Amazon quietly became America’s largest company by revenue, yet holiday shoppers and Wall Street investors seem far more focused on its AI ambitions than its massive e-commerce engine, and that split attention may be hiding a serious risk.
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Amazon (NASDAQ: AMZN | AMZN Price Prediction) is America’s dominant retailer. In this year’s Fortune 500, it overtook Walmart (NYSE: WMT) to become the nation’s largest company by revenue. Walmart held that position for years. As the holiday shopping season has begun, no one seems to care that almost 80% of Amazon’s revenue is e-commerce-based. Arguably, most of its $2.7 trillion market cap comes from its AWS cloud business and the promise of massive success in the AI sector.
E-commerce gives Amazon two advantages. First, it provides a stable revenue base. In the most recent quarter, Amazon’s…
