So yeah there is some intrinsic value.
edit: the value of the share (in the old good days) is the discounted cash flow. you invest in a business, then business pays you the share of the profits (hence - share) in the form of dividends. AMZ share does NOT pay any dividends, nor does grant you any voting rights. nothing. zero. this is your intrinsic value.
If the total value of share prices drops below the value of the assets, you can buy all the shares, take the company private and sell off all the assets to make money.
Assets (vs liabilities) thus can put a floor on the value of a stock price.
it is amazing that no one seems to be able to answer simple question - what financial benefit do i get from ownership of an AMZ share? other that selling it to a bigger fool.
Yes, I spend a lot of time annoyed.
There is the "bubble" word again. So how about our economy, isn't that a bubble too?
What is a bubble? I still see too many places in the world where the sales price for a house is easily 10x the price it actually cost to build it. Banks? Quantitative easing? Startup's? Or at what point will Google look like a bubble itself?
Governments and Banks have learned that the crypto-currency revolution can replace a significant part of our current economy. Whether that's good or bad news, calling it a bubble is foolish and cheap IMHO.