亞馬遜 (AMZN) 2026 Q3 法說會逐字稿

Thank you for standing by. Good day, everyone, and welcome to the Amazon.com Q3 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 年第三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。

For opening remarks, I'll 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 Q3 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 年第三季財務業績電話會議。今天與會並回答各位問題的有：我們的執行長 Andy Jassy，以及我們的財務長 Brian Olsavsky。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業績，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, October 29, 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 年同期業績為基準。我們對各位問題的評論與回應僅反映管理團隊截至今日（2026 年 10 月 29 日）的觀點，並將包含前瞻性陳述。實際結果可能存在重大差異。

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

有關可能影響我們財務業績之因素的更多資訊，已載於今日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（上述資料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, 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.

我們的財測指引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。我們的業績本質上難以預測，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（包括衰退疑慮、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.

我們的財測指引亦假設（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。我們無法精準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指引存在重大差異。

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

現在我把電話交給 Andy。

Thanks, Dave. We're reporting $201.9 billion in revenue, up 12% year-over-year. Operating income was $28.1 billion, up 61% year-over-year. Q3 was another strong quarter for Amazon. In AWS, our plan is working. Despite lapping a comparable year-over-year period where we added a lot of capacity, AWS grew 39.3% year-over-year, accelerating for the sixth straight quarter, our fastest growth in nearly five years. Backlog is $578 billion, growing triple digits year-over-year and well diversified.

謝謝你，Dave。我們本季營收為 2,019 億美元，年增 12%。營業利益為 281 億美元，年增 61%。第三季對 Amazon 而言又是一個強勁的季度。在 AWS 方面，我們的計畫正在奏效。儘管去年同期我們新增了大量產能、形成較高的比較基期，AWS 仍年增 39.3%，連續第六季加速，創下近五年來最快的成長速度。未履約訂單（Backlog）為 5,780 億美元，年增達三位數，且分布相當多元。

We're installing an AI accelerator about every 14 seconds, and almost as fast as we install capacity, customers are gobbling it up.

我們大約每 14 秒就部署一個 AI 加速器；而幾乎就在我們部署產能的同時，客戶就迅速把它用掉。

Our core compute and storage revenue grew at their fastest rates in several years. Our operating margins have long been strong on our core offering, but rapidly improving on the AI side too, well ahead of where they were on core at a similar time of evolution, even with heightened component costs like memory and significant depreciation from the CapEx we're investing.

我們的核心運算與儲存營收以數年來最快的速度成長。我們在核心產品上的營業利潤率長期以來一直很強，而在 AI 方面也正在快速改善；即使面臨記憶體等零組件成本上升，以及我們投入資本支出（CapEx）所帶來的顯著折舊，AI 端的利潤率仍遠優於核心業務在相同發展階段時的水準。

We continue to accelerate our CapEx payback and have even more conviction than we already had that the investment we're making in AWS will yield a much larger revenue and free cash flow generating business than we would have imagined a couple of years ago with strong return on invested capital.

我們持續加速資本支出的回收期（payback），而且比兩年前更有信心：我們在 AWS 的投資，將帶來一個規模遠超我們當時想像、能產生更高營收與自由現金流的業務，並具備強勁的投入資本報酬率。

We have a compelling flywheel spinning in AWS. Borrowing from Jim Collins' flywheel definition in Good to Great, where if you do A, you almost can't help but do B and if you do B, you almost can't help but do C and so on.

我們在 AWS 擁有一個強而有力、正在運轉的飛輪效應。借用 Jim Collins 在《從 A 到 A+》（Good to Great）中對飛輪的定義：當你做了 A，幾乎就會自然而然地做 B；做了 B，又幾乎就會自然而然地做 C，如此循環。

In AWS, having the leading functionality, security, and operational performance can't help but drive customers to run their apps and store their data in AWS, which can't help but drive AWS AI demand because customers prefer their production inference to be near the rest of their data and apps, which can't help but drive core AWS demand because AI uses core for work like reinforcement learning, post-trading tool usage, which can't help but drive reinvestment back into our broader AWS functionality.

在 AWS，具備領先的功能、安全性與營運效能，必然會驅動客戶在 AWS 上執行其應用程式並儲存其資料；這又必然會推動 AWS 的 AI 需求，因為客戶偏好讓其正式環境（production）的推論（inference）靠近其其他資料與應用程式；這又必然會帶動 AWS 核心服務需求，因為 AI 會使用核心服務來完成強化學習、交易後工具使用等工作；而這又必然會推動我們再投資到更廣泛的 AWS 功能之中。

This is a different model than primarily hosting GPUs or renting short-term data center capacity. This is a long-term platform strategy that broadly helps customers invent and evolve their customer experiences, operate stably and build a reliable partnership they can grow for many years. And it also yields very attractive long-term economics for us regardless of supply scarcity. There are many examples that illustrate our progress in AWS, but I'll share a few.

這與主要是託管 GPU 或租用短期資料中心產能的模式不同。這是一項長期的平台策略，能廣泛協助客戶發明並演進其客戶體驗、穩定營運，並建立一個可共同成長多年的可靠合作夥伴關係。而且不論供給是否稀缺，這也能為我們帶來非常具吸引力的長期經濟效益。有許多例子可以說明我們在 AWS 的進展，我先分享幾個。

On the core side, it's important to remember that the vast majority of global IT spend, about 85% is still on-premises, and we're in a 10 to 20-year cycle where that equation will flip to the cloud. Conventional wisdom has been that linchpin workloads like mainframes or storage array networks would never move to the cloud, but these workloads are moving as AWS has built unique cloud substitutes and AI-driven migration capabilities to make this transition much easier.

在核心業務方面，重要的是要記得：全球 IT 支出中絕大多數（約 85%）仍在地端（on-premises），而我們正處於一個 10 到 20 年的週期，這個比例將翻轉到雲端。傳統觀點認為，像大型主機（mainframe）或儲存陣列網路等關鍵工作負載永遠不會移轉到雲端；但隨著 AWS 建立了獨特的雲端替代方案，以及 AI 驅動的遷移能力來大幅降低轉移難度，這些工作負載正在移轉。

And enterprises get the benefits of less CapEx, lower operating costs, faster innovation, better developer productivity, and data accessibility to more easily leverage AI.

企業因此可獲得更低的資本支出、更低的營運成本、更快的創新速度、更高的開發者生產力，以及更佳的資料可近性，以更容易運用 AI。

Our core business has attracted margins because we've learned to run it very efficiently over the last 20 years. As our core business grows, we keep reinvesting in our core AI functionality. For example, as customers generate increasingly more data and seek to get value from it in analytics and AI. The complexity of moving data between data stores and analytics engines is onerous and expensive.

我們的核心業務之所以能帶來具吸引力的利潤率，是因為過去 20 年我們已學會以非常高效率來營運。隨著核心業務成長，我們持續再投資於核心與 AI 功能。例如，當客戶產生越來越多資料並希望在分析與 AI 中取得價值時，在資料儲存系統與分析引擎之間搬移資料的複雜度既繁重又昂貴。

With our acquisition of DuckLabs, DuckDB will become the universal SQL dialect of AWS storage analytics, simplifying data processing with a modern analytics engine that is fast, simple to use, and ubiquitous, and where customers will be able to write SQL queries once and then execute using any AWS analytics service. For the first time in analytics, customers will have zero migration or portability costs between query engines. This is a big deal, and you can imagine how it will also help agents do efficient querying as well.

透過我們收購 DuckLabs，DuckDB 將成為 AWS 儲存分析的通用 SQL 方言；它將以一個快速、易用且普及的現代分析引擎來簡化資料處理，讓客戶能夠只寫一次 SQL 查詢，然後使用任何 AWS 分析服務來執行。在分析領域，客戶將首次在不同查詢引擎之間實現零遷移或可攜成本。這非常重要，您也可以想像，這同樣能幫助代理（agents）更有效率地進行查詢。

On the AI side, we continue to expand the capabilities of our inference service, Amazon Bedrock, and it's leading to remarkable growth, with Fortune 500 companies spending nearly seven times more on Bedrock year-over-year and total Bedrock token volume growing nearly 17 times year-over-year.

在 AI 方面，我們持續擴展推論服務 Amazon Bedrock 的能力，並帶來顯著成長：財富 500 大企業在 Bedrock 上的支出年增接近 7 倍，而 Bedrock 的總 token 量年增接近 17 倍。

Bedrock is the fastest growing multibillion-dollar service in AWS's history. We recently added OpenAI models to Bedrock and usage is growing quickly. We also just added Bedrock managed versions of Kimi, GLM, and SpaceX models.

Bedrock 是 AWS 歷史上成長最快、規模達數十億美元的服務。我們最近將 OpenAI 模型加入 Bedrock，使用量正在快速成長。我們也剛新增了 Bedrock 託管版本的 Kimi、GLM 與 SpaceX 模型。

You can't have a conversation about AI today without talking about security. It's another reason customers keep choosing Bedrock. We've designed Bedrock so customers' data remain secure and private. Inputs and outputs are never shared with model providers or used to train base models. When customers tune a foundation model, we create a private copy specifically for their use, and data is fully encrypted both in transit and at rest.

