What’s not to like about Amazon stock right now?

Murray Wealth Group president Jamie Murray says Amazon (Amazon.com Stock Quote, Chart, News, Analysts, Financials NASDAQ:AMZN) remains a bargain given its retail platform and exposure to AI infrastructure.

Speaking on BNN Bloomberg’s Market Call recently, Murray said Amazon combines one of the world’s best retail assets with one of the strongest ways to invest in AI infrastructure.

“What’s not to like?” Murray said.

The fund manager said Amazon’s multiple has come down while earnings are still expected to grow about 20%, leaving the stock trading at roughly a 1.0 times PEG ratio.

“Anytime you can buy at 1x, for a company like this, we think it’s a great bargain,” Murray said.

He said Amazon’s AWS AI buildout took a major step forward last quarter, with growth above expectations and strong margins.

Murray said that helps validate the more than US$200-billion Amazon is spending on AI and compute infrastructure.

The investor argued that the market sometimes forgets that current revenue comes from capital spending made 12 to 18 months earlier, meaning spending in 2026 may not generate revenue or earnings until 2028.

Murray said that creates a longer runway for earnings growth even if spending peaks or slows.

On the retail side, the investor noted that margins continue to improve across delivery, Prime and advertising.

Murray noted that Costco and Walmart trade at 30 to 40 times earnings, while investors can buy all of Amazon for about 25 times earnings.

Amazon remains one of the largest holdings in Murray Wealth Group’s global equity growth fund.

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