Going by financials alone, no, public cloud providers aren’t remotely losing ground. That being said, organizations being run in rational and objective manners

Going by financials alone, no, public cloud providers aren’t remotely losing ground. That being said, organizations being run in rational and objective manners (instead of chasing buzzwords and fads) are increasingly looking at “right-sizing” their technology estates and moving them to more rational places, depending on workloads or other needs. Public cloud, like all technologies, is little more than a tool. You don’t have to use it at all if you don’t want to, and even if you use it all the time for everything (as many customers do), you’re free to re-evaluate your use cases and migrate accordingly (depending on the services you consume). With rising discussions about Big Tech monopolies, shifting geopolitical tensions, an increased focus on sovereignty, and a swath of economic factors that incentivize tighter budgets, the expectation is that workload migration and reshoring will continue to be an important topic for stakeholders well into the 2030s. Whether that means moving on-prem entirely for stable/non-scaling workloads, moving to a regional VPS for compliance, or changing CSPs entirely to avoid adversaries, the reality is that this discourse isn’t going away.