如今談到 AI，離不開資安議題。這也是客戶持續選擇 Bedrock 的另一個原因。我們在設計 Bedrock 時，確保客戶資料維持安全且私密。輸入與輸出絕不會與模型供應商分享，也不會用於訓練基礎模型。當客戶微調基礎模型時，我們會為其建立專屬的私有副本，且資料在傳輸中與靜態儲存時皆採用完整加密。

As frontier models get more powerful, they're servicing software vulnerabilities previously not found at unprecedented rates. We built AWS Continuum to discover, prioritize, validate, and remediate code vulnerabilities and machine speed. It's already being used by customers like Capital One, IBM, Infor, Luminate, and Robinhood.

隨著前沿模型變得更強大，它們正以前所未有的速度發現過去未被找出的軟體漏洞。我們打造了 AWS Continuum，以機器速度來發現、排序優先順序、驗證並修補程式碼漏洞。目前已被 Capital One、IBM、Infor、Luminate 與 Robinhood 等客戶採用。

In Q3, we announced that we'll integrate it into the tools where code is being written, Anthropic's Cloud Code, OpenAI's Codex, and AWS's Kiro. The interest from customers exceeds anything we've ever seen for a new security service.

在第三季，我們宣布將把它整合到撰寫程式碼的工具中，包括 Anthropic 的 Cloud Code、OpenAI 的 Codex，以及 AWS 的 Kiro。客戶的興趣超過我們以往對任何新資安服務所見的水準。

Agents continue to be deployed at accelerating rates, many of which are being built on Bedrock Agent Core's building blocks. Tens of thousands of customers currently use AgentCore, deploying two times more agents with it in Q3 than the prior three quarters combined.

代理（Agents）持續以加速的速度部署，其中許多是建立在 Bedrock Agent Core 的建構模組之上。目前有數以萬計的客戶使用 AgentCore，在第三季透過它部署的代理數量，是前三個季度合計的兩倍。

In addition to building their own purpose-built agents, most companies will also use turnkey agentic services, and we offer several the customers love.

除了打造自家量身定制的專用代理之外，多數公司也會使用開箱即用的代理式服務，而我們提供了多項深受客戶喜愛的服務。

Kiro for coding, Amazon Connect for contact center agents and Amazon Transform for migrations, they're all iterating quickly and picking up customer momentum, as is Amazon Quick. Our intelligent AI work companion, which is growing very rapidly as large enterprises like Mondelez, EchoStar, 3M, Southwest Airlines and DXC are choosing Quick because it's purpose-built for work with no compromises on customer data.

用於程式開發的 Kiro、用於聯絡中心代理的 Amazon Connect，以及用於遷移的 Amazon Transform，它們都在快速迭代並持續累積客戶動能，Amazon Quick 亦是如此。我們的智慧 AI 工作夥伴成長非常迅速，像 Mondelez、EchoStar、3M、Southwest Airlines 與 DXC 等大型企業選擇 Quick，因為它是為工作情境量身打造，且在客戶資料方面毫不妥協。

Finally, our chips business continues to grow triple-digit percentages year-over-year and revenue commitments for Graviton and Trainium have each increased more than 20 times year-over-year.

最後，我們的晶片業務持續以年增三位數百分比成長，而 Graviton 與 Trainium 的營收承諾各自較去年同期增加超過 20 倍。

AI continues to be a tailwind for Graviton because post-training reinforcement learning and agent tool use is mostly done on CPUs versus AI accelerators, and Graviton is the strongest CPU chip, offering up to 30% to 40% better price performance than alternatives.

AI 持續成為 Graviton 的順風因素，因為後訓練的強化學習與代理工具使用多半是在 CPU 上完成，而非 AI 加速器；Graviton 是最強的 CPU 晶片，相較替代方案可提供高達 30% 到 40% 更佳的性價比。

Customers using our custom silicon saved more than $2 billion in Q3 alone, and we just open-sourced TorchNeuron as developers can run existing PyTorch code, which most already use and Trainium without rewriting a thing.

僅在第三季，使用我們自研晶片的客戶就節省了超過 20 億美元；我們也剛將 TorchNeuron 開源，讓開發者可在 Trainium 上直接執行既有的 PyTorch 程式碼（多數人本來就已在使用），無需重寫任何內容。

As we launch new generations of chips, demand for prior generations remained strong. After our launch of Graviton5, backlog for prior generation Graviton instances still more than doubled quarter-over-quarter and short-term capacity for prior generation Trainium instances still at a premium compared to the first half of the year.

隨著我們推出新一代晶片，前一代產品的需求仍然強勁。在我們推出 Graviton5 之後，前一代 Graviton 執行個體的積壓訂單仍較前一季增加逾一倍；而前一代 Trainium 執行個體的短期產能，相較於上半年仍然供不應求、價格維持溢價。

With Trainium demand so strong, customers continue encouraging us to make it available outside of AWS. We intend to do so late in 2027.

由於 Trainium 需求非常強勁，客戶持續鼓勵我們讓它能在 AWS 之外提供。我們計畫在 2027 年底前後實現。

Overall, demand for AWS capacity remains exceptionally strong. Enterprises are still very early in using inference of scale, and yet inference already accounts for well over half of AWS' AI revenue and growing, and we have a lot of training revenue as well.

整體而言，對 AWS 產能的需求仍然異常強勁。企業在大規模推理的使用上仍處於非常早期階段，但推理已占 AWS AI 營收的一半以上且持續成長，我們也同樣擁有可觀的訓練營收。

We still expect 2026 cash CapEx of approximately $220 billion, the majority for AWS and expect to spend meaningfully more in 2027 with a clear line of sight to attractive financial returns, as I laid out on our last call.

我們仍預期 2026 年現金資本支出（CapEx）約為 2,200 億美元，其中大部分用於 AWS；並預期 2027 年的支出將顯著增加，且如我在上次電話會議中所說，我們對取得具吸引力的財務回報有清晰的可見度。

AWS is a $184 billion annualized revenue run rate business, and yet the opportunity remains extraordinary. With our continued pace of innovation, new core and AI functionality, enterprises wanting to run their core and AI workloads in AWS and the amount of capacity that we're adding each year. We believe that AWS can grow north of 40% in each of 2027 and in 2028 and be $1 trillion revenue business in the next 5 to 10 years. We're in the very early days of this inflection. Our strategy is working, and I expect it will for the foreseeable future.

AWS 目前是年化營收運行率 1,840 億美元的業務，但機會仍然極為龐大。憑藉我們持續的創新速度、新的核心與 AI 功能、企業希望在 AWS 上運行其核心與 AI 工作負載，以及我們每年新增的產能規模。我們相信 AWS 在 2027 年與 2028 年每年都能成長超過 40%，並在未來 5 到 10 年成為 1 兆美元營收的業務。我們仍處於這個拐點的非常早期階段。我們的策略正在奏效，且我預期在可預見的未來都會如此。

In stores, I think some folks are sleeping a bit on how much progress that business has made and what it's become the last few years. I'm not aware of another retail business approaching Amazon's revenue size, hundreds of billions of dollars, with double-digit operating margins inclusive of ads that's growing at this pace. Year-to-date, units have grown nearly 15% year-over-year, and that's on an enormous base having sold more than 30 billion items last year.

在門市業務方面，我認為有些人對這項業務過去幾年的進展與其如今的樣貌，可能有點低估了。我不知道還有哪一家零售業務能接近 Amazon 的營收規模——數千億美元——在包含廣告的情況下仍能維持兩位數的營業利潤率，且以這樣的速度成長。年初至今，出貨件數年增近 15%，而這是在去年已售出超過 300 億件商品的龐大基礎之上達成的。

In absolute dollar terms, we've added more than $90 billion in gross sales in the trailing 12 months, and we're growing meaningfully faster than other retail competitors, adding about double the gross sales per quarter than our next largest competitor in the US and consistently taking retail market segment share.

以絕對金額計算，在過去 12 個月中我們新增了超過 900 億美元的總銷售額；我們的成長速度顯著快於其他零售競爭對手，在美國每季新增的總銷售額約為下一大競爭對手的兩倍，並持續擴大零售市場份額。

Over the past few years, our North American and international segments have each expanded operating margins by nearly 10 percentage points, which enables us to reinvest in making the customer experience even better. Remember, it's still early. The significant majority of retail, nearly 80% currently occurs in physical stores.

過去幾年，我們的北美與國際部門各自將營業利潤率提高了近 10 個百分點，這使我們能再投資，讓客戶體驗更上一層樓。請記住，現在仍屬早期。零售的絕大多數——目前接近 80%——仍發生在實體店。

That will eventually flip to e-commerce overtime. We're helping enable this shift by rapidly building out our efficient and speedy fulfillment network, providing delightful customer experiences while driving significant free cash flow and return on invested capital.

隨著時間推移，這最終會轉向電子商務。我們正透過快速擴建高效率且快速的履約網路來推動這一轉變，在提供令人愉悅的客戶體驗的同時，帶動可觀的自由現金流與投入資本報酬率。

Each of our priorities from faster delivery to cost to serve to groceries and pharmacy to AI shopping are force multipliers and we're firing on all cylinders. Our delivery speeds keep getting faster as we invest in our same-day network, as well as our Amazon Now and Amazon Prime Air ultra-fast services.

