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Home » Cloud + AI Confidence Index Jumps 12.5%: $8.7T
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Cloud + AI Confidence Index Jumps 12.5%: $8.7T

Bob EvansBy Bob EvansJuly 22, 2024Updated:July 22, 20242 Mins Read
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Welcome to the Cloud Wars Minute — your daily cloud news and commentary show. Each episode provides insights and perspectives around the “reimagination machine” that is the cloud.

The AI Ecosystem Q2 2024 Report compiles the innovations, funding, and products highlighted in AI Ecosystem Reports from the second quarter of 2024. Download now for perspectives on the companies, innovations, and solutions shaping the future of AI.

In today’s Cloud Wars Minute, I break down the recent 12.5% surge in the Cloud and AI Confidence Index.

Highlights

00:19 — The Cloud and AI Confidence Index reflects how the buying and investment public feels the Cloud Wars Top 10 companies are doing. The last Cloud and AI Confidence Index was in February. Over that five-month period, the Cloud AI Confidence Index has jumped 12.5% to $8.7 trillion.

01:27 — These are ranked not by their performance here on the index, but by where they sit on the Cloud Wars Top 10. Number one, Microsoft. Microsoft’s market cap is now $3.27 trillion. Over the past five months, that market cap has gone up by $270 billion. But because Microsoft’s market cap was already $3 trillion, that’s only a 9% increase. I say “only” with a lot of irony.

02:11 — Google: $2.24 trillion market cap. That’s a 28% jump in market cap for Google, and, technically, its parent, Alphabet. Number three is Oracle. It’s been red hot with its cloud infrastructure business. Its market cap is now $385 billion, up 26%. It’s gained $79 billion in market cap over the last five months.

03:05 — Amazon, number four on the Cloud Wars Top 10, has a $1.94 trillion market cap. SAP is just under $246 billion. That’s up 19%, gaining $38.6 billion in market cap. This stock is at an all-time high. ServiceNow, which has generally been quite a high flyer, is at $153.2 billion, relatively flat, down just a little bit from five months ago. It’s down 2.2%, or $3.6 billion in market cap.

04:00 — Workday’s market cap fell from almost $80 billion to $61.1 billion, down 23%, largely due to comments from CEO Carl Eschenbach during the earnings call. Not that long ago, Salesforce’s market cap was $300 billion. It’s now $242.6 billion. That’s off $38.6 billion, down 13.5%. IBM is up slightly to $173.5 billion, and Snowflake is still cratering in its market cap.

05:02 — So, cumulatively, as I said, that adds up to $8.7 trillion. It’s a staggering number. And I hope the Cloud and AI Confidence Index serves as a proxy for the level of confidence that business customers have in these companies, as well as investors.


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Bob Evans

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Cloud Wars Founder Bob Evans actively analyzes the Cloud and AI categories through video reports, in-depth analyses, and interviews with the Cloud and AI market’s leaders and innovators. He’s also the creator of the Cloud Wars Top 10, a ranking and ongoing analysis of the world's most influential tech companies driving digital business and the digital economy. Bob is recognized as a world-class strategic communicator focused on emerging business strategy, disruptive innovation, and forward-looking leadership.

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