Yes I understand NPV and DCF but not OPs point. The eCommerce arm makes a lot of money so I don’t understand how you could come to the conclusion that its present value is zero.
I see what you're saying. The logic to the OP's point is "If AWS were to be spun out, on its own it should be worth 12x revenue, or $750B. If the Amazon web business were to be spun out on its own, it should be worth 6x revenue or $250B. Since those add up to $1T and the market cap of AMZN is $950B, the market assigns a -50B valuation to the rest of the company." I agree it's flawed logic. The market may just disagree with someone's sum-of-parts. It maybe conglomerate discount. It may be that the market is undervaluing AMZN, too. I don't think that many people would disagree AMZN's ecommerce division is valuable.
It made less than no money recently. You might be thinking of revenue.
Where are you getting this from? I cannot for the life of me find profits by business unit. I have glanced over the 2021 Annual Report but don't have to analyze it. If you have a source I would appreciate it.