As the AI Revolution reshapes the global economy, the combined market cap of the Cloud Wars Top 10 has blown past $10 trillion as business leaders become fully convinced that the world’s 10 largest and most influential cloud and AI companies are indispensable partners for the future.
For several years, I’ve tracked the market cap of the Cloud Wars Top 10 companies as a proxy for the confidence of the business community in those companies, the digital engines of a new type of global economy powered by data, AI, and the cloud. A few years ago, I recall writing about how that combined market cap was inching toward and would soon exceed the then-unfathomable total of $6 trillion.
But today, as business leaders are demonstrating their full belief that these 10 cloud and AI powerhouses hold the key to creating new types of futures for those companies, that combined market cap provides still more proof that the Cloud Wars Top 10 represents — say it with me! — the greatest growth market the world has ever known.
Here’s a comparison from 12 months ago:
CLOUD AND AI CONFIDENCE INDEX: July 7, 2025
| Market Cap July 7, 2025 | Market Cap July 22, 2024 | Change | Latest Quarterly Cloud Revenue | |
|---|---|---|---|---|
| Microsoft | $3.71T | $3.27T | +13.4%, +$440B | $42.B |
| Alphabet* | $2.19T | $2.24T | -2.2%, -$50B | $12.3B |
| Oracle | $666.6B | $385.0B | +73%, +281B | $6.7B |
| Amazon** | $2.37B | $1.94T | +22.2%, +$430B | $29.3B |
| SAP | $369.7B | $245.5B | +50.6%, $124.2B | $5.3B |
| ServiceNow | $216.4B | $153.2B | +41.3%, $63.2B | $3.0B |
| Workday | $64.6B | $61.1B | +5.7%, $3.5B | $2.1B |
| Salesforce | $260.2B | $242.6B | +7.3%, $17.6B | $9.8B |
| IBM | $271.4B | $173.5B | +56.4%, $97.9B | ??? |
| Snowflake | $73.9B | $45.0B | +64.2%, $28.9B | $997M |
| Total | $10.19T | $8.76T | +16.3%, $1.43T | $112B |
**Amazon is the parent company of AWS
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Let’s look at a few highlights from market cap changes in this latest edition of the Cloud and AI Confidence Index:
- Oracle +73%: Booming cloud RPO and very strong revenue growth, plus the company’s core position in the AI Revolution, have pushed Oracle to unprecedented heights.
- Snowflake +64.2%: CEO Sridhar Ramaswamy has erased any doubts that he can guide the company far beyond what his legendary predecessor, Frank Slootman, achieved.
- IBM +56.4%: In his first 5 years as CEO, Arvind Krishna has done a superb job cleaning up wide-ranging messes he inherited while also boosting growth results and outlook for his iconic company.
- SAP +50.6%: CEO Christian Klein has transformed his 53-year-old company into a fully modern cloud and AI company that is giving its 20,000 on-prem customers lots of incentives to move to the cloud.
Final Thought
Those numbers speak quite eloquently for themselves, so I’ll just strongly urge CEOs from across every industry to avoid doing the worst thing — nothing — and instead recognize that your company’s future will be strongly tied to how ambitiously you drive it into the AI- and cloud-powered economy.
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