Why Wall Street thinks a 'street battle' is brewing between Amazon and Microsoft (AMZN, MSFT)

Amazon Web Services is the clear leader in cloud computing now, but Wall Street thinks it's about to face much stronger competition from Microsoft's own cloud-computing platform, Azure, next year.

In a note published on Tuesday, market-research firm FBR Capital Markets predicted Azure will reach an annual run-rate trajectory of $8 billion-plus in 2016. That's about the same run rate as AWS this year.

"We continue to believe 2016 will be a '206 area code street battle for the cloud,'...

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