Will Microsoft Survive the Cloud Revolution?

For over three decades, Microsoft has been arguably the most important and pervasive company in our day to day lives. But could the “Decade of Cloud Computing” end that reign? There is a very good article over at ZDnet.com examining that subject.
"Under these conditions, how can we expect a company like Microsoft to welcome with open arms a Tsunami named Cloud Computing which will sweep away three quarters of its earnings and market valuation?"
Microsoft is obviously too big to go away over night, but it will be interesting to see how it adapts to the changing industry over the next decade.