To keep the AI trade moving up and to the right on the charts, third quarter earnings season from hyperscalers like Oracle (ORCL) and Amazon (AMZN) need to deliver on one important front: another quarter of accelerating cloud computing adoption to show the AI boom is far from peaking. "Last quarter, the hyperscalers reported accelerating cloud revenue growth and large revenue backlogs that signaled the monetization of their capex investments. Explicit management commentary discussing those returns complemented the strong results," Goldman Sachs strategist Ben Snider said in a new note.
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