US Cloud Stocks Selloff Amid Earnings Concerns

The US cloud computing sector fell in pre-market trading on October 29, with ServiceNow and Alphabet shares dropping 19% and 10% respectively.

Other cloud companies, including Navigus, CoreWeave, Iren, Salesforce, and Oracle, also saw significant declines.

Market concerns over cloud growth quality, AI capital expenditure profitability, and corporate valuation have spread across the sector.