内容来源：https://techcrunch.com/2026/04/29/amazons-cloud-business-is-surging-and-so-is-its-capital-spending/

内容总结：

亚马逊一季度业绩超预期，AI云业务增速创近四年新高

本周三，亚马逊等多家科技巨头交出了一季度财报，业绩全面超越华尔街预期，再次印证人工智能热潮持续为“卖铲人”企业带来丰厚回报。其中，亚马逊云服务（AWS）的表现尤为亮眼。

财报显示，受益于AI需求爆发，AWS一季度净销售额同比增长28%，达到376亿美元，创下近15个季度以来最快增速。亚马逊总裁兼CEO安迪·贾西在业绩电话会上表示，AWS的成功源于其为AI行业提供核心算力支撑。

“在如此庞大的基数上还能保持如此高速增长，实属罕见。上次出现这一增速时，AWS的规模还只有现在的一半。”贾西指出，“我们从未见过任何一项技术像AI这样快速崛起。亚马逊已是领导者，越来越多企业选择AWS来部署AI。”

贾西还以时间线对比凸显AI业务的爆发力：AWS上线后三年营收运行率仅5800万美元，而在这波AI浪潮的前三年，AWS的AI业务营收运行率已突破150亿美元，增长了近260倍。

随着云业务快速扩张，亚马逊也在持续大手笔投入基础设施建设。贾西透露，短期内资本支出将继续增长。“AWS增长越快，短期资本支出就越多，”他说，“我们需要提前在土地、电力、建筑、芯片、服务器和网络设备上投入资金，然后才能实现变现。”

一季度财报显示，亚马逊过去十二个月的自由现金流降至12亿美元，较2025年同期的259亿美元暴跌95%，主要原因是与AI相关的购买房产和设备支出同比增加593亿美元。贾西试图安抚投资者，表示这种资本支出是“短期烧钱换长期回报”，“就像当年AWS第一波高速增长周期一样，我们对未来更大规模的收入和现金流充满信心。”

整体来看，亚马逊一季度总营收同比增长17%，达到1815亿美元。其中北美地区营收增长12%，国际市场增长19%。

中文翻译：

亚马逊是周三多家盈利超华尔街第一季度预期的科技巨头之一，这进一步提供了财务证据，表明人工智能热潮仍在持续回报那些提供基础设施服务的公司。

亚马逊的云业务就是最新例证。该公司周三表示，受益于在推动人工智能热潮中发挥的作用，亚马逊云服务（AWS）净销售额同比增长28%，达到376亿美元。亚马逊总裁兼CEO安迪·贾西在公司财报电话会议上表示，这是AWS在15个季度以来的最快增速。

贾西将AWS的成功归因于其为人工智能行业提供计算服务的作用。

"在如此庞大的业务基数上实现如此快速的增长是非常罕见的。上一次我们看到这种增速时，AWS的规模大约只有现在的一半，"贾西表示。"我们从未见过像人工智能这样快速发展的技术。亚马逊已处于领先地位，而各家公司仍在继续选择AWS来发展人工智能。"

贾西将这个业务部门的增长与2000年代初期进行了比较。"为了更直观地看待我们的增长，AWS推出三年后，其年化营收为5800万美元。而在这轮人工智能浪潮的前三年，AWS的人工智能年化营收已超过150亿美元——规模大了近260倍。"

即使在资金涌入其云业务的同时，亚马逊也在投入越来越多的巨额资金来建设支撑该云业务的基础设施。贾西周三表示，资本支出短期内将持续增长。

"AWS增长得越快，我们短期内投入的资本支出就越多，"他说。"AWS必须预先投入资金用于土地、电力、建筑、芯片、服务器和网络设备，然后才能将这些投入变现。"

在Disrupt大会上找到你的下一位投资者或投资组合初创公司
你的下一轮融资。你的下一个人才。你的下一个突破机会。尽在TechCrunch Disrupt 2026——超过10000名创始人、投资者和科技领袖齐聚一堂，在为期三天的活动中参与250多场战术研讨会、进行高效引荐并见证定义市场的创新。立即注册，可节省高达410美元。

在Disrupt大会上找到你的下一位投资者或投资组合初创公司
你的下一轮融资。你的下一个人才。你的下一个突破机会。尽在TechCrunch Disrupt 2026——超过10000名创始人、投资者和科技领袖齐聚一堂，在为期三天的活动中参与250多场战术研讨会、进行高效引荐并见证定义市场的创新。立即注册，可节省高达410美元。

