Amazon.com Inc.’s AMZN cloud unit plans to recruit employees next year and keep building new data centers, per a Bloomberg article. The news has come at a time when Amazon is reportedly cutting as many as 10,000 jobs from other departments. It also indicates that the company hasn’t stopped investment plans for its most profitable business.Though Amazon’s latest earnings and sales missed estimates, strength in AWS was a positive. Sales in Amazon’s cloud unit, the largest provider of rented data storage and computing power, totaled $20.5 billion, up 27%, for the three months ended September. That rate, though, the slowest year-over-year growth since Amazon began breaking out the division’s performance in 2014, makes sense, as some businesses curtailed their spending on technology amid global growth worries.The AWS segment continued to gain customer momentum in the third quarter, courtesy of its highly reliable services portfolio and the increasing number of data centers, availability zones and regions. Further, AWS experienced the addition of Pick n Pay to its clientele. AWS was selected by Pick n Pay as the latter’s strategic cloud provider. In the third quarter, Amazon announced the general availability of AWS IoT FleetWise.AWS has long been a profit churner, sometimes making up all of the parent company’s operating income, per Bloomberg. “We’ll moderate our data center growth when the demand moderates,” management said in the interview. “We have a lot of supply chain models that tell us to keep building data centers, so we’re gonna keep building them,” as quoted on Bloomberg.If this was not enough, Microsoft MSFT and Nvidia NVDA announced their collaboration mid-November to develop an AI cloud computer. Azure’s cloud-based AI supercomputer will be the first of its kind. Alphabet’s Google, which is shelling out billions of dollars globally to compete with Amazon and Microsoft in the cloud space, is considering plans to build more data centers in the Middle East, an important market and one of fastest growing regions for the company’s business.Notably, the global cloud computing market is projected to increase from $480.04 billion in 2022 to $1,712.44 billion by 2029, at a CAGR of 19.9% in the forecast period, per fortunebusinessinsights.com.Against this backdrop, below, we highlight a few cloud-computing ETFs that can be tapped for gains if the Fed slows down its rate hike.ETFs in Focus There are a lot of cloud computing ETFs, both non-leveraged and leveraged. Within the non-leveraged segment, investors can bet on First Trust Cloud Computing ETF SKYY, Global X Cloud Computing ETF CLOU, WisdomTree Cloud Computing Fund WCLD, Fidelity Cloud Computing ETF FCLD and Simplify Volt Cloud and Cybersecurity Disruption ETF VCLO.Within the leveraged ETFs, Direxion Daily Cloud Computing Bull 2X Shares CLDL, ProShares Ultra Nasdaq Cybersecurity ETF UCYB and ProShares Ultra Nasdaq Cloud Computing ETF SKYU are available. Zacks Names "Single Best Pick to Double" From thousands of stocks, 5 Zacks experts each have chosen their favorite to skyrocket +100% or more in months to come. From those 5, Director of Research Sheraz Mian hand-picks one to have the most explosive upside of all. It’s a little-known chemical company that’s up 65% over last year, yet still dirt cheap. With unrelenting demand, soaring 2022 earnings estimates, and $1.5 billion for repurchasing shares, retail investors could jump in at any time. This company could rival or surpass other recent Zacks’ Stocks Set to Double like Boston Beer Company which shot up +143.0% in little more than 9 months and NVIDIA which boomed +175.9% in one year.Free: See Our Top Stock and 4 Runners Up >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Amazon.com, Inc. (AMZN): Free Stock Analysis Report Microsoft Corporation (MSFT): Free Stock Analysis Report NVIDIA Corporation (NVDA): Free Stock Analysis Report First Trust Cloud Computing ETF (SKYY): ETF Research Reports Global X Cloud Computing ETF (CLOU): ETF Research Reports WisdomTree Cloud Computing ETF (WCLD): ETF Research Reports Simplify Volt Cloud and Cybersecurity Disruption ETF (VCLO): ETF Research Reports Direxion Daily Cloud Computing Bull 2X Shares (CLDL): ETF Research Reports ProShares Ultra Nasdaq Cloud Computing (SKYU): ETF Research Reports ProShares Ultra Nasdaq Cybersecurity (UCYB): ETF Research Reports Fidelity Cloud Computing ETF (FCLD): ETF Research ReportsTo read this article on Zacks.com click here.Zacks Investment Research