Just temporary. Nature did not need to invent cloud computing to perform massive computation. The speed and data involved in computation going on in a cell or an ants brain show us how far we can still go on desktop. The breakthroughs will come.

In the meantime (unless you are dealing with video) most text and image datasets out there that avg Joe needs can easily be stored/processed entirely locally thanks to cheap terabyte drives/multicore chips these days. People just haven't realized there isn't that much useable textual data OR that local computing doesn't require all the overhead of handling millions of requests a second. This is Google problem not an avg Joe problem that is being solved with cloud compute.