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The prices of most cloud stocks soared to new highs last year thanks to COVID-19-pandemic-led remote working and learning trends. Investors’ interest in cloud stocks is evident in First Trust Cloud Computing ETF’s (SKYY) 42.2% returns over the past year.
With ongoing rapid digitalization and adoption of technologies such as artificial intelligence (AI) and internet of things (IoT), the cloud industry is expected to continue growing in the coming months. According to a Fortune Business Insights report, the global cloud computing market is expected to grow at a 17.9% CAGR between 2021 – 2028. Thus, TWLO and VMW could see increasing demand for their products and services.
