NEW YORK (TheStreet) --  (AMZN - Get Report) stock is declining 2.40% to $560.51 in mid-afternoon trading on Thursday, as Alphabet's (GOOGL) Google Cloud Platform won Apple (AAPL) as a customer in a blow to's Amazon Web Services, sources told CRN.

Apple reportedly signed the deal with Google late last year, and has since greatly reduced its reliance on's cloud computing services while remaining a customer. 

The iPhone-maker is spending between $400 million and $600 million on Google Cloud Platform, CRN notes. This would greatly benefit the vendor, which is widely believed to be third behind Amazon Web Services and Microsoft (MSFT) Azure in the public cloud.

However, Pacific Crest contends that the cloud services market provides a $25 billion opportunity big enough for, Microsoft and Google, Barron's reports.

"There would certainly be some wins and losses among the three along the way, but it would likely be good for all three in the intermediate term," the firm wrote in a note. 

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Separately, TheStreet Ratings team rates the stock as a "hold" with a ratings score of C.'s strengths such as its impressive record of earnings per share growth, compelling growth in net income and robust revenue growth are countered by the fact that the company has favored debt over equity in the management of its balance sheet.

You can view the full analysis from the report here: AMZN

TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this article's author.