Running many instances of various untrusted code on the same client machine is "new": it came with web apps, and with mobile apps.
Before several years ago, it was sort of a non-issue, because to exploit such a vulnerability one would need to write a virus or a trojan, and with this approach, there are many easier ways of privilege escalation.
Something like "cloud" existed likely on IBM mainframes under OS/VM [1] but System/370-compatible CPUs likely lacked all these exploitable speculative execution features.