The cloud business is under the spotlight again following the viral success of chatbot ChatGPT, which answers general questions in plain language using artificial intelligence. The bot is a creation of startup OpenAI, in which Microsoft is investing heavily and which requires intense cloud computing services.
In their expectations from finance minister Nirmala Sitharaman, the fintech industry – which has seen several regulatory reforms over the last year – is seeking ‘priority sector’ status for driving financial inclusion, along with sops to cover the cost incurred for growing digital payment net in the country.
The company's margins will be hit though as Tesla looks to squash competition from traditional automakers such as Ford Motor Co and unprofitable startups including Rivian Automotive Inc and Lucid Group Inc.
Musk's comments add to a long-running debate over whether such advisers have too much sway over corporate decision-making.
"Google has used anticompetitive, exclusionary, and unlawful means to eliminate or severely diminish any threat to its dominance over digital advertising technologies," the government said in its antitrust complaint.
After years of blistering growth, most recently fuelled by remote working and studying during the pandemic, cloud demand has cooled in the past nine months and sales growth may slow further, analysts said.