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USInternetandSoftware

1Q26CloudCompare:SurgingCapexGrowthAsCloudGrowthQuickens

CITI'STAKE

Werecapresultsforthetop4cloudproviderspostCQ1earnings.Overallindustrygrowthaccelerated~6ptsto+41%YoYonupticksatMSFT,AWS,GCPandOCI.MSFT’sAzuregrowthaccelerated1ptsequentiallyto+39%YoYCC(vs+38%inFQ2),AMZN’sAWSgrowthacceleratedto+28%YoYCC(vs24%inQ4),GoogleCloudgrowthaccelerated16ptsto+63%YoY,(vs48%inQ4)andOCIgrowthaccelerated12ptsto66%YoYCC.AWSremainedthemarketleaderwith42%share,butitcontinuedtoloseshare(-150bpsQoQ)whileAzureshareheldrelativelysteadyQoQat~30%,GoogleCloudgained80bpsQoQto22%+,andOCIuptick50bpsto~5.5%.OverallCapExjumpedroughly$6BQoQ.

ContinuedStrongDemand—Totalcloudrevenuereached$89.3Bin1Q,up+41%YoY,accelerating6ptsQoQafter+5ptsinQ4.IncrementalYoYdollarswere$26B,drivenbythecontinueddemandforAIinfrastructureandsolutions.

MSFT

reported(Wed.4/29)Azure3QFY’26revenuesof~$26.8B,1ptuptickQoQto+39%YoYCC,withanincrementalYoYof$7.7Bvs.$6.9BlastQ.Azure’smodestaccelerationwasattributedtogreaterefficienciesbringingcomputecapacityonlineinthequarter.AMZN’s

AWS

(Wed.4/29)revenuesreached$37.6B,+28%YoYCC,+400bpsQoQwithincrementalrevenueof$8.3BYOYvs.$6.8BlastQasAIrevenueisona$15BARR(uptripledigits),AWS’chipsbusinessona$20BARR,and125KBedrockcustomers(+25%Q/Q)spendgrew+170%Q/QandwenoteOpenAImodelsarenowonBedrock.

GOOGL

(Wed.4/29)GoogleCloudrevenuesreached$20B,+63%YoY,accelerating16ptsvs.+48%YoYin4Qwithrevenue+$7.8BYOYvs.$5.7BlastQledby40%Q/QgrowthinGeminiEnterprisePaidMAUsasGeminiprocessed16B+tokens/minute(+60%Q/Q),revenuefromGooglebuiltGenAImodelsrose~800%Y/Y,andthenumberof$100-$1BdealsdoubledY/Y.

CapExContinuestoRamp—MSFTAzureCapexforCQ1hits~$29.4B,belowCitiE,wasimpactedbyleasetimingrecognitionof~$4B.WeprojectAWSCapexinCQ1grewto~$32(+93%YoY)accountingfor~72%oftotalAMZNCQ1CapexandGoogleCloudCapExgrewto~$18B(+107%YoY).

BookingsMaintainMomentum—MSFTcommercialbookingsunderwhelmed,up7%YoYex.OpenAI,butwenoteF3QistypicallytheirsmallestQseasonally.CommercialRPOgrew26%YoY,ex.OpenAI.AWS’backloggrew93%YoYto$364B(+$175BYoYand+$120BQoQ)onstrengthfromcoreAWSandAIandits$100BOpenAIcomputecontract.GoogleCloudbacklogreached$462B(+$370BYoYand+$222BQoQ)ledinpartbyTPUsales,themajorityofwhichweexpecttobecompletedin’27,andwenotecustomersareoutpacinginitialcommitmentsby45%(acceleratingfrom30%inCQ4).

MSFTGM%DeclinesonAIScaling;AWS&GCPCloudInfrastructureOM%Expands—MSFTCloudGMof66%camein1ptbetterthanguidancebutdown-ticked3ptsYoYwithcontinuedscalingofAIinfrastructure.AWSOMof37.7%cameinaboveourexpectations(36.5%)andhigherthan35.0%in4Q.GoogleCloudOM+1520bpsYoYand+290bpsQoQto32.9%.

