Amazon's down about 22% from last year's highs and honestly, the dip might be worth a closer look right now.

The main thing spooking people is that $200 billion capex commitment for 2026 - up from $131 billion last year. Yeah, it's a massive number. But here's the thing: AWS is actually firing on all cylinders. Q4 revenue growth hit 24%, and they're seeing real demand from enterprise and government customers for their AI tools. When you've got that kind of momentum, you need the infrastructure to back it up.

What makes Amazon interesting as a buy the dip candidate is their structural advantages. AWS has this crazy high switching cost - once companies integrate their entire workflow into AWS and train their teams on it, moving to another cloud provider becomes a nightmare. The logistics network does something similar for the marketplace side. Fast, free shipping at scale? That's not easy to replicate. And the network effect on the merchant side keeps reinforcing itself.

The growth story is also durable, not just hype. Over the past decade, Amazon's revenue jumped 570% and operating income went up 3,536%. Yeah, growth rates will moderate, but they're riding multiple secular trends - AI, cloud adoption, e-commerce, digital advertising. That's not going away.

Valuation-wise, you're looking at a P/E around 28, which is near a 10-year low for this stock. That's actually reasonable when you factor in the sustainable growth profile. The market got spooked by the capex, but that's exactly the kind of investment that keeps Amazon's moat wide.

If you've been sitting on the sidelines, this pullback looks like a decent entry point for long-term exposure to cloud infrastructure and AI growth.