So costs went from $80k an engineer a year maybe a decade ago with a few thousand to servers to $200k an engineer which you would struggle to find or $100k for a 'cloud engineer / architect' plus $100k to a cloud provider.
This sounds great in theory. Except that cloud providers are messy and once vendor locked in, you are in a big spiral. Secondly the costs can be hidden and climb exponentially if you don't know exactly what you are doing. You might also get into weird bugs that could be solved by a patch over a Monday to some package you could just update which might take months or never happen on a cloud provider. The reality of moving to cloud is not as rosy as it sounds.
Universities used to be the birth place of big projects that were created to solve problems they ran into hosting / running their own infrastructure. I hope that is still true.