His whole argument more or less hinges on the fact that the 3 services he picked only had AWS, GCP and Azure as options, and hence the big 3 are content to defe

His whole argument more or less hinges on the fact that the 3 services he picked only had AWS, GCP and Azure as options, and hence the big 3 are content to defend their market position. But that's not a done deal as things can change on a dime and the cloud vendors are being vigilant. Their 50-60% margin will be spent on developing more lock-in. On one side you have Cloudflare. Cloudflare is the Apple of cloud. They're gunning for the big 3 by vertical integration and proprietary products and hence changing the way the market operates. On the other side you have up-and-coming IAAS and MAAS providers chipping away at the margins. These are either commodity providers that cut the fat, or owners of DC and/or connectivity so has the synergy to undercut the cloud platforms. This plays into the open platform push such as cloud native / kubernetes. It's almost certain that the cloud providers will lose marketshare in the IAAS space as they simply can't compete on cost. Regulation is also going to catch up to prevent cloud lock-in. So the only play these platforms have is to fight on scale and features which means continuous expansion on all fronts, including higher-level services.