Cloud computing for small faculty research team

I’m curious to know:

Are academic teams in universities using cloud computing (AWS, Azure, GCP) ? How cost effective is it, in comparison to buying local hardware? And which one of the big three (AWS, Azure, GCP) is better, for (not too intensive) machine learning research tasks ?

If it makes any difference, I use mostly Julia. Though I bet all platforms have more or less equivalent support for that.

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