The single most important development in the digital economy over the last decade has been the architectural transformation from on-premise servers and software to “the cloud,” including computing and software as a service. Nothing has been more significant to reducing the costs of start-up innovation, enabling rapid scaling up and down of computing capacity in sync with demand and making progress on cybersecurity. This cloud-enabled digital infrastructure will be essential to making next generation machine learning applications broadly usable across the economy — which, in turn, is our best bet to generate the productivity we need to escape the risk of stagflation as we emerge from the C
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