AWS 目标 5 到 10 年内年营收达 1 万亿美元，Amazon 2026 年资本支出约 2200 亿美元
AWS will be a $1T business, Jassy says — but first, it will spend big
- 1Jassy 在财报电话会上重申 AWS 将在 5 到 10 年内成为年营收 1 万亿美元的业务。
- 2Amazon 预计 2026 年现金资本支出约 2200 亿美元，大部分投向 AWS，2027 年还将明显加码。
- 3AWS 年化营收运行率 1840 亿美元，本季同比增长 39%，Jassy 预测 2027、2028 年增速均超 40%。
- 4Jassy 称 AI 热潮是一生一次的机会、投入值得；投资者仍有疑虑，周四盘后股价下跌约 6%。
云计算巨头的 AI 竞赛进入千亿美元级投入阶段，管理层与资本市场对回报节奏的分歧已经公开化。
- 影响：头部云厂商大举扩容，企业部署 AI 负载的算力供给在增加；巨额资本支出最终要靠收入兑现，云服务的长期价格与商务条款值得纳入成本测算；管理层与投资者对回报节奏的分歧也会放大相关股价波动。
- 参考：可考虑在年度云预算中对比 AWS 与其他云厂商的 AI 负载报价，为扩容周期争取议价空间；值得把关键 AI 工作负载的多云备选方案列入评估清单。
- 依据：营收增速 39%、年化运行率 1840 亿美元、2026 年约 2200 亿美元资本支出均为 Amazon 财报电话会官方口径，暂无独立验证；盘后下跌约 6% 为周四交易数据。
Andy Jassy has made it known that he believes AWS can be a trillion-dollar revenue business. During Amazon’s quarterly earnings call on Thursday, he repeated this ambition.
“What we’re building at Amazon is unlike anything that’s ever been seen before. There has never been a business with a trillion dollars of annual revenue,” he said.
However, before the cloud business gets there, Amazon is going to have ramp up its capital expenditures to build out the infrastructure necessary to support that blossoming business.
“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 attract its financial returns,” Jassy revealed on Thursday.
Amazon’s big spending on its AI infrastructure buildout has been an ongoing source of concern for investors this year. Indeed, during Thursday’s call, Wall Street analysts repeatedly asked Jassy to explain the spending, the signals that the growth really will come, and the profit margins expected.
Jassy told them it was all money well spent because the e-commerce giant planned to capitalize on a historic moment in global cloud demand driven by AI. AWS revenue increased 39 percent from the year-ago quarter, a trend of steady growth for the sixth straight quarter.
And the CEO forecast on the call that it would increase by 40% not just next year, but in 2028, too.
“AWS is a $184 billion annualized revenue run-rate business, and yet the opportunity remains extraordinary,” the CEO enthused. “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 percent in each 2027 and in 2028, and be a trillion-dollar revenue business in the next five to 10 years.”
Jassy added that the company was “in the very early days” of AI adoption by the enterprise and said that, so far, the “strategy is working.”
Later, when questioned why the investment needed to grow AWS was so substantial, Jassy characterized the AI boom as a “once in a lifetime opportunity” that required, and was worth, such a big financial commitment now.
“We’re going to invest to continue being the leader,” he said. “We can fund this plan, and I think it will forever change the size of Amazon. It will forever change our revenue.”
Investors, however, remained concerned. Shares were down about 6% on Thursday in after-market trading.
The AI boom has been a mixed blessing for the cloud industry, since the AI services that undergird the boom are supported by cloud infrastructure. Like Amazon, other cloud providers are spending big but also earning big. Microsoft, for instance, just posted yet more record-breaking revenue growth, driven largely by its cloud business. It, too, has spent a bundle.
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Lucas is a senior writer at TechCrunch, where he covers artificial intelligence, consumer tech, and startups. He previously covered AI and cybersecurity at Gizmodo. You can contact Lucas by emailing [email protected].
来源：TechCrunch · AI · techcrunch.com