D.A. Davidson’s Tom Forte said in an email Tuesday that Amazon (AMZN) may have the upper hand on Apple (AAPL), because it has more room to grow.

The company has gotten to its current valuation partly because its cloud computing unit, Amazon Web Services, is booming.

Forte wrote that it has “been a godsend for the company’s profitability and, ultimately, its share price.” He added that if Amazon was “a money losing e-commerce company, we would not be here today.”

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