Mr. Lloyd, you said "Cisco will invest $1Bn in the next two years to build its expanded cloud business." I'm encouraged by this insight, both as a Cisco shareholder and industry analyst.

Agreed, we're now in a "Open Hybrid Cloud" era of accelerated market development activities. But I have a few unanswered questions for you to consider for your follow-on editorial.

1) The commitment to OpenStack answers the cloud OS strategy question. What's the Cisco position on Open Hardware? How will Cisco respond the the growing bare-metal systems phenomenon?

2) Given the procurement approach applied within the AT&T Domain 2.0 methodology, how will Cisco respond if other large customers make dramatic adjustments to their architecture roadmap?

3) What are the long-term implications of increased Open Hardware adoption by other large customers on Cisco's traditional profit margins? How is Cisco preparing for this closely related global market transition?

4) Where does the Cisco Professional Services capabilities fit into this scenario, as revenue/margin growth in the value chain shifts away from hardware -- towards software tools and associated network asset optimization guidance?

I thank you in advance for your thoughtful consideration of these key issues.