Is Now a Good Time to Buy Amazon Stock?

Amazon stock has risen 90% over three years while fundamentals improved even faster. The company trades at its lowest valuation multiple in over a decade (18x cash flow, 30x earnings) despite strong growth in cloud services, AI infrastructure, and custom chips. AWS revenue reached $150 billion annualized with 28% YoY growth, while Amazon Bedrock spending nearly tripled quarter-over-quarter. The company's custom chips business is generating $20 billion in annualized revenue with triple-digit growth rates and $225 billion in revenue commitments.