[birbal]

I think my points are made at a macro level and not at a specific company level. There is no fool-proof proof to any business/economic hypothesis. Oracle, MSFT and SAP aren't the only companies that make up on-prem software. But even with these companies shelf-ware is rampant. It took large internet companies to come up with competitive stacks to break these virtual monopolies. Having said that your point on making a stronger case is well taken. My bigger point is that the the current trend is less of a bubble than the era of on-prem software - this is a macro level observation. There were company level bubbles then and there are now. I am not commenting on specific companies here at least.

[nl]

A business model that has been overtaken by technology changes isn't a bubble.