AWS Truly MASSIVE scale Quarterly YoY growth trends

AWS report is out - seeing some reversal in incremental share gained from $Microsoft(MSFT)$ Azure to $Amazon.com(AMZN)$ AWS (45% incremental share -> 41% / 30% -> 34%)

Recall - AWS is the bell weather for many SW stocks. Many of them will be up tomorrow!

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AWS crossed a $100B run rate growing 17%! Truly MASSIVE scale Quarterly YoY growth trends in below chart.

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One of my favorite charts - this shows the Quarterly absolute change in revenue YoY. So the most recent data point shows Q1 '24 AWS rev - Q1 '23 AWS rev

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Below is an estimate of net new ARR added over the last few quarters.

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Some additional charts on the aggregate hyperscaler data from Q1. First, the chart below shows the YoY growth in net new ARR in Q1. Q1 '23 was the "bottom" with AWS actually adding negative net new ARR (ie they shrunk), so the YoY comp is the "easiest."

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Next, we can look at aggregate net new ARR added. Q1 is always a seasonally low quarter

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And finally, when looking at the absolute change in quarterly revenue YoY across the 3, you can see we're now "back on trend" after the covid pull forward and ensuing "cloud optimization" period

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Cloud Giants Update:

AWS (Amazon): $100B run rate growing 17% YoY (last Q grew 13%)

Azure (Microsoft): ~$76B run rate (estimate) growing 31% YoY (last Q grew 28%)

$Alphabet(GOOG)$ $Alphabet(GOOGL)$ Google Cloud (includes GSuite): $38B run rate growing 28% YoY (last Q grew 26%, neither are cc)

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https://twitter.com/jaminball/status/1785406444034281555