“This new generation of companies sell cloud-based services, generating some money initially but getting much more over time as customers renew their deals and demand more features,” according to CNBC.
Cloud computing refers to a mode of accessing digital information from the internet through web-based tools and applications, instead of directly connecting to a server. The desired data and software packages are stored in servers where a consumer can access them anywhere as long as one has access to the internet.
Top 10 holdings in SKYY include Netflix, Inc. (NASDAQ: NFLX), Amazon.com Inc. (NASDAQ: AMZN) and Alphabet Inc. (NASDAQ: GOOGL).
“IDC projects that cloud services revenue will more than double to $276.8 billion by 2021 from $129.7 billion last year, as more large global enterprises push workloads to the cloud,” reports CNBC.
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