“Isn’t it unbelievable?” chided Bernstein analyst Pierre Ferragu in a Friday research note re-issued Tuesday. “The cannibalization theory most investors and industry observers take for granted and as an axiom to any proper thinking about the future of this industry is just plain wrong: The cloud grew from zero to approximately 20% of total enterprise compute while shipments into traditional data centers kept stable” from 2005 through 2015, he said, using Gartner and Bernstein estimates that showed server shipments near 8 million units annually during those 11 years.”