Yes, but... no price rise on the foreseeable horizon
I agree, the cloud providers could be lowering prices in exchange for market share, and once that share is maxed out, they could raise prices. That's why we'll be better off than with multiple providers, more than Microsoft and its predicted Big Cloud Three of Amazon, Microsoft and Google. On the other hand, small suppliers can take advantage of the latest processor and memory gains, building them in from scratch and launching a new cloud with better price/performance. I don't think there's a big price rise on commodity services on the near-term horizon.