Amazon and On Holding Poised for Double by 2030
Amazon and On Holding are two stocks that could double in value by 2030, according to recent trends. Amazon's Prime-powered retail and cloud business continue to drive growth, with revenue increasing 16% year over year to $775 billion in the second quarter of 2026.
The company's e-commerce sales rose 15% year over year during this period, while its cloud business, Amazon Web Services (AWS), saw a 37% increase in revenue. AWS now generates $169 billion in annualized revenue and accounts for a significant share of the company's profits.
AWS' strong demand for artificial intelligence tools is driving growth, and management expects ongoing efficiency gains to support healthy long-term margins. Analysts project Amazon's earnings to grow around 20% annually in the coming years, which could plausibly support a 2x gain by 2030, given the stock's reasonable forward price-to-earnings ratio of 22.
On Holding, on the other hand, has seen its revenue triple on a trailing 12-month basis since 2022. The company is building a premium brand around its popular Cloud running shoes and has seen strong growth in its European market, with new flagship stores performing well.