Cloud computing is one of the industries gaining much traction in 2024. Much of this attention stems from more businesses moving away from traditional data centers and servers to cloud services to store data. There is certainly much upside to doing so, such as fewer security vulnerabilities like data breaches and hacks, cost-effectiveness and ease of scale. 

The demand for cloud services will only grow as more businesses shift away from physical infrastructure and toward digital infrastructure. Therefore, these cloud computing stocks to buy are a great opportunity to generate massive profits. There have already been some top performers this year, and with more than six months left, there is still time to get in on the action.

If you are interested in cloud computing stocks to buy these three are your best bet. 

Twilio (TWLO)

Twilio (NYSE:TWLO) is an American cloud-computing infrastructure company that provides API services that enable developers to integrate communication services, such as messaging, voice and video functionality, into their custom applications.

 Its market cap is $9.4 billion, and although that might not be impressive compared to other companies in the cloud computing space, the company has shown immense potential lately. 

A great example of Twilio’s potential is its CustomerAI feature, which allows businesses to combine real-time data with AI to understand their customers better. The feature is gaining traction and could become an instant hit shortly. 

Furthermore, on the financial front, Twilio is performing exceptionally well. According to its latest quarterly report, its total revenue is up 5% to 10% year-over-year on a reported and organic basis. Non-GAAP income from operations has also risen from $585 million to $635 million, and free cash flow is expected to align with full-year non-GAAP income from operations. 

Microsoft (MSFT)

Microsoft (NASDAQ:MSFT) is an American technology company and software provider best known for creating the Windows operating system. It has a string of other well-known software products, such as the Microsoft 365 suite of productivity applications, the Edge web browser and the Azure cloud computing platform. 

Microsoft’s Azure cloud platform is a giant in the cloud-computing space, with impressive mindshare among users. This has allowed the company to dominate the space, and it is showing no signs of slowing down anytime soon. 

A major reason for Microsoft’s increasing mindshare in the cloud computing space is its productivity offering. All its products are interoperable, allowing users to switch between them easily and work more efficiently. 

Microsoft’s recent quarterly report indicates that the company will not be slowing down anytime soon. According to its earnings release for quarter three of the fiscal year, Microsoft’s revenue has increased by 17%, while its operating income has increased by 23%. Furthermore, its net income has increased by 20%, and its diluted earnings per share has increased by 20% as well. 

When it comes to cloud-computing stocks, Microsoft is simply a must-buy. 

Amazon (AMZN)

Amazon (NASDAQ:AMZN) is an American technology company that specializes in multiple industries, from e-commerce and online advertising to cloud computing, digital streaming and, most recently, artificial intelligence. Its AWS cloud platform is the largest cloud services provider in the world, giving it a first-mover advantage, which has greatly benefited the company. 

With the demand for cloud services bound to increase over the next few years, Amazon is a no-brainer investment for any investor looking to profit from cloud computing stocks. AWS plays a significant role in the company’s revenue generation and will continue to do so, barring any major upsets in the cloud space. 

Moreover, Amazon continues to show progress on the financial front. In its latest quarterly report, the company announced that its net sales increased by 13% to $143.3 billion in the first quarter. Its operating income also increased to $15.3 billion, and its net income increased to $10.4 billion in the same period. Its operating cash flow increased by 82% for the trailing twelve months.

On the date of publication, Joel Lim 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.