There's a lot of skepticism about Apple's move to ditch AWS for Google Cloud

Google's Cloud Platform scored a big PR coup last week when it was reported that it lured away Apple from AWS for a deal worth $400 million to $600 million.

But Deutsche Bank believes the reality is not quite as momentous as it appears, arguing in a note to investors on Monday that the size and significance of the deal have probably been overstated.

"One independent check told us that the media is likely misrepresenting what has actually happened and that the dollar amounts being thrown around ($1 billion in AWS spend by Apple, or a $400-$600m deal with GCP) are both 'absurd,'" the note said.

Deutsche Bank estimates that Google's Cloud Platform generated $400 million in total last year. So the reported deal size would be exceedingly larger, it noted.

Also, signing up a customer as big as Apple would be a huge shift away from the typically smaller deals Google's Cloud Platform has been signing so far, according to the note. Even some of Google's large enterprise customers seem to be using it only for "small, niche and net new initiatives," it said.

Apple diversification

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