If you\u2019ve been around the tech industry long enough, recent market events held an eerie familiarity.\nWhen Facebook badly missed its numbers for the quarter ended June 30, 2018, the company\u2019s stock took an unprecedented pummeling, losing 20 percent of its value and tanking many other tech stock along with it. Watching the carnage, it was hard not to think back to the spring of 2000 when Microsoft lost its antitrust case, losing 15 percent of its value in a single day and signaling the end of the dot.com boom and the beginning of a historic bust.\nBut something is different this time.\n\nWhen Microsoft \u2014 a bellwether company both then and now \u2014 suffered that epic defeat, it dragged down the entire NASDAQ by 8 percent. That didn\u2019t happen when Facebook \u2014 also a bellwether stock for the tech industry \u2014 had its\u00a0recent comeuppance.\nOne primary reason: The major cloud companies continue to show incredible growth. According to The New York Times:\n\n\u201cCompetition to supply the foundation layer of computing and software \u2014 the cloud-era equivalent of an operating system \u2014 is heated and costly. The biggest players, analysts estimate, are spending up to $10 billion a year on their global networks of data centers. This core cloud business is a $60 billion-a-year market, which grew by 50 percent in the first quarter of this year, according to Synergy Research Group. In that fast-growing market, Amazon holds a 33 percent share, unchanged since the end of 2015. Over the same span, Microsoft\u2019s share climbed from 7 percent to 13 percent, and Google\u2019s doubled to 6 percent.\u201d\n\nLet\u2019s take a look at the top players:\nAmazon Web Services is still the elephant in the room\nAmazon\u2018s cloud service business grew 49 percent to $6.11 billion in revenue, topping Wall Street expectations and providing the lion\u2019s share of the company\u2019s profits. CNBC noted that AWS revenue has jumped 255 percent in the last three years and cited KeyBanc analysts saying, \u201cWe remain confident that AWS revenue can double to $42 billion by 2020.\u201d\nThe continuing growth acceleration comes despite increased competition from Microsoft and Google. AWS has the most customers, including giant firms spending more than $100 million a year and thousands of consultants helping their clients use Amazon. It\u2019s still considered the safe, default service.\nAccording to John Dinsdale, a Synergy Research Group senior analyst quoted in The Street, AWS\u2019s dominance is due to a big head start "building out data centers, operations, international expansion, staffing and a partner network \u2026 It has also had a ferocious focus on putting clients first and has continued to aggressively reduce prices. So, it is a combination of strategy, corporate focus, heavy investment, long-term vision and execution."\nMicrosoft is now 'the clear No. 2'\nNevertheless, Microsoft, now a cloud powerhouse itself (that Times article headline anointed the company \u201cthe Clear No. 2 in Cloud Computing\u201d), reported \u201cstrong growth in all three of its major reporting areas \u2014 especially in cloud computing,\u201d according to Business Insider.\nHow strong was Redmond\u2019s cloud growth? Commercial cloud revenue, which includes services such as Azure, grew a whopping 53 percent, to $6.9 billion. Sounds good right? Well, it\u2019s even better than that. According to CNBC, while Microsoft does not disclose Azure revenue, the company said it jumped by an incredible 89 percent. And other Microsoft cloud offerings also posted healthy growth.\nGoogle hits 'meaningful scale'\nGoogle\u2019s parent company Alphabet posted blowout earnings for the second quarter. Its "other revenues" segment, which includes cloud, hardware, and the Play Store, rose 36.5 percent to $4.4 billion in revenue. CNBC noted that while Google's Cloud business still trails compared to Amazon and Microsoft, Google CEO Sundar Pinchai said it has achieved \u201cmeaningful scale, making at least $1 billion in revenue per quarter."\n\u201cIn fact, we believe that Google Cloud Platform, based on publicly reported data for the twelve months ended December 2017, is the fastest growing major public cloud provider in the world. We are also increasingly doing larger, more strategic deals with customers. In fact, the number of deals worth over $1 million across all Cloud products more than tripled from 2016 to 2017,\u201d he said.\nPut it all together \u2014 add in IBM\u2019s continued cloud success \u2014 and that kind of cloud growth more than makes up for Facebook\u2019s little hiccup, and it should keep the tech market humming while longer yet. As long as we\u2019re talking about the cloud, that is. Don\u2019t count on that kind of ongoing happiness in servers and traditional data center networks.