Amazon stock reached an all-time high earlier this week after the company posted its strongest top-line growth since the spring of 2021. Net sales rose 20% in its latest quarter, with its AWS cloud-hosting business surging 37% and generating more than half of Amazon's operating profit. The e-commerce segment also improved, with North American revenue up 16% and international revenue up 15%. Despite a nine-figure budget this year to advance its AI dominance, Amazon trades at a forward earnings multiple in the mid-20s, which the article describes as reasonable for a company with its competitive advantages.
