We've seen large revenue growth for Amazon Web Services, Microsoft Azure, and Google Cloud which have carried the growth and offset the failed ventures of these companies.
There's also the Neocloud companies that are building and growing like Coreweave and SpaceX.
However there are problems:
1. The cost of maintaining and building cloud capacity has gone up massively.
2. Increased competition between cloud providers.
3. Next few years will see a huge increase in the supply of compute services.
4. Shaky demand: A big share of the cloud revenue growth comes from spending by OpenAI and Anthropic, however these two companies are running out of money and are facing too much competition and falling prices.
The only way I can imagine demand keeping up with supply in the next few years is if AI improves massively to an extent that companies can replace large parts of their workforce with AI agents.