A closer look at cloud computing stocks during the virus pandemic

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Mass gatherings were drastically reduced and working from home became the practice for quite a while now. Due to the coronavirus emergency, a heavier number of consumers rely on cloud computing services to get things done. Cloud-based solutions are pumping up to provide the necessities of people for remote collaborations, video and audio conferencing, online classes, gaming, and e-commerce amid the pandemic. Big data and cloud computing play critical roles in the healthcare industry as the combat against the virus continues.

The immense demand in the cloud-computing space provided robust developments in stock prices for this sector. Here are 3 cloud computing stocks to watch out for.

MICROSOFT

Microsoft is a key player in the cloud infrastructure sector, contributing 18% market share from 16% last year. According to Microsoft CEO Satya Nadella, they move ahead of other cloud providers by having more data center regions, with Mexico and Spain being the recent additions. Last quarter,Microsoft gained 29% in intelligent cloud segment revenue to $12.3 billion. It has a $13.7 billion free cash flow in the recent quarter, increasing 25% year over year.

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MSFT.US is up by 35% YTD, SimpleFX WebTrader

MSFT.US is moving above the 50-, 100-, and 200-day SMAs since April. It increased by 1.16% on Thursday, touching a fresh new high at $216. It is currently up by about 35% this year to date and climbed by 9.7% from the past week.

NVIDIA

NVIDIA is not letting others get ahead easily. This multinational tech giant delivers GPUs to well-known cloud providers, resulting in massive sales growth. Its data center revenue blew up to $2.99 billion this year from only $339 million in 2016. The total sales in this segment increased by 80% from the year earlier and reached a total of $1.14 billion in the Q1 FY2021. NVDA.US is trading at $415.09 as of writing and isup by over 70% this year to date.

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NVDA.US is up by over 70% this year, SimpleFX WebTrader

The recent acquisition of Mellanox, a leading supplier of computer network products based on InfiniBand and Ethernet technology, will be a big boost for NVIDIA's data center scope. With this, NVIDIA's expected Q2 revenue climbs to about $3.65 billion.

ALIBABA

Alibaba Group Holding Ltd shares (BABA.US) reached a fresh 52-week high on Thursday at $268.00. This is after Needham's Vincent Yu, an Alibaba analyst, revealed a "buy" rating with a target of $275.

According to Yu, Alicloud gains from gigantic shifts to the cloud by enterprises and government agencies. Alicloud is a market leader in China with about 46% market share. The multinational tech company plans to allocate $28 billion over 3 years in cloud infrastructure.

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Alibaba shares gain 20.62% YTD, SimpleFX WebTrader

Alibaba is also at the top of the e-commerce market with its Juhuasuan and Taobao Deals attracting more consumers as a provider of competitively priced goods. BABA.US has gained 20.62% this year to date and is up by 10% from the past week.

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This article was submitted by SimpleFX.