Investors finally may be valuing Amazon as the AI-powered, massively-scaled, market-leading Technology company that it is.
We could make the case that AWS and Amazon Prime combined are worth $1.5 trillion (a 20x revenue multiple applied to each). This valuation would imply that the “Retail” operation (ex-Prime), including Whole Foods, Amazon Go, Amazon Pharmacy, Amazon Key, The Echo product family (certain of these operations leverage AWS to be fair), the Haven joint venture and more are worth only $130 billion in the aggregate. If in fact investors are in the process of re-valuing Amazon as a fast-growing Technology leader, the company may breach the $2 trillion mark before long – perhaps ahead of Apple or Microsoft.