TylerRadkeAC

+1-415-951-1660

tyler.radke@

RonaldJoseyAC

+1-212-816-4545

ronald.josey@

YitchuinWong

yitchuin.wong@

JakeHallac,CFA

jake.hallac@

JamesmichaelSherman-Lewis

jamesmichael.shermanlewis@

KylieTowbin

kylie.towbin@

PeterGriffith

peter.griffith@

SeeAppendixA-1forAnalystCertification,ImportantDisclosuresandResearchAnalystAffiliations.

2

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01May2026CitiResearch

Figure1.SharesofCloudRevenue

59%58%58%57%56%56%56%55%55%55%54%

23%23%23%24%25%24%24%25%25%25%25%

16%17%17%17%17%18%18%17%17%18%18%

2%2%2%2%2%2%2%2%2%2%3%

51%51%50%49%48%48%47%

27%27%28%28%29%28%29%

19%19%19%19%19%20%20%

3%3%3%4%4%4%4%

45%44%43.6%

42.1%

31%31%30.0%

29.8%

21.6%22.4%

4%5%5.0%5.5%

70%

60%

50%

40%

30%

20%

10%

0%

60%

22%

16%

2%

53%

26%

18%

3%

46%

30%

19%

4%

AWSAzureGoogleCloudOCI

20%20%

©2026CitigroupInc.NoredistributionwithoutCitigroup’swrittenpermission.Source:CitiResearch,CompanyReports

Figure2.NetNewCloudIndustryRevenue(QoQGrowth)

©2026CitigroupInc.NoredistributionwithoutCitigroup’swrittenpermission.Source:CitiResearch,CompanyReports

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Figure3.CloudRevenue($Billions)

3

©2026CitigroupInc.NoredistributionwithoutCitigroup’swrittenpermission.Source:CitiResearch,CompanyReports

Figure4.CloudIndustryRevenueGrowth

©2026CitigroupInc.NoredistributionwithoutCitigroup’swrittenpermission.Source:CitiResearch,CompanyReports

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Figure5.AzureYoYRevenueGrowth

4

©2026CitigroupInc.NoredistributionwithoutCitigroup’swrittenpermission.Source:CitiResearch,CompanyReports

Figure6.AWSYoYRevenueGrowth

©2026CitigroupInc.NoredistributionwithoutCitigroup’swrittenpermission.Source:CitiResearch,CompanyReports

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Figure7.GoogleCloudYoYRevenueGrowth

5

©2026CitigroupInc.NoredistributionwithoutCitigroup’swrittenpermission.Source:CitiResearch,CompanyReports

©2026CitigroupInc.NoredistributionwithoutCitigroupswrittenpermission.Source:CitiResearch,CompanyReports

Figure8.OracleCloudInfrastructureYoYRevenueGrowth

’

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Figure9.CloudCapex($Billions)

6

©2026CitigroupInc.NoredistributionwithoutCitigroup’swrittenpermission.

Source:CitiResearch,CompanyReports

USInternetandSoftware

01May2026CitiResearch

AlphabetInc

(GOOGL.O;US$384.8;1;30Apr26;16:00)

7

Valuation

Our$447targetpriceisbasedon~30xourGAAPEPSof$14.75for2027E.

Whilea30xmultipleisapremiumtothemarketandtoGoogle’shistorical

multiplerange,givenGoogleCloudrevenuegrowthisreacceleratingonTPU

andGeminidemandasqueryvolumestrengthcontinues,webelievethe

shareswarrantapremiumtothemarketandtoAlphabet’shistoricalmultiple.WereiterateourBuyratingonsharesgivenourviewthatGoogle'sproduct

halocouldleadtocontinuedSearchusage,andweareimpressedwithGemini3.1ProandGoogle’snewerAImodels.

Risks

RiskstoAlphabetachievingourtargetpriceinclude:1)adverseeconomic

and/orconsumerspendingtrendscouldhinderadvertisingspend;2)

competitioncouldprovetohaveagreaterimpactoncompanyperformancethanweanticipate;3)internetadvertisingspendcoulddeceleratefasterthanweanticipate;and4)regulatorypressuresonanti-trust,data,andprivacy

practicescouldpotentiallyhaveanadverseimpactonperformance.

