Their moat is on transferring data out of AWS (and GCP, Azure, etc). A competitor would have to be cheaper as to pay the migration out first. Sure, if you have

Their moat is on transferring data out of AWS (and GCP, Azure, etc). A competitor would have to be cheaper as to pay the migration out first. Sure, if you have TB-scale data it is still doable, but once you reach PB-scale it's better to negotiate an EDP rather than move out.