I'm long some puts and I know there is some pretty good risk due to the law of the nitwits. Fundamental business performance is not always relivant to the beauty contest that determines stock price. Good stories can elevate the price and AMZN are master story tellers.
I recall holding Puts in GM and they announceed a 38 billion dollar non-cash loss. The stock didn't tank right away. It held near its $38 high. It drifted lower and I made some money but the longs kept the faith and poured more money into a dead company. It was bankrupt a year later surviving off taxpayer money.
Risk - reward I think I have made a good bet. We'll know pretty soon.