The key clarifications are to determine how much less likely is it and what kind of growth is possible. I believe currently that Amazon will show some sequential growth based on higher rate of converting its traffic into paying customers and an increasing basket of goods bought. However, a small decrease in sequential velocity today magnifies into the future, so the exact size of it is critical, even if it is only a percent or two today. A percent or two compounded over 20 years quarterly is an awfully big number, and it is not surprising that investors are more uncertain than they previously were. As Amazon takes a larger share of mature markets, seasonal shifts in that market will have a greater demand.
Investors are accustomed to solid sequential growth in all quarters for e-tailers.
Simply put, I don't think investors have adjusted to the reality of an increasing market share and the convergence between the company and the market as this occurs. Amazon, for better or worse, is a proxy for e-commerce. The company is the largest, most liquid, pure e-commerce vendor. When an institution wants e-commerce exposure, Amazon is one of the first names that appear on the list of potential candidates. Even, as I believe, if it benefits Amazon long term.