Clouded Judgement: Cloud Giants Report Q4'23

The article analyzes Q4 2023 earnings from AWS, Azure, and Google Cloud, noting a shift from cost optimization headwinds to new workload growth tailwinds, particularly driven by AI adoption. While hyperscalers show strength with AWS growing 13% YoY and Azure/Google Cloud at 28% and 26% respectively, the author questions whether this momentum translates to the broader SaaS market given hyperscalers' unique AI advantage. The piece provides detailed YoY growth rates, net new ARR metrics, valuation multiples, and operating metrics across the SaaS industry.