General Industry Update

Despite the growth of cloud computing in recent years, it’s been hard to get a sense of just how many data centres tech giants operate to support their extensive range of services, analytics, and storage needs. However, a new survey Visual Capitalist and Statista survey is making some estimates possible.

According to the survey, Microsoft and Amazon—the leaders in the cloud computing sector—not surprisingly operate hundreds of data centres between them to meet their customers’ growing demands. Microsoft’s data centres exceed 300, while Amazon Web Services (AWS) runs approximately 215, though third-party estimates range between 160 and 220. Google and Meta manage 25 and 24 data centres, respectively. Apple operates between 8 and 10 facilities, according to third-party estimates.

AWS has the largest market share in cloud computing at 31%, followed closely by Microsoft Azure at 25%, according to Statista. Amazon plans to invest $150 billion in new facilities over the next 15 years, with 26 data centres currently under construction, aiming to capitalize on the AI surge.¹ Likewise, it was revealed in June that Microsoft plans to invest more than $7.1 billion over ten years to develop new data centres in the Aragon region of Spain. This area is fast becoming a major cloud region in Europe.²

This surge in data centres, combined with Big Tech’s push for clean energy, is having unanticipated side effects, such as significantly influencing the U.S. energy landscape. Solar power is rapidly expanding and is projected to outpace natural gas in new power plant additions this year. Tech companies such as Amazon, Microsoft, Meta, and Google, which are committed to 100% clean energy, are key drivers of this growth. Their demand for electricity-intensive data centres, essential for AI applications, is expected to increase dramatically, with data centres projected to consume 8% of all U.S. electricity by the end of the decade.³

Company Specific Updates

Oracle Corporation

Oracle has announced a significant partnership with OpenAI and Microsoft to expand the Microsoft Azure AI platform through Oracle Cloud Infrastructure (OCI). This collaboration aims to scale OpenAI’s generative AI services, including the popular ChatGPT, which serves over 100 million users monthly.

Larry Ellison, Oracle Chairman and CTO, highlighted the high demand for Oracle’s Gen2 AI infrastructure, which is being adopted by leading AI innovators such as Adept, Modal, and NVIDIA. Sam Altman, CEO of OpenAI, praised the partnership for extending Azure’s capabilities via OCI.

OCI’s state-of-the-art AI infrastructure, featuring up to 64,000 NVIDIA GPUs and ultra-low-latency networking, will support the rapid development and deployment of AI models across various industries. This collaboration underscores Oracle’s pivotal role in the race to develop superior large language models and AI technologies.⁴ Inc

Amazon Web Services (AWS) has launched two new certifications in artificial intelligence, machine learning, and generative AI—the AWS Certified AI Practitioner and AWS Certified Machine Learning Engineer – Associate—along with a suite of free and affordable training courses designed to equip professionals with the skills necessary to excel in the rapidly expanding cloud technology sector.

The AWS Certified AI Practitioner certification targets individuals from diverse backgrounds, enabling them to demonstrate their understanding of AI concepts, identify AI opportunities, and responsibly use AI tools. The AWS Certified Machine Learning Engineer – Associate certification is intended for those with at least a year of experience in building, deploying, and maintaining AI and ML solutions on AWS. This certification highlights the candidate’s ability to scale AI models for real-time use, optimize performance, and secure AI solutions.

The certifications aim to fill the expertise gap in deploying, maintaining, and monitoring AI models, a need highlighted by industry demand. AWS’s initiative aligns with its goal to provide free AI training to 2 million people around the world by 2025, offering a range of training resources through its AWS Skill Builder platform.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, Oracle Corp made the largest contribution to the Fund, followed by ServiceNow Inc and Intuit Inc. The largest detractors to performance for the month were MicroStrategy Incorporated, followed by Hubspot Inc and Nice Ltd.



  1. Rao, P., “Charted: How Many Data Centers do Major Big Tech Companies Have?,” Visual Capitalist, June 4, 2024;
  2. “Microsoft to invest $7.16 billion in new data centres in northeastern Spain,” Yahoo Finance, June 14, 2024;
  3. Kimball, S. & Cortés, G., “Solar is growing faster than any electricity source as Big Tech seeks clean energy for data centers,” CNBC, June 19, 2024;
  4. “OpenAI Selects Oracle Cloud Infrastructure to Extend Microsoft Azure AI Platform,” Oracle, June 11, 2024;
  5. “AWS debuts 2 AI certifications to give you an edge in pursuing in-demand cloud jobs,”, June 11, 2024;

Header image source: Getty Images Credit: Erik Isakson

The contents of this blog are not to be used or construed as investment advice or as an endorsement or recommendation of any entity or security discussed. These contents are not an offer or solicitation of an offer or a recommendation to buy or sell any securities or financial instrument, nor shall it be deemed to provide investment, tax or accounting advice. The information contained herein is intended for informational purposes only.
Commissions, management fees and expenses all may be associated with exchange traded funds (ETFs) and mutual funds (funds). Please read the prospectus before investing. ETFs and mutual funds are not guaranteed, their values change frequently, and past performance may not be repeated. There are risks involved with investing in ETFs and mutual funds. Please read the prospectus for a complete description of risks relevant to ETFs and mutual funds. Investors may incur customary brokerage commissions in buying or selling ETF and mutual fund units. Certain statements contained in this blog may constitute forward-looking information within the meaning of Canadian securities laws. Forward-looking information may relate to a future outlook and anticipated distributions, events or results and may include statements regarding future financial performance. In some cases, forward-looking information can be identified by terms such as “may”, “will”, “should”, “expect”, “anticipate”, “believe”, “intend” or other similar expressions concerning matters that are not historical facts. Actual results may vary from such forward-looking information. Evolve Funds undertakes no obligation to update publicly or otherwise revise any forward-looking statement whether as a result of new information, future events or other such factors which affect this information, except as required by law.

Tags Amazon  amazon web services  aws  cloud  Cloud Computing  data etf  microsoft azure