Three cloud computing stocks to buy now – Virtual Intelligence Briefing

Three cloud computing stocks to buy now

We believe that there is a major opportunity in “cloud” technology. Today, this market accounts for almost 60% of total US technology spending; investment in this field is set to rise by 18% this year alone, reaching $214bn, according to Gartner, a research group. Cloud computing describes the trend whereby companies are increasingly paying subscriptions for software and renting computer power online rather than buying applications that run on their own servers. They are also storing and managing more and more data online as the cloud becomes more reliable and secure.

Amid a volatile period for the so-called FAANG tech superstars, it is the giants of cloud technology that are holding up the best. Amazon and Microsoft, and to a lesser extent Alphabet (Google), have all been increasing spending on cloud technology in recent years, and there is unlikely to be any let up this year. A significant portion of Amazon’s profits now come from its Amazon Web Services (AWS) division, which leads the growing cloud computing market. Its earnings now account for more than 50% of Amazon’s total. Microsoft has almost doubled its revenues in this sector since 2015.

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