I wonder why the author does not include Cloud services in his analysis. Cloud is just getting started, has massive potential (business IT spending), can be del

I wonder why the author does not include Cloud services in his analysis. Cloud is just getting started, has massive potential (business IT spending), can be delivered online (duh) and can be shown to be done effectively. Which is why you see lots of big tech co's investing massively there. To borrow author's words, I believe for the next round, profitable tech companies will be Cloud providers (along with a Mall too), which will justify rich premiums.