And to address the point about consulting, at the cloud providers themselves, the consulting departments were - even at AWS when I was there working at ProServe from 2020-2023 - considered a loss leader until 2022 to get companies to bring more work onto AWS. If you don’t take into account all of the credits that AWS gave companies toward ProServe, that divisions loss would be even higher.

Even at third party consulting companies a lot of the revenue comes from credits given to the customers from AWS and Microsoft. I purposefully didn’t say Azure. Microsoft has been playing this game for longer than Azure has been a thing.