I don't think revenue numbers reflect that we are in a ditching the cloud hype cycle, particularly given emerging political risks.. At any given time there is hype for every possibility with controversy or ramifications and the software market is so much larger than what many of us were used to that any group seems large enough to be most of the market.

Oh, I agree entirely with you. When I say hype, I mean there's a lot of positivity around these "We left the cloud" blog posts. I sit in a position within my company where I make these types of decisions (how our infrastructure is provisioned), and every few weeks or so for the past year I've gotten sent some blog post about X company moving off the cloud and reaping Y benefits.

I estimate that many of these cases were self-inflicted with a general misunderstanding of the cloud pricing model. Amazon has a literal pipeline (AKA certificate program) to maximize its revenue. It's so bad that I now include interview questions trying to suss these individuals out (design me X system, and the given solution uses 15 different AWS services).

Now, that's not an entirely fair representation of the problem, as I've seen genuine business cases that shouldn't be in the cloud, period. That's why I say both sides have an argument. But as I said, my opinion is that actual cloud revenue suggests that it's just a vocal minority group spinning up most of the discussions.