A

,Inc.

(AMZN.O;US$265.06;1;30Apr26;16:00)

Valuation

Our$325TPisbasedon~30xour‘27EP/Eandimplies~11.5x2027E

EV/EBITDA,whichisatthelower-endofAmazon’stradingmultipleoverthepastdecade.WenoteAmazon’sleadingpositionwithinAWSand

eCommerce,itsPrimemembershipbase,growingonlineadvertising

business,andimprovingoverallmargins,whichcombineddeserveapremiumtothemarket,inourview.

Risks

Keyriskstosharesachievingourpricetargetinclude:(i)Macroeconomicgivenrisinginflationandtheimpactarecessioncouldhaveonconsumerdemand;

(ii)thepotentialforAmazontorampitsinvestmentcycleimpactingmarginexpansion;(iii)greatercompetitionintheCloudthatcouldimpactpricing;and(iv)regulatoryriskintheU.S.andEurope,andwenotetherecently

passedDigitalMarketsActinEurope.

MicrosoftCorp.

(MSFT.O;US$407.78;1;30Apr26;16:00)

Valuation

Our$620one-yeartargetpriceforMicrosoftisbasedon~28xPEmultipletoourFY28GAAPEPSof$22.59,whichwediscountbacktoayearforward

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using~12%costofequity.WeseetheEPSmultipleasabettervaluation

metricduetothemorestableearningsgrowthforamaturecompanylike

MSFTandtherampinnear-termCapExthatresultinamorevolatileFCF.Weseethepremium28xmultiplevs.megacapsoftwarecompsasappropriate

MSFT

andjustifiedgiventhedurabilityofgrowthatandtheirleadershippositioninGenerativeAIopportunity.

Risks

Weseepotentialdownsideriskstoachievingourtargetpricetobe:

•TheaggressiverampinCAPEXinvestmentinmidstoftheongoingbuildoutofGenAIcapabilitiescouldhurtlongertermtrajectoryifGenAIadoptionsareslowerthanexpected.

•Competitioninthehyperscalecloudmarket,requiringMSFTtoaggressivelyinvestherevs.AMZN’sAWSandGOOGL’sGCPandpotentiallyfast

decelerationinkeyAzuretrajectory.

•Alargeracquisitionthatdrivesearningsdilutioninthenearerterm.

OracleCorporation

(ORCL.K;US$161.39;1;30Apr26;16:00)

Valuation

Our1-yeartargetpriceof$320isbasedon23xPEmultipletoourFY29E

Non-GAAPEPSof$15.60discountedback.WeseetheEPSmultipleasa

bettervaluationmetricduetothemorestableearningsgrowthforamaturecompanylikeOracleandtherampinnear-termCapExthatresultsinamorevolatileFCF.Weseethepremiummultipleasappropriateandjustifiedgiventhenear-termdemandforAIinfrastructureandthesignificantrampinRPO.

Risks

KeydownsideriskstoourtargetpriceforOracle(ORCL)include:

Higher-than-ExpectedCapitalExpenditures(CapEx):ShouldORCLneedtoincurhigher-than-expectedCapExoverthenextfewyearstosupport

contractedworkloadsandkeeppacewithcompetitionintheAIinfrastructurebuild-out,thiscoulddrivemarginsbelowourlong-termmodeledlevels.

WeakeningAIInfrastructureDemand:AsuddenshiftinAIInfrastructuredemandoraslower-than-expectedramp-upinusagecouldnegativelyimpactgrowthprojections.

IncreasedCompetition:Incrementalcompetitionfromotherhyperscalersandrising"neo-clouds"(emergingcloudproviders)withintheAIInfrastructure

landscapecouldadverselyaffectORCL'srevenueandearnings.

