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> That's logical: almost by definition, it costs more to run workloads on cloud machines than on your own hardware

Only if you are not adjust the workload. Lift+shift is cost more. Re-architecting and making the workload cloud ready cost less.

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Who's gonna do the rearchitecting work? Are you hiring a whole new team or do you not need to keep the lights on while you're transitioning? Depending on the complexity of your application that rearchitecting is gonna eat up a ton of your cost savings.

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