$Amazon(AMZN.US) You're all focused on that $200 billion spending plan and the 11% after-hours stock drop, calling Jassy crazy. The problem is, AWS growth has already hit 24%, the fastest in thirteen quarters, and self-developed chip annualized revenue has surged past $10 billion and is still growing at triple-digit rates—is this reckless spending? This is flooring the accelerator during a land grab, and it's still uncertain whether competitors can keep up.

After the earnings report came out, a bunch of people calculated the EPS missed by 2 cents, but few looked at the backlog surging to $244 billion, a 40% year-over-year increase. AWS now has an annualized revenue of $142 billion, and at this scale, it can still grow at 24%. Microsoft and Google are growing fast from a smaller base, but when you compare scale head-to-head, the two of them combined aren't as big as AWS.

Full-year revenue of $716.9 billion has already surpassed Walmart. The world's top revenue-generating company still has a P/E ratio of less than 40x, with AWS's profit margin at 60%+, advertising growth at 22%, and retail still improving efficiency. The market insists on pricing it like a cyclical stock—is this a bargain you can actually get?