Value chain
- Semiconductors
- Servers
- Networking
- Cloud platforms
- Developer tools
- Applications
Research theme
Cloud Computing
The infrastructure and software layers supporting enterprise computing, data storage, and application delivery.
Working thesis
What the theme research is testing
Cloud adoption can expand recurring revenue and utilization, but competitive intensity and customer optimization make incremental returns more important than headline growth.
Potential beneficiaries
- Scaled platforms
- Infrastructure enablers
- Mission-critical software providers
Principal risks
- Pricing pressure
- Workload optimization
- Capital intensity
- Platform concentration
Monitoring questions
- Is workload growth reaccelerating?
- Where is pricing power durable?
- Which layers earn the highest incremental returns?