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Amazon's (AMZN) - Get Amazon.com, Inc. Report budding empire in cloud services could prove to be a huge, stock-moving profit tailwind, according to two well-known titans of business.

Shares of the internet giant could "double in three years," legendary value investor Bill Miller said Tuesday at the Delivering Alpha conference. Fueling the gains, Miller said, could be further revenue growth and margin expansion in Amazon's fast-growing web services business as well continued dominance in the retail market. 

Amazon Web Services, or AWS, is a comprehensive cloud computing platform that first launched in 2006. Since its debut providing online services for websites, AWS has expanded its availability to many international markets and within the business world.  

Miller isn't alone in predicting vast riches for Amazon from a deeper foray into cloud services.  

"If you were to break AWS out as an independent company now, they would be the largest cloud company and be worth a $100 billion," former Apple (AAPL) - Get Apple Inc. Report CEO John Sculley told TheStreet in a May interview.

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Sculley, who is an investor in several startup cloud companies such as pharmacy benefits manager RxAdvance, added, "You have to have incredible respect for what Jeff Bezos has done with Amazon Web Services. That business didn't exist six and a half years ago. You see everyone racing to catch up with Amazon, whether it's  Microsoft (MSFT) - Get Microsoft Corporation Report  , [ Alphabet's] Google (GOOGL) - Get Alphabet Inc. Class A Report or IBM (IBM) - Get International Business Machines Corporation Report  -- so huge success story for Amazon here."

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Given Amazon's year so far with AWS, Miller's bullish comments and Sculley's valuation math don't seem too far-fetched.

Amazon's cloud business raked in $2.9 billion in revenue during the second quarter, representing 58% growth from the prior year. The segment's operating income, excluding stock-based compensation, tallied $863 million, up significantly from $391 million during the year-ago quarter.

Over the past four quarters, AWS has generated $9.9 billion in revenue for Amazon, putting it on track to shatter the $10 million annual sales goal executives set on a call with analysts on April 28.

In large part, the growth of AWS is being spurred by Amazon's aggressive investment in expanding cloud-based services for small and large-sized businesses. Amazon said it already introduced 422 new significant cloud services in the first half of the year, a faster pace than when it launched 722 new services and features for all of last year.