--- title: "U.S. stocks surge indicator: Cloud computing + Data centers" type: "News" locale: "en" url: "https://longbridge.com/en/news/294753421.md" description: "The three major cloud providers in the US stock market, Google, Microsoft, and Amazon, saw significant increases in their stock prices, with total market values rising sharply. Their Q2 2026 financial reports show a surge in cloud computing revenue, with AI investments beginning to yield profits, alleviating market concerns. Driven by digital transformation and the implementation of AI applications, cloud providers have accumulated orders exceeding $2.3 trillion, prompting giants to raise capital expenditure expectations to meet the surge in computing power demand" datetime: "2026-08-04T01:18:59.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/294753421.md) - [en](https://longbridge.com/en/news/294753421.md) - [zh-HK](https://longbridge.com/zh-HK/news/294753421.md) --- # U.S. stocks surge indicator: Cloud computing + Data centers Overnight, the stock prices of the three major cloud companies in the U.S. surged again. Alphabet - A (GOOGL.US) rose by 4.88%, with a total market value surpassing Apple (AAPL.US) to become the second largest globally; Microsoft (MSFT.US) increased by 4.93%, with a cumulative rise of about 25% over the past three trading days; Amazon (AMZN.US) climbed by 4.58%, with its total market value exceeding $3 trillion. Meanwhile, data center concept stock CoreWeave surged by 19.49%, and Nebius rose by 11%. Recently, market funds have continued to flow into cloud computing and AI software-related sectors, driven by expectations of digital transformation in enterprises, accelerated AI application implementation, and growing demand for cloud services, resulting in overall performance of cloud companies outperforming the market. The collective explosion of the three major cloud companies' Q2 2026 financial reports. Previously, the market was most concerned about the tech giants' massive investments in AI with returns far off, but the latest financial reports have completely dispelled this doubt: **Amazon AWS**: Quarterly revenue of $42.2 billion, a year-on-year increase of 37%, marking the fastest growth rate in 18 quarters, with AI-related annualized revenue exceeding $25 billion. **Microsoft Intelligent Cloud**: Azure increased by 43% year-on-year, exceeding the company's previous guidance, with annualized revenue for the year surpassing $100 billion for the first time. **Google Cloud**: Quarterly revenue surged by 82% year-on-year, far exceeding market expectations, with operating profit margin significantly rising to 35.6%. These solid data prove that AI investment is transitioning from the "burning money" phase to a "rental income" model that can generate real profits. Cloud companies not only have impressive current performance, but also have high visibility for future demand. Currently, the total backlog of cloud business orders from tech giants has exceeded $2.3 trillion, with a quarter-on-quarter growth of 16%. In the face of supply shortages, giants like Amazon, Google, and Meta have raised their capital expenditure expectations for the entire year of 2026 (for example, Amazon raised it to $220 billion), and major domestic and foreign companies are simultaneously ramping up the construction of intelligent computing centers and GPU clusters. Amazon CEO Andy Jassy even stated that even with a significant increase in capital expenditure, the computing power supply in 2026 and even 2027 will still be unable to fully meet all customer demands, providing a demand guarantee for the cloud computing industry chain for several years. It is worth noting that the current investment logic in the market is undergoing profound changes. Funds are no longer simply chasing hardware-selling companies but are clearly concentrating on cloud service providers with profit realization capabilities. **AI Infrastructure Soft and Hard Switch Domestic Institutions Focus on Oversold Computing Power Leasing** Guohai Securities released a research report stating that Meta's transformation into cloud computing is mainly due to its own business model considerations, and AI computing power is expected to maintain long-term growth. It is anticipated that the supply-demand tension in China's AI computing power will intensify, and the long-term growth logic of the computing power leasing industry is relatively certain, having entered a period of performance