Amazon stock pricing is a house of cards. A huge selloff can occur at any time catalyzed by a management misstep (witness Netflix last year), a significant miss on an earnings report or a more aggressive effort by Google in its entry into the shopping business. Find what you want with the Google Search and press the buy button now. No bricks, no mortar, no warehouse, no warehouse employees, no robots and with fast shipping direct from manufacturer to customer:
Also remember that Amazon is now being forced to collect sales tax in many states, for example California. The 8% sales tax in California has significantly lowered their competitive advantage vs. stores like Target, Bed, Bath and Beyond, Costco, Fry's and Best Buy.
Amazon pays no dividends and given its current PE, I don't think it can go much further as a growth stock. Why would anyone want to take the risk of owning it when the rewards are so limited, especially at this stock price. It the stock price continues to go up it only adds to the downside risk. Sounds like blind faith to me.
Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.