我們從更快配送、單位服務成本、雜貨與藥局到 AI 購物等各項優先事項，都是倍增器，我們正全速運轉。隨著我們投資同日達網路，以及 Amazon Now 與 Amazon Prime Air 的超快速服務，我們的配送速度持續提升。

We had our fastest Q3 ever globally, and we delivered more than 1.5 billion items to Prime customers same day or overnight in Q3. We're energized by the customer response to our rapid rollout of Amazon Now around the world. It's now available in over 450 towns and cities, and the number of items ordered through Amazon Now is up 10x year over year.

我們在第三季創下全球史上最快的第三季表現，並在第三季為 Prime 會員提供超過 15 億件商品的當日達或隔夜送達。我們對客戶對 Amazon Now 在全球快速推廣的回饋感到振奮。目前它已在超過 450 個城鎮與城市提供服務，透過 Amazon Now 訂購的商品數量年增達 10 倍。

We're on track to reduce cost to serve per unit for the fourth consecutive year, which enables us to continue meeting or beating competitors' prices and cost effectively deliver a broad selection of fresh groceries and everyday essentials.

我們正朝著連續第四年降低每單位服務成本的目標前進，這使我們能持續達到或優於競爭對手的價格，並以具成本效益的方式提供豐富的新鮮雜貨與日常必需品選擇。

Increasing speed is fueling our grocery business, including perishables and everyday essentials, and gross sales grew to nearly $250 billion in the trail in 12 months.

速度提升正在推動我們的雜貨業務成長，涵蓋生鮮與日常必需品；在過去 12 個月的滾動期間，總銷售額成長至接近 2,500 億美元。

In Q3, fresh groceries and everyday essentials grew about three times faster than the rest of our store, representing about half of all units sold. Customers who shop perishables with same-day delivery buy nearly seven times more everyday essential units than those who don't. Inactive grocery customers shopped nearly four times more non-grocery categories like home and apparel and spent over two times more on those categories compared to non-grocery customers.

在第三季，生鮮雜貨與日常必需品的成長速度約為我們其餘門市業務的三倍，約占所有售出件數的一半。使用同日達購買生鮮的客戶，其日常必需品的購買件數幾乎是未使用者的七倍。不活躍的雜貨客戶在家居、服飾等非雜貨品類的購買件數接近雜貨客戶的四倍，且在這些品類上的花費也超過兩倍。

Amazon Pharmacy is also growing fast. The number of customers using it is up over 60% year-over-year with growth accelerating each quarter through 2026 and repeat customers grew more than 50% year-over-year. JD Power recently ranked Amazon Pharmacy the top mail-order pharmacy for the third year in a row, and we keep making it even better, now offering three-hour prescription delivery in more than 350 cities.

Amazon Pharmacy 也在快速成長。使用該服務的客戶數年增超過 60%，且成長在 2026 年每一季都在加速；回購客戶年增超過 50%。J.D. Power 近期連續第三年將 Amazon Pharmacy 評為最佳郵寄藥局，我們也持續讓它更好，目前已在超過 350 個城市提供三小時處方藥配送。

Over 400 million customers have used Alexa for shopping, our agentic shopping assistant, in the last 12 months, with customer interactions up 570% year over year. US customers using Alexa for Shopping are spending 50% more per order than those who don't.

在過去 12 個月中，已有超過 4 億名顧客使用 Alexa（我們的代理式購物助理）進行購物，顧客互動量年增 570%。在美國，使用 Alexa 進行購物的顧客，其每筆訂單的消費金額比未使用者高出 50%。

It researches products, compares options, checks a full year of price history, gets personalized gift recommendations, and tracks deals and price drops on customers' behalf. Though we anticipate working with horizontal agents, we believe Alexa for Shopping is going to be the primary shopping agent customers use to shop Amazon.

它會研究產品、比較選項、檢視完整一年的價格歷史、提供個人化送禮建議，並代表顧客追蹤優惠與降價。雖然我們預期會與橫向代理合作，但我們相信 Alexa for Shopping 將會是顧客用來在 Amazon 購物的主要購物代理。

Having a shopping assistant constantly by your side as you browse, get inspired, have questions on product detail pages, and that you can simply ask to buy something based on your prior purchases that already has your history, your shipping address, and payment info is uniquely helpful and convenient for customers.

在你瀏覽、尋找靈感、在商品詳情頁有疑問時，身邊隨時有一位購物助理；而且你只要根據先前的購買紀錄直接開口請它幫你買東西——它已經掌握你的歷史紀錄、收貨地址與付款資訊——這對顧客而言格外有幫助且便利。

Moving to Amazon Ads, we generated $19.6 billion of revenue in Q3, up 12% year-over-year. Though there were some timing anomalies in this past quarter, we continue to be pleased with the overall momentum across our ad offerings.

接著談 Amazon Ads，我們在第三季創造了 196 億美元營收，年增 12%。儘管本季出現一些時點上的異常，我們仍對整體廣告產品的動能感到滿意。

I'll mention three items impacting the growth rates. First, we shifted Prime Day into Q2 for most countries, moving significant sales and ad revenue that were in Q3 '25 into Q2 '26, a tailwind to our Q2 2026 rate and a headwind to Q3 2026. For advertising, that was 850 basis points sequential impact to Q3 (inaudible)

我會提到三個影響成長率的項目。第一，我們在多數國家將 Prime Day 調整到第二季，將原本在 2025 年第三季的顯著銷售與廣告營收移到 2026 年第二季，這對 2026 年第二季的增速是順風，對 2026 年第三季則是逆風。就廣告而言，這對第三季帶來了 850 個基點的季比影響（聽不清）。

We expect year-over-year growth will return to the high teens in Q4. An actual question is whether agentic shopping from external horizontal agents is meaningfully impacting Amazon ads, and the answer is no.

我們預期第四季的年增率將回到接近 10% 後段（high teens）。一個實際的問題是：來自外部橫向代理的代理式購物是否對 Amazon 廣告造成實質影響？答案是否定的。

Few customers are doing much shopping this way yet as the experience is still not great nor more convenient than coming to a retailer directly to research or one-click order there. Q3 was chock full of innovation from our ads team that we expect to have impact in the coming months, headlined by Amazon Ads Agent, which brings together our full advertising offering under a single AI-first platform.

目前以這種方式購物的顧客仍不多，因為體驗還不夠好，也不比直接到零售商網站研究或一鍵下單更方便。第三季我們的廣告團隊推出了大量創新，我們預期將在未來幾個月產生影響，其中最受矚目的是 Amazon Ads Agent，它把我們完整的廣告產品整合到單一、以 AI 為先的平台之下。

Backed by trillions of shopping, browsing and streaming signals, it supports advertisers at every step with insights, answers and the ability to optimize and act on their behalf.

在數兆筆購物、瀏覽與串流訊號的支撐下，它能在每個步驟以洞察與解答支援廣告主，並具備代表他們進行最佳化與採取行動的能力。

We also launched full funnel campaigns in Amazon Ads Agent, bringing sponsored ads, display, video and streaming TV into a single campaign. Advertisers provide initial inputs, including budget and duration and Amazon's AI plans, executes and continually optimizes the rest. We're continuing to see momentum in several other areas. I'll mention just a few.

我們也在 Amazon Ads Agent 中推出全漏斗（full funnel）活動，把贊助廣告、展示、影片與串流電視整合到單一活動中。廣告主提供初始輸入（包含預算與期間），其餘由 Amazon 的 AI 規劃、執行並持續最佳化。我們也持續看到其他幾個領域的動能。我只提幾個。

Prime Video has emerged as a significant business with a revenue run rate in the tens of billions of dollars and now profitable in its own right. We have momentum with hit shows like Carrie, The Summer I Turned Pretty, The Boys, Off Campus, Reacher and Fallout and breakout movies like Project Hail Mary, along with compelling live sports, including Thursday Night Football, off to its best start ever in 2026. NBA on Prime, NASCAR, the Masters and UEFA Champions League Soccer.

Prime Video 已成為一項重要業務，營收年化規模達數百億美元，且如今已能獨立獲利。我們在多部熱門影集上持續有動能，例如《Carrie》、《我變漂亮的那個夏天》、《黑袍糾察隊》、《Off Campus》、《Reacher》與《異塵餘生》，以及如《Project Hail Mary》等爆款電影；同時也有具吸引力的現場體育內容，包括《週四夜美式足球》，在 2026 年迎來史上最佳開局。以及 Prime 上的 NBA、NASCAR、名人賽（The Masters）與歐洲冠軍聯賽足球。

We recently launched our most powerful devices lineup yet with 34 new products across Echo, Kindle, Alexa tablets, Fire TV, Ring and Bee. It's early, but we're off to a very strong start and excited for more customers to get their hands on these as we head into the holidays. And finally, Amazon Leo remains on track to begin initial service this year.

我們最近推出迄今最強大的裝置產品陣容，涵蓋 Echo、Kindle、Alexa 平板、Fire TV、Ring 與 Bee，共 34 款新產品。現在還早，但我們開局非常強勁，也很期待在進入假期旺季之際，有更多顧客能親手體驗這些產品。最後，Amazon Leo 仍按計畫在今年開始初期服務。

We're heading into one of our most exciting stretches of the year with both re:Invent and the holidays. And I want to thank our teammates for their hard work and invention to make customers' lives better and easier every day.

我們正進入一年中最令人振奮的時段之一：既有 re:Invent，也有假期旺季。我也要感謝我們的同仁，憑藉辛勤投入與發明創新，讓顧客每天的生活更好、更輕鬆。

What we're building at Amazon is unlike anything that's ever been seen before. There has never been a business with $1 trillion of annual revenue. Amazon is on a path to have two of them in AWS and stores. It's rare, and we're energized by what's ahead. Over to you, Brian.

