- Three of the Wall Street's heavyweight technology firms have reported better-than-expected sales at their cloud computing units in recent days, as interest in artificial intelligence drives a rebound in spending by corporate customers.
Performance was consistent at Microsoft's Azure and Google Cloud, which grew above expectations at 31% and 28%, respectively, in the first three months of the year. The industry has been at the forefront of adopting AI and customers had begun to buy the new functionality at a rapid pace, executives said.
"There is an inevitable and continuous migration of workloads to the cloud and consolidation of IT spending going towards large platforms, including the hyperscalers," said RBC Capital Markets analyst Rishi Jaluria. Ryanair’s Michael O’Leary, who is up for a $108 million bonus, doesn’t see high CEO pay as a problem: ‘Footballers are getting half a million a week’
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