The shares of Amazon.com are trading higher today driven by the bullish comment of legendary investor Stanley Druckenmiller, who said he loves the e-commerce giant.

The stock price of Amazon.com increased more than 2% to $641.84 per share at the time of this writing around 2:59 in the afternoon in New York. In fact, the stock traded as much as $645.93 per share earlier today. Amazon.com gained more than 107% in stock value year-to-date.

Durin the New York Times Dealbook Conference Mr. Druckenmilled said growth companies will likely outperform the overall market given the fact that the economic environment is uncertain.

Amazon

Amazon.com is” investing in the future”

Mr. Druckenmiller said he likes companies that make long-term investments in products and market positioning such as Amazon.com. He noted that the e-commerce giant is doubled its spending in R&D. According to him, “I love Amazon. They are investing in the future.” He described Amazon.com CEO Jeff Bezos as a “serial monopolist.”

The legendary investor added that the Amazon Web Services (AWS) was beating IBM. He said, “If you’re starting a business today, you don’t need a tech department, you don’t need a back office, you can use AWS. By the way, it’s just ripping to shreds the 10 or 15 consultants from IBM.”

When it comes to e-commerce giant’s margins and profitability, Mr. Druckenmiller believed that Mr. Bezos can increase margins anytime he wants, but he noted that the management is currently focused on growth.

Shareholders were happy with Amazon.com’s quarterly results

Shareholders were happy with Amazon.com’s third-quarter financial results, which exceeded the expectations of Wall Street analysts.The e-commerce giant delivered earnings of $0.17 per share on $25.4 billion in revenue, up by 23% year-over-year. Analysts expected the company to achieve earnings of $0.13 per share on $24.91 billion in revenue.

Amazon.com reported that AWS continues to grow, and the business generated $2 billion in revenue, an increase of 78% year-over-year.

Deutsche Bank analysts, Karl Keirstead and Ross Sandler also praised AWS. They believed that the company will generate more money from AWS over the next ten years.

According to them, “If AWS were to grow at a 40%-45% clip near term and decelerate to 30% in the out years, and Amazon’s retail business was to grow gross profits by 15% over the longer-term, AWS would indeed be larger than Amazon retail (on a gross profit basis) in the year 2024.”