There is currently a bit of an early shift back to physical infra. Some of this is driven by costs(1), some by geopolitical concerns, and some by performance. However, dealing with physical equipment does introduce a different set (old fashioned, but somewhat atrophied) set of skills and costs that companies need to deal with.
(1) It is shocking how much of a move to the cloud was driven by accountants wanting opex instead of capex, but are now concerned with actual cashflow and are thinking of going back. The cloud is really good at serving web content and storing gobs of data, but once you start wanting to crunch numbers or move that data, it gets expensive fast.
In some orgs the move to the cloud was driven by accountants. In my org it was driven by lawyers. With GDPR on the horizon and murmurs of other data privacy laws that might (but didn't) require data to be stored in that customer's jurisdiction, we needed to host in additional regions.
We had a couple rather large datacenters, but both were in the US. The only infrastructure we had in the EU was one small server closet. We had no hosting capacity in Brazil, China, etc. Multi-region availability drove us to the cloud - just not in the "high availability" sense of the term.
(1) It is shocking how much of a move to the cloud was driven by accountants wanting opex instead of capex, but are now concerned with actual cashflow and are thinking of going back. The cloud is really good at serving web content and storing gobs of data, but once you start wanting to crunch numbers or move that data, it gets expensive fast.