我們在 Amazon 正在打造的，是前所未見的事物。過去從未有任何企業的年營收達到 1 兆美元。Amazon 正走在一條道路上，將在 AWS 與商店（stores）兩個業務都達到這個規模。這很罕見，而我們也對未來充滿幹勁。交給你了，Brian。

Thank you, Andy. Let's start with our top-line financial results. Worldwide revenue was $201.9 billion, a 12% increase year-over-year and 13% increase year-over-year, excluding the impact of foreign exchange. Worldwide operating income was $28.1 billion with an operating margin of 13.9%, which is our highest operating margin ever.

謝謝你，Andy。先從我們的營收端財務結果開始。全球營收為 2,019 億美元，年增 12%；若排除匯率影響，年增為 13%。全球營業利益為 281 億美元，營業利益率為 13.9%，這是我們歷來最高的營業利益率。

Starting with our North American International segment results. First, let me remind you that Prime Day shifted this year with the sales event occurring in Q2 for most of our largest countries, including the United States. In 2025, Prime Day was entirely in Q3.

先從北美與國際事業部的結果談起。首先提醒各位，今年 Prime Day 的時點有所調整：對我們多數最大的國家（包含美國）而言，這個促銷活動發生在第二季。在 2025 年，Prime Day 完全落在第三季。

Excluding the impact of this Prime Day time change, third quarter 2026 year-over-year growth would be approximately 400 basis points higher.

若排除 Prime Day 時點變動的影響，2026 年第三季的年增率約會高出 400 個基點。

In Q3, we saw strong customer engagement and a continuation of trends from the first half of the year. In the North America segment, third quarter revenue was $112.9 billion, an increase of 6% year-over-year.

在第三季，我們看到顧客參與度強勁，並延續上半年趨勢。在北美事業部，第三季營收為 1,129 億美元，年增 6%。

International segment revenue was $43.1 billion, an increase of 8% year-over-year, excluding the impact of foreign exchange. Worldwide paid units grew 12% year-over-year.

國際事業部營收為 431 億美元；若排除匯率影響，年增 8%。全球付費件數（paid units）年增 12%。

Prime remains a key pillar of our business. Hundreds of millions of Prime members are responding to our combination of vast selection, low prices and record delivery speeds. Over the past year, monthly orders of fresh groceries placed by our Prime members for free same-day delivery have more than tripled.

Prime 仍是我們業務的關鍵支柱。數以億計的 Prime 會員正回應我們「豐富選擇、低價格與創紀錄配送速度」的組合價值。在過去一年中，Prime 會員下單、並享有免費當日送達的新鮮雜貨月訂單量已超過三倍成長。

Let's shift to profitability. North America segment operating income was $8.7 billion with an operating margin of 7.7%. International segment operating income was $1.6 billion with an operating margin of 3.7%. In our fulfillment network, the team navigated higher transportation costs from fuel inflation and higher line haul rates.

接著談獲利能力。北美事業部營業利益為 87 億美元，營業利益率為 7.7%。國際事業部營業利益為 16 億美元，營業利益率為 3.7%。在我們的履約網路中，團隊因燃油通膨與幹線運輸（line haul）費率上升而面臨更高的運輸成本。

Even with these headwinds, we still lowered our overall cost to serve in Q3 through better inventory placement, shorter shipping distances and package consolidation. Shipping costs increased 11% year-over-year versus a 12% increase in units. Excluding fuel and line haul inflation, shipping costs grew 8% or approximately 400 basis points slower than unit growth.

即使面臨這些逆風，我們仍在第三季透過更佳的庫存配置、更短的配送距離與包裹整併，降低了整體服務成本（cost to serve）。運輸成本年增 11%，相較之下出貨件數年增 12%。若排除燃油與幹線運輸通膨，運輸成本成長 8%，或約比件數成長慢 400 個基點。

Robotics and AI are delivering measurable gains in productivity and employee safety, which we'll expect to compound in the future.

機器人與 AI 正帶來可衡量的生產力與員工安全提升，我們預期未來將持續累積放大。

In 2026, we doubled our fleet of robotic arms like Cardinal and Sparrow. We're also developing robotics foundation models that enable faster programming and teach robots increasingly complex physical tasks with the goal of delivering useful robotics at scale.

在 2026 年，我們將 Cardinal 與 Sparrow 等機器手臂的機隊規模擴增了一倍。我們也在開發機器人基礎模型（foundation models），以加速程式開發，並教導機器人執行愈來愈複雜的實體任務，目標是在規模化的前提下提供有用的機器人能力。

Looking ahead, we see meaningful opportunities to improve productivity across our global fulfillment network and lower our cost to serve while continuing to get products to customers faster. Our operating margin may fluctuate quarter-to-quarter, but we're focused on sustained long-term improvement in our cost to serve per unit.

展望未來，我們看到在全球履約網路中提升生產力、降低服務成本（cost to serve），同時持續更快把商品送達顧客手中的重大機會。我們的營業利益率可能會隨季度波動，但我們聚焦於長期、持續改善每單位的服務成本。

Moving to our AWS segment, revenue was $46 billion and grew 39.3% year-over-year, driven by both core and AI services. We added $3.8 billion in quarter-over-quarter revenue. AWS now has an annualized revenue run rate of $184 billion.

接著談到我們的 AWS 部門，營收為 460 億美元，年增 39.3%，成長動能來自核心服務與 AI 服務。我們的營收較上一季增加了 38 億美元。AWS 目前的年化營收運行率為 1,840 億美元。

Customers continue to move to the cloud and scale their use of AWS core services and increasingly customers who want the full benefits of AI are accelerating their transition to the cloud.

客戶持續遷移到雲端，並擴大使用 AWS 核心服務；同時，愈來愈多希望充分獲得 AI 效益的客戶，正加速轉向雲端。

We see a strong linkage between AI spend and growth in our revenue for core services. As customers invest in AI, we see a corresponding increase in core consumption. And we expect that relationship to strengthen as more AI workloads move into production and drive additional demand for compute, storage and networking.

我們看到 AI 支出與核心服務營收成長之間有很強的連動性。當客戶投資 AI 時，我們也看到核心用量相應增加。我們預期，隨著更多 AI 工作負載進入正式生產並帶動對運算、儲存與網路的額外需求，這種關係將進一步強化。

AWS operating income was $17.8 billion with an operating margin of 38.7%, reflecting strong growth and our focus on driving efficiencies.

AWS 營業利益為 178 億美元，營業利益率為 38.7%，反映出強勁成長以及我們對提升效率的專注。

Our investments in custom chips and custom networking, along with software and process improvements, are helping us optimize capacity and build a more cost-efficient infrastructure. As we've long said, we expect AWS operating margins to fluctuate, driven in part by the level of investment we're making at any point in time.

我們在客製化晶片與客製化網路方面的投資，加上軟體與流程改善，正協助我們最佳化產能並打造更具成本效率的基礎設施。如同我們長期以來所說，我們預期 AWS 的營業利益率會有所波動，部分取決於我們在任何時間點所進行的投資水準。

Our AI offerings are gaining traction with customers, with AI revenue growing triple digits year-over-year. Bedrock has been a significant growth driver.

我們的 AI 產品正獲得客戶青睞，AI 營收年增達三位數。Bedrock 一直是重要的成長驅動因素。

Now turning to our cash CapEx, which was $75.9 billion in Q3. This primarily relates to AWS and AI as we invest to support strong customer demand. We continue to make significant investments, especially in AI as we believe it to be a massive opportunity with the potential to drive long-term revenue and free cash flow as well as return on invested capital.

接著談到我們的現金資本支出（CapEx），第三季為 759 億美元。這主要與 AWS 與 AI 相關，因為我們投資以支撐強勁的客戶需求。我們持續進行重大投資，尤其是在 AI 方面，因為我們相信這是龐大的機會，具備推動長期營收與自由現金流，以及提升投入資本報酬率的潛力。

I'll finish with our financial guidance for Q4. Q4 net sales were expected to be between $240 billion and $247 billion. We estimate the year-over-year impact of changes in foreign exchange rates based on current rates, which we expect to be a headwind of approximately 60 basis points in the quarter. Q4 operating income is expected to be between $28.5 billion and $33.5 billion.

最後我以第四季的財務指引作結。第四季淨銷售額預期介於 2,400 億至 2,470 億美元之間。我們依據目前匯率估算外匯匯率變動對年增率的影響，預期本季將帶來約 60 個基點的不利影響。第四季營業利益預期介於 285 億至 335 億美元之間。

I'll mention one factor impacting our Q4 guidance. Amazon Leo's commercial service is on track to begin initial service this year, and we expect to begin capitalizing certain costs in Q1 of next year, including production and launch costs.

我補充一個影響我們第四季指引的因素。Amazon Leo 的商用服務正按計畫於今年開始初始服務，我們預期將於明年第一季開始將部分成本資本化，包括生產與發射成本。

This is later than I've been predicting in earlier earnings calls. As a result, we will continue to expense the majority of Leo-related costs in Q4. We're ready to serve customers this holiday season and to support the millions of customers building with AWS.

