Winners keep on winning. Amazon (AMZN 0.75%) continues to prove this statement true.

The tech behemoth has its fingers in multiple industries. Its shares have not only soared 105% since the start of 2023 (as of Feb. 12), but they're up an eye-watering 852% in the last 10 years.

Don't worry, though. There could be plenty of upside left for Amazon. With that being said, here are three reasons investors should buy this FAANG stock like there's no tomorrow.

1. Growth

I just mentioned how Amazon is involved in numerous industries. But even better -- the company plays a part in global, fast-growing segments.

Amazon's key operating segment is its online marketplace. The e-commerce platform attracts about 40% of every dollar spent in the U.S. online. This remarkable stat is an example of what having a first-mover advantage in the space is all about.

However, shopping only accounts for under 16% of all retail sales domestically. Therefore, Amazon is poised to capture a sizable chunk of growth over time. It has the scale and logistics footprint to continue delivering for consumers.

Then there's streaming entertainment. I suspect most people sign up for Amazon Prime due to the fast and free shipping on millions of items. But the service also comes with Prime Video, a top streaming service that commanded 3.3% of daily TV viewing time in the U.S. in December, behind only Netflix and YouTube.

The cord-cutting trend isn't going away, and fewer and fewer households will likely have traditional cable subscriptions in the future. This provides another powerful tailwind for Amazon.

Investors might not know that the company is the third largest digital-ad company in the world. With a website that attracted 4.8 billion visitors in December, management figured out a way to monetize this traffic. Digital-ad revenue totaled $14.7 billion in Q4, up 26% year over year.

Astute readers will quickly realize that I didn't discuss Amazon Web Services (AWS), the company's cloud services division, which is a leader in the global market. AWS will likely be Amazon's top growth engine over the next decade.

Its sales were up 13% in the latest quarter. But with estimates showing that the worldwide cloud market will be worth nearly $1.6 trillion in 2030, AWS has plenty of years of outsized growth in front of it.

2. Artificial intelligence

There has been no hotter topic in the tech and investing worlds than artificial intelligence (AI). While executives look for ways to integrate this technology into their operations, money managers want a way to invest in this trend.

Amazon is in a fantastic position to benefit from AI, particularly from its AWS segment. That's because cloud services look like one of the best ways that businesses can serve up AI products.

Take Bedrock, for example, which AWS clients can use to develop their own AI applications. And there are numerous other AI-based offerings that AWS provides for customers.

By trying to become a leader in launching AI solutions via its AWS division, Amazon will only strengthen its position as a mission-critical software provider for its customer base. Thanks to the tremendous amount of data AWS collects, its offerings can constantly improve, further bolstering its competitive standing.

3. Valuation

The final reason investors should buy Amazon stock like there's no tomorrow is because of the valuation. Despite the stock's impressive run in the last 13 months or so, the valuation isn't too stretched. Shares trade hands today at a price-to-sales multiple of 3.1, which is in line with their trailing-10-year average.

There are many reasons to appreciate the dominance of Amazon's business. Investors have the chance to still scoop up shares at a reasonable valuation.