Alibaba provoked an Amazon-style ripple of interest from investors when it reported its quarterly numbers: revenues at AliCloud, its eight-year-old cloud services business, rose 115 per cent year on year to $254m.

The amount may be tiny, at just 3 per cent of the Chinese ecommerce group’s $7.7bn quarterly revenues, but for analysts, the parallel was clear. Amazon Web Services, launched in 2006, went from zero to three-quarters of the US ecommerce group’s operating profit over the next decade. AWS, with $11bn of sales last year, is the world’s biggest cloud business.

Underlining the role of, and money in, cloud services in the US is Snap. The owner of messaging app Snapchat will spend $2bn with Google Cloud over the next five years and is reliant on the search giant’s infrastructure for “the vast majority of [its] computing, storage, bandwidth and other services”, according to its IPO filing.