An anonymous reader shares a report: The cloud migration narrative that powered tech valuations during the pandemic is attempting a comeback, but the underlying data suggests a more complex story. UBS's new survey of IT services reveals a striking disconnect between industry expectations and customer reality. While executives proclaim "2025 will be far better than what we've seen in 2024," their enterprise clients report having migrated merely 15% of workloads to the cloud, with the remainder presenting increasingly complex challenges. The numbers are particularly telling: Growth rates for major cloud providers AWS, Azure, and Google Cloud have declined from pandemic peaks of 40-50% to 10-20%. IT budgets for 2024, meanwhile, are projected to be "flattish to up very slightly, maybe a couple percent," marking a significant departure from the explosive growth of recent years.

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