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Big Tech eyes cloud biz revival
Mint Mumbai
|July 25, 2023
US tech giants could signal an end to the nearly year-long slowdown in their cloud businesses as signs of economic resilience encourage clients to boost technology spending, while a pickup in digital ads will also aid profits.
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Microsoft, Google-owner Alphabet, Amazon.com and Meta Platforms-companies that are together valued at over $6 trillion-are set to report earnings this week and the next, in what will be a test for their hefty valuations and the broader market rally they have driven thanks to optimism over artificial intelligence (AI).
"We're really only looking for metrics that point to ramping user traction for AI-based offerings, with the idea being that they will generate more meaningful revenue in the medium-term," Canaccord Genuity analyst Kingsley Crane said.
This story is from the July 25, 2023 edition of Mint Mumbai.
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