Side point to your article from a tech guy. This statement is not true unless you consider all internet infrastructure to be "the cloud" and I don't.

Mission critical control and optimization of industrial processes can be put in the cloud, but I see that as an unbelievable strategic risk - and I say so loudly.

Quick and easy example: Let's say you have process databases and control software for a nuclear power plant in Ukraine. Would you put that software in the cloud, where it is greatly exposed and your power plant is dependent on a nameless, faceless, low paid data warehouse employee of Jeff Bezos somewhere on the globe, maybe multiple places on the globe at once?

Even more important: Would you want your CONNECTION your data warehouse and control system to be vulnerable to disruption by everything from a bad storm to a war?

Or would you keep that mission critical infrastructure in-house or very close by so that it is hardwired together behind multiple firewalls and with very few dedicated secure interfaces being the only allowable transfer points into/out of that infrastructure?

I've watched the PC explosion, the "death" of mainframes, the explosion of servers (i.e. mainframes by another name), the "death" of PCs, followed soon by the "death" of server consoles and now the explosion of cloud computing, which is just mainframes farther away from the user (i.e. globalization of computing).

Globalization as a mantra for the future of everything is dying. Covid showed how short sighted it is for essentials. Everyone from individuals to countries has essentials and Covid has showed us the list of essentials is longer than we thought.

The dip in AWS growth I think will be the beginning of a trend that will not bounce back unless the war in Ukraine ends soon and with a negotiated peace between the east and the west. Anything else wold mean the world hostilities will continue to rise, and the need to keep your essential resources in or very close to house will also rise.