Amazon ( AMZN Quick Quote AMZN - Free Report) continues to ride on its robust cloud computing arm Amazon Web Services (AWS). The solid customer momentum of AWS is driving AMZN’s top line. Compagnie Financière Richemont selected AWS as its preferred cloud provider. Richemont is shifting its enterprise IT infrastructure to AWS to accelerate product innovation, automation and digital transformation. It will close its European data centers. It will migrate more than 5,000 virtual machines and 120 SAP instances to AWS. Further, it is preparing to shift additional data centers located in Hong Kong and the United States to AWS by 2022 end. For the abovementioned purpose, Richemont will leverage AWS’ robust machine learning (ML), analytics, security and database capabilities. It will also utilize AWS Marketplace and AWS Skills Guild. Portfolio Strength The latest move of Richemont highlights the efficiency and reliability of AWS’ innovative cloud products and services. AWS’ focus on enhancing its offerings is likely to drive its customer momentum. Amazon recently announced the general availability of Babelfish for Amazon Aurora PostgreSQL-Compatible Edition helps in running Microsoft SQL Server applications on Amazon Aurora seamlessly. This new capability well-equips Amazon Aurora to understand commands of the applications written for Microsoft SQL Server. AWS made Amazon Elastic Compute Cloud (Amazon EC2) DL1 instances generally available. DL1 instances backed by Gaudi accelerators from Habana Labs assist in training ML models. Additionally, Amazon made a new device called AWS Panorama Appliance generally available. The device helps running applications, which require analysis of multiple video streams from the existing on-premises cameras. Expanding Customer Base We believe that the expanding AWS portfolio will continue to aid AWS in winning customers. Recently, AWS was selected by Qualtrics, the preferred cloud provider. Qualtrics is shifting its complete portfolio of experience management applications and customer-facing workloads to AWS. Further, adidas picked AWS as its preferred cloud provider for SAP workloads. The former will shift its SAP workloads to the latter to digitize its core business processes. Additionally, Under Armour chose AWS as the preferred cloud provider for SAP. It will integrate its SAP environments with AWS technologies to gain meaningful insights into its businesses. NXP Semiconductors ( NXPI Quick Quote NXPI - Free Report) recently picked AWS as its preferred cloud provider and shifted its electronic design automation workloads to AWS to bolster its throughput across its design centers. AWS’ analytics, ML, storage, analytics and high-performance computing capabilities are being leveraged by NXP Semiconductors for the aforesaid purpose. This apart, India-based Apollo Tyres went all-in on AWS and is migrating its IT infrastructure to the latter’s cloud platform. We believe that the expanding customer base will continue to drive AWS’ top line, which generated $16.1 billion revenues in third-quarter 2021, up 39% year over year, accounting for 14.5% of the total revenues. To Conclude We note that Amazon’s clientele win will continue to aid its cloud dominance. According to the latest Canalys report, AWS accounted for 32% of the global cloud spending in third-quarter 2021, sustaining its leading position in the booming cloud market. Microsoft’s ( MSFT Quick Quote MSFT - Free Report) Azure, the second-largest cloud-service provider, accounted for 21% of the worldwide cloud spending and Alphabet’s ( GOOGL Quick Quote GOOGL - Free Report) Google Cloud represented 8% of the cloud spending, marking itself the third largest cloud provider. Amazon, presently carrying a Zacks Rank #5 (Strong Sell), is facing stiff competition from Microsoft and Alphabet as both are targeting a bigger slice of the market on the back of their advancing cloud portfolios, which are bumping up their cloud revenues. This poses a serious threat to Amazon’s dominant position in the cloud market. Alphabet generated $4.9 billion of revenues from Google Cloud in third-quarter 2021, up 44.9% year over year. Microsoft’s cloud revenues were $20.7 billion in first-quarter fiscal 2022, up 36% year over year. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.