Even with $90 billion in Q2 CapEx spending, the major hyperscalers say cloud and AI demand will exceed supply until at least late 2025.
Earnings Call
Analysts grilled Jassy on AWS’s relative underperformance — and the numbers don’t lie: rivals are catching up fast.
Despite strong revenue growth, AWS’s positioning in its latest earnings call drew scrutiny, especially when comparing its performance to Microsoft and other hyperscalers, whose cloud businesses are accelerating more rapidly.
Satya Nadella broke tradition in Microsoft’s Q4 call, directly comparing Microsoft’s AI and cloud capabilities to AWS, Google, and Oracle, citing unmatched scale, speed, and infrastructure capacity.
Google Cloud’s AI-native infrastructure and enterprise partnerships are fueling its fastest growth rate in years.
Oracle and SAP have rebranded themselves as cloud-first AI powerhouses, rivaling Google Cloud’s dominance.
Once doubted, Oracle’s cloud strategy pays off big as it reports a 41% RPO surge and forecasts FY26 cloud growth over 40%, led by relentless AI infrastructure demand.
Despite media hype, hyperscalers like AWS, Google Cloud, Oracle, and Microsoft are massively investing in AI and cloud infrastructure, not scaling back.