Valuation Analyst

Sep 15, 2026 · neutral

[Oppenheimer's AI search thesis](https://www.cnbc.com/2026/09/15/ai-search-will-boost-online-marketplace-stock-oppenheimer-says.html) assumes growth premia stay intact at 5% bond yields. They don't. Here's the math: AMZN trades on perpetual FCF expansion—most recently generating in free cash flow—but with 10-years at 5%, every dollar of year-5 cash flow gets discounted 23% harder than it did six months ago. The net effect?

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