General Industry Update

OVHcloud’s recent executive report on multi-cloud reveals that 62% of organizations currently operate in a multi-cloud environment, with an additional 18% transitioning into one. The study, based on insights from over 500 IT decision-makers in large U.K. organizations, indicates a significant trend towards multi-cloud adoption. A striking 64% of organizations foresee an increase in their use of multi-cloud over the next two years. Despite the complexities involved, the benefits of multi-cloud are evident to many companies today, with only 3% anticipating a decrease in multi-cloud usage and fewer than 1% having no plans for its adoption. The primary strengths identified by the study include the flexibility of multi-cloud, recognized by half of the respondents, followed closely by improved agility, cost-effectiveness, and reduced organizational risk due to fewer points of failure. This underscores the growing recognition of multi-cloud’s value proposition, with organizations prioritizing its advantages in enhancing operational efficiency and resilience.¹

These U.K. findings come as Microsoft announced it is expanding its U.K. and European cloud services infrastructure in response to growing demand in the region, as organizations increasingly migrate to the cloud and leverage AI technologies.

Microsoft is increasing its data centre presence not only in the U.K., but in Germany, Italy, Spain, and Sweden. This expansion will double Azure’s capacity this year and focus on next-generation AI data centre infrastructure. The company aims to make Azure the preferred platform for enterprise workloads and facilitate easier migration and integration of services like SAP and Oracle Database into Azure. These expanded regional hubs will serve as strategic hubs for new and existing customers, offering cost efficiencies, a comprehensive range of services, and compliance with European data regulations. Microsoft emphasized the importance of providing European businesses with a cloud footprint that matches their global reach and supports long-term growth in cloud solutions.²

Company Specific Updates Inc

Amazon exceeded analyst expectations in its fourth-quarter results, reporting overall revenue of $170 billion, surpassing analyst projections of $166.2 billion. Amazon Web Services (AWS) sales reached $24.2 billion, marking a 13% increase from the previous quarter. Although AWS growth has slowed over the past year due to cost optimizations by businesses, the company is witnessing a resurgence as new workloads emerge. AWS’ generative AI products, like “Q,” an AI chatbot for businesses, are gaining traction, with potential to generate “tens of billions of dollars” in revenue in the coming years. To capitalize on this trend, Amazon introduced Rufus, a generative AI shopping assistant, which is currently undergoing testing among a select group of users in the U.S. These developments underscore Amazon’s commitment to innovation in its cloud business and its efforts to expand revenue streams beyond e-commerce.³

Salesforce Inc

Salesforce announced Q3 revenue of $8.72 billion in February, up 11% year-over-year, as it prioritizes digital transformation and its strategy to be a leading provider of enterprise cloud computing.⁴

The company is focusing on AI-powered products and services like its new Einstein Copilot, an AI-powered CRM assistant. Einstein Copilot offers features like Data Cloud grounding, pre-programmed actions, customization options, and a reasoning engine. It’s accessible to Salesforce customers through Einstein 1 Editions, bundling CRM, Einstein Copilot, Data Cloud, Slack, and Tableau. This bundle aims to enhance business growth and customer experiences. Currently in beta for Sales Cloud and Service Cloud, Salesforce plans to expand Einstein Copilot into Commerce Cloud and Marketing Cloud later in 2024.⁵

Investing in Cloud Computing with DATA ETF

If you’re interested in investing in a cloud computing ETF, consider the Evolve Cloud Computing Index Fund (DATA ETF), Canada’s first cloud computing ETF. DATA ETF invests primarily in equity securities of companies located domestically or internationally that have business operations in the field of cloud computing. To learn more about DATA ETF, please click here:

Portfolio Strategy and Activity

For the month, Inc made the largest contribution to the Fund, followed by Salesforce Inc and SAP SE. The largest detractors to performance for the month were Snowflake Inc, followed by Dynatrace Inc and Dropbox Inc.



  1. MacRae, D., “64% of organisations see their use of multi-cloud increasing in the next two years,” Cloud Computing News, February 5, 2024;
  2. Taylor, A., “Microsoft supports cloud infrastructure demand in Europe,” Microsoft, February 21, 2024;
  3. Palmer, A., “Amazon reports better-than-expected results as revenue jumps 14%,” CNBC, February 1, 2024;
  4. “Salesforce Announces Strong Third Quarter Fiscal 2024 Results,” Salesforce, November 29, 2023;
  5. Abdulazez Abdulkadir, A., “Salesforce introduces AI CRM assistant Einstein Copilot,”, February 27, 2024;

Header image source: Boris SV / Getty Images

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