Despite Amazon's (AMZN -0.48%) stock being down more than 40% off its all-time high, it may be a good opportunity to buy. Fool.com contributors Matt Frankel and John Bromels discuss how well the e-commerce giant is performing in this clip from "The Rank" on Motley Fool Live, recorded on July 13.

Matt Frankel: We both had a consensus No. 1. It was pretty clear that we both agreed that Amazon is the best value right now I guess to put new money into. I'm shocked that Amazon is the No. 4 company by market cap on the S&P right now. There's a solid argument to be made it should be No. 1. It's down 42% from the highs. That's the second largest decline on this list, next to Tesla (TSLA -0.58%), which was 43%. They have their dominant e-commerce business, but e-commerce itself is still growing fast. E-commerce is less than 15% of total retail. Not a day goes by where at least two Amazon packages don't show up on my porch.

John Bromels: Oh my gosh, Prime Day. I don't know whether I just happened to have found a bunch of stuff that I needed on Prime Day or if I saw it on Prime Day and that made me think that I needed it. But like this week, I may not be able to get out my door because of all the Amazon packages that are about to be dropped on my doorstep.

Frankel: That's not to mention Amazon Web Services, which is the dominant cloud player. They have a lead over even Microsoft's (MSFT -0.41%) cloud platform.

Bromels: Yes.

Frankel: That's a growing market. I've mentioned a $1.3 trillion market by 2030 if they could just maintain their market share.

Bromels: AWS is huge.

Frankel: More profitable than the e-commerce side.

Bromels: Yes, it is the go-to and I've been digging into a lot of the cloud services stuff. I was talking about Microsoft Office being second best. I mean, everyone agrees AWS is the undisputed, the best in the business, best-in-class for cloud services, and that is a good place to be.

Frankel: It's amazing how quietly they built that side of the business. [laughs] That's what always shocks me. If you follow the tech sector, you've known about AWS forever. If you're just a casual investor, you know Amazon for e-commerce. But that's not the dominant part of its business anymore. I wouldn't even go that far.

Bromels: Definitely. With the company, more than 40% right now off of its all-time high, and its revenue is the highest of this bunch. I mean four hundred seventy-some billion in trailing 12-month revenue. That absolutely destroys the others. Those were the big factors for me. Also, Amazon again, using all of this cash to make other bets. I mean, really investing...

Frankel: Healthcare

Bromels: ...in the smart home ecosystem, really investing in health. Yeah, all of these things.

Frankel: I saw Amazon is testing cancer vaccines, I read in the news the other day.

Bromels: I did not hear about that.

Frankel: In a partnership.

Bromels: Now I'm going to look it up.

Frankel: I need to make sure I didn't misquote that, but I'm 99% sure I read that. It's just a really impressive business. If I were to name one stock on this list that has the capability of being a multibagger in the next decade, it would probably be Amazon and that's why it got my No. 1 ranking.