If you've recently seen a bear case made for a traditional enterprise IT giant such as #IBM (IBM) , HP Enterprise ( #HPE ) , #Cisco Systems (CSCO) or #Oracle (ORCL) , chances are that it at least mentioned the large and growing adoption of public cloud infrastructure services that don't rely on these companies' hardware. HPE's latest earnings report actually makes such an argument look too modest in scope. The company not only reported sales figures that point to further cloud-related cannibalization, but also made earnings call remarks that lead many to think a big cloud provider -- quite possibly #Microsoft (MSFT) -- is paring back its orders.
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