AWS is growing faster and minting higher margins than almost any business Amazon has ever built, yet the stock sits well below what that trajectory implies.

Amazon's stock sits below its old peak, and most investors treat that gap as a warning. A closer look at what is actually driving the business suggests the market may be pricing a company that no longer exists.

Meta Platforms TodayMETAMeta Platforms$721.62 +6.00 (+0.84%) As of 10:20 AM Eastern This is a fair market value price provided by Massive. Learn more.52-Week Range$520.26▼$779.82Dividend Yield0.29%P/E Ratio27.14Price Target$787.86Add to WatchlistThe release of Meta Platforms' NASDAQ: META Muse personal AI agent has had a huge positive impact on its share price.

Amazon maintains a dominant lead in global cloud infrastructure and North American e-commerce growth. Alibaba Group offers a value-oriented play on the Chinese digital economy with a highly liquid balance sheet.

The AI infrastructure build-out is the stock market's hottest trend since the advent and proliferation of the internet in the mid-to-late 1990s. Form 13F filings show that Wall Street's savviest billionaire asset managers have flocked to two AI titans -- but not the ones you may have expected.

Susquehanna Fundamental Investments LLC acquired a new position in Amazon.com, Inc. (NASDAQ: AMZN) in the undefined quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm acquired 2,500 shares of the e-commerce giant's stock, valued at approximately $596,000. A number of other institutional investors and hedge funds have also recently

Strategic Advisors LLC decreased its stake in shares of Amazon.com, Inc. (NASDAQ: AMZN) by 26.5% in the undefined quarter, according to its most recent Form 13F filing with the SEC. The fund owned 89,204 shares of the e-commerce giant's stock after selling 32,143 shares during the period. Amazon.com accounts for 4.0% of Strategic Advisors LLC's portfolio,

Senator Investment Group LP lessened its position in shares of Amazon.com, Inc. (NASDAQ: AMZN) by 31.1% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 420,000 shares of the e-commerce giant's stock after selling 190,000 shares during the

Rothschild Capital Partners LLC lessened its position in Amazon.com, Inc. (NASDAQ: AMZN) by 1.7% in the undefined quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 127,579 shares of the e-commerce giant's stock after selling 2,141 shares during the quarter. Amazon.com makes up about 7.5%