Yep. But I would not forget local/edge hardware just yet.
The size to quality spread is shrinking pretty fast. What I can do now - locally vs a year ago is astounding, half due to better & smaller/faster models, half due to better tools.
For what cloud usage costs, you can do a lot with a $50k budget, which is peanuts in cloud compute terms.
I don't think this will be lost on everyone.