Yes, Amazon stock is a pyramid scheme. The people who got in early will be OK, but the people who got in late will lose their shirt. If the product that is Amazon was ever going to be profitable enough to justify its market cap it would have done so by now, but their history has proven that they simply do not have the ability to pick winning projects on a consistent basis (or the spaces they occupy simply do not have a high enough percentage of winning projects available to them). Any further bidding up of Amazon's baseless stock value would only further confirm it is a pyramid scheme, but it can't (or at least shouldn't) be able to go on like this indefinitely unless any kind of value in general as a basis for price is a thing of the past. If that's the case we are in for a very interesting future.