I think its really #4 - cloud is still a minor side bet for them, something investors are expecting them to try to work at but that the core company doesn't rea

I think its really #4 - cloud is still a minor side bet for them, something investors are expecting them to try to work at but that the core company doesn't really care about. its kind of a bigger google X project. aws and azure are significant company bets from amazon/microsoft where they are staking their future, google cloud is not a bet on googles future.