這比我在先前的財報電話會議中所預測的時間更晚。因此，我們將在第四季持續將大部分與 Leo 相關的成本列為費用。假期旺季我們已準備好服務客戶，也將支援數以百萬計使用 AWS 進行建置的客戶。

I want to thank our teams across Amazon for their hard work and focus on customers. Our commitment to elevating the customer experience remains the only reliable way to create lasting value for our shareholders.

我要感謝 Amazon 各團隊的辛勤投入以及對客戶的專注。我們致力於提升客戶體驗，仍然是為股東創造長期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)

（接線員指示）

Justin Post, Bank of America.

美國銀行（Bank of America）的 Justin Post。

Andy, continue to see the cloud business accelerate, which is really nice, but the quarter-over-quarter growth slowed. And I'm just wondering if there's any call-outs there on the customer side or token costs or anything that kind of drove that and how you're thinking about the capacity adds in Q4? And then, Brian, maybe just any impact of fuel costs on your guidance in Q4?

Andy，我們持續看到雲端業務加速，這非常好，但季對季成長放緩了。我想請問在客戶端是否有任何值得特別指出的因素，或是 token 成本等，是否有什麼驅動了這個情況？以及你們如何看待第四季的產能增加？另外，Brian，燃料成本對你們第四季指引是否有任何影響？

I'll start with the growth question, we're really pleased with the growth, 39.3% on a business that's got $184 billion annual revenue run rate is quite unusual, our fastest growth in about five years or sixth quarter consecutively of acceleration.

我先回答成長的問題。我們對這樣的成長非常滿意：在年化營收運行率達 1,840 億美元的業務上仍能年增 39.3% 是相當罕見的，這是我們約五年來最快的成長，也是連續第六季加速。

And we're adding quite a bit of capacity. I think if you look at what's driving the growth right now, it's a combination of a few things. First, on the AI side, the unusual top to bottom stack functionality we have, whether you're building your own model with SageMaker AI, which is the easiest way to build your own model or you want to leverage one of the leading frontier models with high security and very strong price performance, people can use Bedrock, whether you are building your own agents where we have capabilities like Strands and AgentCore to build and to run those securely and scalably or are you going to use turnkey agents, which most companies do if you just look across Kiro for coding and Connect for call center and transform for migrations and Quick, which is growing incredibly fast as an AI companion at work.

而且我們正在增加相當多的產能。我認為如果你看目前成長的驅動因素，是幾個因素的組合。首先在 AI 方面，我們具備從上到下、相當獨特的全堆疊功能：不論你是用 SageMaker AI 自建模型（這是最容易自建模型的方式），或是想以高安全性與非常強的性價比使用領先的前沿模型，大家可以用 Bedrock；不論你是要自建代理（agents），我們有像 Strands 與 AgentCore 這樣的能力來安全且可擴展地建置與執行，或是要使用開箱即用的代理（多數公司會這麼做），例如用於程式撰寫的 Kiro、用於客服中心的 Connect、用於遷移的 Transform，以及作為工作 AI 夥伴且成長非常快的 Quick。

People are adopting those very quickly. And then we add a lot of capacity every quarter. Now the amount that we add every quarter is not equal and we're adding different amounts each quarter. But if I look at how much we've added this year and what we have planned over the next, I'll call it, eight quarters or so, which is about as far out as we get, 8 to 10 quarters. We have a lot of capacity coming as well and then I layer on top of that too just the impact of chips, we're very well positioned for what's happening in AI because increasingly what you're finding right now is most customers, every customer that runs that that uses AI at scale.

大家採用得非常快。此外，我們每一季都會增加大量產能。每季新增的量並不相同，我們每季增加的幅度會不一樣。但如果我看今年我們新增的量，以及接下來（我姑且稱之為）大約八季左右的規劃——這差不多是我們能看得最遠的範圍，大約 8 到 10 季——我們也還有很多產能即將到位；再加上晶片的影響，我們在 AI 的發展上處於非常有利的位置，因為你現在愈來愈常看到的是，多數客戶——每一個以規模化方式運行、使用 AI 的客戶。

But particularly enterprises now as they're starting to deploy more inference into production, they are very eager to save on price performance and Trainium with the meaningful advantage it has in price performance versus other alternatives is very compelling to people.

尤其是企業客戶，當他們開始把更多推論（inference）部署到正式生產環境時，他們非常渴望在性價比上節省成本；而 Trainium 相較其他替代方案在性價比上具備顯著優勢，對大家非常有吸引力。

And then as more and more people are using AI in a very broad way, it drives a lot of the core in capabilities like reinforcement learning and post-trading and tool calling. And we have the leading CPU chip in Graviton, which is about 30% to 40% more price performance than the other x86 providers.

此外，隨著愈來愈多人以非常廣泛的方式使用 AI，也會帶動許多核心能力的使用，例如強化學習、交易後處理（post-trading）以及工具呼叫（tool calling）。而我們在 Graviton 上擁有領先的 CPU 晶片，其性價比比其他 x86 供應商高約 30% 到 40%。

So those things are really driving very significant growth. The amount of capacity we add each quarter will vary, but at this scale to be projecting growing over 40% year-over-year in each of 2027 and 2028 is pretty significant. And the fact that we believe that this can be a $1 trillion revenue business in 5 to 10 years, it's an extraordinary unusual opportunity that we're very excited to be pursuing.

因此，這些因素正推動非常顯著的成長。我們每季新增的產能會有所不同，但在這樣的規模下，仍預測 2027 與 2028 每一年都能年增超過 40%，是相當可觀的。而且我們相信在 5 到 10 年內，這可能成為年營收 1 兆美元的業務；這是一個極其罕見、非同尋常的機會，我們非常興奮能夠投入追求。

And Justin, on your question about fuel and line haul inflation, I would say, I'm not going to have an exact number for you, but it is higher in Q4 than it was in Q3. If you remember, we instituted a fuel surcharge at the beginning of the year for FDA sellers that recovers some, but not all of the costs that we're seeing on fuel for those shipments and then the remaining part is on the retail inbound shipments and outbound shipments. So it's in there, it's a little bit higher than Q3.

Justin，關於你問到的燃料與幹線運輸（line haul）通膨，我會說我沒有辦法給你一個精確數字，但第四季確實比第三季更高。你如果記得，我們在年初對 FDA 賣家推出了燃料附加費（fuel surcharge），可以回收我們在這些出貨上看到的部分（但不是全部）燃料成本；其餘部分則反映在零售端的入庫與出庫運輸。所以這已經包含在指引裡，且比第三季略高一些。

Brian Nowak, Morgan Stanley.

摩根士丹利（Morgan Stanley）的 Brian Nowak。

I have two. Andy, your excitement about AWS is coming through the line, and it's pretty rare you would make comments about $1 trillion is more than you should get. So can you just maybe walk us through the revenue 5 to 10 years from now?

我有兩個問題。Andy，你對 AWS 的興奮情緒在電話線上都聽得出來，而且你很少會評論到 1 兆美元這種規模，這可能有點超出你平常會說的範圍。所以你能否帶我們走一遍，5 到 10 年後的營收會是什麼樣子？

How you get to that trillion of dollars, is it top down, is it bottoms up? So what gives you confidence you're going to be able to put up that type of revenue growth and to get to that type of number in the next 5 to 10 years?

你們是如何達到那個一兆美元的？是自上而下推估，還是自下而上累加？那麼，什麼讓你有信心在未來 5 到 10 年能做到那種營收成長，並達到那樣的數字？

And then the second one just for either of you, on the robotics side, as we look into '27, what are the key milestones you're both focused on the robotics side for the retail business.

然後第二個問題，想請你們兩位其中一位回答：在機器人方面，當我們展望到 2027 年，你們在零售業務的機器人端，最關注的關鍵里程碑是什麼？

On the AWS side, it's just look at the growth rates, Brian. Look at the growth rates on the run rate and then look at what we're projecting in '27 and '28. And as I've said a few times, we will always -- despite how much capacity we're providing, the big chunks of capacity that people take, the hundreds of megawatts or sometimes up to a gigawatt of capacity.

在 AWS 這邊，Brian，你只要看看成長率就好。看看目前 run rate 的成長率，再看看我們對 2027、2028 年的預測。而且我之前也說過好幾次，我們永遠都會——不管我們提供多少產能、客戶一次拿走多大塊的產能，那些動輒數百兆瓦、甚至有時高達一吉瓦的產能。

Those big chunks are reserved well in advance because you can't leave a gigawatt of capacity hanging around. And so we have very good visibility into '27 and '28 and some of '29 too with respect to what customers want in those really big chunks of capacity. We will always leave a fair bit of capacity available for on-demand, EC2 or in Bedrock and we're working closely with our customers and they'll plenty of capacity to be able to use in AWS.

那些大塊產能都會提前很久就被預留，因為你不可能讓一吉瓦的產能閒置在那裡。因此，對於客戶在 2027、2028 年、甚至 2029 年部分期間想要的那些超大塊產能，我們有非常好的能見度。我們也會一向保留相當一部分產能給隨需使用（on-demand），不論是在 EC2 或 Bedrock；我們正與客戶密切合作，他們在 AWS 會有充足的產能可用。

But we have very good visibility into the next few years on what AWS looks like. Those types of growth rates when you do the math on the revenue and the revenue run rate we have get you pretty quickly to escalating numbers.

