To achieve that end, he essentially says he wants all his resources somewhere else (hosted by a third party who does the hard work of keeping it online and back

To achieve that end, he essentially says he wants all his resources somewhere else (hosted by a third party who does the hard work of keeping it online and backed up, etc) and to interact with those resources through a uniform interface via thin-clients that only use local storage and processing power as a cache. If you still owned all the hardware in this picture, you could argue it's still "personal computing", but once you've offloaded the processing and storage to a third party, it's more "timesharing on a mainframe" than "personal computer". There are many advantages to this approach, but it does mean giving up something.