AI is growing much faster than the other components of MS and Alphabet's business, and OAI is 100% dedicated to AI while the other two only have small portions on AI

Let's say Company 1 has $1B revenue and has grown 5x in the last year, and 20x the last 2 years.. Let's say Company 2 has $1B revenue and that's the same as it was last year and the year before.

Should these companies be valued the same?

> Should these companies be valued the same

By who? Public money is looking for dividends (profits) not growth?

Public money is looking for profits. Dividends are one way to get there. A better way to get to larger profits is selling the stock after it gets much more valuable. In the example above the growing company has a good chance of being worth much more a few years later, and that increases the value.

If indeed the public is looking for dividends, why is Amazon, a company that has never paid a dividend, such a valuable company?

Amazon has ~10 Billion outstanding shares and the current market price for one of those shares is ~$240.

If folks only care about dividends, why would anyone buy an Amazon share at that price?

> why is Amazon, a company that has never paid a dividend, such a valuable company?

You'd hope every publicly-traded long term minded company operates the same way Amazon does. Reinvestment of money they themselves earn in "growth" and still retain a trickle in profits.

SpaceX: ~$2.5T value / ~$18.7B revenue ≈ 133× revenue

Growth versus blue chip (do we even use that term anymore?)