A big part of the problem is the now almost unresolvable definition of cloud computing. How do you define the term? My own definition has shifted over the years, to where I use the term quite ambiguously. It's kind of like that famous old quote about pornography from the late Supreme Court Justice Potter Stewart. The judge wisely noted: "I know it when I see it."
Indeed it is not easy to make a definition. Wikipedia says:
Cloud computing is Internet ("cloud") based development and use of computer technology ("computing"). It is a style of computing in which dynamically scalable and often virtualised resources are provided as a service over the Internet. Users need not have knowledge of, expertise in, or control over the technology infrastructure "in the cloud" that supports them
So James Urquhart made a nice statement on CNEt about how the definition is changing. It's worth reading it, especially for investors, because they are buying in everything what is labels cloud computing. As if there wasn't a internet bubble years before.