E-commerce and ads already support $1.6T, leaving AWS and growth bets priced at only $1.2T

E-commerce annualized revenue of $547B is worth about $800B at 1-1.8x sales. Digital ads are heading toward more than $80B of FY26 revenue at roughly 50% operating margins, or over $40B of operating income, and a conservative 20x EBIT multiple values ads at about $800B. Together those businesses support $1.6T of a $2.8T market cap, leaving only $1.2T for AWS, Amazon Leo, Zoox, One Medical, Prime Video, and equity stakes. AWS already runs at a $169B annualized rate with a $496B backlog, and scaling capacity from about 14 GW toward 120 GW with rising monetization to about $12 per watt supports a path to $1T of AWS revenue by 2035 and a $3T-plus AWS value by 2030.