There are a number of potential benefactors if HP stays on its current course. "HP has gotten to a point of actually avoiding the deals if, for example, they must compete for the business or there isn't an architecture component to the transaction, even for existing customers," says Pace Harmon's Rutchik. "This level of over-indexing deals is causing HP to leave billions of dollars on the table, and Indian providers that previously didn't play in infrastructure are now recognizing opportunities by aggressively pursuing HP's castaway business and reaping their lost profitability."

HP's layoffs could also create a hiring opportunity for HP's competitors and CIOs looking for top talent. "In large cuts like this, HP is going to cut both under-performers and superstars," says Ruckman of Sanda Partners. "If I was another sourcing firm or considering insourcing, I would be preparing to add some unemployed superstars to my staff."