Honestly, $AMZN underperformance just feels ridiculous here. AWS is growing 37% YoY and it’s expected to reach $500 billion sales in 2030. Assuming 30% net margin and 20x exit multiple for the cloud business, it’s alone worth $2 trillion today. This means the market values the other businesses generating $630 billion in sales and $40 billion net income at just $800 billion, or 20x earnings, and they are growing around ~10% a year. $AMZN is the cheapest mega-cap now.
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