但我們對未來幾年 AWS 的樣貌有非常好的能見度。以這種成長率來看，當你把營收與我們目前的營收 run rate 做數學推算，很快就會得到一路攀升的數字。

And then I'd say that on top of not believing that a lot of the usage we see today is going to attenuate anytime soon, we're still really early in enterprises using inference in their production applications in a pervasive way. It is just really early. And some of that is enterprises having enough people who know how to operate in AI and post train and fine tune models for the right applications.

另外，除了我們不認為今天看到的許多使用量會在短期內衰減之外，企業在其正式上線（production）的應用中，以普遍且深入的方式使用推論（inference），其實仍然非常早期。真的還很早。其中一部分原因，是企業內部需要有足夠多懂得如何在 AI 領域運作、以及如何針對合適的應用做後訓練（post-train）與微調（fine-tune）模型的人才。

Some of it is the cost of inference. I think if we all want enterprises to be able to use inference the way that we all believe they will, we have to keep working on taking the cost of inference down. That is a huge mission for AWS. It's one of the significant reasons why we're building our own custom silicon and Trainium is that we just really believe it's incredibly important for customers to be able to use inference in a much more cost-effective way.

另一部分原因是推論成本。我認為，如果我們都希望企業能以我們相信的方式來使用推論，我們就必須持續努力把推論成本降下來。這是 AWS 的一項重大使命。這也是我們打造自研客製化晶片、以及 Trainium 的重要原因之一：我們真的相信，讓客戶能以更具成本效益的方式使用推論，極其重要。

That has come down a lot the cost of inference over the last couple of years and I think it will come down meaningfully more. And so then you just think about what you're seeing. If you think about security as an example, just by itself, the models today are so advanced that the vulnerabilities that they're finding, humans just haven't found. And if you've had access to these models, it leads to you're using these models to both find them and ultimately to help with patching them and deploying.

過去幾年推論成本已經下降很多，我也認為還會再顯著下降。所以你再想想你所看到的情況。以資安為例，光是這一項，現在的模型就已經先進到能找出人類尚未發現的弱點。而如果你能使用這些模型，你就會用它們來找出弱點，並最終協助修補與部署。

There are some people who think that the total amount of tokens used over the next year or two, 20% of it, some significant percent of it may end up being just security. And that's a relatively new use case on top of what we're seeing with coding and how that continues to grow, on top of what we're seeing with the various, I'll call it AI companions, both in the consumer space and in the workspace like with Quick.

有些人認為，未來一到兩年所使用的 token 總量中，可能有 20%——或某個相當可觀的比例——最後會只是用在資安上。而這是在我們看到的程式碼（coding）使用持續成長之外、以及我們看到各種我稱之為 AI 夥伴（AI companions）的應用之外（不論在消費端或工作場域，例如 Quick）的一個相對新的使用案例。

And these are just the initial big use cases. And you layer on top of that what you're going to see with enterprises where I believe virtually every enterprise, modern enterprise production application will be rewritten to be agentically capable, because that's the way you're going to have to deploy if you want to move quickly or you want to actually guard in the right way against some of the security risks. There is just so much AI coming.

而這些都只是最初期的大型使用案例。再把企業端的發展疊加上去：我相信幾乎每一家企業、每一個現代化的企業級正式上線應用，都會被改寫成具備代理式能力（agentically capable），因為如果你想要快速推進，或想以正確方式防範某些資安風險，你就必須用這種方式來部署。將會有非常大量的 AI 浪潮到來。

And so you can't predict. You can't predict with any certainty 5 to 10 years from now, especially these types of growth rates, but it's not a stretch for us to imagine that this could be over $1 trillion business.

所以你無法預測。你無法在 5 到 10 年後、尤其在這種成長率之下，做出任何有把握的預測；但對我們而言，想像這可能成為一個超過 1 兆美元的業務，並不誇張。

On the robotics side, what I would say is that. It's pretty remarkable what's happening in robotics right now. I'll say in general, but particularly at Amazon, we have over 1 million robots now in our fulfillment network. And while they're having very significant impact on our cost structure and on our productivity and on safety, if you look at our safety numbers in our fulfillment network, they're at record low numbers.

在機器人方面，我會這麼說。目前機器人領域正在發生的事情相當驚人。整體而言是如此，但特別是在亞馬遜：我們在履約網路（fulfillment network）裡現在已經有超過 100 萬台機器人。而且，雖然它們對我們的成本結構、生產力與安全性都有非常顯著的影響，但如果你看我們履約網路的安全數據，已經降到歷史新低。

We've made huge progress over the last four to five years and robotics has been a big piece of that. And yet. I would tell you we're still so early with respect to both what we have deployed built and deployed and what we're working on.

過去四到五年我們取得了巨大的進展，而機器人是其中很重要的一部分。然而。我會告訴你，就我們已建置並部署的內容，以及我們正在研發的項目而言，現在仍然非常早期。

And I think that you'll see we will always have a lot of teammates in our fulfillment centers, but I think a lot of the jobs that we have that are more repetitive that we have humans doing will be done by robots. I think we will we're investing in all sorts of additional robotics of all different form factors, I think we have the opportunity to also assist on some of the delivering of the last 100 yards to customer stores, we have a lot coming and so for us, the way we measure robotics are does it lead to comparable or better productivity, safety, cost structure and time to delivery and when we like that combination of economics, we will deploy it at scale in our fulfillment network.

我認為你會看到：我們的履約中心永遠都會有很多同事（teammates），但我認為我們目前由人類執行的許多較重複性的工作，將會由機器人來完成。我想我們——我們正在投資各式各樣、不同外形規格（form factors）的更多機器人；我也認為我們有機會在「最後 100 碼」把貨送到客戶或門市的部分提供協助。我們還有很多正在推進的事情。對我們而言，我們衡量機器人的方式是：它是否能帶來相當或更好的生產力、安全性、成本結構與配送時間；當我們喜歡這樣的經濟性組合時，我們就會在履約網路中大規模部署。

And if I look at the new designs that we have coming in our fulfillment network including our expansion of same-day facilities, they are very heavy on robotics. So we think it's had a big impact and we think it's small compared to what it's going to be in the next five years.

如果我看我們履約網路即將導入的新設計（包括我們擴張當日達設施），它們在機器人配置上非常重。所以我們認為它已經帶來很大的影響，而相較於未來五年將會達到的程度，現在的影響仍然只是小巫見大巫。

Mark Mahaney, Evercore ISI.

Mark Mahaney，Evercore ISI。

Two things, one. First, thanks a lot for the forward comments on AWS growth. Could I ask you to draw out on margins too? I know that margins can move up and down quarter to quarter, but over the next two years, do you think the current margin structure is relatively stable? We kind of hold with these kind of high 30s, 40% operating margins for AWS.

兩件事，第一。首先，非常感謝你對 AWS 成長的前瞻性評論。我能否也請你談談利潤率？我知道利潤率可能會在每季之間上下波動，但在未來兩年，你認為目前的利潤率結構相對穩定嗎？我們大致假設 AWS 維持在 30% 高段到 40% 的營業利潤率。

And then on perishable checkout, I'm super excited about this opportunity, just watching how it's rolled out in my neighborhood in other areas. How much coverage do you have for perishable checkout? In other words, how many prime households do you think you've covered with perishable checkout? And for those of you that have used it, how much of a boost do you think that is per prime household? Like is this something that increases spend per prime household by 20%, 50%, 100%, just because of how large the fresh grocery category is? Thanks a lot.

然後關於生鮮結帳（perishable checkout），我對這個機會非常興奮，光是看它在我住家附近以及其他地區的推廣方式就能感受到。你們的生鮮結帳覆蓋率有多少？換句話說，你們認為已覆蓋了多少 Prime 家戶可以使用生鮮結帳？而對於用過的人來說，你們認為這對每個 Prime 家戶的提升幅度有多大？例如，因為生鮮雜貨品類規模很大，這是否會讓每個 Prime 家戶的支出增加 20%、50%、100%？非常感謝。

Mark, let me start with the operating margin outlook for AWS. So we're not guiding out beyond we're not guiding at all on our margin for AWS, but I can give you my color on it. So it seems a very strong op margin, 38.7% this quarter.

Mark，我先從 AWS 的營業利潤率展望談起。我們不會提供超出——我們其實完全不對 AWS 的利潤率做指引（guidance），但我可以分享我的一些看法。本季的營業利潤率 38.7%，看起來非常強勁。

And I would add that the profitability you've been seeing recently is really not a random out, but it's a result of a lot of disciplined efficiency gains, capacity optimization, closely managing our fixed cost and as Andy said, the inclusion of overtime more and more custom chips into our cost structure.

我還想補充的是，你們最近看到的獲利能力其實並不是偶然的異常表現，而是大量嚴謹的效率提升、產能最佳化、對固定成本的緊密管理所帶來的結果；並且如 Andy 所說，將加班以及越來越多的客製化晶片納入我們的成本結構之中。

However, there are other things bouncing around. In fact, the outsized growth of AI puts margin pressure on the business as a whole because the margins are lower there. We are happy with the progression in both core and AI margins and as Andy said earlier, they're ahead of where the core was at a similar point in time, but they're still lower, so there's going to be that mix issue. There's also headwinds from component pricing that we've talked about.

