Cloud computing stocks took a backseat to artificial intelligence (AI) stocks last year. Hence, the market is now overlooking the indispensable role of cloud computing in pushing the envelope for AI’s evolution. Moreover, with the massive role of cloud computing stocks in sustaining current and future technological advancements, it remains one of the most stable tech investments.

Cloud computing businesses provide the essential infrastructure to power the AI revolution. Moreover, its capabilities enable them to drive innovation and deployment across multiple sectors while laying the foundation of other emerging technologies, including blockchain, IoT, and the metaverse, among others. With that said, you’d be remiss if you ignored the top cloud computing stocks discussed in the article.

Cloud Computing Stocks: Amazon (AMZN)

Amazon (NASDAQ:AMZN) is the undisputed king in the cloud computing realm, boasting a 31% global market share. Moreover, despite concerns about its market leadership and the fierce competition in the cloud computing niche, it remains well-equipped for whatever the future holds. It maintained its dominance in the final quarter of last year again, reporting $24.20 billion in sales, in line with analyst estimates.

As we advance, its cloud computing arm in Amazon Web Services (AWS) could potentially drive tremendous long-term growth, piggybacking on the fast-evolving AI trend. AWS’s collaboration with the biggest tech providers and vast infrastructure positions it enviably among the ‘cloud czars.’

Furthermore, a recent survey by Mizuho Securities highlighted AWS’s incredible potential for growth in 2024 on the back of its powerful AI capabilities and Bedrock offering. The survey covering 300 Fortune 1000 companies showed greater levels of executive engagement along with expedited deal closures within 60 days, a healthy improvement over the usual 90-day sales cycle.

Microsoft (MSFT)

Microsoft (NASDAQ:MSFT) has gained plenty of traction due to its AI endeavors, but the robust performance of its cloud segment is currently driving its impressive growth. It has blown past top-line estimates by an average of $1.34 billion in the past four quarters, and much of it is due to the rapid expansion in its Intelligent Cloud division.

The division has grown at a monstrous pace over the past several years, delivering $22.1 billion in sales last year, compared to the $7.9 billion it made in 2018. Moreover, it kept up the momentum in the first quarter (Q1), where the Intelligent Cloud segment reported a stellar 20% jump in quarterly sales, reaching $25.88 billion. Notably, Azure and other cloud services saw a 30% revenue growth, beating analyst expectations of 27%.

Moreover, the tech giant’s AI customer base stands at a healthy 53,000, roughly 33% of those being new additions in 2023. As we advance, the synergy between AI and cloud computing is set to play a massive role in taking Microsoft’s growth trajectory to a whole new level.

Salesforce (CRM)

Salesforce (NYSE:CRM) is a bona fide juggernaut in the world of customer relationship management (CRM). Its cloud-based platform has become ubiquitous, serving multiple organizational functions for its continuously expanding customer base. Moreover, it’s been one of the most consistent businesses in its niche, having beaten analyst estimates across both lines since Q1 2020. Such is the mission-critical nature of its services, and the fusion of AI could take things up a few notches.

The firm’s AI Cloud strategy significantly enhances productivity across sales, service, marketing, and other areas through predictive analytics and personalized customer experience. It plans to leverage its cutting-edge AI technology in Einstein AI across its software suite to take things to the next level. For instance, by layering AI in its powerful communication tool in Slack, the company is set to significantly boost workplace productivity through automation, AI-generated content summaries, and AI-driven applications.

Those are only some of the ways Salesforce can take advantage of AI’s burgeoning potential. Additionally, it has allocated a hefty $250 million to its Generative AI Fund, and I expect it to continue spending millions to support its AI-powered goals in the future.

On the date of publication, Muslim Farooque did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.