US cloud companies rise after Microsoft's upbeat forecast for Azure cloud business

U.S. cloud companies rise premarket following Microsoft's MSFT.O upbeat cloud revenue forecast

Microsoft's results could ease investor concerns about a potential slowdown in AI demand after some analysts pointed to canceled data-center leases at MSFT as a sign of excess capacity

MSFT shares jump 9% premarket, Oracle ORCL.N up 4.1%, ServiceNow NOW.N rises 3.1%

Datadog DDOG.O adds 5.1%, Snowflake SNOW.N gains 5.3%, Cloudflare NET.N up 4.2%, Salesforce CRM.N 2.3% higher

Fellow "Magnificent Seven" companies offering cloud services also rise, with Amazon AMZN.O adding 3.6% and Alphabet GOOGL.O gaining 1.2%

As of last close, MSFT down 6.2% YTD, Oracle and ServiceNow down 15.7% and 10% YTD, respectively