亞馬遜股價2026年能否逆轉勝？三大引擎重啟，決戰AI與「電力」
2025年股價表現落後的亞馬遜，2026年有望扭轉頹勢。本文分析其AWS雲端業務的復甦、廣告業務的潛力，以及AI基礎設施擴張所面臨的關鍵挑戰——電力供應。
揮別黯淡的2025年，科技巨頭亞馬遜（Amazon）正準備在2026年上演逆轉秀。過去一年，其股價僅上漲6%，遠遠落後於標普500指數近18%的漲幅，令投資人憂心忡忡。然而，隨著雲端業務重拾動能、廣告業務潛力釋放，一場反攻大戲或許即將拉開序幕。
2025年困境：雲端放緩與關稅陰影
回顧2025年，華爾街對亞馬遜的疑慮主要來自兩方面。首先，其金雞母——雲端運算服務AWS（Amazon Web Services）的成長速度，被認為正被微軟的Azure和Google Cloud超越。其次，前總統川普（Donald Trump）的關稅政策，也讓市場擔心其本就微薄的零售利潤將受到擠壓。這種悲觀情緒反映在估值上，其預期本益比僅28.9倍，遠低於五年平均的44.3倍。
反攻號角：三大成長引擎全面啟動
轉捩點出現在2025年第三季，AWS的營收成長重新加速至20%，創下自2022年以來的最快增速。券商TD Cowen更將亞馬遜列為2026年大型科技股首選，指出三大成長驅動力：AWS持續加速、電商與廣告動能增強，以及利潤率不斷擴大。分析師特別提到，廣告業務是個「被低估」的亮點，隨著Prime Video擴大體育賽事直播，可望成為未來幾年廣告營收的關鍵驅動力。
2026年最大挑戰：AI基建與電力供應
展望2026年，投資人最關注的核心問題是：亞馬遜能否足夠快地建立AI基礎設施以滿足市場需求？公司雖計畫在2027年前將資料中心容量翻倍，但這項宏大計畫的最大瓶頸在於「電力供應的可用性」。在這場AI軍備競賽中，能否解決能源問題，將是決定亞馬遜能否重返榮耀的關鍵一役。
本文僅為資訊分享，不構成任何投資建議。所有投資均涉及風險，可能導致本金虧損。
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