Best Cloud Computing Stocks & Companies to Watch

Amazon launched AWS S3 and EC2 in 2006, effectively creating the modern cloud computing market after struggling with its own speed and scale challenges. Since then, cloud computing — the delivery of servers, storage, databases, networking, and software over the internet — has reshaped how businesses operate across every industry.

The market is structured around three service models:

• IaaS (Infrastructure as a Service): Provides virtualized computing resources like servers and storage. AWS, Microsoft Azure, and Google Cloud dominate this layer.
• PaaS (Platform as a Service): Offers development environments for building applications, with AWS, Azure, Google Cloud, and IBM Cloud among the leading providers.
• SaaS (Software as a Service): Generates the largest share of cloud revenue. Salesforce, Microsoft, Adobe, and SAP are major players delivering CRM, analytics, and enterprise applications.

Together, the “Big Three” — Amazon (AMZN), Microsoft (MSFT), and Alphabet (GOOGL) — account for more than 60% of the global cloud infrastructure market, according to Synergy Research Group. AWS leads, followed by Azure and Google Cloud, while Oracle (ORCL) and a rising wave of so-called “neoclouds” like CoreWeave are gradually gaining ground.

Beyond the hyperscalers, several publicly listed cloud companies occupy important niches. IBM (IBM) strengthened its hybrid cloud position through its Red Hat acquisition, offering enterprise-grade Linux and OpenShift solutions. Salesforce (CRM) pioneered cloud-based CRM. ServiceNow (NOW) specializes in cloud workflow automation, and Snowflake (SNOW) provides a cloud-native data platform.

Enterprises in banking, healthcare, manufacturing, retail, and telecom are increasingly migrating to cloud environments — driving demand for AI-capable infrastructure and multi-cloud architectures. Cloud providers benefit from recurring revenue models tied to consumption-based pricing, and the rise of AI workloads has made elastic, GPU-rich cloud infrastructure increasingly important.

For those looking at cloud computing ETFs rather than individual cloud computing stocks, the First Trust Cloud Computing ETF (SKYY) was the first fund dedicated to this space, launched in 2011 and tracking the ISE CTA Cloud Computing Index — an equal-weighted index covering up to 80 cloud companies. A broader list of technology sector ETFs can also provide cloud exposure alongside other leading tech companies.

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The table below shows the largest cloud computing companies and ETFs with live market data.