[Morgan Stanley: Cloud Giants' Q2 Growth Rate Rises to 48%, DDOG and Others Face High Valuation Challenges] According to research from TrendForce, a Morgan Stanley report on August 6 indicated that the combined growth rate of the three major cloud providers increased from 39% to 48% in Q2. AWS grew by 37%, Azure by 43%, and Google Cloud by 82%. AWS's AI annualized revenue exceeded $25 billion. Morgan Stanley maintains an overweight rating on DDOG, SNOW, and MDB, with target prices of $300, $300, and $380 respectively, but noted that these stocks face high valuation challenges.