| Exactly. Networks are built with excess capacity. When times get tough, and the CEO tells the CIO that the IT budget is going to get chopped, everyone finds ways to "make do". There is this myth that investors in CSCO, NTAP, and others believe in, a myth that is taking a while to die, the myth that spending on any company's products is mandatory, and will hold up no matter what the macro environment is. The truth is, all tech spending is discretionary. And, if the macro situation doesn't improve soon, IT budgets (and NTAP's stock price), are going to get chopped lower again. |