贾西将这些投资定位为以短期现金消耗换取长期回报，并指出这些资本支出用于资助使用寿命超过30年的数据中心等资产，以及使用寿命为五到六年的芯片、服务器和网络设备。

贾西也试图平息投资者对这家电商巨头在基础设施上投入过多的担忧。他还就此类支出将如何影响自由现金流给出了明确暗示。

"在当前这种高速增长时期——资本支出增速明显超过营收增速——在早期阶段，自由现金流会面临压力，"他说。

亚马逊第一季度的财报反映了自由现金流受到的影响。该公司报告称，过去十二个月的自由现金流降至12亿美元，主要原因是房产和设备采购同比增加了593亿美元——其中很大一部分与人工智能相关。这较2025年第一季度259亿美元的自由现金流下降了95%。

"我们在上一轮AWS大增长浪潮中就经历过这种周期，并且对结果很满意。我们预计对这新一轮浪潮也会有同样的感觉，其下游收入和自由现金流潜力要大得多，"他补充道。

与此同时，这家电商巨头的整体销售额同比增长17%，达到1815亿美元。该公司报告称，北美地区销售额增长12%，全球其他地区增长19%。

英文来源：

Amazon was one of several tech giants that on Wednesday beat Wall Street’s first-quarter earnings expectations, offering more financial evidence that the AI boom continues to reward companies that supply the picks and shovels.
Amazon’s cloud business is the latest example. Amazon Web Services, buoyed by its role in fueling the AI boom, saw its net sales increase 28% year-over-year, climbing to $37.6 billion, the company said Wednesday. It was the fastest growth rate for AWS in 15 quarters, Amazon president and CEO Andy Jassy said during the company’s earnings call.
Jassy attributed AWS’ success to its role in providing compute to the AI industry.
“It’s very unusual for business to grow this fast on a base this large. The last time we saw growth at this clip, AWS was roughly half the size,” Jassy said. “We’ve never seen a technology grow as rapidly as AI. Amazon is already a leader, and companies continue to choose AWS for AI.”
Jassy compared the business unit’s growth to the aughts. “To put our growth in perspective, three years after AWS launched, it had a $58 million revenue run rate. [During] the first three years of this AI wave, AWS’s AI revenue run rate is over $15 billion — nearly 260 times larger.”
Even as money flows into its cloud business, Amazon is also sinking increasingly large gobs of capital into building out the infrastructure that supports that cloud. Jassy said on Wednesday that capital expenditure growth would continue in the near term.
“The faster AWS grows, the more short-term capex we’ll spend,” he said. “AWS has to lay out cash for land, power, buildings, chips, servers, and networking gear, in advance of when we can monetize it.”
Meet your next investor or portfolio startup at Disrupt
Your next round. Your next hire. Your next breakout opportunity. Find it at TechCrunch Disrupt 2026, where 10,000+ founders, investors, and tech leaders gather for three days of 250+ tactical sessions, powerful introductions, and market-defining innovation. Register now to save up to $410.
Meet your next investor or portfolio startup at Disrupt
Your next round. Your next hire. Your next breakout opportunity. Find it at TechCrunch Disrupt 2026, where 10,000+ founders, investors, and tech leaders gather for three days of 250+ tactical sessions, powerful introductions, and market-defining innovation. Register now to save up to $410.
Jassy positioned these investments as short-term cash burn for a long-term payoff, noting that these capital expenditures fund assets like data centers that last more than 30 years or chips, servers, and networking gear that have a useful life for five to six years.
Jassy did attempt to quell investor fears that the e-commerce giant was spending too much on infrastructure. He also provided more than a hint at how that kind of spending would affect free cash flow.
“In times of very high growth like now — where the capex growth meaningfully outpaces the revenue growth — the early years, free cash flow is challenged,” he said.
Amazon’s first-quarter earnings report reflects the pull on free cash flow. T he company reported that free cash flow decreased to $1.2 billion for the trailing twelve months, driven primarily by a year-over-year increase
of $59.3 billion in purchases of property and equipment — much of its related to AI. That’s a 95% drop from the $25.9 billion in free cash flow it had in the first quarter of 2025.
“We’ve been through this cycle with the first big AWS growth wave, and like the results. We expect to feel similarly about this next wave with much larger potential downstream revenue and free cash flow,” he added.
The e-commerce giant’s overall sales, meanwhile, rose 17% to $181.5 billion on a year-over-year basis. Sales grew 12% in North America and 19% throughout the rest of the world, the company reported.