I am talking about chip design. Terabytes of data. If you want to keep all this data in the cloud it'll cost a lot and all you design flows must be in the cloud. It may happen some day, it's not practical or cost efficient now.It's extremely rare in the big data world to have data stored locally rather than in the cloud. What work load are you referring to? Examples?
If you have any cloud setup, you usually work with data that is already stored in the cloud, ie via AWS S3 or some kind of database.
Science simulation is one area that I believe is extremely cost prohibitive to do serious work on locally. The forum members here are talking about spending $40k to get a 1TB Mac Pro... You can rent an AWS server with 24TB of RAM and 448 CPU cores for a fraction of the cost by the hour.
It makes zero sense to buy a $40k Mac Pro to do science simulation on. Period. No one here has come out and claim they use 1TB of RAM on a Mac Pro to do real science simulations. I don't expect anyone to.
Claiming that cloud is cheaper than buying hardware without any specifics is pointless. If you know that you have enough computing needs to load up given number of computers without complicated load management (a lot of work one day and not so much the next day) owning hardware will always cost less otherwise cloud vendors would not make any profits.