Often the most instructive events are those that didn't occur. Sherlock Holmes, for example, famously solved a case by understanding why the dog didn't bark in the night. In that light, consider the tech crash that didn't happen when Microsoft ( MSFT) announced that the consumer edition of Vista, the long-delayed new version of Windows, will be delayed yet again. There was lots of squawking on television and in the blogosphere. And there was some weakness in premarket trading Wednesday morning (the announcement hit the wires well after Tuesday's close). But at the end of the day, the tech-heavy Nasdaq was up 9 points. Tellingly, the shares of companies that are heavily dependent on sales of PCs -- such as Intel ( INTC) and Dell ( DELL) -- were both up a bit, as was the Philadelphia Semiconductor index, while Microsoft itself was dinged only 30 cents. "The big-caps don't matter as much in technology," says Hilary Kramer, chief strategist at ANG Capital. "They are value stocks, and what moves the Nasdaq are the growth stocks." Indeed, the four horsemen of technology -- Cisco ( CSCO), Dell, Intel and Microsoft -- have been anemic investments for years, despite generating plenty of cash and earnings, says Daniel Morgan, portfolio manager for the $5.45 billion Synovus Investment Advisors. In the last two years, Microsoft was the only company of the four to (barely) outperform the S&P's 18% appreciation, while Intel, Dell and Cisco all moved in the wrong direction, depreciating by 28%, 10%, and 9%, respectively. "There's all this talk about things that don't show up as appreciation in portfolios," says Morgan. Instead, he prefers to focus on companies whose new products "are more than just extensions of existing products. That's where you'll see some growth."