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Cloud computing is the backbone of digital transformation in modern enterprises. It enables businesses to access, store and process data and applications over the internet, rather than on-premises servers. Cloud computing offers many benefits, such as scalability, flexibility, cost-efficiency and security. However, not all cloud computing businesses have been successful in 2023. Not only is the cloud computing market highly competitive and dynamic, but some companies will struggle with acquiring new customers or upselling to existing ones. Other cloud computing stocks have ballooned in valuation, making them ample targets for a devaluation or sell-off scenario.
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