sure Azure and GCP are trying to chase down AWS with cloud offerings of their own but Facebook isn’t hosting a slice of the whole economy’s cloud infra activity directly although I guess as people / groups / businesses organize more of their stuff online on Facebook that’s a factor..

but that multiple of growth — from a company that’s been designing their own server racks and everything for years to cut costs — has gotta be structural and for crypto and VR and AI boondoggles it seems like probably a catastrophe for the company