CapEx Spend for Tech Hyperscalers = Mirrored by… +37% Annual Cloud Revenue Growth Over Ten Years 98 Note: Companies do not report “hyperscaler cloud revenue” on like-for-like basis so data represents best estimates and may not align between companies. Oracle Cloud revenue includes Cloud Services & License Support, as well as Cloud License & On-Premise License. IBM Cloud includes all ‘Infrastructure’ line items due to reporting standards. Alibaba & Tencent Cloud revenues estimated per Morgan Stanley. Source: Company disclosures, Morgan Stanley (as of 4/25) $0 $100 $200 $300 $400 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Amazon AWS Microsoft Intelligent Cloud Google Cloud Oracle Cloud IBM Cloud Alibaba Cloud Tencent Cloud Revenue, $B +37% / Year CapEx Spend – Big Technology Companies = On Rise for Years as Data Use + Storage Exploded Global Hyperscaler Cloud Revenue ($B) – 2014-2024, per Company Disclosures & Morgan Stanley Estimates