Is stability / uptime a concern for you with your cloud provider?  Thinking back to AWS' major outage in 2017, shouldn't we be past these issues? https://www.zdnet.com/article/ibm-cloud-outage-downs-customer-websites-globally/?ftag=TRE-03-10aaa6b&bhid=29349190877791638188562104926226&mid=12873514&cid=2259891406

It is a concern, but then every major cloud vendor has outages and issues... I think is more important to design your systems so they are reliable and not located in a single region and have failover/DR to a different physical location or different cloud provider.

Stability and security is obviously top of mind when we look at Cloud. Do you think their track record is better or worse when compared to on premise solutions? I for one have a lot fewer sleepless nights since I don't have to manage a data center.

It should be a concern.    No Hyperscaler is immune,  and we're not past these issues. AWS confirmed on 12-07-2021 "it was experiencing issues in the US-East-1 Region" that took down business and consumer services. 

Many companies have already adopted a Multicloud strategy.  Moreover, it makes sense to use cloud service providers with complementary capabilities so that the business maintains access to best in class technologies.