Now, with AI booming in popularity, revenue growth rates in the sector are poised to bottom — ultimately allowing for an inevitable bounce.
The scope of these cloud developments goes beyond Amazon, Alphabet and Microsoft, touching on other names inside and outside the portfolio.
It comes as macroeconomic headwinds have led many enterprises to rein in spending, translating into slower revenue growth for all three cloud-computing units.
Alphabet's Google Cloud sales grew 28% year-over-year to $7.45 billion in the three months ended March 31 , compared with 44% in the first quarter of 2022.
Sundar Pichai, chief executive officer at Google LLC, speaks during the Google Cloud Next '19 event in San Francisco, California, U.S., on Tuesday, April 9, 2019.
Persons:
There's, Salesforce, OpenAI, Embeddings, Amazon Piper Sandler, Piper Sandler, AMZN, Jim Cramer's, Jim Cramer, Jim, Sundar Pichai, Michael Short
Organizations:
Big Tech, Microsoft, Club, Nvidia, Web Services, Google, Clinic, Mayo Clinic, U.S, OpenAI, Government, Department of Defense, Department of Energy, Defense Department, Defense Technical, Bloomberg, CNBC, Google LLC, Getty
Locations:
San Francisco , California, U.S