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For us it's not really about financial cost (we are tiny). It's more about human/emotional cost. We are moving from AWS to Azure primarily because it's actually feasible to delegate things like AAD administration to ordinary business people. If you make your roost inside AWS/GCP, you will almost certainly need a FTE to help align your business to the technology. In our case, I am that engineer who is way oversubscribed to various technology concerns. For an example of what I am talking about - go try to create a new S3 bucket that allows for a customer on the public internet to download a file.

Does AWS even have a competitor for Azure's Enterprise Applications in terms of unified auth, proxy, conditional access, et. al.? I couldn't find one but perhaps I simply got lost somewhere in their cavern of confusingly-similar products. To be fair to Amazon, we still use them for S3 and domain registration, but those aren't very difficult to replace.

The obvious elephant in the room is that we are a Microsoft shop and all of this makes a ton of sense from our perspective. But... Is there actually a better business stack out there? I've never seen one of our partners, vendors or customers using something from google's stack. I did spot one vendor using lotus notes and an AS/400 session though.

A "new s3 bucket to download something on the internet" is way too broad of a need. What sort of thing, and how do they need to download it? Solutions could vary as much as setting up Cloudfront for static data, or an API that vends out presigned s3 links. I'm partial to the presigned links, as you can time limit them and don't necessarily have to shuffle things around on where the data is stored. (A moot point for fully dynamic content stored in a database, of course. That has to be shuffled to a shape for the customer.)

That all said, being a Microsoft shop is a huge elephant that probably shouldn't be ignored.

I’m pretty sure you’re describing things AWS Gateway is all capable of. It can proxy s3 to allow public download and can create user pools in cognito for auth
It was only about a year or so AWS was expanding as fast as they could. Bringing up new Datacenter per week. Getting Graviton 2 Wafer from TSMC whenever extra capacity are available on top of their orders. And they dont see any end of expansion in sight.

Now it seems all the demand are suddenly gone.