Amazon.com Inc.宣布2026年将把资本开支提高到2000亿美元，用于数据中心、芯片和其他设备，市场担忧这笔人工智能押注长期回报不确定，股价在纽约收于222.69美元后盘后下跌约10%，截至周四收盘年内已下跌3.5%。公司2025年在物业和设备上的支出约为1300亿美元，而分析师此前预计2026年约为1500亿美元。该公司给出的本季度经营利润指引为165亿至215亿美元，低于分析师平均预期的222亿美元；Microsoft Corp.与Alphabet Inc.此前也因AI相关支出高于预期而遭遇股价下挫。

首席执行官Andy Jassy表示，2000亿美元支出将“主要”投向Amazon Web Services，且大部分用于AI工作负载，并称这是“极不寻常的机会”，要通过激进投资成为领导者。AWS季度收入增长24%至356亿美元，为三年多来最大季度增速，云业务经营利润为125亿美元。Jassy披露第四季度AWS订单积压为2440亿美元，同比增加40%，较上一期增加22%；分析师Gil Luria（DA Davidson & Co.）将负面反应归因于资本开支增幅大于AWS收入增幅，投资者担心投入增长快于回报，且Amazon、Google与Microsoft处于不断升级的建设竞赛。

公司层面，第四季度总收入增长14%至2134亿美元，经营利润为250亿美元（截至12月31日）。电商仍贡献大部分收入，线上商店销售额增长10%至830亿美元，略高于分析师平均预期的823亿美元；广告收入增长23%至213亿美元，略高于预期，因其能提升零售业务盈利而被重点关注。资本开支除AI外还包括低地球轨道卫星以对标SpaceX的Starlink、物流机器人以加速配送，以及新开Whole Foods门店，但公司称资金大头用于满足AI客户算力需求；组织方面，Jassy上月裁撤1.6万名企业员工，使最近一轮裁员累计达3万人，而在宣布最新裁员前，公司截至12月31日的全职与兼职员工数同比增加1%至约158万人。

Amazon.com Inc. said it will raise 2026 capital spending to $200 billion for data centers, chips, and other equipment, and investors worried the long-run payoff of that artificial-intelligence bet is uncertain; the shares fell about 10% in extended trading after closing in New York at $222.69 and were down 3.5% for the year through Thursday’s close. The company spent roughly $130 billion on property and equipment in 2025, while analysts had anticipated about $150 billion in 2026. Amazon forecast current-quarter operating income of $16.5 billion to $21.5 billion versus an average analyst estimate of $22.2 billion; Microsoft Corp. and Alphabet Inc. also saw shares drop after heavier-than-expected AI spending.

Chief Executive Officer Andy Jassy said the $200 billion will go “predominantly” to Amazon Web Services and that most of it will support AI workloads, calling it an “extraordinarily unusual opportunity” and saying Amazon will invest aggressively to lead. AWS quarterly revenue rose 24% to $35.6 billion, its biggest quarterly growth in more than three years, and cloud operating income was $12.5 billion. Jassy said AWS order backlog was $244 billion in the fourth quarter, up 40% from a year earlier and up 22% from the prior period; analyst Gil Luria of DA Davidson & Co. attributed the negative reaction to capex rising faster than AWS revenue, with investors concerned that investment growth is outpacing returns and that Amazon, Google, and Microsoft are in an escalating build-out race.

Companywide, fourth-quarter total revenue increased 14% to $213.4 billion and operating profit was $25 billion for the period ended Dec. 31. E-commerce still generates most revenue: online store sales jumped 10% to $83 billion, slightly above the $82.3 billion average estimate; advertising revenue increased 23% to $21.3 billion, just ahead of estimates, and is watched closely because it lifts retail profitability. Capital spending also covers low-Earth-orbit satellites to compete with SpaceX’s Starlink, more robotics in logistics to speed deliveries, and new Whole Foods stores, but Amazon said the bulk targets AI computing demand; on staffing, Jassy laid off 16,000 corporate employees last month, bringing recent headcount reductions to 30,000, while full- and part-time employees were up 1% year over year to about 1.58 million as of Dec. 31 before the latest cuts were announced.