With virtualization/containerization that's not an unreasonable scenario. One of VMWare's selling points is that a sufficiently expensive vSphere cloud can expand and contract over its available hardware depending on load/time-of-day. With iLO integration, it can even power off the hardware it's not using and power it on when needed. If one server goes down, its VMs can be distributed over the remaining hypervisor, leading to potential resource contention but maintaining availability.

So, sort of.