Amazon Stock Poised to Double by 2030 on Strong Earnings Growth
Amazon's stock has been on a tear lately, and analysts are predicting that it could double in value by 2030. To reach this target, Amazon needs to compound its earnings at a rate of 20% per year. The company's non-retail services, including AWS, have been driving growth and increasing margins. In the second quarter of 2026, revenue from these sources grew 24% year over year, reaching $124 billion.
AWS is Amazon's main engine, with its revenue rising 37% year over year in Q2 2026 to $42 billion. The company has a massive backlog of $496 billion to work through, and demand for cloud services and AI compute is accelerating. CEO Andy Jassy believes that AWS could become a $1 trillion annual revenue business over time.
Amazon's custom chips are also playing a key role in the company's growth. Trainium and Graviton have generated more than $25 billion in annualized revenue, growing at triple-digit rates. These chips can lower costs for customers and lift AWS margins. Analysts see Amazon's earnings growing 20% per year over the next several years, putting the share price on track to potentially double by 2030.