Big Tech results reinforced concerns a boom in cloud services is easing, limiting a lucrative source of profit when a slowing economy has hit the companies’ other businesses and prompting a bet on artificial intelligence as the next growth driver.
Earnings from Amazon.com Inc and Microsoft Corp.—which together dominate the cloud market—showed growth in the business was at its lowest since they started breaking out the metric in 2015 and was on track to slow further.
Alphabet Inc, which has the smallest cloud business among the three, said Google Cloud grew 32 percent, the slowest rise since the company began reporting the measure in 2019….