Heavy investment cannot create stock price advantage. Shareholders of Amazon.com, Inc. (AMZN.US) urgently need to see the effectiveness of AI investments.

Today, technology companies investing heavily in the field of artificial intelligence have mostly seen returns in the stock market. However, for Amazon.com, Inc. (AMZN.US), the situation is different. Despite Amazon.com, Inc.'s significant investment in artificial intelligence (viewing it as a way to achieve greater efficiency and faster sales growth), its stock price has only risen by about 3% this year, lagging behind the S&P 500 Index's 7% increase. Companies like Meta Platforms (META.US) that are aggressively pursuing dominance in the field of artificial intelligence have seen their stock prices rise by over 20%. Janus Henderson portfolio manager Brian Recht said, "The stock hasn't gotten much credit for its performance in artificial intelligence. Investors want to see if Amazon.com, Inc. can actually use artificial intelligence to improve profitability, but we believe the evidence of the benefits of artificial intelligence will become clearer this quarter." After a sell-off earlier this year due to concerns about the increasing number of advanced AI models developed by Chinese companies at lower costs, artificial intelligence has once again become a key factor in distinguishing stock market winners from losers. The top three companies in the S&P 500 Index for 2025 are Meta, Microsoft Corporation (MSFT.US), and NVIDIA Corporation (NVDA.US), while companies like Apple Inc. (AAPL.US) facing challenges in the field of artificial intelligence has seen their stock prices decline. While Amazon.com, Inc. has various business areas including cloud computing and advertising, its e-commerce business (which accounts for the majority of its total sales) is under pressure due to tariffs. Most of the focus on the impact of artificial intelligence is on Amazon.com, Inc.'s cloud business AWS. With the acceleration of artificial intelligence applications, this service is expected to benefit from increased customer demand. However, Recht believes the impact on Amazon.com, Inc.'s retail sector could be equally significant. Artificial intelligence is touted as a more efficient way to help Amazon.com, Inc. deliver targeted ads and products to consumers, and improve the efficiency of its logistics network and warehouses. The company has also been promoting its Rufus chatbot and Siasun Robot & Automation to help shoppers browse products, view reviews, and compare prices. According to analysts' forecast data, Amazon.com, Inc. is expected to report earnings per share of $1.32 and revenue of $162 billion on July 31 for the second quarter, which would be a 4% and 9% increase respectively from the same period last year. In comparison, the average profit growth for the seven major tech giants on the US stock market is expected to be 15%, with revenue growth of 12%. Amazon.com, Inc. plans to invest $104 billion in capital expenditures this year, the highest among companies in the S&P 500 Index component stocks. In addition to computational infrastructure, this funding also includes warehouse construction and other costs related to the company's logistics network. In June, the company announced it would invest at least $30 billion in data center projects in Pennsylvania and North Carolina. Last week, Amazon.com, Inc. announced layoffs in its cloud computing division, citing the need for investment and "resource optimization." Amazon.com, Inc. CEO Andy Jassy has said that as the company hands more tasks over to artificial intelligence, the number of employees will decrease in the coming years. Siasun Robot & Automation technology is another area that excites Amazon.com, Inc. investors as it promises to improve efficiency in logistics and warehouse operations. According to media reports last month, the company is designing an indoor obstacle course to train human-shaped Siasun Robot & Automation as part of its automated parcel delivery plan. According to estimates from Bank of America Corp, applying Siasun Robot & Automation technology to delivery operations could save Amazon.com, Inc. over $7 billion in costs annually by 2032. Analysts at Morgan Stanley wrote in a report last month that these efficiency improvements indicate that Amazon.com, Inc.'s retail business could be "one of the most underestimated beneficiaries of generative AI in the tech sector." Irene Tunkel, Chief Equity Strategist for BCA Research, said, "The profit margin in the retail industry is low, so Amazon.com, Inc. needs to increase production efficiency as much as possible, and there is great potential for applying artificial intelligence and Siasun Robot & Automation technology in warehouses. This will gradually pay off in the next five to ten years, and Amazon.com, Inc. is at the forefront of this field, undoubtedly giving them an advantage."