This document summarizes the evolution of cloud computing technologies from virtual machines to containers to serverless computing. It discusses how serverless computing uses cloud functions that are fully managed by the cloud provider, providing significant cost savings over virtual machines by only paying for resources used. While serverless computing reduces operational overhead, it is not suitable for all workloads and has some limitations around cold start times and vendor lock-in. The document promotes serverless computing as the next wave in cloud that can greatly reduce costs and complexity while improving scalability and availability.
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