Lehman Brothers analyst Marcus Kupferschmidt points out in a note Thursday that Ciena is likely to get in on contracts with AT&T ( T) and Verizon ( VZ), which could support CEO Smith's order growth story. Though Smith declined to name any specific customers, he says that every phone company is experiencing the same pressure. "There's an overall increasing demand for bandwidth," says Smith. "And that's likely to continue." Smith says he sees some parallels today to a few of the initial assumptions -- like new applications leading to greater bandwidth needs -- that fueled the original Internet enthusiasm a decade ago. But he points out that the companies involved this time around have more stable business models. "It's not like the boom in the late '90s," says Smith. "And that's probably a good thing."