5 Best Cloud Stocks to Buy Now

2. Amazon.com, Inc. (NASDAQ:AMZN)

Then there’s Amazon.com, Inc. (NASDAQ:AMZN), which saw the number of funds with bullish stakes grow to 286 from 278 during the third quarter, while the aggregate value of their holdings increased to $38.90 billion from $34.90 billion.

Even though Amazon.com, Inc. (NASDAQ:AMZN) is known as the largest eCommerce company, it is also one of the leaders in cloud computing, with its Amazon Web Services platform being used by many organizations that require cloud infrastructure. According to some estimates, AWS controls over 30% of the cloud infrastructure market.

In this way, AWS is the company’s third-largest segment in terms of sales. Out of total revenue of $143 billion recorded in the third quarter, $57.3 billion were generated by the online stores, followed by third-party seller services ($34.3 billion), and AWS which generated $23 billion in revenue. AWS also saw a revenue growth of 12% over the year.