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This. I moved multiple web applications from bare-metal to the cloud, and many times had to refactor code to do hit the disk less. What worked before: Dozens of SQL queries, or loading session data from a file - for each request - it all was too slow in the cloud.

Also: I find that many engineers wouldn't be able to tell you if the storage attached to their VMs was networked, or actual hardware on the hypervisor. A distinction that has big implications for throughput and latency.