Amazon (NASDAQ: AMZN) rose to prominence on the back of its now sprawling e-commerce business, which has become not only the largest digital retailer in the U.S., but also the world. 

Yet one of the biggest hallmarks of the company's success has been its willingness to expand into other areas of business, with its cloud computing and digital advertising businesses as prime examples. While not all of its ventures have been successful, Amazon's track record has been sufficient to strike fear into the hearts of those it might rival. Oftentimes, stocks will fall at the mere prospect of having to compete with the company -- a well-documented phenomenon known as "the Amazon effect."

Now, it seems Amazon has its sights on the wireless industry, which could spell trouble for the likes of AT (NYSE: T), Verizon Communications (NYSE: VZ), and T-Mobile (NASDAQ: TMUS).

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Source Fool.com