• NVIDIA stock is trading at elevated levels. What's the outlook for NVDA shares?

Best known as an e-commerce company, the acquisition of MGM by Amazon.com Inc (NASDAQ:AMZN) and launch of the Prime Video streaming platform have placed a larger bet on entertainment in recent years. Amazon showed off its movie ambitions at CinemaCon this week.

Amazon has a lot of great things going on in its e-commerce and cloud computing businesses, while satellite internet adds another potential growth driver. However, Amazon is not immune from a recession and is spending big and increasing its debt.

Verizon is downgraded to hold, reflecting rising long-term disruption risks despite near-term stability and a still-attractive ~9x forward P/E. VZ's current momentum is modest, with 2-3% revenue growth and 4-5% adj. EPS guidance for 2026 amid intense competition from T-Mobile and AT&T. Amazon's $11B satellite investment poses a credible long-term threat, but satellite economics and technology remain a complementary—not replacement—risk for VZ in the near term.

Microsoft's cloud business doesn't have the same advantages as Alphabet and Amazon's cloud units. Alphabet has the most complete stack of products and services of any AI company.

Amazon (NASDAQ:AMZN | AMZN Price Prediction) has delivered accelerating numbers, a widening moat, and a valuation that makes sense for what this company is becoming.

Amazon pivots to everyday essentials to drive repeat demand and grocery growth, but rising logistics costs and fierce competition could pressure margins.

Amazon has u-turned from the worst-performing Mag7 to the top performer, up 8% YTD versus the S&P 500, up 2%. We expect negatives weighing Amazon down to reverse on a structural basis as Anthropic ramps up traffic and Trainium adds a cost-structure advantage. Trainium is a golden ticket that the market has yet to fully price in and which we expect to be a game-changer in 2027.

Amazon's surge shows how multiple expansion can reward--or punish--growth investors.