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01May2026CitiResearch

IfyouarevisuallyimpairedandwouldliketospeaktoaCitirepresentativeregardingthedetailsofthegraphicsinthisdocument,pleasecallUSA1-888-500-5008(TTY:711),fromoutsidetheUS+1-210-677-3788

9

AppendixA-1

ANALYSTCERTIFICATION

Theresearchanalystsprimarilyresponsibleforthepreparationandcontentofthisresearchreportareeither(i)designatedby“AC”intheauthorblockor(ii)listedinboldalongsidecontentwhichisattributabletothatanalyst.IfmultipleAC

analystsaredesignatedintheauthorblock,eachanalystiscertifyingwithrespecttotheentireresearchreportotherthan(a)contentattributabletoanotherACcertifyinganalystlistedinboldalongsidethecontentand(b)viewsexpressedsolelywithrespecttoaspecificissuerwhichareattributabletoanotherACcertifyinganalystidentifiedinthepricechartsor

ratinghistorytablesforthatissuershownbelow.Eachoftheseanalystscertify,withrespecttothesectionsofthereportforwhichtheyareresponsible:(1)thattheviewsexpressedthereinaccuratelyreflecttheirpersonalviewsabouteach

issuerandsecurityreferencedandwerepreparedinanindependentmanner,includingwithrespecttoCitigroupGlobalMarketsInc.anditsaffiliates;and(2)nopartoftheresearchanalyst'scompensationwas,is,orwillbe,directlyor

indirectly,relatedtothespecificrecommendationsorviewsexpressedbythatresearchanalystinthisreport.

IMPORTANTDISCLOSURES

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10

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11

AnemployeeofCitigroupGlobalMarketsIncoritsaffiliatesisaDirectorofMicrosoftCorp

JamesmichaelSherman-Lewis,Analyst,holdsalongposition

inthesecuritiesofA

,Inc.,MicrosoftCorp..CitigroupGlobalMarketsInc.oritsaffiliateshasanetshortpositionof0.5%ormoreofanyclassofcommonequitysecuritiesofOracleCorporation.Withinthepast12months,CitigroupGlobalMarketsInc.oritsaffiliateshasactedasmanagerorco-managerofanofferingofsecuritiesofAlphabetInc,

A

,Inc.,OracleCorporation.CitigroupGlobalMarketsInc.oritsaffiliateshasreceivedcompensationforinvestmentbankingservicesprovidedwithinthe

past12monthsfromAlphabetInc,

A

,Inc.,MicrosoftCorp.,OracleCorporation.CitigroupGlobalMarketsInc.oritsaffiliatesreceivedcompensationforproductsandservicesotherthaninvestmentbankingservicesfromAlphabetInc,

A

,Inc.,MicrosoftCorp.,OracleCorporationinthepast12months.

12

CitigroupGlobalMarketsInc.oritsaffiliatescurrentlyhas,orhadwithinthepast12months,thefollowingasinvestment

bankingclient(s):AlphabetInc,

A

,Inc.,MicrosoftCorp.,OracleCorporation.CitigroupGlobalMarketsInc.oritsaffiliatescurrentlyhas,orhadwithinthepast12months,thefollowingasclients,andthe

servicesprovidedwerenon-investment-banking,securities-related:AlphabetInc,

A

,Inc.,MicrosoftCorp.,Oracle

Corporation.CitigroupGlobalMarketsInc.oritsaffiliatescurrentlyhas,orhadwithinthepast12months,thefollowingasclients,andthe

servicesprovidedwerenon-investment-banking,non-securities-related:AlphabetInc,

A

,Inc.,Microsoft

Corp.,OracleCorporation.CitigroupGlobalMarketsInc.and/oritsaffiliateshasasignificantfinancialinterestinrelationtoAlphabetInc,

A

,

Inc.,MicrosoftCorp.,OracleCorporation.(Foranexplanationofthedeterminationofsignificantfinancialinterest,pleaserefertothepolicyformanagingconflictsofinterestwhichcan

befoundatwww.citiV

.)

Analysts’compensationisdeterminedbyCitiResearchmanagementandCitigroup’sseniormanagementandisbaseduponactivitiesandservicesintendedtobenefittheinvestorclientsofCitigroupGlobalMarketsInc.anditsaffiliates(the“Firm”).

