
There is a typo in one of your main statements:
> The long-held assertion that the cloud is a cheaper, more reliable [income stream] option [for shareholders] than an on-premises rack of servers
Microsoft's Exchange Administration Center (EAC) has fallen over and appears to be struggling to get up. The issue affects users trying to access EAC to administer Exchange Online for their users. Users began expressing frustration about the service being down just before lunchtime in the UK. The issue appears widespread in …
"The company attributed its most recent cloud failures to a problematic code change. It has yet to explain why so much of Europe appears to be experiencing a slowdown or complete outage in the EAC.
The company says: "The Exchange admin center (EAC) is a modern, web-based management console for managing Exchange that's designed to provide an experience more in line with the overall Microsoft 365 admin experience."
Judging by recent outages across Microsoft 365, we'd say it has done a stellar job there."
ie: SNAFU - Situation Normal All FOULED Up - Microsoft "Normal".