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Cloud Computing Saving Grace For Tech Giants

Local market analysis have pointed to cloud computing as the saving grace for overseas tech giants, whose second quarter results have revealed supply chain issues, inflationary concerns, and further headwinds.

According to RBC Capital Markets, growth in cloud computing is the only sector bucking the trends, with annual growth rates for Amazon, Microsoft, and Google exceeding 30 per cent.

RBC note the “shift towards larger, long-term cloud contracts” and the nascent quality of the sector, with many major companies yet to make the transition to cloud computing.

According to RBC this also bodes well for local companies, such as NextDC and Macquarie Telecom.

“Both NextDC and Macquarie Telecom are currently developing new large multi-billion dollar data centre projects in Sydney with cloud hyperscalers as anchor tenants, and are expected to benefit from continued demand for cloud data services underpinned by hyperscaler, enterprise and government customers,” RBC analysts said in a morning note.



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