Where is data being stored?
Data is being stored on a decentralized file storage system(Elastos Hive). Hive works similar to IPFS but is much more efficient as Hive can run as a lightnode on users’ phones as well and is much more memory efficient. There are a lot of Hive nodes that store data in an encrypted manner.
If it behaves like a BitTorrent swarm, does that mean data is just being stored locally for dApps?
Data saved on Hive is stored on Hive nodes first and foremost. However, applications that interact with Hive APIs can decide to cache this data locally so access of data is much faster.
Is there a plan to store data for dApps in decentralized cloud fashion?
This is exactly what Hive is. Hive lets you store data for dApps in a completely decentralized manner.