The latter is obviously the case. Look at their profit margins! You don't get those kind of margins on commodities unless you're price colluding. Cloud trivial

The latter is obviously the case. Look at their profit margins! You don't get those kind of margins on commodities unless you're price colluding. Cloud trivially can't be more expensive than on-prem. Cloud is just on-prem at scale where they sell you the leftovers.