Amazon's AI Business Passed a $25 Billion Run Rate. Where Does That Put the Stock in 5 Years?

Amazon's AWS AI business has reached a $25 billion annual revenue run rate with triple-digit year-over-year growth. AWS overall grew 37% to $42.2 billion last quarter with expanding margins. The article analyzes whether Amazon's current $2.8 trillion valuation is justified, concluding that the stock's 28x forward earnings multiple assumes about 15% annual profit growth through 2031, which appears reasonable if AWS maintains margins while scaling its AI business.