OPINION: If tech stocks are going to maintain their record highs, then earnings reports and 2020 forecasts need to show a rebound on the way.
More than 20 years after the first documented usage of the term “cloud computing,” cracks appeared in the big data center build-out by public cloud companies last year.
Investors will be looking for comments on the capital spending patterns and signs of renewed spending in 2020. At various points in 2019, companies like Micron Technology Inc. MU, +0.34% Intel Corp. INTC, +3.60%, Dell Technologies Inc. DELL, +1.32% and Broadcom Corp. AVGO, +1.56% all talked about lower spending by public cloud players, which led to a pause in buying and build-out.
Last year, IDC had forecast public cloud infrastructure spending would grow at a compounded annual growth rate of 11.3%, reaching $54.7 billion by 2022, but in September, it scaled back that forecast to an approximate 5.9% compounded annual growth rate. “As more [companies] get comfortable with the public cloud, you will see these interim states of transition, composed of different elements of public cloud, hybrid and hybrid IT,” said Sid Nag, a Gartner analyst. “The testimony to that is public cloud are building up some hybrid solutions.” Amazon, Microsoft’s Azure and Google Cloud have all made announcements in the last few months about new hybrid cloud offerings.
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