Stock

Byron Deeter: 2022 is the ‘amazon moment’ for the cloud industry

The BVP Nasdaq Emerging Cloud Index down 35% from its high in early November 2021 is the “actionable moment” for investors, says Bessemer Venture Partners’ Byron Deeter.

Deeter’s remarks on CNBC’s ‘TechCheck’

Deeter attributes the weakness in cloud stocks to macroeconomic factors, including inflation, rate hikes, and the ongoing war in Ukraine. Speaking with CNBC’s Deirdre Bosa on “TechCheck”, he said:

We’ve seen multiples in the sector hammered over the last hundred days. But very little of that massive pullback has been due to business performance. These companies continue to perform; they continue to deliver. This is very much a macro question.

Last week, Adobe gave tepid guidance for its current quarter, citing impact from the Russia-Ukraine conflict.

Cloud stocks can hit new 52-week highs

The co-author of “10 Laws of Cloud Computing” sees 2022 as the “amazon moment” for the cloud industry. He’s convinced that these stocks can surpass their respective 52-week highs. Deeter added:

Cloud computing is the third massive wave of technology. It’s a huge, multi-trillion-dollar investable trend and the multiples don’t need to come back for the stocks to rise massively. That’s the core point.

Cloud was one sector that benefitted greatly from the COVID pandemic, which accelerated digital transformation for businesses across the globe. The global cloud computing market is expected to almost double in size over the next five years.

The post Byron Deeter: 2022 is the ‘amazon moment’ for the cloud industry appeared first on Invezz.

Disclaimer: MonopolyWinnersUpdates.com, its managers, its employees, and assigns (collectively "The Company") do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

Copyright © 2022 MonopolyWinnersUpdates.com. All Rights Reserved.

To Top