Compensationisnotlinkedtospecifictransactionsorrecommendations.LikeallFirmemployees,analystsreceive

compensationthatisimpactedbyoverallFirmprofitabilitywhichincludesinvestmentbanking,salesandtrading,and

principaltradingrevenues.Onefactorinequityresearchanalystcompensationisarrangingcorporateaccesseventsbetweeninstitutionalclientsandthemanagementteamsofcoveredcompanies.Typically,companymanagementismorelikelyto

participatewhentheanalysthasapositiveviewofthecompany.

ForfinancialinstrumentsrecommendedintheProductinwhichtheFirmisnotamarketmaker,theFirmisaliquidityproviderinsuchfinancialinstruments(andanyunderlyinginstruments)andmayactasprincipalinconnectionwithtransactionsin

suchinstruments.TheFirmisaregularissueroftradedfinancialinstrumentslinkedtosecuritiesthatmayhavebeen

recommendedintheProduct.TheFirmregularlytradesinthesecuritiesoftheissuer(s)discussedintheProduct.TheFirmmayengageinsecuritiestransactionsinamannerinconsistentwiththeProductand,withrespecttosecuritiescoveredbythe

Product,willbuyorsellfromcustomersonaprincipalbasis.

UnlessstatedotherwiseneithertheResearchAnalystnoranymemberoftheirteamhasviewedthematerialoperationsoftheCompaniesforwhichaninvestmentviewhasbeenprovidedwithinthepast12months.

Forimportantdisclosures(includingcopiesofhistoricaldisclosures)regardingthecompaniesthatarethesubjectofthisCiti

Researchproduct("theProduct"),pleasecontactCitiResearch,388GreenwichStreet,6thFloor,NewYork,NY,10013,

Attention:Legal/Compliance[E6WYB6412478].Inaddition,thesameimportantdisclosures,withtheexceptionofthe

ValuationandRiskassessmentsandhistoricaldisclosures,arecontainedontheFirm'sdisclosurewebsiteat

/cvr/eppublic/citi_research_disclosures

.ValuationandRiskassessmentscanbefoundinthe

textofthemostrecentresearchnote/reportregardingthesubjectcompany.PursuanttotheMarketAbuseRegulationa

historyofallCitiResearchrecommendationspublishedduringthepreceding12-monthperiodcanbeaccessedviaCitiVelocity(

/cv2

)oryourstandarddistributionportal.Historicaldisclosures(foruptothepastthreeyears)willbeprovideduponrequest.

CitiResearchEquityRatingsDistribution

12MonthRatingCatalystWatch

Datacurrentasof01Apr2026BuyHoldSellBuyHoldSell

CitiResearchGlobalFundamentalCoverage(Neutral=Hold)61%32%8%37%47%16%

38%41%28%42%37%36%

%ofcompaniesineachratingcategorythatareinvestmentbanking

clients

GuidetoCitiResearchFundamentalResearchInvestmentRatings:

CitiResearchstockrecommendationsincludeaninvestmentratingandanoptionalriskratingtohighlighthighriskstocks.

Riskratingtakesintoaccountbothpricevolatilityandfundamentalcriteria.StockswilleitherhavenoriskratingoraHighriskratingassigned.

InvestmentRatings:CitiResearchinvestmentratingsareBuy,NeutralandSell.Ourratingsareafunctionofanalyst

expectationsofexpectedtotalreturn("ETR")andrisk.ETRisthesumoftheforecastpriceappreciation(ordepreciation)plus

thedividendyieldforastockwithinthenext12months.Thetargetpriceisbasedona12monthtimehorizon.TheInvestmentratingdefinitionsare:Buy(1)ETRof15%ormoreor25%ormoreforHighriskstocks;andSell(3)fornegativeETR.AnycoveredstocknotassignedaBuyoraSellisaNeutral(2).ForstocksratedNeutral(2),ifananalystbelievesthatthereareinsufficient

