Why artificial intelligence probably isn't Amazon's next coup

Amazon's Jeff Bezos has talked big game when it comes to artificial intelligence. That said, it's shipping, business supplies and groceries that are likely to be Amazon's next big business, one technology analyst told CNBC's "Squawk Alley" recently.

Amazon is known for its core products: Prime, Marketplace and Amazon Web Services. However, Mahaney looked at alternatives like payments, groceries, entertainment, advertising and business supplies.

He found that while shipping and groceries may lack in giant markets or margins, they provide synergies with Amazon's current core business, which make up the bulk of its revenue.

"Amazon, we think, is keeping its options open," Mahaney said.

While Bezos has said he's in the market for a fourth big business, he's committed to his strategy of playing the long game, he said in a recent shareholder letter.

Last year, Amazon.com launched an AI platform on its cloud division, and has further dabbled in autonomous technology with the Echo, its voice-enabled wireless speaker.