-- 独立研究机构CFRA向提供了以下研究报告。CFRA分析师总结如下：亚马逊(AMZN)公布了强劲的2026年第一季度业绩，营收达1816亿美元，超过市场普遍预期的1772亿美元；营业利润达239亿美元，也远超市场普遍预期的207亿美元。所有业务板块均加速增长，其中AWS以28%的增速领跑（2025年第四季度为24%），创下15个季度以来的最快增速（主要得益于人工智能工作负载的强劲增长）。尽管资本支出增加，AWS的利润率仍从2025年第四季度的35.0%提升至37.7%。亚马逊的定制芯片业务年化收入已超过200亿美元，实现了三位数的增长，OpenAI和Anthropic的大量投资也为其发展提供了强劲的动力。管理层预计第二季度营收将在1940亿美元至1990亿美元之间，远高于市场普遍预期的1889亿美元。我们认为，业绩表明人工智能基础设施投资已成功实现盈利，零售业发展势头强劲，包括15%的销量增长和当日达配送业务的持续扩张。由于净资本支出高达430亿美元，自由现金流转为负值，为-172亿美元，这反映了为长期人工智能布局而做出的权衡，预计人工智能将在2027-2028年开始产生收益。
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