Everyone keeps underestimating Azure, and yet they'll be the only ones making money when price wars erupt and margins evaporate. They're the only ones who have unique offerings (Office, Exchange, MS SQL, Sharepoint, Dynamics, AD/Enterprise management, etc) that enterprise customers already use outside the cloud, and they're the only ones with a massive sales channel into small to medium businesses. Much like it took a decade and billions of dollars for Amazon to build the distribution network, building the stack Microsoft has also takes decades and billions, and there's also an entrenched competitor now: Microsoft, so no one is even going to try.