Sparked by the GenAI phenomenon, the Cloud Confidence Index soared 23.3% in the past 3 months as the total market cap of the Cloud Wars Top 10 companies jumped $1.23 trillion over that time to $6.51 trillion.
With the Cloud Confidence Index, I’m equating the combined market caps of the Cloud Wars Top 10 companies to the level of confidence that business executives and the overall equities markets have in the ability of those 10 cloud providers to continue fueling the digital economy.
And judging by the market-cap changes over the past three months, business buyers continue to believe that the enterprise cloud is fully delivering on its billing as the greatest growth market the world has ever known.
While we still hear from almost every Cloud Wars Top 10 company — the outlier is Oracle — about tighter customer budgets, drawn-out buying decisions, and greater levels of scrutiny for planned purchases, the ongoing vibrant growth across the Cloud Wars Top 10 and these booming market caps provide clear proof that customers are convinced that the cloud is the future for their business.
On top of that, the generative artificial intelligence (GenAI) phenomenon continues to be a source of remarkable innovation within the tech industry and, more importantly, the entire business world. And without question, that new sense of possibility and spirit of world-shaping innovation has helped spike the Cloud Confidence Index.
The chart below shows the cloud vendors arranged by their rankings on the Cloud Wars Top 10, the percentage increase in their market cap since our last Cloud Confidence Index report three months ago, their current market cap, and their market cap as of March 24.
| Company | Market Cap % +/- | Market Cap (June 19) | Market Cap (March 24) |
| #1 Microsoft | +24.6% | $2.58 trillion | $2.04 trillion |
| #2 Google Cloud | +16.3% | $1.57 trillion | $1.35 trillion |
| #3 AWS | +29.5% | $1.29 trillion | $996 billion |
| #4 Oracle | +42.4% | $339 billion | $238 billion |
| #5 SAP | +13.3% | $162 billion | $143 billion |
| #6 ServiceNow | +32.2% | $115 billion | $87 billion |
| #7 Workday | +18.4% | $58 billion | $49 billion |
| #8 Salesforce | +10.2% | $206 billion | $187 billion |
| #9 IBM | +11.6% | $125 billion | $112 billion |
| #10 Snowflake | +36.4% | $60 billion | $44 billion |
| TOTAL | +23.3% | $6.51 trillion | $5.28 trillion |
It’s worth noting that every company in the Cloud Wars Top 10 generated a market-cap bump of at least 10.2% in the past three months, with these companies truly standing out:
- Microsoft: Up $460 billion in the past three months, a gain of nearly half a trillion dollars! The ROI for the OpenAI partnership is looking pretty darn good right now.
- Amazon: Up nearly $300 billion.
- Oracle: Up 42.4% on the strength of its blowout fiscal Q4 numbers.
- ServiceNow: Up 32.2% as growth stays high and it jumps into ERP workflows with finance and supply chain products, earning it a jump up to #6 on the Cloud Wars Top 10.
- Snowflake: Up 36.4% on very strong growth and its move into supply chain operations in partnership with Blue Yonder.
Final Thought
Markets always vacillate from blowing hot to lukewarm to tepid to chilly and then back again, sometimes with very clear triggers and sometimes because of, well, no one knows.
What we have here with these latest findings from our Cloud Confidence Index is that an already-powerful innovation engine — the combined capabilities of the Cloud Wars Top 10 companies — has been dramatically enhanced by the arrival of GenAI, a once-in-a-generation phenomenon.
And, as always, the biggest winners will be the customers!
To understand the shifting sands of how mid-market and enterprise CXOs are making purchase decisions to modernize technology, consider Acceleration Economy’s “Selling to the New Executive Buying Committee,” a Course designed to assist vendors, partners, and buyers in this process.
