Global cloud spending surges 28% as AI drives record growth

Enterprise cloud spending has hit a three-year high, rising 28% year-over-year and adding $7.5 billion since last quarter, according to Synergy Research Group. Fueled by generative AI, global IaaS and PaaS revenues reached $106.9 billion for the quarter. AWS maintains a 29% market share, followed by Microsoft and Google, while emerging “neoclouds” like CoreWeave and Databricks are reshaping the market’s competitive landscape with explosive triple-digit growth.