What is Amazon's current P/E ratio?

The trailing P/E is 27.5, near the low end of its 10-year range.

Could AI investments already be paying off?

Yes, AWS AI services are seeing accelerating growth, and last quarter's revenue beat expectations.

Worried About Amazon's AI Bill? It May Already Be Paid For

Amazon stock has lagged the index over the past year due to concerns over heavy AI infrastructure spending. However, with a trailing P/E of 27.5—near the low end of its 10-year range—the market may be giving no credit for these investments. Could the AI bill already be paying off?

June 23, 2026

2 min read

Source: Trefis

Key Numbers

trailing pe

27.5

If you follow Amazon.com (AMZN) stock, you've heard the main worry. The company is spending a fortune to build out its artificial intelligence infrastructure, and with the stock having trailed the index over the past year, investors are clearly nervous about the size of the bill.

Analyst's Rationale

According to a Trefis analysis, the price appears to give little credit for this investment. The trailing price-to-earnings multiple of 27.5 is toward the low end of its 10-year range. This suggests the market is either ignoring or fully discounting the potential returns from AI spending.

Context

However, these expenditures may already be yielding results. Amazon Web Services (AWS) is seeing accelerating growth in AI services, and last quarter's results showed higher-than-expected revenue. If this trend continues, the current low P/E could represent an opportunity for investors betting that the spending will translate into future profits.

What to Make of It

While the concern is valid, the low valuation may signal that the market is overestimating the risk. Investors should monitor return-on-investment indicators from AI projects, especially within AWS.

Frequently Asked Questions

Due to concerns over massive AI infrastructure spending, which worries investors about the return on investment.

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This article was rewritten in Wrqti's editorial style based on information from the original source above. Content is informational only — not investment advice.