I'm aware of that. The market for cloud computing should grow 50-100x in the next ten years, and Amazon is well positioned to capture almost all of it, with de

I'm aware of that. The market for cloud computing should grow 50-100x in the next ten years, and Amazon is well positioned to capture almost all of it, with declining costs and increasing profit. Not only that, they will be a serious threat to iTunes with their book distribution. They should also be able to displace Craigslists and Ebay for the sale of used goods. Their service is easier, faster, and usually generates higher prices. The analysts are still undervaluing cloud services, and haven't really talked too much about the Amazon marketplace ecosystem. Ebay is worth about $37B alone, so if Amazon can soak up chunks of that market, their value will go up tremendously. Used goods can probably still grow 1,000x at Amazon. Also, expect major growth in their fulfillment services. Once awareness of that picks up, they can probably take that industry and do long-tail order fulfillment for everyone selling anything online, through Amazon or not. Like I said, Amazon is definitely worth a 3x premium on Google, simply because they have so many different places they can grow revenue, and almost everything they're getting involved in has the potential to be huge businesses with clear paths to revenue.