Cloud business boom sends Microsoft and Google shares surging

Microsoft Corp. and Google owner Alphabet Inc. sent a clear message to investors on Thursday: Our spending on artificial intelligence and cloud computing is paying off.

Corporate customers are more open to making long-term investments in their cloud infrastructure, said Tejas Dessai, research analyst at Global X ETFs.“It’s quite clear from these earnings from Microsoft and Google that cloud infrastructure demand is starting to normalise,” Dessai said. “Foundational cloud infrastructure is showing healthy growth.”

“For years, Google Cloud was usually a weak spot during Alphabet’s earnings calls,” said Lee Sustar, a principal analyst with Forrester Research Inc. Chief executive officer Satya Nadella has been infusing Microsoft’s entire product line with AI technology from partner OpenAI. “While, of course, it’s still early in the long-term AI monetisation opportunity, we feel good about where we are.”

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