Because investors hope that companies like Amazon will get a global monopoly on an entire giant segment of the economy, probably an "economic moat" reinforced by bogus patents or copyright or trademark claims (like Oracle vs. Google).
Think how the advertising business was formerly divided in thousands of small actors in each country (publishers) and now it's dominated by a handful of global internet companies.
aws's competitors keep popping up though (ibm included). on the contrary google was buying up everything, and there are only so many advertisers. there is no moat in datacenters, it's just computers and they are infinite
This is an excellent question that I’ve never seen addressed. Replying just to call attention to it in the hopes that someone knowledgeable HN’ers can answer. It seems like cloud would quickly become a commodity but I have no special insight.
