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- Microsoft's earnings report Tuesday showed slowing cloud growth in a reality check for Wall Street.
- It's caused analysts to rethink their expectations for the rest of the cloud industry, mainly AWS.
- However, Microsoft's CEO and analysts think cloud is poised for a bounce-back after some hard times.
Microsoft's cloud revenues are down, as is the growth rate of its Azure cloud platform, as customers pull back on spending and look to optimize their cloud tools, the company reported in its quarterly earnings report Tuesday.