With the cloud and AI powering data-driven business transformations across the globe, my Cloud & AI Confidence Index has risen by $480 billion to $9.22 trillion in the past seven weeks paced by big percentage increases in the market caps of Salesforce and Oracle and huge dollar-volume jumps by Amazon and Google.
The Cloud Wars Cloud & AI Confidence Index is a benchmark I created a few years ago to monitor and analyze the individual and combined market caps of the Cloud Wars Top 10 companies as a proxy for the market’s belief in the growth potential of those two world-shaping technologies.
As you can see in the chart below, 7 of the Cloud Wars Top 10 have experienced significant market-cap gains since my last update — on Sept. 24 — of the Cloud & AI Confidence Index.
Over that seven-week period, Salesforce saw its valuation soar by 30% to just under $300 billion, while Oracle blew past the half-trillion-dollar mark with a 24.1% jump to $526.2 billion. Other big gainers were Snowflake, up almost 20% to $44.7 billion, and Workday, up 14.5% to $73.6 billion.
At the same time, a couple of members of the multi-trillion-dollar club showed the power of leverage on a massive base as Google saw an 8.9% increase add a whopping $180 billion to its valuation, while Amazon’s market cap rose by $220 billion on a 10.9% increase.
On the downside, three companies saw their market caps decline by a few points: Microsoft down 3.1%, totalling $100 billion; SAP down 3.6%, or $10.7 billion; and IBM down 3.2%, or $6.5 billion.
Final Thought
With market caps, many factors can be at play: the health of the overall economy, the vibrancy of the sector being monitored, the appetite among customers for ongoing investments, the level of ambition expressed by leaders, and in this case the results of the U.S. presidential election.
Based on all of those dynamics, it’s very clear that business leaders are continuing to express a high level of confidence in the ability of the cloud and AI to be powerful forces of growth, innovation, and opportunity for at least the next few years here in the greatest growth market the world has ever known.
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