Keep in mind that there is a lot of “excess” investment money lying around. Baby boomers’ retirement funds and all that. And there just aren’t that many places to put this money so that it will grow at a decent rate. Forget T-Bills and other standard interest bearing stuff. And local governments have shrunk spending so even municipal bonds can’t suck up much dough.
(While a lot of baby boomers have failed to save for retirement, those that have have set aside a lot of money, directly or indirectly.)
This is part of the reason for the mortgage nonsense. It was touted as a safe, high earning, place to put this money. Which caused a fraud spiral to draw in more money on less safe investments.
The US stock market is currently the dumping ground for this money. So it’s gone up far higher than can be rationally justified. And tech stocks are sexy. Really, really sexy. So they draw in even more money.
Amazon’s sexiness is wearing off. If the ennui spreads, then your standard bubble popping will ensue.
Investors are asking Amazon: You promised that X, Y and Z would grow and make money. The growth is there. Where is the money?