-- 獨立研究機構CFRA向提供了以下研究報告。 CFRA分析師總結如下：亞馬遜(AMZN)公佈了強勁的2026年第一季業績，營收達1816億美元，超過市場普遍預期的1772億美元；營業利潤達239億美元，也遠超市場普遍預期的207億美元。所有業務板塊均加速成長，其中AWS以28%的成長率領先（2025年第四季為24%），創下15個季度以來的最快成長速度（主要得益於人工智慧工作負載的強勁成長）。儘管資本支出增加，AWS的利潤率仍從2025年第四季的35.0%提升至37.7%。亞馬遜的客製化晶片業務年化收入已超過200億美元，實現了三位數的成長，OpenAI和Anthropic的大量投資也為其發展提供了強勁的動力。管理階層預計第二季營收將在1,940億美元至1,990億美元之間，遠高於市場普遍預期的1,889億美元。我們認為，業績顯示人工智慧基礎設施投資已成功獲利，零售業發展勢頭強勁，包括15%的銷售成長和當日達配送業務的持續擴張。由於淨資本支出高達430億美元，自由現金流轉為負值，為-172億美元，這反映了為長期人工智慧佈局而做出的權衡，預計人工智慧將在2027-2028年開始產生收益。
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Research Alert: Invitation Homes Q1 2026 Results: Operational Headwinds And Margin Compression
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