[Citigroup Research Report Shows Accelerated Revenue Growth for Four Major Cloud Providers in Q2, AI Monetization Outpaces Capital Expenditures] According to Trend Research, Citigroup's July 31 research report indicates that the combined revenue of the four major cloud providers reached $103.8 billion in Q2, a year-over-year increase of 50%. Microsoft Azure grew by 43%, Amazon AWS by 37%, Google Cloud by 82%, and Oracle OCI by 92%. AWS holds the largest market share at 41%, while Google Cloud's share rose to 24%. AWS's annualized AI business revenue reached $25 billion, up from $15 billion in Q1. The four major cloud providers collectively increased quarterly capex by approximately $20 billion quarter-over-quarter. AWS's profit margin stands at 39.4%, and Google Cloud's profit margin is 35.6%. AWS's backlog reached $496 billion, while Google Cloud's backlog hit $514 billion. Citigroup maintains a 'Buy' rating for Microsoft, Amazon, Google, and Oracle, with target prices of $600, $350, $447, and $330, respectively.