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”FedEx first opened an on-premise data center at 250 Spectrum Loop in Colorado Springs, Colorado, in 2008”

That seems implausible: where did they keep their mainframes before 2008?

Colocated in another company's data center.

They could get back to colocation. I think even AWS & Co don't own all physical buildings, they also rent parts of data centers in some locations. You don't need to own real estate or a physical building to run servers.

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