Those are some good points. But as someone that lives in Seattle, applying to Amazon, and lives with an Amazonian, I'd have to disagree. Yes, Amazon's earnings per a share are barely recognizable but if you look in the past they were losing money and the stock was still rising. That is because they aren't actually losing money they are spending it faster than it comes in, which is actually impressive that they can spend so much and be killing it in retail when you look at market share.
I personally think you have to look at Amazon like you do with Tesla and SpaceX (I'm sure I can list a lot of new tech companies) and look at their growth in the next 5 years to justify the stock price. Amazon has so many products and projects in the works that will make them even more profits.
I'll agree that the P/E is outrageous and the stock market is on a full bull tilt with nothing to stand on, but I am sure Amazon will be one of the few top companies that will be recession-resistant coming in the next few years, because Amazon buys their stock back to inflate the price and pay their employees less, since the stock is highly valued, which is what Amazon needs. It would crush their payment mode if their stock was worth less, because they scale employee pay off of stock price when negotiating salaries.
RE: Is Amazon in a Bubble?