The Mainframe is a sort of cloud, each one has usually double the spare capacity and you call IBM to unlock it.
The cost of running a Mainframe is measured in terms of MIPS based on amount of compute used and there's compute reserved for offloading things like JITs (zAAPS). Essentially a version of cloud compute costs.
I can understand if you're locked into COBOL with EBCDIC and can't find talent, but Z runs freaking Ubuntu now! I know IBM works furiously on modern ecosystem support.
Not shill for IBM, but what exactly is it that they're expecting to be so different from their cloud migrations? Or is everyone here caught up in the "Mainframe old" falsehood.