Alphabet Shows It Will Fight For Its Place In The Cloud And AI World
Portfolio Pulse from Upwallstreet
Alphabet's Q3 revenue returned to double-digit growth, but its stock dropped as cloud revenue fell short. Alphabet has committed to a $2 billion investment in AI startup, Antropic, following Amazon's $4 billion investment. Alphabet's cloud business grew 22% YoY and turned from last year’s operating loss to an operating profit of $266 million. However, it still lags behind Microsoft's Azure and Amazon's AWS.
October 30, 2023 | 5:25 pm
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Microsoft's Azure cloud revenue growth accelerated after two years of deceleration. Revenue from Azure alone rose 29% during the latest reported quarter.
Microsoft's Azure cloud revenue growth accelerated, which could positively impact its stock in the short term.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80
NEUTRAL IMPACT
Amazon had previously invested $4 billion in AI startup, Antropic. Its AWS cloud service revenue grew 12% YoY, but was the slowest grower in the latest reported quarter.
Amazon's investment in AI startup Antropic could potentially boost its future growth. However, its AWS cloud service revenue growth was the slowest among its competitors, which could negatively impact its stock in the short term.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80
NEUTRAL IMPACT
Alphabet's Q3 revenue returned to double-digit growth, but its stock dropped as cloud revenue fell short. Alphabet has committed to a $2 billion investment in AI startup, Antropic.
Alphabet's revenue growth and investment in AI startup Antropic could potentially boost its future growth. However, its cloud revenue fell short, which could negatively impact its stock in the short term.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100