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Mass gatherings were drastically reduced and working from homebecame the practice for quite a while now. Due to the coronavirus emergency, aheavier number of consumers rely on cloud computing services to get thingsdone. Cloud-based solutions are pumping up to provide the necessities of peoplefor remote collaborations, video and audio conferencing, online classes,gaming, and e-commerce amid the pandemic. Big data and cloud computing playcritical roles in the healthcare industry as the combat against the viruscontinues.

The immense demand in the cloud-computing space provided robustdevelopments in stock prices for this sector. Here are3 cloud computing stocksto watch out for.

MICROSOFT

Microsoft is a key player in the cloud infrastructure sector,contributing 18% market share from 16% last year. According to Microsoft CEOSatya Nadella, they move ahead of other cloud providers by having more datacenter regions, with Mexico and Spain being the recent additions. Last quarter,Microsoft gained 29%in intelligent cloud segment revenue to $12.3 billion. It has a $13.7 billion free cash flow in therecent quarter, increasing 25% year over year.

MSFT.US is up by 35% YTD, SimpleFX WebTrader

MSFT.US is moving above the 50-, 100-, and 200-day SMAs sinceApril. It increased by 1.16% on Thursday, touching a fresh new high at $216. Itis currently up by about 35% this year to date and climbed by 9.7% from thepast week.

NVIDIA

NVIDIA is not letting others get ahead easily. This multinationaltech giant delivers GPUs to well-known cloud providers, resulting in massivesales growth. Its data center revenue blew up to $2.99 billion this year fromonly $339 million in 2016. The total sales in this segment increased by 80%from the year earlier and reached a total of $1.14 billion in the Q1 FY2021.NVDA.US is trading at $415.09 as of writing and isup by over 70% thisyear to date.

NVDA.US is up by over 70% this year, SimpleFX WebTrader

The recent acquisition of Mellanox, a leading supplier of computernetwork products based on InfiniBand and Ethernet technology, will be a bigboost for NVIDIA's data center scope. With this, NVIDIA's expected Q2 revenueclimbs to about $3.65 billion.

ALIBABA

Alibaba Group Holding Ltd shares (BABA.US) reached a fresh 52-weekhigh on Thursday at $268.00. This is after Needham's Vincent Yu, an Alibaba analyst,revealed a "buy" rating with a target of $275.

According to Yu, Alicloud gains from gigantic shifts to the cloudby enterprises and government agencies. Alicloud is a market leader in Chinawith about 46% market share. The multinational tech company plans to allocate$28 billion over 3 years in cloud infrastructure.

Alibaba shares gain 20.62% YTD, SimpleFX WebTrader

Alibaba is also at the top of the e-commerce market with itsJuhuasuan and Taobao Deals attracting more consumers as a provider ofcompetitively priced goods. BABA.US has gained 20.62% this year to date and isup by 10% from the past week.

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3 cloud computing stocks riding the hype wave - ForexLive