AWS will be a $1T business, Jassy says. But first, it will spend big.

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.

安迪·贾西（Andy Jassy）已明确表示，他相信亚马逊云科技（AWS）能够成为一家年营收达到万亿美元的企业。在周四亚马逊的季度财报电话会议上，他重申了这一雄心。他表示：“我们在亚马逊所构建的一切是前所未见的。此前从未有过一家年营收达到万亿美元的企业。”

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.

然而，在云业务达到这一目标之前，亚马逊必须增加资本支出，以建设支持该业务蓬勃发展所需的基础设施。贾西在周四透露：“我们预计2026年的现金资本支出约为2200亿美元——其中大部分用于AWS——并预计在2027年会有更大幅度的支出，我们对获得相应的财务回报有着清晰的预期。”

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.

今年，亚马逊在人工智能基础设施建设上的巨额支出一直是投资者担忧的焦点。事实上，在周四的电话会议上，华尔街分析师多次要求贾西解释这些支出、增长确实会到来的信号以及预期的利润率。贾西回应称，这些钱花得很值，因为这家电子商务巨头计划利用人工智能驱动全球云需求的历史性机遇。

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.

AWS的营收较去年同期增长了39%，这已是连续第六个季度保持稳步增长。这位首席执行官在电话会议上预测，不仅明年，到2028年该业务也将增长40%。他兴奋地表示：“AWS目前的年化营收运行率已达1840亿美元，但其机遇依然非凡。”

“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.”

“凭借我们持续的创新步伐、新的核心与人工智能功能、企业在AWS上运行其核心及人工智能工作负载的需求，以及我们每年增加的容量，我们相信AWS在2027年和2028年均能实现超过40%的增长，并在未来五到十年内成为一家万亿美元营收的企业。”贾西补充说，公司目前处于企业采用人工智能的“极早期阶段”，并表示到目前为止，“战略是有效的”。

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.”

随后，当被问及为何AWS增长所需的投资如此巨大时，贾西将人工智能热潮描述为“一生一次的机遇”，认为现在进行如此大规模的财务投入是必要的，也是值得的。他说：“我们将继续投资以保持领先地位。我们有能力资助这一计划，我认为这将永远改变亚马逊的规模。它将永远改变我们的营收。”

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.

然而，投资者仍然感到担忧。周四盘后交易中，亚马逊股价下跌了约6%。人工智能热潮对云行业来说是一把双刃剑，因为支撑这一热潮的人工智能服务依赖于云基础设施。与其他云服务提供商一样，亚马逊在投入巨资的同时也获得了丰厚的回报。例如，微软刚刚再次发布了创纪录的营收增长，这主要得益于其云业务。微软同样也投入了巨额资金。