PYMNTS.com November 1, 2024
Tech giants’ investments in cloud infrastructure are reportedly paying off due to the demand for artificial intelligence.
The momentum of cloud businesses began to slow in early 2022 as companies completed their migration to the cloud, but it has now picked up because companies need the infrastructure for AI, The Wall Street Journal reported Friday (Nov. 1).
Microsoft Chief Financial Officer Amy Hood said the demand exceeds the company’s capacity, according to the report.
The cloud businesses of Microsoft, Amazon and Google earned combined revenues of $62.9 billion last quarter, up 22.2% from a year earlier, the report said.
At the same time, they told investors that they must continue to spend on property and equipment to build more data...
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