Cloud
Compute, storage and services you rent over the internet instead of owning yourself.
"The cloud" is nothing more than "someone else's computer". The difference from 90s web hosting is the scale: the provider has millions of machines and you can boot a new server in 30 seconds for SEK 0.01/hour.
Three tiers: IaaS (you rent a server, manage everything), PaaS (you upload code, the platform handles the rest), SaaS (you pay for a finished product like Gmail).