After years of frantic growth, cloud computing adoption has taken a breather over the past year or so. There's little doubt that last year's downturn -- accompanied by the worst stock market performances in over a decade -- was a contributing factor as businesses reined in spending and positioned themselves to ride out the macroeconomic storm.

Things appear to have turned the corner in 2023. Each of the major market indexes has rebounded more than 20% from their respective bottoms, with some investors believing we're at the start of the next bull market.

Given the excitement surrounding artificial intelligence (AI) in recent months, investors wondered about the accelerating adoption of AI and what impact it might have on cloud growth. Rivals (NASDAQ: MSFT) and Alphabet (NASDAQ: GOOGL) (NASDAQ: GOOG) both issued their quarterly financial reports after the market close on Tuesday, and it was clear that AI hasn't jump-started cloud infrastructure revenue -- at least not yet.

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Source Fool.com