If you're going to bring up CapEx, Cloud is entirely a CapEx vs OpEx play so AWS and GCP are entirely familiar with the risks there. AWS dates back to 2006 and Google was building data centers long before GCP was public. Smaller, sure, but their finance team understand CapEx and OpEx well.

I don’t think I agree. Cloud has not faced (yet) a serious downturn.

I can invest perfectly in an always up market.