Amazon.com, Inc. (AMZN) is highlighted as an undervalued AI stock due to accelerating cloud business growth and a significant pullback in its share price. Analysts project revenue growth of approximately 16% for 2026 and 15% for 2027, driven primarily by AWS as enterprises shift spending to the cloud. The stock currently trades at 31.6 times forward earnings, which is roughly 80% below its five-year average, suggesting potential upside for bulls who believe heavy AI investments will eventually yield returns. Despite the valuation appeal, risks remain centered on capital expenditure and cash flow dynamics. Amazon's trailing free cash flow has turned negative as spending increases, and the stock trades at about twice the sector's forward multiple. The article notes that AMZN shares were down approximately 4.6% during a broader AI selloff, though two well-known investors are reportedly positioned to like the stock ahead of earnings. The narrative positions Amazon alongside other tech giants like Alphabet and Meta as a bargain in the AI space, with bulls arguing the market underappreciates the synergy between AI advancements and cloud infrastructure growth. While specific financial metrics for 2026-2027 are provided for peers, the core focus remains on AMZN's cheap valuation relative to its historical norms and its role as a primary beneficiary of the ongoing migration to cloud computing.