亚马逊以“吝啬”文化闻名，但它正在开启有史以来最大的资本支出狂潮，计划本年度投入2000亿美元，主要用于支持AWS建设人工智能基础设施和电力系统。该计划还包括对OpenAI最高投入500亿美元，接近微软自2019年以来对ChatGPT开发商累计投入的四倍，AWS上季度云业务销售增速为三年多以来最快，Jassy称其新增产能可“即建即卖”。
尽管AWS仍然是云计算先驱并保持接近三分之一的全球市场份额，微软Azure和谷歌云自2022年ChatGPT推出后增长更快，正在蚕食其领先地位。亚马逊通过扩建AI数据中心并在模型供应上降微软依赖来应对：并行支持OpenAI、Anthropic（Claude）、自有Nova，以及Nvidia和自研Trainium芯片，且预计本年度资本开支将在18个月后才全面转化为企业级云需求。
市场对这轮“Capexapalooza”反应复杂，亚马逊股价虽跑赢微软却仍同比下跌8%，因为投资回报与增量资本效率仍受质疑。短期内新建资产带来的折旧会先于相关收入落地，Jefferies担忧AI基础设施成本可能压低长期云毛利；同时，尽管外界担忧AI购物代理人可能绕过Amazon.com，但Rufus去年的增量年化销售已达120亿美元，显示公司并未显得毫无准备。
Amazon, known for thrift, has launched its largest-ever spending binge, allocating $200bn this year mainly for AWS AI data-center and power buildout, likely financed by large bond sales. It is also committing up to $50bn to OpenAI—almost four times Microsoft’s cumulative investment in the ChatGPT maker since 2019—and AWS said last-quarter cloud sales grew at the fastest pace in over three years while management said it was selling capacity as quickly as it was built despite having spent $250bn over the prior three years.
AWS remains a cloud pioneer and still holds nearly one-third of the global cloud market, but Azure and Google Cloud have grown faster since ChatGPT’s 2022 launch and are narrowing its lead. Amazon is doubling down with AI data centers and model diversification—OpenAI, Anthropic/Claude, its own Nova, and chips from Nvidia plus in-house Trainium—while recognizing this year’s capex may take up to 18 months to be fully reflected in enterprise demand as AI agents mature.
Wall Street is split on the strategy: Amazon shares are down 8% year-to-date despite outperforming Microsoft, as investors question returns and near-term cash flow timing. Depreciation is expected to rise before new-capex revenue ramps, Jefferies warns AI infrastructure costs could pressure cloud margins long term, and fears persist that AI shopping agents could bypass Amazon.com, yet Amazon points to Rufus generating about $12bn in incremental annualized sales to argue this is an aggressive but not reckless pivot.
Source: Amazon’s unprecedented gamble on AI redemption might just work
Subtitle: Call it “The Bet-Everything Store”
Dateline: 3月 26, 2026 08:23 上午