Intro
Firstly, Google could be key a blockchain player as it pushes towards Web3. Sundar Pichai, CEO of the tech giant and its parent company Alphabet acknowledged its power.
Web3 is touted to be decentralized and based on blockchain. Blockchain is secure and decentralized and the basis of cryptocurrency networks, DeFi, non-fungible tokens (NFTs) and other digital assets.
“On Web3, we are definitely looking at blockchain,” Pichai said when discussing Alphabet’s earnings. He also added it as “an interesting and powerful technology with broad applications.”
Meanwhile, “One example, our Cloud team is looking at how they can support our customers’ needs in building, transacting, storing value and deploying new products on blockchain-based platforms”, Pichai said.
Alphabet is the third most valuable public company in the U.S. by market capitalization. They posted earnings per share of $30.7 on sales of $75 billion, with revenue up 32% year-over-year.
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So, The company noted that its cloud computing business grew strongly. Revenue in the division, which primarily offers cloud computing solutions for companies, rose 44% year-over-year to $5.54 billion. Google is a key rival to other tech giants like Microsoft and Amazon.
Google Cloud is currently available in more than 200+ countries/regions and cloud centers are soon to be deploye in regions that include countries like Doha (Qatar), Paris (France), Milan (Italy), Madrid (Spain), Turin (Italy), Columbus (US), Berlin (Germany), Dammam (Kingdom of Saudi Arabia), Dallas (Texas), and Tel Aviv (Israel). Alphabet CEO Sundar Pichai said that Google Cloud’s aggressive focus on industry-specific solutions is the primary reason for the market-leading growth. Google Cloud is #3 behind #1 Microsoft and #2 Amazon.
Sundar Pichai – CEO of Google
Christopher Rossbach, the chief investment officer of asset manager J. Stern & Co. spoke highly of Alphabet business in the cloud computing sector. He said, “Despite cloud computing being a highly competitive sector, current demand will only proliferate and Alphabet will be there to capture this growth.”
“Companies are increasingly looking to move databases from normal static storage to the blockchain, which will create even more demand for cloud computing,” Rossbach said. “We think that Alphabet will be one of three winners, alongside Amazon and Microsoft, which will emerge from the battle for cloud supremacy.”
These comments were added in the backdrop of the rise in Alphabet stock. The Alphabet stock was up 10% in the U.S. premarket Wednesday. Bitcoin however remained unmoved by Pichai’s comments, remaining near $38,500.
Let us know what you think about the latest development in cloud computing. Do you think that Google can beat tech giants Microsoft and Amazon in cloud computing sector or not?.
