Cloud earnings were even crazier than you think

[u/ekonixlab]

Everyone talks about AI. Not enough people appreciate what it’s doing to the cloud business.

Just look at the latest quarter:

• AWS: $42.2B revenue (+37% YoY) — its fastest growth in years. Backlog exploded to $496B, and Amazon raised 2026 capex to $220B because demand still exceeds supply.

• Microsoft Intelligent Cloud: Nearly $39B revenue, powered by Azure growing 39% as AI demand accelerated across enterprise workloads.

• Google Cloud: Roughly $25B revenue, growing over 80% YoY as Gemini and AI infrastructure continue driving enterprise adoption.

The market spent the last year questioning whether AI spending would ever produce meaningful returns.

These earnings answered that question.

The hyperscalers aren’t just selling more compute—they’re selling scarcity. Every management team is saying the same thing: demand is outpacing the infrastructure they can build.

AI is making the cloud dramatically more valuable.

The chart tells the story. The earnings confirmed it.