Alphabet (GOOG) (GOOGL), too, has been a hot trade and joined the $3 trillion market cap club. One name that has underperformed amid the market rally is Amazon (AMZN). More News from Barchartwww.barchart.comWhy Has Amazon Stock Underperformed? AWS’s operating margin also fell to 32.9% in Q2 2025 as compared to a record high of 39.5% in Q1. Amazon’s top-line growth has also been tepid and has invariably disappointed, including the Q3 guide, which came in below Street estimates.