JD.com is mispriced because its equity stakes and holdco net cash alone exceed its market cap, as if JD Retail core did not exist. Analysts fixate on the drag from consolidated New Businesses, which blurs their view. A sum of the parts values JD Retail core on a conservative EBIT multiple after stripping out JD Healthcare and JD Industrials profits, then adds the listed stakes in those two and JD Logistics, equity-method stakes at book value, and adjusted holdco net cash. x.com  x.com  x.com  x.com 

JD.com is one of the few China internet names whose 2026 earnings risk skews up, so its multiple can rerate on beats rather than a sentiment recovery. Its logistics-backed retail core has been resilient, quick-commerce losses should narrow as the 2025 investment cycle matures without needing a macro recovery, and international expansion is measured. Overweight with a $38 December 2026 target, 9x 2027 earnings. Risks: share loss to Pinduoduo and Alibaba, margin pressure, a weaker China. x.com 

Amazon's weak retail growth has shaken the earlier buy case. Online-store sales rose just 2% year over year, and the retail numbers look so poor that it is no longer clear at what price the shares are a buy. x.com  x.com  x.com 

Amazon looks cheap against its growth and cash-generating businesses. At about 3.5 times trailing revenue and a roughly 20 trailing P/E, it has $776B in sales, AWS growing 37% year over year, plus advertising and marketplace cash engines. x.com 

Amazon looks cheap against its expected long-term earnings growth if that growth proves accurate. Its five-year consensus growth is the fastest in the Magnificent 7 after Nvidia, while its 0.90 forward P/E-to-growth ratio is the lowest excluding Nvidia. x.com  x.com 

JD.com's share price should follow its free cash flow, which jumped 599% last quarter, and it has completed a $1B share buyback. x.com 

Amazon is still priced like a retailer with a cloud business attached while other hyperscalers get AI multiples, and that gap should close. At $251 it trades at 26x forward earnings and 11x forward EV/EBITDA, a decade low outside the 2022 bottom. AWS grew 37% to $42.2B, its fifth straight quarter of acceleration, at a 39% margin, with $496B of signed commitments growing triple digits. CEO Andy Jassy said AWS could very possibly become a trillion-dollar annual revenue business in time. x.com 

Amazon looks attractive because AWS is growing 36% year over year while being less exposed to OpenAI and Anthropic than peers. That combination offers strong growth with less single-lab risk, yet Amazon trades near its lowest valuation ever. x.com 

Amazon, along with Nvidia and Tesla, is on a crazy sale given its growth, P/E and future. Investors seem to be selling guaranteed winners like Nvidia and Amazon simply because there are too many opportunities in smaller AI stocks and IPOs, which may amount to a kind of liquidity crunch. x.com  x.com 

JD.com's margin expansion is finally coming, as founder Richard Liu says its 700,000 delivery workers will eventually be replaced by robots, per @wallstengine. JD has signed contracts with about 120 schools to retrain couriers for roles such as robot repair and maintenance. x.com