Much is made of companies that have recently bucked stock market reversals as the world discovered their utility. As their user base leapt, so did their share price. But then there are those shares that have been rising steadily for much of the decade, as a result of their services constantly increasing in utility. In other words, they are not meeting a sudden need. And they are also not a hidden secret suddenly come to light.

The most obvious example is Amazon, which is rewarded primarily for its dominance of global e-commerce. However, its constantly rising value is not only premised on consumer demand for physical goods. The real jewel in its crown is its cloud division, Amazon Web Services (AWS)...

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