Amazon (AMZN) is currently viewed as a high-conviction investment, with sentiment suggesting it is trading at its lowest valuation multiple since 2015. Analysis indicates a potential return of 140% to 150% if the stock reverts to its historical normal multiple, with a projected price target of approximately $605.99 by December 2028. The asset is positioned as a primary beneficiary of the AI boom over the next decade, supported by a forecasted annual rate of return of roughly 38.8%.