Heck, market caps at this point are almost entirely untethered from reality. {cf. Tesla}
Revenues or profits in the cloud market for each company are mostly a measure of how much they are winning. How much they are spending is a measure of how much they are trying to compete, and the amount they can spend is also dependent on profits in other areas of their respective business.
> Heck, market caps at this point are almost entirely untethered from reality
Most stocks have some basis in reality, and relative value still matters even if you think the whole market is in Lala land. The stocks mentioned are not diamondhand stocks. Variation in valuation is not hitting two orders of magnitude, which is what we have here.
A better measure might be some gross profitability figure for each company that measures how much each company can pump into competing (expenses), but that is hard to calculate, especially for Amazon.
[1] Google Cloud Losses Shrink 59%, Revenue Hits $4.6B https://www.sdxcentral.com/articles/news/google-cloud-losses...
Edited: added second paragraphs.
Google market cap 1.89T
Microsoft market cap 2.289T
Cloudflare market cap 55.86B
Who do you expect to provide competition to Amazon/Google/Microsoft for egress pricing if not smaller company who is a "leading CDN provider" ?
Your comment seems to be justifying why Cloudflare is ideally suited to provide competition against the big 3 cloud providers with its R2 offering ...