But, if Amazon never pulls back on spending it's actually a good sign. That means the company still sees opportunity. It will spend at the level necessary to remain the leader not only in e-commerce, but in retail and related spaces.
In other words, don't bet against Amazon. They've been doing it the way I outline here, in some way or form, for 13 years. Fits and starts and bearish frenzies aside, Amazon could, theoretically, continue to do this forever.
At the time of publication the author held no positions in any of the stocks mentioned.