SEV sounds like what you need for "The Cloud"
You provide the app, "They" provide the cores to process it.
Huge caveats. Can (has?) the memory encryption processor code been independently audited or is open source? Can the Hypervisor UI be trusted (IE when you click "encrypted" on the setup options it is actually enabled)?
We've seen the f**kup Intel supplied with it's MIPS based unit that appeared to have just been cut N pasted in wholesale, along with its software.
An interesting legal question. Could the USG declare such systems illegal as it would spoil the NSA's ability to snoop