The analysis presents an updated discounted cash flow valuation for Amazon (AMZN). An intrinsic value per share is calculated at $285.17, compared to a current market price of $231.23, a 52 week high of $242.52, and a 52 week low of $161.38. The analyst highlights Amazon's AWS segment, noting its annualized revenue run rate exceeding $120 billion and an operating profit margin consistently above 30%. Amazon's CEO expects a shift in worldwide IT spending towards cloud computing, from the current 85-90% on-premises to a predicted 85-90% in the cloud within the next 10-15 years, and considers AI as further accelerating this change. The CFO stated that Amazon's worldwide operating income was $19.2 billion in the most recent quarter, $1.7 billion above the high end of management's expectations. He likes the trend of more growth from third party seller. All of those would contribute to higher valuations.