New Delhi, July 24 -- Alphabet Inc.'s continued growth in its cloud business could offer a positive medium-to long-term outlook for Indian IT companies, despite near-term uncertainty, according to Nuvama Institutional Equities.

Nuvama noted that strong growth in Google's cloud business over the past four quarters, reflected in Alphabet's higher capex guidance, signals continued enterprise investment in strategic initiatives.

The tech giant's cloud revenue increased 81.8 per cent on YoY in the latest quarter supported by solid growth in core GCP, AI solutions and AI infra, including first time TPU system sales while Cloud growth stayed strong even excluding this contribution.

At the same time Google Services revenue surged 15 per cent Y...