Of course, when your “customers” are just self-dealing, that’s also not a great sign.
Any hosted service can be bent into the shape of a cloud. Large parts of Oracle Cloud balance sheet is probably just hosted PeopleSoft and similar.
They have this in common with IBM which, at least on paper, have a large cloud business.
CrowdStrike and Uber
> Hetzner
I don't know of any upper market EMEA customers on Hetzner. I've met Scaleway, OVHCloud, and even STACKIT users but never Hetzner.