Amazon Could Become the World's Largest Value Stock

FTSE Russell’s upcoming Russell 3000 reconstitution is expected to reclassify Amazon (AMZN.OQ) from a mix of growth/value to 100% value, a change driven by slower revenue growth. Analysts (Jefferies) estimate the reclassification could force roughly $8.6 billion of selling as growth-focused ETFs and mutual funds rebalance out of Amazon, potentially producing near-term price volatility even as demand from value funds is uncertain. The preliminary list is due today, with final changes to take effect in late June. Amazon has risen about 16% in 2026 and remains the sixth-largest U.S. company by market cap, which could moderate or amplify price moves depending on flows into value funds.