- Cloud stocks have led the market-wide digital transformation this year
- But investors can still get in on further growth
This year’s collective shift to remote working has accelerated several digital trends more quickly than even the most bullish tech evangelists could have hoped for. For Satya Nadella, chief executive of Microsoft (US:MSFT), the second quarter saw “two years’ worth of digital transformation in two months” for his company. Ever-greater numbers of ever-more connected individuals were already placing ever-greater demand on data storage long before the pandemic struck. Then, almost overnight, that demand leapt.
Common to a number of technology stocks that have soared this year has been the use of distributed computer systems, also known as 'the cloud'. Zoom (US:ZM) could not have coped with a sudden spike to as many as 300m daily users if it weren’t for the power of its cloud-based infrastructure, first supported by Amazon Web Services (AWS) and then Oracle (US:ORCL).