Google's cloud outpaces rivals in third quarter as AI battle heats up

One takeaway from tech earnings reports this week is that Google’s cloud business is gaining momentum.

Google's cloud business grew 35% in the latest quarter, outpacing larger rivals Amazon and Microsoft.

"While Alphabet has often been criticized as a Johnny-one-note for its dependence on digital advertising, the rapid growth of Google Cloud has begun to diversify the company's revenue," analysts at Argus Research, who recommend buying the stock, wrote in a report on Oct. 31.. It was"a real beat to expectations there," Melissa Otto, head of technology, media and telecommunications sector research at Visible Alpha, said on CNBC this week.

"Demand continues to be higher than our available capacity," Amy Hood, Microsoft's finance chief, said on the company's earnings call.

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