As hot as the markets have been this year, some tech stocks have been doing even better. Online retail giant Amazon (NASDAQ: AMZN) is up 19% this year, outperforming the S&P 500, which has risen by 11%. Investors are bullish on Amazon again but it wasn't that long ago that the stock was nosediving, when its shares crashed by nearly 50% in 2022.

Part of the problem then was that amid shaky economic conditions, Amazon's elevated price made it vulnerable to a steep sell-off. Well, Amazon's stock's is now trading at even higher levels than where it was at the start of 2022. With the business slowing and Amazon not being the growth machine it has been in the past, is the prudent move for investors to step away from the stock and wait for it to come down in price? Or should you invest in Amazon anyway?

Amazon's business is continuing to grow, just not at such a fast pace anymore. During the first three months of the year, the company reported $143.3 billion in revenue, which was 13% more than in the same quarter least year. Even its once fast-growing cloud business, Amazon Web Services, reported relatively modest 17% growth during the period.

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Source Fool.com