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With continuous innovation in artificial intelligence (AI) and machine learning (ML), the cloud industry is expected to grow exponentially. According to a Fortune Business Insights report, the global cloud computing market is expected to grow at a 17.9% CAGR between 2021 – 2028. While it may be risky to bet on a particular cloud stock with rising competition in the cloud space and increasing vulnerability to cyber-attacks, a less risky way could be to bet on cloud-stock-focused ETFs.
So, we think cloud-based ETFs First Trust Dow Jones Internet Index Fund (FDN), First Trust Cloud Computing ETF (SKYY), and Global X Cloud Computing ETF (CLOU) could be solid bets now. These ETFs are rated A (which translates to Strong Buy) in our proprietary POWR Ratings system.
