The giant in the clouds can’t keep making rain

Last weeks series of big tech earnings make it clear that demand for cloud services remains strong. But it also makes clear that the tech giants behind those services are keeping a close eye on spending amid the current economic climate.

Amazon Microsoft and Google-parent Alphabet The company operates the three largest public cloud services, all of which reported solid double-digit growth in revenue from their cloud segments for the June quarter on a year-over-year basis. That, along with other areas of strength in their respective businesses, good enough to give all three of these stocks a good post-school rally. Shares of Amazon, Microsoft and Alphabet gained an average of more than 8% a day after their results were released.

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