> 3. Competitive - Do any of your divisions compete directly with any of ours? Because I’ll be fired at the next board meeting if they read in the WSJ that we’re funding an adversary.

This is a big point that others in this thread are missing. Amazon is increasingly competing in more and more spaces, and companies are rightly hesitant to get into bed with Amazon when they are a direct competitor. Azure is the only other serious choice, GCP isn't even going to be considered.

Silicon Valley might run on AWS but the rest of non-tech company corporate America runs on Azure (or on-prem still). The IT landscape looks a lot different outside of the SF Bay Area SaaS bubble.