I’m old enough to remember Intel Online Services when Intel caught the .com bubble fever and spun up a global data centre build out believing (correctly as it turned out) that using ‘managed modular compute services’ (what we now call the Cloud) was the future. But they got the timeline badly wrong.
They overspent wildly and got toasted in the dot com crash in 2001, selling it all off in a fire sale in 2002 basically writing off the billions invested.
And this is waaay worse.