release dividends. CITIC Securities released a research report stating that in Q2 2026, the capital expenditure of leading cloud companies in North America continued to grow significantly. The capital expenditure guidance for four North American cloud companies in 2026 is approximately $72 billion to $74.5 billion, reflecting that North American cloud companies are still expanding around AI infrastructure Currently, the AI computing power industry chain remains prosperous, but the market has recently experienced significant adjustments, leading to overselling situations. In the future, it is recommended to continue monitoring: first, the growth of ARR for large models, especially in the Coding scenario, as large models in North America have recently been promoting price reductions. If ARR growth encounters a bottleneck in the short term, it may affect market expectations for future computing power demand; second, the implementation and development of large models in other application scenarios beyond Coding; third, the price trends of the computing power inflation chain in the near future; fourth, the financing situation of various segments of the AI industry chain and market risk appetite. In addition, given the heavy positions in the AI industry chain in the second quarter and the recent market adjustments showing signs of high-low cuts, it is advisable to focus on undervalued, high-dividend targets. **Hong Kong stocks involved in cloud computing + data centers include:** Guangdong-Hong Kong Bay Intelligent Computing (01396), Kingsoft Cloud (03896), GDS Holdings Limited (09698), Alibaba Group Holding Limited (09988), China Telecom (00728) (Tianyi Cloud), etc. This article is reproduced from the "Hong Kong Stock Connect" WeChat public account, edited by Zhitong Finance: Jiang Yuanhua ### Related Stocks - [AMZN.US](https://longbridge.com/en/quote/AMZN.US.md) - [GOOG.US](https://longbridge.com/en/quote/GOOG.US.md) - [GOOGL.US](https://longbridge.com/en/quote/GOOGL.US.md) - [MSFT.US](https://longbridge.com/en/quote/MSFT.US.md) - [MSFL.US](https://longbridge.com/en/quote/MSFL.US.md) - [AMZU.US](https://longbridge.com/en/quote/AMZU.US.md) - [GGLS.US](https://longbridge.com/en/quote/GGLS.US.md) - [AMZZ.US](https://longbridge.com/en/quote/AMZZ.US.md) - [GGLL.US](https://longbridge.com/en/quote/GGLL.US.md) - [AMZW.US](https://longbridge.com/en/quote/AMZW.US.md) - [MSFU.US](https://longbridge.com/en/quote/MSFU.US.md) - [MSFO.US](https://longbridge.com/en/quote/MSFO.US.md) - [GOOW.US](https://longbridge.com/en/quote/GOOW.US.md) - [MSFD.US](https://longbridge.com/en/quote/MSFD.US.md) - [MSFX.US](https://longbridge.com/en/quote/MSFX.US.md) - [AMZD.US](https://longbridge.com/en/quote/AMZD.US.md) - [AMZO.US](https://longbridge.com/en/quote/AMZO.US.md) - [AMZY.US](https://longbridge.com/en/quote/AMZY.US.md) - [AZYY.US](https://longbridge.com/en/quote/AZYY.US.md) - [AMZP.US](https://longbridge.com/en/quote/AMZP.US.md) - [MAGX.US](https://longbridge.com/en/quote/MAGX.US.md) - [GOOY.US](https://longbridge.com/en/quote/GOOY.US.md) - [GOU.US](https://longbridge.com/en/quote/GOU.US.md) - [GOOX.US](https://longbridge.com/en/quote/GOOX.US.md) - [GOOP.US](https://longbridge.com/en/quote/GOOP.US.md) - [MSFW.US](https://longbridge.com/en/quote/MSFW.US.md) - [MSFY.US](https://longbridge.com/en/quote/MSFY.US.md) - [AAPL.US](https://longbridge.com/en/quote/AAPL.US.md) - [CRWV.US](https://longbridge.com/en/quote/CRWV.US.md) - [NBIS.US](https://longbridge.com/en/quote/NBIS.US.md) - [META.US](https://longbridge.com/en/quote/META.US.md) - [000750.CN](https://longbridge.com/en/quote/000750.CN.md) - [601066.CN](https://longbridge.com/en/quote/601066.CN.md) - [01396.HK](https://longbridge.com/en/quote/01396.HK.md) - [03896.HK](https://longbridge.com/en/quote/03896.HK.md) - [KC.US](https://longbridge.com/en/quote/KC.US.md) - [09698.HK](https://longbridge.com/en/quote/09698.HK.md) - [GDS.US](https://longbridge.com/en/quote/GDS.US.md) - [09988.HK](https://longbridge.com/en/quote/09988.HK.md) - [BABA.US](https://longbridge.com/en/quote/BABA.US.md) - [00728.HK](https://longbridge.com/en/quote/00728.HK.md) - [601728.CN](https://longbridge.com/en/quote/601728.CN.md) - [CHA.US](https://longbridge.com/en/quote/CHA.US.md) - [89988.HK](https://longbridge.com/en/quote/89988.HK.md) - [HBBD.SG](https://longbridge.com/en/quote/HBBD.SG.md) ## Related News & Research - [Microsoft blinked a little in the AI capex race. 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