$AMZN is still cheap. Morgan Stanley predicts $530 billion AWS revenue in 2030. Even with just 25% net margin and 25x earnings multiple, it’ll be worth $3.3 trillion. Discount it to today at 10% annual rate and we get a $2.2 trillion business. Whole $AMZN is now valued at $2.8 trillion. This means you are paying just $600 billion for all other $AMZN businesses that generated $630 billion in revenue. Even pure retailers get better multiples.
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