The HashiCorp State of Cloud Strategy survey reveals key insights into cloud adoption and multi-cloud strategies, with over three-quarters of respondents already using multiple clouds and 86% expecting to use them in two years. Digital transformation was a top factor driving multi-cloud adoption, but avoiding vendor lock-in and cost reduction were also significant factors. Cloud investment continues to grow, with 15% of respondents budgeting at least $10 million on their initiatives, but managing spend is a challenge, with over 40% overspending. The cloud skills shortage is a major issue, with 57% of respondents citing it as a top-three multi-cloud challenge. Finally, the COVID-19 pandemic has accelerated cloud adoption, with most respondents calling its impact low or moderate, although cloud's ability to adapt to changing conditions remains valuable.