I guess a little faith and data.
Amazon is building about 100 Fullfillmet Centers worldwide, an airplane fleet, and I believe a 16 billion dollar purchase of Whole Foods. All these expenses cost billions of dollars, which I believe explains the small earning per a share and the weak quarter for them.
That being said, I agree under most circumstances their stock should be devalued and trade at a lower price. However, Amazon can't have their stock dip much especially in October because that is when Amazon does raises, promotions, and some bonuses. If Amazon's stock dips they would have to pay all their employees that are up for advancement more money because the stocks that the employees have aren't worth as much and Amazon would have to supplement the employee's compensation with more cash. Because Amazon at the moment is paying their employees by factoring in the stock price and saying, " Your 20 shares are worth about $20,000 so we only need to pay you another $60,000 to get you to $80,000/year. So I believe Amazon will most likely continue buying back their stock at a price that they find acceptable, even if they have to take a loan out to do it.
Therefore, I think Amazon will remain flat or may even dip a little. Like you said there is not much support for the stock price, but Amazon will have to support it for their own selfish needs. I personally would be thrilled if it dropped in October and I hope I am wrong because my girlfriend is up for a promotion and it would be nice if she got a higher salary.(haha)
RE: Is Amazon in a Bubble?