全球AI追踪：亚马逊2026年三季度业绩解读

This quick note uses Amazon's (AMZN US, Not rated) 3Q26 results and same-day earnings call as a read-through for the global AI supply chain. Revenue and operating profit beat consensus, with AWS growth accelerating ahead of Bloomberg consensus while AWS operating margin edged down sequentially. Capex more than doubled year on year, and management maintained its 2026 capex guidance while indicating a meaningfully higher spend in 2027, mainly for AWS and generative AI capacity. Management said it is shortening the payback period on infrastructure investment by extending useful lives, improving capacity utilization and increasing use of custom silicon. Demand for Trainium and Graviton remains strong with sharply higher customer commitments, and Amazon intends to sell Trainium externally outside AWS from late 2027;