3 Top Cloud Stocks to Buy in July
The cloud market has surged in recent years as the COVID-19 pandemic forced many companies to take their businesses online and adopt hybrid working styles. Meanwhile, advances in artificial intelligence (AI) have further boosted the industry, as many cloud platforms are attracting new clients by adding more AI services. As a result, it's not a bad idea to consider adding a cloud stock to your portfolio to potentially benefit from consistent long-term gains.
According to data from Fortune Business Insights, the cloud market hit $569 billion in 2022 and is projected to continue expanding at a compound annual growth rate of 20% through 2030. This growth potential signals an investment opportunity for some of the industry's biggest players.
Companies like Amazon (NASDAQ: AMZN), (NASDAQ: MSFT), and Nvidia (NASDAQ: NVDA) are attractive options, as each has a solid position in the cloud market and could substantially benefit from the sector's development. Here are the reasons they're the three top cloud stocks to buy in July.
Source Fool.com
Microsoft Corp. Stock
The stock is one of the favorites of our community with 106 Buy predictions and 1 Sell predictions.
With a target price of 420 € there is a slightly positive potential of 5.79% for Microsoft Corp. compared to the current price of 397.0 €.
