But if it's indeed "money-losing" wouldn't it be just worth as much as their equipment is? Also if we are talking about MS/Amazon/Google's cloud businesses w

But if it's indeed "money-losing" wouldn't it be just worth as much as their equipment is? Also if we are talking about MS/Amazon/Google's cloud businesses we shouldn't ignore that these companies themselves are generally their own biggest clients which is something they could leverage to a significant degree to outcompete their rivals (initially at least)