Over the past few years, investors looking for a piece of the artificial intelligence (AI) pie without the roller-coaster ride have been seeking out one stock in particular: Amazon (AMZN +0.44%). The pitch was simple: Amazon owns the world’s No. 1 cloud service provider — Amazon Web Services (AWS) — but it also is an e-commerce leader, selling everything from groceries to garden tools. This means this market giant doesn’t depend on a single technology trend and instead generates reliable growth, thanks to e-commerce, quarter after quarter.
However, that pitch may need an update. E-commerce these days actually isn’t Amazon’s star business. Instead, it’s AWS, a major player in the AI story and Amazon’s biggest profit driver. Does this mean Amazon is no longer a no-brainer buy for cautious investors? Let’s find out.
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Amazon’s two engines
First, though, a quick update on the Amazon story so far. Amazon built its fortune on e-commerce, and that business…