valuationdriversand/orinvestmentcatalyststoderiveapositiveornegativeinvestmentview,theymayelectwiththeapprovalofCitiResearchmanagementnottoassignatargetpriceand,thus,notderiveanETR.CitiResearchmaysuspenditsrating

andtargetpriceandassign“RatingSuspended”statusforregulatoryand/orinternalpolicyreasons.CitiResearchmayalso

suspenditsratingandtargetpriceandassign"UnderReview"statusforotherexceptionalcircumstances(e.g.lackof

informationcriticaltotheanalyst'sthesis,tradingsuspension)affectingthecompanyand/ortradinginthecompany's

securities.Inbothsuchsituations,theratingandtargetpricewillshowas“—“and“-“respectivelyintheratinghistorypricechart.Priorto11April2022CitiResearchassigned“UnderReview”statustobothsituationsandpriorto11Nov2020onlyinexceptionalcircumstances.Assoonaspracticallypossible,theanalystwillpublishanotere-establishingaratingand

investmentthesis.Investmentratingsaredeterminedbytherangesdescribedaboveatthetimeofinitiationofcoverage,a

changeininvestmentand/orriskrating,orachangeintargetprice(subjecttolimitedmanagementdiscretion).Attimes,theexpectedtotalreturnsmayfalloutsideoftheserangesbecauseofmarketpricemovementsand/orothershort-termvolatilityortradingpatterns.SuchinterimdeviationswillbepermittedbutwillbecomesubjecttoreviewbyResearchManagement.

13

Yourdecisiontobuyorsellasecurityshouldbebaseduponyourpersonalinvestmentobjectivesandshouldbemadeonly

afterevaluatingthestock'sexpectedperformanceandrisk.

CatalystWatch/ShortTermViews(“STV”)RatingsDisclosure:

CatalystWatchandSTVUpside/Downsidecalls:CitiResearchmayalsoincludeaCatalystWatchorSTVUpsideorDownside

calltoindicatetheanalystexpectsthesharepricetorise(fall)inabsolutetermsoveraspecifiedperiodof30or90daysin

reactiontooneormorespecificnear-termcatalystsoreventsimpactingthecompanyorthemarket.ACatalystWatchwillbe

publishedwhenAnalystconfidenceishighthatanimpacttosharepricewilloccur;itwillbeaSTVwhenconfidencelevelis

moderate.ACatalystWatchorSTVUpside/Downsidecallwillautomaticallyexpireattheendofthespecified30/90day

period.TheCatalystWatchwillalsobeautomaticallyremovedifsharepriceperformance(calculatedatmarketclose)exceeds15%againstthedirectionofthecall(unlessover-riddenbytheanalyst).TheanalystmayalsoremoveaCatalystWatchorSTVcallpriortotheendofthespecifiedperiodinapublishedresearchnote.ACatalystWatch/STVUpsideorDownsidecallmaybedifferentfromanddoesnotaffectastock’sfundamentalequityrating,whichreflectsalonger-termtotalabsolutereturn

expectation.ForpurposesofFINRAratings-distribution-disclosurerules,aCatalystWatch/STVUpsidecallcorrespondstoa

buyrecommendationandaCatalystWatch/STVDownsidecallcorrespondstoasellrecommendation.AnystocknotassignedtoaCatalystWatchUpside,CatalystWatchDownside,STVUpside,orSTVDownsidecallisconsideredCatalystWatch/STV

NoView.ForpurposesofFINRAratingsdistribution-disclosurerules,wecorrespondCatalystWatch/STVNoViewtoHoldin

ourratingsdistributiontableforourCatalystWatch/STVUpside/Downsideratingsystem.However,wereiteratethatwedo

notconsiderNoViewtobearecommendation.ForallCatalystWatch/STVUpside/Downsidecalls,riskexiststhatthe

catalyst(s)andassociatedshare-pricemovementwillnotmaterializeasexpected.

RESEARCHANALYSTAFFILIATIONS/NON-USRESEARCHANALYSTDISCLOSURES

Thelegalentitiesemployingtheauthorsofthisreportarelistedbelow(andtheirregulatorsarelistedfurtherherein).Non-US

resear