Cloud is still a 3-horse race.

AWS leads.

Azure is firmly in second.

Google Cloud is still smaller than both.

Despite all the noise around AI, the biggest winners still look familiar.

That is worth paying attention to.

Because when a market gets this large, scale becomes a serious advantage:

• more customers

• more data

• more cross-sell opportunities

• more room to absorb the capex needed to compete

The interesting part is not just who has the most share today.

It is who turns the AI wave into the most profitable long-term economics.

My guess:

The market may still be underestimating just how much value will accrue to the companies already sitting at the centre of cloud infrastructure.