Even though their stock prices have declined by 46% and 71%, respectively, since December 2021 and October 2020, Amazon and Alibaba remain industry leaders in e-commerce and cloud computing. Both companies have suffered declining e-commerce margins and slower growth in their cloud business, but that's expected to change as the global e-commerce industry is forecast to grow at an 11.57% compounded annual growth rate and reach $6.35 trillion by 2027. In Q4 2022, Amazon's revenue exceeded analysts' expectations by $3.43 billion, mostly due to growth in its cloud business, Amazon Web Services (AWS), which saw a 20% YoY growth to reach $21.4 billion. Meanwhile, Alibaba is poised to benefit from an expected growth in China's economy. While global inflation and the current macroeconomic climate have negatively impacted both companies, their undervalued stock prices indicate a rebound is in their future. Which one is a better value buy? We'll see.