¿Debería comprar acciones de Amazon en 2026 en medio del boom de IA y la nube?

The question of whether Amazon (AMZN) remains a compelling investment in 2026 hinges on two critical factors: its valuation relative to historical norms and the strength of its growth catalysts in artificial intelligence (AI) and cloud computing. While the company faces intensifying competition in these sectors, its strategic positioning and undervalued metrics suggest a case for cautious optimism.

Valuation Metrics: A Historical Benchmark

Amazon's stock currently trades at a price-to-earnings (P/E) ratio of 31.96 and a price-to-book (P/B) ratio of 6.4, both of which align with historical averages according to Gurufocus. These figures imply that the stock is neither excessively overvalued nor undervalued in absolute terms. However, when compared to the broader Nasdaq 100's average forward P/E of 27 times, Amazon's 25 times multiple appears relatively attractive. This discrepancy suggests that the market may be underestimating the company's long-term growth potential, particularly in its cloud and AI segments.

AI and Cloud: The Twin Engines of Growth

Amazon Web Services (AWS), the company's crown jewel, reported $33 billion in revenue for Q3 2025, reflecting a 20.2% year-over-year increase. This growth is accelerating as demand for cloud infrastructure and AI workloads surges. AWS's backlog of unfulfilled demand reached $200 billion by the end of Q3 2025, signaling robust future revenue streams. Meanwhile, Amazon's custom Trainium2 AI chips, designed for machine learning training, saw a 150% surge in demand during the same period, with capacity now fully subscribed. These developments underscore AWS's ability to capitalize on the AI boom.

The company's AI ecosystem is further bolstered by tools like Bedrock, SageMaker, and AgentCore, which streamline model development. Amazon's $8 billion stake in Anthropic, a leading AI safety firm, and its investment in AI-specific hardware position it to benefit from the sector's evolution. While Microsoft's exclusive partnership with OpenAI and its $250 billion Azure investment from OpenAI have given it a short-term edge, Amazon's first-mover advantage in cloud infrastructure remains a significant asset.

Competitive Landscape: Strengths and Challenges

AWS retains a 30% share of the global cloud infrastructure market, outpacing Microsoft Azure (20%) and Google Cloud (13%). However, Azure's revenue growth (40% year-over-year in some quarters) and Google Cloud's 34% growth rate highlight the competitive pressure Amazon faces. Microsoft's access to OpenAI's models and Google's Gemini AI platform have accelerated their AI-driven cloud offerings, creating a two-tier race in the sector.

Despite these challenges, Amazon's existing customer base and AWS's entrenched position in enterprise computing provide a durable moat. The company's $195 billion backlog of cloud demand, though lower than Microsoft's $392 billion and Google's $155 billion, remains substantial. Moreover, AWS's operating income of $11.4 billion in Q3 2025-surpassing Google Cloud's $3.6 billion-demonstrates its profitability advantage.

Strategic Investments and Future Outlook

Amazon's capital expenditures in AI infrastructure are expected to intensify in 2026, with the company projected to invest billions in expanding its data center capacity and AI chip production. These investments, while costly, are necessary to meet the surging demand for AI workloads and maintain AWS's leadership. The company's ability to scale its AI offerings without sacrificing margins will be critical to unlocking long-term value.

In the advertising segment, Amazon continues to outperform expectations. Q3 2025 revenue reached $17.7 billion, a 24% year-over-year increase. This growth, driven by its Prime ecosystem and AI-powered recommendation engines, provides an additional revenue stream that diversifies the company's earnings base.

Conclusion: A Buy with Caution

Amazon's stock appears undervalued relative to its peers and historical metrics, supported by strong cash flows from AWS and a growing AI ecosystem. While Microsoft and Google Cloud are outpacing it in AI-driven revenue growth, Amazon's first-mover advantage in cloud computing, coupled with its disciplined capital allocation, positions it to maintain its leadership. Investors should monitor the company's ability to scale AI infrastructure and manage competitive pressures, but for those with a long-term horizon, Amazon remains a compelling buy in 2026.