It's still worth something. All of these warehouses and data centers are assets if nothing else. You can sell buildings and land. Obviously that value alone doe

It's still worth something. All of these warehouses and data centers are assets if nothing else. You can sell buildings and land. Obviously that value alone doesn't justify the share price, but it does justify > 0 value. The bet that investors are making is that at some point the revenues and cash flow will be so huge that Amazon won't know what to do with them and at that point they will start showing a profit and perhaps even pay a dividend. It's not entirely unreasonable. Even Apple finally started paying a dividend once they got to 100 billion or so in the bank. Noticing that Amazon only has 1% of the retail market is pretty crazy. the potential opportunity they have is staggering. It's not unreasonable to think at some point their will be profits to be had.