The three largest cloud service providers reported strong growth, with AWS and Microsoft achieving 19% and Google Cloud 29%, respectively, totaling $65 billion in quarterly cloud revenues.
Despite discussions around AI, the strong results from CSPs are driven by cloud-native application development and other factors rather than significantly from AI at this stage.
Cloud-native application development has gained momentum due to the transition from old code and reluctance within IT organizations to tackle change-management issues, marking a significant shift in technology.
While AI contributes to cloud growth, it is not yet a major driver; rather, ongoing investment in application modernization and innovation is significantly impacting revenue in this sector.
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