Some Silicon Valley investors think the answer is “no,” and that big companies will move in the direction of utility computing — where everything from operating systems to applications to data will be hosted somewhere else and accessed only when needed. With most data servers operating at less than 20% capacity, “resources need to be allocated more efficiently, and that’s why all the trends are pointing to utility computing,” says Mark Leslie, an early investor in VMWare and, before that, a founder of Veritas Software. But to get to this “nirvana,” as Leslie calls it, “you have to solve all kinds of problems first.” One of those is the bottleneck lodged in all the interconnects between servers, storage gear and networking equipment, according to Leslie, who along with the venture firm Kleiner Perkins has invested in Xsigo Systems, whose virtualization software is targeting the problem.