Not a bubble in terms of cloud adoption but a lot of customers reduced their cloud bill. What happened was that many companies didn't invest time and effort in

Not a bubble in terms of cloud adoption but a lot of customers reduced their cloud bill. What happened was that many companies didn't invest time and effort in being more efficient in how they use the cloud and suddenly when money is tight everyone realizes they can save a lot of money by being more responsible. For example, don't use the most expensive GPU instance when training your ML model. Kill the instance once you don't need it. Train smaller models. Etc.