I think cloud computer is just another revival of the old folly of using a host-terminal architecture for everything. This one pops up every ten years, is embraced happily by managers who can only calculate in direct costs, and not see the big picture of dependency and "addiction", and then quickly dropped like a hot potato, when the downsides of it appear.
Not that cloud computing is automatically bad. There are many applications and situations in which it makes perfectly sense. But these situations require wise hands to use the cloud. If you need a picture editing software only once per year for making a photobook of your holidays, cloud computing would really make sense for you. If a company needs a special tax calculation software only every 6 months, it makes sense to not buy it, but get it from an entrusted specialist for financial cloud computing (not different to using such services offline, by human lawyers and experts who go over your numbers).
But the big generalist cloud of big generalist cloud providers is dangerous. You loose effectively all control over your company secrets, your private data and your personality. Just imagine having to write the software for a rival cloud computer software on Googles or Microsofts cloud. In a perfect world, they would have contracts that ensure your secrets are well kept, even from them. In the real world, they can legally steal your company secrets and IP-protect them before you can.