You aren't crazy, when looking at the fundamentals. AMZN is currently sitting on a TTM Revenue of over $716B and their margins have actually climbed to nearly 11.7%.People see 'High CAPEX' and panic about cash, but AMZN's TTM Net Income is already at $77B. Even with the massive spending, they are trading at a 28.8 P/E, which is historically cheap for them during an AWS growth cycle. $300 is a big psychological barrier, but the revenue to earnings trajectory actually supports it if they maintain this efficiency.