Morgan Stanley doesn't know their arse from a hole in the ground..
Seriously... people got paid to come to that idiot conclusion?
Only way that businesses are going to back to on prem iron is if the economics of Cloud become horrifically bad, because they would have to rebuild all their on prem infrastructure from scratch.
That would mean re hiring a LOT of IT bods, and spending a LOT of money, plus the disruption, risk etc.
Yeah... not happening.