If you subtract AWS’ market cap and advertising at Google/Meta comps from Amazon’s market cap, you are left with bupkis. Wall Street has already decided Amazon e-commerce is a worthless loss-leader whose only purpose is to offer inventory to Ads.

As for their search crappiness, their VP of Search was Udi Manber, who literally wrote the book on search. So a reverse Hanlon’s Razor applies: it’s not bad due to incompetence but malice.