Amazon's next big thing might be lurking in the expensive supply chain apparatus that’s helped transform its e-commerce business into a juggernaut.

The Seattle-based company’s expansion into so-called logistics services — shipping and distribution — could eventually be worth more than $100 billion in revenue, according to Truist Securities analyst Youssef Squali.

"By turning its logistics network into a service offering for off-Amazon merchants, we believe the company is turning a major cost center into a profit center,” Squali, a long-time Amazon bull who has had a buy rating on the stock since initiating coverage in 2017, wrote in a research note Wednesday.