There's probably a lot that I don't understand in the CC, but it sure a whole lot less specific, and it seems to me, less confident than before. The you 'can't tell until you can tell' seems to be covering a multitude of sins. If I've got it right, they really can't tell when things may/will be bought. They seem to me to be talking about a great future (Fallon is still on subject on that), but when, where, and how isn't clear. I'm not sure if the greatly increased references to 'dislodging established customers' means that they're up against rougher competition going forward than they were when they had the best product without real competitors.  My tech knowledge may make me wrong - but they also keep referring to the secular bandwidth explosion, whereas before they either spoke about *their* particular trajectory with some better time-line specifics.

The treatment of InPhi sounds like they're saying it just isn't going to impact much of anything. 

The more I listen, the 'squishier' the guidance seems. Not quite 'pick a number from ...', but a very obvious difference thean previously how how solid their specific expectations are. I have a feeling like it may be a fairly long wait for them to get near $20 again.

Whoa! If I just heard it right InPhi is a 'flash in the pan' - not relevant impact to INFN. Could that be true or did he just swallow a peyote button?