Cloud Computing Drives Growth for Amazon and Alphabet
Amazon and Alphabet have posted impressive quarters that sent their shares soaring.
The two companies' cloud businesses are driving their growth, with Amazon Web Services (AWS) making up 60% of Amazon's operating profits in Q2.
Alphabet's Google family of products is also thriving, with its cloud division seeing revenue growth accelerate to a jaw-dropping 82%
In terms of revenue growth, Alphabet has the fastest-growing business, but when looking at operating income growth, Amazon comes out on top.
The two companies have similar valuations, with Amazon being slightly more expensive.
Despite this, Amazon is only a marginally better investment, according to one analyst.