It's only by choice that Amazon doesn't generate dividends.
That's speculation. Maybe the low prices are the real reason why Amazon is doing so well.
The reason Amazon doesn't issue dividends is not because their prices/margins are too low. It's because they are constantly reinvesting in the business.
AWS is their real cash cow, but it gets stupid amounts of R&D funds put back into it. Azure is right behind them.
It's primarily Amazon stock going up in price. Started year at 750, 874 now.
aha makes sense. So basically the worth of his shares went dramatically up.