From Microsoft’s MSDN blog:

Consistent with our previously announced commitment to match Amazon on prices for commodity services, we are cutting prices on compute by up to 35% and storage by up to 65%. We recognize that economics are a primary driver for some customers adopting cloud, and stand by our commitment to match prices and be best-in-class on price performance.

First Google announced their price cuts, then Amazon followed suit. Took a while, but that third domino finally fell.

Welcome to the cloud commodities market.