all the big boy techs are killing each other over search and social networking... while Amzn competes with dregs like Target, Best Buy, etc... Ebay is closest competitor but they don't have cloud services and it is not like Ebay comes out with new services every quarter. Who is going to announce a killer app against Amazon?
Hmm. What about WMT and Mercado Libre, Dangdang (all e-commerce), GOOG (Cloud), AAPL (Cloud) & tablets, NFLX and big cable companies (streaming)? Anyone who thinks that AMZN has no strong competitors is clueless. Remember how IBM dominated the PC business for about 10 years and then got overtaken by HPQ and DELL, before these firms gave way to Lenovo? The PC was invented in the US but now the industry is dominated by Asian players. AMZN is vulnerable to the same issues that eventually caused IBM and other dominant US-based players to lose, most notably the emergence of Asia and Latin America. It is MUCH easier for foreign based internet businesses to compete directly with AMZN than is the case for bricks and mortar retailers so I don't see any moat protecting them from the on-slaught that is coming from all the foreign-based competitors that are going to show up over the next few years. Even if AMZN is able to protect it's US business, it is almost a pipe dream to expect that they win in China or Latin America. Also, the financials plainly show how much more difficult AMZN's business is overseas. There is no evidence that they are winning the overseas battle.
Forward PE 156 does not seem justified by cloud, and their retail margins certainly don't justify it. I don't know if it's scarier to sell short or go long on AMZN at this point. Could they pull an Apple and lose 1/4 of their stock value overnight?
I don't own amazon, but the PE argument against amzn has been years. Money that matters obviously believes Amazon many dominant global fronts - services, retail, enterprise, hardware etc.. will eventually be even bigger pies for them in the future. Bezos is more than one trick pony.