Amazon has shed as much as $113 billion of market value in just 3 days

• Amazon shed as much as $113 billion in market value in just three days this week.
• Amazon's market value of $1.59 trillion as of Friday's close dropped to as low as $1.48 trillion today, representing a decline of 7%.
• Despite this week's decline, shares of Amazon are still trading 15% and 45% above their 50-day and 200-day moving averages, respectively, helping illustrate how in favor Amazon has been with investors.
• Since growth stocks have taken a breather this week, with value stocks showing signs of outperformance, some investors think value could be poised for a comeback.
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Amazon has lost as much as $113 billion in market value in three days this week, representing a decline of 7%.

Amazon's market cap of $1.59 trillion as of Friday's close fell to an intraday low of $1.48 trillion on Wednesday, according to data from Bloomberg.

The drop in Amazon hasn't deterred Robinhood investors. From Monday to Wednesday afternoon, more than 16,000 Robinhood traders bought shares of Amazon, representing an increase of nearly 5%, according to data from Robintrack.net. This suggests investors are actively buying the dip in Amazon.

Read more: Paul Andreola has a long track record of finding tiny stocks that deliver 10-times returns. He lays out the 4 criteria he looks for when seeking the next explosive pick.

Investors have bid up shares of Amazon 63% year-to-date, as the company has seen a surge in e-commerce business as more consumers shop from home amid the COVID-19 pandemic.

Amazon's steep rally is clearly illustrated in the distance between today's stock price and its 50- and 200-day moving averages. As of Wednesday afternoon, Amazon traded 15% higher than its 50-day moving average of $2,625, and 45% above its 200-day moving average of $2,088, according to data from StockCharts.com.

Growth stocks have been underperforming value stocks this week, as the damage is not just limited to Amazon.

According to data from Yahoo Finance, growth stocks, as represented by the Russell 1000 Growth ETF, have fallen nearly 1% this week, while value stocks, as represented by the Russell 1000 Value ETF, have risen by nearly 3% in the same time period.

Some investors think that value stocks are about to finally begin to consistently outperform growth stocks. In a note published on Monday, Bank of America gave seven reasons why value stocks are poised for a comeback.

Read more: BANK OF AMERICA: Buy these 14 stocks that are likely winners in the pandemic - and will benefit from the biggest trends that will define the future