AWS has a healthy profit margin, excellent growth prospects, recurring revenue, and significant lock-in. AWS is expected to do 15 billion or so in revenue for 2

AWS has a healthy profit margin, excellent growth prospects, recurring revenue, and significant lock-in. AWS is expected to do 15 billion or so in revenue for 2017. As an independent business it would trade on at least 10 times revenues, so that means AWS comprises 150bn out of the 400bn in market cap.