At first glance, Amazon (NASDAQ: AMZN) shares don’t look cheap. The stock trades at about 35 times earnings as of this writing and about 31 times forward earnings. That is not exactly a bargain multiple for a company in the middle of one of the biggest spending cycles in its history as the era of artificial intelligence (AI) unfolds.

But I think that lens misses several important parts of the bull case for the stock. Indeed, I think the valuation is cheaper than it appears on the surface, once you consider Amazon’s momentum in key segments and its attractive price-to-operating cash flow multiple.

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