Amazon's earning went down 60% while it's market cap went up 40%.
So earnings are definitely not the metric for Amazon.
How about growth? Growth grows at an amazing 50%. Still it will take 4 years of 50% growth year over year to justify this price. That is kind of asking a lot. Most annalists expect growth to drop 5% a year until it reaches 30% growth. Which pushes an appropriate valuation at 5 years. So for 5 years if this stock does not move it will finally be properly valued. I can't see the advantage of buying today. Why not put my money elsewhere in a company that will grow.