不過，還有其他因素在波動。事實上，AI 的超高速成長會對整體業務的利潤率造成壓力，因為那一塊的利潤率較低。我們對核心業務與 AI 利潤率的改善進程感到滿意，而且如 Andy 先前所說，它們在相同時間點上已經領先於當時的核心業務，但仍然較低，因此會有產品組合（mix）方面的問題。此外，還有我們談過的零組件定價帶來的逆風。

So cannot predict it, but there's going to be always a confluence of these multiple factors that we're working very hard on the cost side and the efficiency side and dealing with investments and new product margins as they start up and launch and reach scale.

因此無法預測，但這些多重因素總會交織在一起；我們在成本端與效率端都非常努力，同時也要因應投資，以及新產品在啟動、上市並達到規模時的利潤率表現。

On the perishables checkout, Mark. I share your enthusiasm about it. As we've had a big grocery business for a while, and it's mostly been in the middle aisles of what you'd find in a grocery store, consumables, canned goods, pharmaceutical items, beauty products. And we've had this leading organic grocery store and whole foods market, which also is growing faster than the rest of the grocery segment, both in the top-line and the bottom line with a new format daily shop in urban environments that's doing really well that we're in the process of rolling out over the next couple of years.

關於生鮮結帳（perishables checkout），Mark，我和你一樣感到興奮。我們經營大型雜貨業務已經有一段時間了，而且主要集中在你在雜貨店會看到的中間走道：日用消耗品、罐頭食品、藥品、美妝產品。我們也擁有領先的有機雜貨店與 Whole Foods Market；它的成長速度也快於雜貨部門其他部分，無論在營收端或獲利端皆是如此，並且在都會環境推出表現非常好的新型態「每日採買」門市，我們正計畫在未來幾年逐步擴展。

But we've always known if we wanted to be able to serve customers the way we think they want to be served and the way we want to, we have to have a mass offering and it starts with perishables. And if you look at the total spend per household, when we look at the difference between the total amount of spend that we think our consumers and customers are spending on items that we could serve them on versus what they spend on us, the biggest difference is grocery.

但我們一直都知道，如果我們想以我們認為顧客希望被服務的方式、以及我們想要的方式來服務顧客，就必須提供大眾化的完整商品組合，而這要從生鮮開始。如果你看每戶家庭的總支出，當我們比較消費者與顧客在我們可提供服務的品項上、我們認為他們的總支出，與他們實際在我們這裡的支出之間的差距時，最大的差距就在雜貨。

And a lot of your shops, a lot of grocery starts with perishables, and so we are -- we really are excited that we feel like we found something with shipping perishables out of our same-day facilities. We've grown our Everyday Essentials about three times faster than the rest of our store.

而許多採買行程、許多雜貨採買都是從生鮮開始，所以我們——我們真的很興奮，因為我們覺得透過我們的當日配送設施來出貨生鮮，似乎找到了可行的方法。我們的 Everyday Essentials 成長速度約為整個商店其他部分的三倍。

It represents about half of our units now, if I look at all the Everyday Essentials. What we find is customers who shop perishables through our same-day delivery, they buy about seven times more Everyday Essential units than those that don't. So again, if you're trying to close that gap between what consumers spend overall and the items that we can provide versus what they spend with us.

如果我看所有的 Everyday Essentials，它現在大約占我們出貨單位數的一半。我們發現，透過我們的當日配送購買生鮮的顧客，他們購買的 Everyday Essential 單位數大約是未購買者的七倍。所以再一次，如果你想縮小消費者整體支出與我們可提供的品項之間、相對於他們在我們這裡的支出之間的差距。

Perishables has a huge impact on that. We also see that our grocery customers shop about four times more non-grocery categories like home and apparel and a bunch of other categories and spend about two times more on those categories compared to those who don't use us for grocery. So those are big differences and we believe that the progress we're making on perishables and grocery is going to ultimately lead to more being more relevant to customers for more of their shopping missions.

生鮮對縮小這個差距有非常大的影響。我們也看到，我們的雜貨顧客在非雜貨類別（例如家居、服飾以及其他許多類別）的購買頻率大約高出四倍，且在這些類別上的支出約為未使用我們購買雜貨者的兩倍。所以這些差異非常顯著，我們相信我們在生鮮與雜貨上的進展，最終會讓我們在更多購物任務上，對顧客而言更具相關性。

Eric Sheridan, Goldman Sachs.

Eric Sheridan，高盛。

Thanks so much for taking the question. Maybe a two-parter on market opportunities within AWS. First, with respect to Bedrock, what have been Bedrock and how it might continue to scale in the years ahead? And then with respect to the decision to sell Trainium externally, how do you think about balancing the market opportunity of externals, your key learnings about the market opportunity around that sale relative to the need for compute. For that opportunity relative to other opportunities broadly across both internal use cases and AWS.

非常感謝讓我提問。我想就 AWS 內的市場機會問兩個問題。首先，關於 Bedrock，Bedrock 目前的情況如何，以及未來幾年可能如何持續擴張？其次，關於決定將 Trainium 對外銷售，你如何看待在對外市場機會與算力需求之間的平衡？以及相較於其他機會（涵蓋內部使用情境與 AWS 的整體機會），你從這項對外銷售中對市場機會有何關鍵學習？

On the Bedrock side, I would tell you, you've probably heard this from us multiple times over the last couple of years, but one of the lessons that we've learned, I'll say, for 20-plus years in offering. Technology to customers is that there is not one tool to rule the world.

在 Bedrock 方面，我會告訴你，你可能在過去幾年已經多次聽我們說過，但我們在提供技術給客戶的 20 多年裡學到的一個教訓是：沒有任何一種工具可以統治全世界。

People always assume that whatever is in the lead early on is going to be the only thing or things that people use, and it's never the case. It's not true in database. It hasn't been true in analytics. In the beginning of AI, everyone said the only framework people use is TensorFlow. It turns out PyTorch is much bigger now, and it's not going to be true with models either.

人們總以為一開始領先的那個會成為人們使用的唯一工具或少數工具，但事實從來不是如此。在資料庫領域不是這樣。在分析領域也不是這樣。在 AI 的早期，大家都說人們只會用 TensorFlow 這一個框架。結果 PyTorch 現在大得多，而在模型方面也不會例外。

I'll say in the next two to three years, I think they're going to be six to eight models that are about as good as each other or at least good enough for 95% plus of the workloads. Some will be better at reasoning and some will be better at coding and some will be better at visual pieces and some will be lower latency and some will be lower cost. And most customers are going to use multiple models and many will use multiple models in the same generative AI application.

我認為在未來兩到三年內，會有六到八個模型彼此差不多強，或至少對 95% 以上的工作負載而言已經「夠好」。有些在推理上更強，有些在寫程式上更強，有些在視覺相關任務上更強，有些延遲更低，有些成本更低。而大多數客戶會使用多個模型，且許多客戶會在同一個生成式 AI 應用中同時使用多個模型。

And so what customers really want to do, and we see this validated over and over again when we talk to customers, is they want a service that has really broad selection of those frontier models and that has very good price performance and it has very strong security and access control. And they want that service so that they can kind of decide what kind combination of models they want to use and to swap them back and forth as they leapfrog each other as different constraints for their applications require them.

因此，客戶真正想做的事——而且我們在與客戶交談時一再得到驗證——是他們想要一個服務，能提供非常廣泛的前沿模型選擇，具備非常好的性價比（price performance），並且有非常強的安全性與存取控制。他們也希望透過這個服務，能夠自行決定要使用哪些模型組合，並且在不同模型彼此超越、或其應用的不同限制條件需要時，能在模型之間來回切換。

And that's what we see with Bedrock. People are very excited about it. We have both closed models and models like Anthropic and OpenAI's models. We have open models with Kimi and GLM and others. I think the Western world is very hungry for additional open models that are Western open models. And so I believe that will happen over time as well. But I think that the size of the opportunity in Bedrock is gigantic. And it could be a service as large as EC2, which is a very large service today in AWS. So I think it's very large.

而這正是我們在 Bedrock 上看到的情況。大家對它非常興奮。我們同時提供封閉式模型，以及像 Anthropic 與 OpenAI 的模型。我們也有開放式模型，包括 Kimi、GLM 等等。我認為西方世界非常渴望更多開放式模型，尤其是西方的開放式模型。因此我相信隨著時間推移也會出現。但我認為 Bedrock 的機會規模非常巨大。它可能會成為像 EC2 一樣大的服務，而 EC2 目前在 AWS 已經是一個非常大的服務。所以我認為它會非常大。

On the balance of chips and what you sell externally versus what you use inside your cloud, it's a very good question, and it's a question that we're continuing to evaluate as we speak. I would say that the number of companies who have a significant cloud business and chips strong enough to sell externally is effectively two.

關於晶片的配置平衡——你要對外銷售多少、以及在雲端內部使用多少——這是個非常好的問題，而且我們此刻仍在持續評估。我會說，擁有相當規模的雲端業務、同時又有足夠強大到可以對外銷售的晶片的公司，實際上大概只有兩家。

So there really aren't many customers that have to grapple with the same type of problem at this type of scale. And at this point, everybody is producing their advanced chips with the same provider. There's only so many chips that provider can provide each year. Everybody gets an allocation.

