I think when the economy is hit hard a lot of companies are going to have to look at what they can do to make sure they remain profitable since investor appetit

I think when the economy is hit hard a lot of companies are going to have to look at what they can do to make sure they remain profitable since investor appetite has changed. This means some companies will have to look at what is being spent on cloud providers. Renting RAM by the hour makes sense if you are optimistic about future revenue growth, but if the market changes and you have to worry about how you can sustain profits while just keeping your current customer base then this makes a lot less sense. The cloud vs on prem argument also really includes all the things in between, e.g. colo, managed servers, VPSes and also better tooling to manage your own VM and container clusters on these, which I think will now get increased attention and competition when people are considering alternatives to the big cloud providers in order to bring down costs.