Been thinking about where Amazon stock goes over the next decade, and honestly, the bull case still looks pretty solid to me.

Let's start with the obvious: this company's already crushed it. Up 715% over the past 10 years. That's the kind of performance that makes you wonder if there's anything left in the tank. But here's the thing—I actually think the growth story isn't close to finished.

The e-commerce moat is still widening. Ad business is firing on all cylinders (22% growth in Q3 2025). But the real kicker? Cloud computing and AI. AWS still has this massive runway. Their CEO mentioned that 85% of enterprise IT spending hasn't moved to the cloud yet. And now you've got every enterprise customer trying to figure out how to actually use AI—they're all looking at AWS to build it out. That's a tailwind that could last years.

Operating income is projected to hit $79.9 billion in 2025, which is wild when you think about it—that's 249% higher than 2020. The company's gotten way more efficient while still investing aggressively in new stuff. That's the Amazon playbook: they don't chase short-term earnings, they build long-term moats.

Now, the valuation conversation. Yeah, the P/E of 35 looks expensive next to the S&P 500's 25.7. I get why people hesitate. But you have to understand—Amazon's real earnings power is probably way higher than what shows up on the balance sheet because they're constantly reinvesting. The question for the next 10 years isn't whether the multiple is cheap today. It's whether revenue and profits will be meaningfully higher in 2036. Given everything I just laid out, that seems almost inevitable.

Network effects, scale advantages, dominant positions in multiple markets—Amazon's moat is legitimately hard to compete against. So for my money, if you're thinking about Amazon stock prediction over the next decade, I'd still be a buyer here. Not saying it's the only move, but the fundamentals still point in the right direction.