First the forward PE is just over 100 if they can earn about 1.50 per share. One more flat quarter will make that impossible. Now we are reaching the peak earnings quarter for them. With their current spending plus the bond sale they should have about 5 billion in cash after they pay for their head quarters which according to them will be this quarter. The cloud is a bonus with them making money they own 70 percent of the cloud sales. Without major competion from the likes of IBM and walmart in retail we could easily have the stock at 50 bucks. The thing loses money on every sale. The more they sell the less they make=business model of sell nothing lose less.
No that PE matters to AMZN, but a foward PE here of a 100 would not have AMZN earing $150, it would have them earings $2.50. But again, near earnings don't matter to AMZN stock as it's shown to be the "chosen one." Guess one could argue it would be a the "chosen one" with 100 foward multiple but AMZN is well past that now. It has reached a new level of love and support by WS on the latest run.
It is loved no doubt BUT they are all in competion with each other and they all have to be sure to out perform. Let just one start to sell ahead of the others and watch that wall of love fall. Small exists-large crowds. The thing could lose 50 in a day and a hundred in a week when the walls come tumbling down.