Q2 2026 Channel Checks & Alternative Data: Cloud, Ad Tech and Software

Hey everyone, Posting my regular channel check & other alternative data report before we start the big tech Q2 earnings. In this report, I covered the cloud hyperscalers and what I see from aggregating multiple alt providers, and share some of my views on the upcoming earnings. In this report, I also share some data on the ad tech and software sector, as well as my general view on how things might play out this earnings season. Particularly on the cloud side, some of my data points to a significant acceleration from previous levels for one specific cloud provider. Let’s dive in. Cloud hyperscalers First of all, I should note that cloud capacity remains sold out at the hyperscalers, and alt data continues the trend seen in previous quarters. If we first look at the sellside data, we can see that sellside is optimistic about cloud revenue growth for Q2, with expectations mostly on the high end of the guidance ranges provided by cloud providers. By conducting my analysis of the most relevant expert interviews and channel checks from platforms like AlphaSense, we get more granular data. The sentiment from expert interviews this quarter is very bullish, with public cloud growth accelerating substantially in Q2 2026 vs Q1 2026. In many cases, the growth estimates went from 10-20% YoY in Q1 2026 to 25-35% YoY for Q2 2026. Strong usage is seen across the board, but the standout company for this quarter in terms of rate of change from the previous quarter is ( Subscribe to Paid to see the full article, explaining which cloud provider momentum looks the best in Q2, Microsoft Copilot adoption, and Ad Tech growth, particularly Meta)Read More