Despite a 15%+ post-earnings surge, AMZN still trades approximately 3% below Morningstar's $280 fair value estimate, with Q2 FY2026 results confirming extraordinary operational leverage (net income +245% YoY, AWS +37% YoY) that validates a structural re-rating rather than a temporary spike. The stock's rapid convergence toward fair value following blowout earnings creates a medium-term value entry as the market continues to digest the magnitude of margin expansion and AWS acceleration. With the Big Tech Capex Revolt theme pressuring peers, Amazon's demonstrated ability to convert massive infrastructure spend into profitability at scale differentiates it from the crowd and supports a premium re-rating toward and beyond current analyst targets.