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The Zacks Analyst Blog Highlights Wisdomtree Cloud Computing Fund, Global X Cloud Computing ETF, ETFMG Global Cloud Technology ETF, Fidelity Cloud Computing ETF, Cloud Computing ETF First Trust

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For Immediate Release

Chicago, IL – February 14, 2024 – announces the list of stocks and ETFs featured in the Analyst Blog. Every day the Zacks Equity Research analysts discuss the latest news and events impacting stocks and the financial markets. ETFs recently featured in the blog include: Wisdomtree Cloud Computing Fund (WCLD - Free Report) , Global X Cloud Computing ETF (CLOU - Free Report) , ETFMG Global Cloud Technology ETF (IVES - Free Report) , Fidelity Cloud Computing ETF (FCLD - Free Report) , Cloud Computing ETF First Trust (SKYY - Free Report) .

Here are highlights from Tuesday’s Analyst Blog:

Cloud-Computing ETFs at 52-Week Highs: Here's Why

Cloud computing has been at the forefront of technology growth for the past few years, offering efficient solutions for businesses and consumers. Recently, cloud computing Exchange-Traded Funds (ETFs) have reached a 52-week high, signaling strong investor confidence and market momentum.

Wisdomtree Cloud Computing Fund, Global X Cloud Computing ETF, ETFMG Global Cloud Technology ETF, Fidelity Cloud Computing ETF, Cloud Computing ETF First Trust have hit a 52-week high lately.

Growth in Cloud Infrastructure

Several factors have contributed to the growth observed in Q4 2023. The widespread adoption of remote work and e-commerce has continued to fuel the need for scalable and reliable cloud solutions. Moreover, advancements in cloud technologies, including artificial intelligence (AI), machine learning (ML), and cybersecurity enhancements, have expanded the use cases for cloud services, attracting a broader customer base.

Investments in cloud infrastructure have also been a significant growth driver. Companies have expanded their global data center footprint to meet the surging demand, improve service delivery, and ensure data sovereignty compliance. The cloud infrastructure market in 2023 grew to a staggering $270 billion, up from $212 billion in 2022.

The ChatGPT hype has contributed to the surge in revenue growth. It pushed the cloud infra revenue in the fourth quarter of 2023 to $74 billion, up $12 billion over last year at this time and $5.6 billion over Q3, the largest quarter-over-quarter increase the cloud market has experienced, per Synergy Research, as quoted on

Upbeat Corporate Earnings

Microsoft's Intelligent Cloud group generated $25.9 billion in sales in Q4 of 2023. The cloud segment now has an annual run rate of approximately $104 billion. Google Cloud captured revenue of $9.2 billion in Q4 of 2023, extending the company's annual run rate to $36.8 billion. Google Cloud grew sales faster than its competitors, while Microsoft closed its cloud market share gap with Amazon’s AWS.

Microsoft’s association with OpenAI is giving it an edge in the market. Microsoft increased its market share by two full percentage points to 25% in the fourth quarter. Amazon is still at the top with 31% share, albeit down two points from last quarter. Meanwhile Google held steady at around 11% share.

Promising Growth in 2024

Gartner Forecasts global end-user spending on public cloud services is forecast to grow 20.4% to total $678.8 billion in 2024, up from $563.6 billion in 2023. All segments of the cloud market are expected to see growth in 2024. Infrastructure-as-a-service (IaaS) is forecast to experience the highest end-user spending growth in 2024 at 26.6%, followed by platform-as-a-service (PaaS) at 21.5%.

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