Billionaire investor Peter Thiel’s hedge fund, Thiel Macro, has disclosed that Amazon (NASDAQ: AMZN) is its single biggest reported holding.
The fund’s latest regulatory filing shows an Amazon stake valued at approximately $118 million as of June 30, making it the top position by size.
A $10,000 investment in Amazon made a decade ago, when shares traded at a split-adjusted $39.44, would be worth roughly $66,000 at Friday’s closing price of $258.51.
That represents a total return of about 555%, or nearly 21% annualized, with no dividend payments contributing a single cent to those gains.
Amazon’s financial profile has transformed dramatically over the past decade, with revenue growing from $136 billion in 2016 to approximately $717 billion in 2025.
Net income expanded even more strikingly, rising roughly 32-fold from $2.4 billion in 2016 to $77.7 billion in 2025, outpacing the stock’s already impressive price appreciation.
Much of that profit growth traces directly to Amazon Web Services, the cloud computing segment that generated $128.7 billion in revenue in 2025, up from just $12.2 billion in 2016.
AWS operating income reached $45.6 billion in 2025, with its operating margin expanding from roughly 25% to about 35% over the same period as the business scaled.
CEO Andy Jassy highlighted the segment’s accelerating momentum when Amazon reported second-quarter results, saying “AWS is booming, growing 36.7% year-over-year in Q2 — our fastest growth in 18 quarters — and our AI and Chips businesses each eclipsed run rates of more than $25 billion.”
AWS posted $42.2 billion in revenue during the second quarter alone, representing an annualized pace of approximately $169 billion.
Amazon’s advertising business has emerged as another powerful revenue engine, generating $19.8 billion in the second quarter, up 26% year over year.
Despite strong profitability, Amazon’s free cash flow over the trailing 12 months swung to an outflow of roughly $7.6 billion, primarily driven by heavy artificial intelligence infrastructure spending.
That investment posture mirrors how AWS itself was built, with significant capital deployed well ahead of the eventual profit payoff materializing for shareholders.
Shares currently trade at roughly 24 times next year’s expected earnings, a fraction of the premium investors were paying in 2016 when the stock commanded more than 100 times earnings.
Another 555% gain over the next decade would push Amazon’s market value from roughly $2.8 trillion today to approximately $18 trillion, a figure exceeding any publicly traded company’s current valuation by a wide margin.
