The shares are in the bottom half of Nasdaq 100 performers this year and they now trade near their biggest discount to the index on record, after spending most of the past two decades priced at a significant premium. Amazon is trading at about 26 times forward earnings estimates, compared with more than 27 times for the Nasdaq 100.
In a stock market obsessed with artificial intelligence, Amazon.com Inc is losing ground.
The company’s shares have been lagging the Nasdaq 100 Index for most of the year, and the gap has only widened in the two weeks since Amazon’s July 31 earnings disappointment. The tech-heavy benchmark is up 12% this year, more than twice Amazon’s 4.6% gain.
