I have seen some amount of the needle flipping in the financial service space as well. 10 years ago you saw some first movers to cloud, the last 5 years have b

I have seen some amount of the needle flipping in the financial service space as well. 10 years ago you saw some first movers to cloud, the last 5 years have been a lot of followers for the sake of it (hey are smarter/bigger peers did it! - CTO). Numerous shops have become a lot more selective on what workloads truly belong in the cloud. This might mean cancelling migrations or rolling workloads back. Many of these firms are large enough that they have historically operated their own DCs anyway. Others have simply rented space in places like equinix. In a lot of ways this makes sense. JPM alone claims to have 50K "technologists". These are the kind of numbers that match or exceed the hyperscalers themselves. Even many of the big hedge funds / asset managers have only gotten bigger, with 1000+ engineers of various sorts on staff. As others have pointed out, things like big predictable stable workloads and storage are heavily marked up in cloud and you are lighting money on fire at scale if you are already big enough to rent/run your own DC.