AWS Growth Fuels Amazon Stock Double Prediction by 2030
Amazon's stock has been trading near $251.35 as of September 9, 2026, and many analysts believe it has a realistic path to doubling within four years. This prediction is based on Amazon's forward earnings estimates and valuation, rather than any single catalyst.
The math behind the projection is straightforward: Amazon currently trades at around 20 times forward earnings, with analysts predicting 20% annual earnings growth over several years. If this pace holds and the stock still commands a similar multiple in 2030, both earnings and share price would roughly double.
AWS remains the profit engine behind Amazon's growth, with revenue from cloud services growing at a faster rate than retail sales. In Q2 2026, AWS posted $42 billion in quarterly revenue, up 37% year over year, and has a $496 billion backlog of contracted work still to be delivered.
CEO Andy Jassy has pointed to demand for cloud services and AI compute as the driver behind his view that AWS could eventually become a $1 trillion annual revenue business. Amazon's custom silicon is also generating significant revenue, with more than $25 billion in annualized revenue growing at triple-digit rates.