所以，真正需要在這種規模下處理同類問題的客戶並不多。而在目前這個時間點，大家的先進晶片都是由同一家供應商代工生產。那家供應商每年能提供的晶片數量有限。每個人都會拿到一個配額（allocation）。

And you have to decide with that allocation how much of it you want to sell externally and how much of it you want to use in your cloud. And there's a trade-off. If you sell externally, you're able to realize more revenue in the short-term because you get to recognize the revenue as soon as it leaves your inventory.

而你必須在這個配額之下決定：其中多少要對外銷售、多少要用在你的雲端裡。這之間存在取捨。如果你對外銷售，你能在短期內實現更多營收，因為晶片一旦離開你的庫存，你就可以認列營收。

And on the flip side, if you decide to use it inside your cloud in the form of EC2 instances or Bedrock. You actually will end up driving more absolute revenue and free cash flow from those chips because you get to use them over five to six years and drive revenue for a longer period of time.

另一方面，如果你決定在你自己的雲端內以 EC2 執行個體或 Bedrock 的形式使用它。你實際上會從這些晶片帶來更多的絕對營收與自由現金流，因為你可以在五到六年期間使用它們，並在更長的時間內帶動營收。

So you have to really think through what you want to do. To date, I would say that we've taken a different approach in how we've used our chips than the other provider who has this same type of balancing act going on.

所以你必須非常仔細地想清楚你想怎麼做。截至目前，我會說我們在使用自家晶片的方式上，採取了與另一家同樣面臨這種權衡的供應商不同的做法。

And as I mentioned earlier, we believe we're going to have a very significant business selling chips externally, and we're going to start in late 2027. And we will be thinking through that balance, I think, probably every year. But they'll both be very significant.

正如我先前提到的，我們相信對外銷售晶片將會是一門非常可觀的業務，而且我們會在 2027 年底開始。我想我們大概會每年都重新思考這個平衡。但兩者都會非常重要。

Our ability to create price performance scalable chips is going to be a very significant strategic advantage for us at scale, both in our own cost structure as well as in building a separate business and selling external chips. And selling external chips really is a very different business than your cloud infrastructure business.

我們打造具備可擴展、兼具價格與效能的晶片的能力，將在規模化時成為我們非常重要的策略優勢，無論是在我們自身的成本結構上，或是在建立一個獨立業務並對外銷售晶片上。而對外銷售晶片，確實是一門與雲端基礎設施業務非常不同的生意。

Doug Anmuth, JPMorgan.

Doug Anmuth，摩根大通。

Thanks for taking questions. When you think about the 40% plus AWS revenue growth each of the next two years and then the multi-year path beyond that, can you just talk about the CapEx required to drive that kind of revenue over the next couple of years and beyond? And then also, Andy, any updates just to how you're thinking about the duration of returns on both servers and networking and then also data centers?

謝謝讓我提問。當你們思考未來兩年 AWS 營收每年 40% 以上的成長，以及之後多年期的成長路徑時，能否談談為了推動未來幾年及更長期這種營收規模所需的資本支出（CapEx）？另外，Andy，能否更新一下你們目前對伺服器與網路設備，以及資料中心的投資回收期間（回報年限）的看法？

Yeah, I'll take them in reverse order. So on the breakeven on our infrastructure, as I mentioned in my opening comments, we're continuing to move that left. We're continuing to make that shorter.

好，我先倒過來回答。關於我們基礎設施的損益兩平點（breakeven），如同我在開場評論中提到的，我們持續把它往前移。我們持續縮短達到損益兩平所需的時間。

There are a lot of cores, a little bit different from AIs, a little bit different from how you finance these things. And so it varies depending on which you're talking about, but we're continuing to make progress as we historically have been pretty good at doing. If you think about AWS as finding ways to extend useful lives and to make the break even sooner. And we're making good progress there too.

這裡有很多層面，與 AI 有些不同，也與你如何為這些事情融資有些不同。因此會因你談的是哪一類而有所差異，但我們持續取得進展，而我們過去在這方面一向做得相當不錯。如果你把 AWS 想成是在尋找延長資產可用年限、並讓損益兩平更早到來的方法。我們在這方面也取得了不錯的進展。

On the CapEx evolved to grow the way we're talking about, it's meaningful. And I think that the way we think about it, Doug, is that. This is a once-in-a-lifetime opportunity. I think what we're seeing with AI, it's the biggest transformation in our lifetime.

至於為了達成我們所談的成長而演進的資本支出（CapEx），規模是相當可觀的。我想我們看待這件事的方式是這樣的，Doug。這是一生一次的機會。我認為我們在 AI 上看到的，是我們這一生中最大的轉型。

And the idea of being able to grow 39% with $184 billion annual run rate and to grow 40% a year on top of that in each of the next two years and ultimately end up as a $1 trillion plus business, we're going to invest to continue being the leader. We are the leader today in, I'll call it the infrastructure and AI space. And would it be more convenient.

能以 1,840 億美元的年化營收規模成長 39%，並在接下來兩年每年在此基礎上再成長 40%，最終成為一家超過 1 兆美元規模的業務——我們會投資以持續保持領先地位。我們今天在我所稱的基礎設施與 AI 領域是領導者。而如果更方便的話。

If this type of acceleration and opportunity happened over 25 years and you could spread the CapEx over 25 years, yes, it might be more convenient, but that's not the world that we live in and that's not the opportunity and we can fund this plan and I think it will forever change the size of Amazon. It will forever change our revenue, it will forever change our free cash flow and we're going to invest and we're going to pursue it to continue to be the significant leader like we are today.

如果這種加速與機會是在 25 年內發生，讓你可以把資本支出分攤到 25 年，沒錯，可能會更方便；但我們所處的世界不是這樣，機會也不是這樣。我們有能力為這個計畫提供資金，而我認為它將永遠改變亞馬遜的規模。它將永遠改變我們的營收，也將永遠改變我們的自由現金流；我們會投資、會追求這個機會，以持續成為像今天一樣的重要領導者。

Ross Sandler, Barclays.

Ross Sandler，巴克萊。

Great, yeah, I thought I'd double down on the Bedrock question. So the token marketplace on Bedrock seems to be one of the hottest services in AI right now and our understanding is the majority of these workloads are running on Trainium.

很好，是的，我想再深入追問一下 Bedrock 的問題。Bedrock 上的 token 市集看起來是目前 AI 領域最熱門的服務之一，而我們的理解是，這些工作負載大多是在 Trainium 上運行。

So this becomes a bigger part of the overall AWS story, like you just mentioned, Andy. How might that impact both revenue growth but especially margins at AWS as you kind of shift from selling bare metal to selling more inference as a service? Could you just talk about that?

因此，正如你剛才提到的，Andy，這會成為整體 AWS 故事中更大的一部分。當你們從銷售裸機（bare metal）轉向更多以服務形式提供推論（inference as a service）時，這可能會如何影響營收成長，尤其是 AWS 的利潤率？能否談談這點？

Well, you're right that the majority. And most of Bedrock Day is being run on top of Tranium. And we do that in meaningful part because we really like the price performance that we're getting and it allows us to keep to both keep prices as low as possible for customers as well as our ability we like the margins associated with it.

嗯，你說得對，確實是大多數。而且 Bedrock 的大部分使用量（Day）都是在 Trainium 之上運行。我們這麼做在很大程度上是因為我們非常喜歡所獲得的價格效能表現；這讓我們既能把價格盡可能維持在對客戶最低的水準，同時我們也喜歡與之相關的利潤率表現。

If you think about margins in the cloud space and you're looking at different players and what their cost structure looks like, there are a few things to pay attention to. The first is for their data centers, how many of them are they actually buying or long leasing versus to [colo] or NeoClouds. I mean, NeoClouds are about 3,500 basis points worse in operating margin than if you long lease them.

如果你思考雲端領域的利潤率，並觀察不同業者及其成本結構，有幾件事值得注意。第一是他們的資料中心：實際上有多少是自己買下來或長期租賃，而不是使用 [colo] 或 NeoClouds。我的意思是，NeoClouds 的營業利潤率大約比長租模式差 3,500 個基點。

And then you look at what is the hardware on top of which they're running. And if you're using the hardware that everybody else is using, you'll a comparable cost structure to what everybody is doing. And if you have the ability to use hardware that's different, you'll an advantage. And so I think when you look at what we're doing, most of our capacity is either owned or long leased, which is enjoys better operating margins than what you find when people are mostly doing colo or neo or a big chunk doing colo or neo.

接著你要看他們運行在什麼硬體之上。如果你使用的是大家都在用的硬體，你的成本結構就會與大家做的差不多。如果你有能力使用不同的硬體，你就會有優勢。因此我認為，當你看我們在做的事情時，我們的大部分產能要嘛是自有、要嘛是長期租賃，這比你看到那些主要採用 colo 或 neo，或有很大一部分採用 colo 或 neo 的業者，享有更好的營業利潤率。

And the fact that we're running on top of our own chip that's providing both advantage price performance. And is more cost effective for ourselves because we own it, I think gives us some structural cost advantages that I think are going to be very helpful to customers as we pass them back to customers and helpful to the overall economics of AWS.

再加上我們運行在自家晶片之上，這同時帶來價格效能的優勢。而且因為我們擁有它，對我們自身而言成本更具效率；我認為這讓我們具備一些結構性的成本優勢，這些優勢在我們回饋給客戶時會對客戶很有幫助，也會有助於 AWS 整體的經濟效益。

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

感謝各位今天參與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，並期待在下個季度再次與各位交流。