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Now enter cloud. Cloud really encompasses both of these. The point of cloud is you don't have to care if you have a grid infrastructure underneath or a virtualization infrastruture underneath. All you do is deploy your app to the cloud and let the cloud figure out how to get the app the resources it needs.
That's why cloud is the over arching architecture for virtualization or grid or SaaS or PaaS or anything else. All of these can play in the cloud together at the same time. You build your cloud with these blocks as you see fit and based on what you want your cloud to do. Simple as that.