Take the usual quarterly loss, the upcoming Prime price-hike, and the UBS downgrade and you have the catalyst for a drop in amazon.com's shares in the past couple of days.
Today however the stock is up over 2% and chances are it'll be back where it started and then some. Amazon is just one of those stocks. Much like bitcoin, it has little intrinsic value but it's kept front and center so everyone's too afraid not to buy in, lest they miss the party.
What exactly does amazon do again? Sells discounted stuff online like a thousand other websites, takes its excess network capacity, repackages it as dozens of different services under the cloud umbrella and leases them to users (like thousands of other hosting companies), and oh yes, they are working on the drone express.
When you have a winning formula why mess with it? For two decades Amazon has been pushing the investing-for-future angle. Meanwhile there are no earnings, no dividends, and no share buybacks. Just a bunch of vapor and promises. The good thing about the future is that it's always in the future. We may wait until there's a red giant where the Sun used to be, but the future will still be in the offing.
The amazon emperor has no clothes on, but no worries, he'll get his clothes in the future.