I'd argue the exact opposite: with each year the cloud makes less and less technical sense. Local computing power, storage, and networking are getting cheaper

I'd argue the exact opposite: with each year the cloud makes less and less technical sense. Local computing power, storage, and networking are getting cheaper all the time, while cloud services really aren't, and won't because of their business model. Cloud is also risky for security, privacy, and business (hard dependency on a single vendor) reasons.