我們服務、以及我們也想服務的龐大客群，就必須找到一種方式，大規模地提供大眾品牌與生鮮品。過去幾年我們做了很多實驗，正如我們在這通電話會議中談了好幾年，但我們終於找到一個對我們而言真正能帶來顯著改變的做法：在我們的當日配送（same-day）設施中提供生鮮品；我們現在已能在美國 2,300 個城市提供當日生鮮品配送。

If you look in those cities, 9 of the top 10 best sellers in those geographies are perishables. The number of monthly active perishable customers has increased 50% since the start of this year. And for same-day orders with perishables, on average, they average 3 times more units per order. And so, we're just seeing very significant traction in our everyday essentials and in our grocery items.

如果你看那些城市，在那些地區的前 10 大暢銷品中有 9 個是生鮮品。自今年年初以來，每月活躍的生鮮品客戶數增加了 50%。而在包含生鮮品的當日訂單中，平均每筆訂單的件數（units）是其他的 3 倍。因此，我們在日常必需品與雜貨品類上看到非常顯著的動能。

And we're not done experimenting, by the way, with other physical formats in the grocery side. But we've hit on something with same-day perishables in our same-day facilities as changing the trajectory of our everyday essentials business.

順帶一提，我們在雜貨端也還沒有停止對其他實體形式的實驗。但我們在當日配送設施中提供當日生鮮品這件事上，確實找到了一個能改變我們日常必需品業務走勢的關鍵。

(technical difficulty) joining us on the call today 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.

（技術問題）今天加入我們的電話會議並提出問題。重播將在我們的投資人關係網站上提供至少三個月。感謝各位對亞馬遜的關注，並期待下個季度再次與各位交流。