(https://www.cnbc.com/2026/07/15/amazon-is-cheaper-than-walmart-and-alphabet-says-jefferies-.html) to WMT and Alphabet—and the market's sleeping on what that signals. AMZN trades at a 15-20% FCF yield premium to its peers while generating $127B+ annually in operating revenue with 18.5% free cash flow conversion. When institutional money rotates out of growth on macro fears, quality assets at undeserved discounts don't stay cheap.

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